The Recovery That Isn't: Jobless Claims Going the Wrong Way

I don't care what that monkey Steve Liesman on CNBC says, the jobless claims numbers are getting bad again.  The headline number was 484,000, seasonally adjusted. The raw, unadjusted number was 514,742 an increase of 99,730 from a week earlier. The Extended Unemployment Claims jumped 261,817 to 5,855,301 from the previous week. That number represents the number of people who are on the 2 1/2 year jobless benefits payroll.  Here's the link: BLS Raw vs. CNBC BS

Now, here's a chart that CNBC DIDN'T show you this morning. I borrowed this from Casey's Daily Dispatch. This chart shows the amount of money States now have borrowed in order to hand out jobless benefits:

Take a good look at that chart.  It shows 10's of billions in extra deficit spending that does not show up in Obama's Budget Mathematics. Note that California has borrowed nearly $10 billion to keep food on the tables of its unemployed. See the chart in a post below for another view on the unemployment numbers.

This economy is NOT improving.  I combed thru JP Morgan's SEC filed 8-k report yesterday.  It's much more revealing than what you might have seen reported on CNBC or the WSJ.  JP Morgan's earnings yesterday reflected largely mark to market mark-ups on balance sheet positions that it can't get rid of.  Paper profits - not cash.

In fact, most of the earnings that will be reported this month for last quarter will be the result of GAAP garbage. The truth is found by taking the extra step to dig up the real "grassroots" numbers which get egregiously distorted by the Government and mainstream financial media. Please note that's a polite way to say that the Government and CNBC are full of sh!t.