Best Santelli Rant in a while..

[pspr]

Quote from Martinghoul:

Well, in my personal experience, an overwhelming majority of people who "move on" are the ones that can't make it... Obviously, I cannot prove it.

Maybe after a few years but I wouldn't say that is the case with people who have been in an industry basically doing the same thing for 20 years. I've known plenty of people who were successful at their business or profession who made a change after a long while to do something they would enjoy better or to make their lives easier or any number of other reasons. As an example, I don't think Eric Bolling was a failed trader yet he moved on to Fox News.

So, I don't think it is wise to just make blanket statements like that about soneone with out a single shred of evidence.

 

[Tsing Tao]

Quote from Martinghoul:

Do you know that Santelli used to be a broker? He failed and now is a reporter...

I would be careful suggesting that he actually knows what he's talking about. He's good at being emotional and ranting about stuff he doesn't like, but I doubt these are qualities that would serve a senior public servant well.

I figured the Fed apologist would show up to thrash the messenger.

 

[Tsing Tao]

Quote from Covertibility:

Santelli: Here's What's Wrong With the Jobs Number

The above is from earlier this year when Santelli and the "big blogs" claimed a million people dropped out of the labor force in January.

He's a reporter, not an economist.





<casting the nets>

I went and listened to the clip, but before I did, I had that usual feeling I get when I read your posts when you take shit out of context. Shockingly, you did so again here.

No where in the video did Santelli say a million people dropped out of the labor force. He talked about the labor participation rate being at 30 year lows on a non-adjusted basis (which was, and is, correct). Then he said 1.2 MM people are no longer considered unemployed as of the yearly adjustment because they don't qualify for being counted as such in the U3.

So you and the Fed apologist can go back to attacking the man because you don't like the message, but until you come up with provable facts, you need to wander off and go peddle your wares elsewhere.

 

[377OHMS]

Quote from Martinghoul:

Ah, I knew I should have stayed away from the P&R forum, but it pulls me back in.

Serves me right...

No personal offense intended, just a composite of my observations of public servants.

 

[Maverick74]

Hey Martin, Ricky worked his way up from floor clerk to Vice President of interest rate futures and options at Drexel Burnam and Lambert. What do you do again?

 

[Lucrum]

Quote from Maverick74:

Hey Martin, Ricky worked his way up from floor clerk to Vice President of interest rate futures and options at Drexel Burnam and Lambert. What do you do again?

Ooh that's gonna leave a mark.

 

[Grandluxe]

martin is a Russian who trades arms for the Rusky mafia in London, don't mess around with him, you know how Russian hitmen are.

 

[PHOENIX TRADING]

Quote from Martinghoul:

An, it's you again, my tempestuous friend... And, as usual, so wonderfully charming and pleasant.

Well let's put it this way I"m an expert at recognizing dickheads(like yourself) from afar and euro-weenies (in general)rub me the wrong way.


Get over it.

 

[PHOENIX TRADING]

Quote from Grandluxe:

martin is a Russian who trades arms for the Rusky mafia in London, don't mess around with him, you know how Russian hitmen are.

You mean incoherent snot slinging alkie's?

 

[Covertibility]

Big blog souce:Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low

Notice he cites the "big blog" of ZH. The 1.2 million is not a yearly adjustment, its a once every 10 years adjustment based on those who had left the labor force in the previous decade - 2000-2010. Think of these people as retired. Yes, people still retire despite the myth of poor seniors.

Now to calculate the ridiculous labor force participation rate, its the labor force (unemployed and employed) / (total adult population).

If a country has a large (baby boom) generation of people retiring, and thus are not going to be considered employed or unemployed, they're removed from the numerator but not from the denominator. This in effect is going to skew the result which makes it such a meaningless statistic to compare across different time periods.

The 1.2 million should have just been a minor footnote without a mention but to the right wingers, Right-Wing Media Rely On Discredited Evidence To Dismiss Positive Jobs Report.