Watch cable financial new stations as the jobs number released. Usually have on Bloomberg but today watching Joe Kernen and the group on CNBC with Alan Greenspan. Number comes out.
Market shocked at lousy jobs number. Rick Santelli says market will rally because data so bad. Greenspan says market will rally because.... well because he says it will and talks about some ratio where you take a big number and divide by a made up number. Remember this the guy who basically made up uninterpretable testimony year after year when reporting to Congress. We now know he is as goofy as ever and he will never shut up. As for Santelli, talking is easier than trading and obviously more profitable for him.
What is clear from listening to the panel, beyond the obvious upside shilling, is that they want a recovery, a rally, something that will balance the hopeful elements of rebound with the truly scary realities about current global economic mechanics. Of course, the whole point of QE2 is to fight scary because real economic growth is not an option.
