Sunday, 6 April 2008

Permabulls In A State Of Desperation

I was thinking of calling the title of this post "Brian Wesbury is a Complete and Utter Moron" but a) that wouldn't fit in the title bar and b) if you've been watching CNN over the last 6 months you already knew that.

Remember Wesbury has been consistently saying that the US economy is not in recession and wouldn't even come close. He is still of that view after Friday's jobs report. However, what is different now is that Wesbury doesn't have any real data to support his claims.

For example, he can't turn to low jobless claims as he did just a couple of months ago and he's gone past the point of the lies and exaggeration exhibited by Don Luskin to outright delusional fantasizing. Let's take a look at few of Wesbury's latest gems that he produced on a couple of CNBC segments on Friday:

"...we're in a period of time where the baby boomers are retiring. Bob Reich knows this, as the secretary of labor I'm sure he's studied this is that, baby boomers are beginning to retire, what used to be a strong job number lets say up 200 thousand now is really up 100 thousand so really when you talk about it, when it 80 thousand decline, it's really like a flat job market because we're seeing so many people retire."

So let's get this straight, the US economy is not shedding jobs, it is just the effect of baby boomers retiring that is distorting the numbers. OK Brian, so how do you explain the next mystifying comment in a later segment that same day?

"I think these interest rate cuts and the fear that the Fed has helped spread, have actually caused part of the quarter million job losses we've had in the first quarter. That's the point."

Fuck me, does this guy not have any shame? I can't believe he actually said that on live TV. The Fed has helped contribute to the job losses, but wait a minute there aren't really any job losses, it's just baby boomers retiring isn't it? I'm confused.

You can see where he's headed with this. Wesbury not that stupid that he can't see the writing on the wall. He's looking for someone or something to blame in place of his own incompetence. It's all the Feds fault because they scared businesses out of hiring by cutting interest rates.

Brian Wesbury you are an utter joke, your credibility is shot and you should be sacked from whatever position you pretend to occupy.


Dean said...

the old adage 'a drowning man clutches at straws' springs to mind

The Fundamental Analyst said...

Sure does dean. I it will be interesting to see how Wesbury and others are going to spin triple digit job losses in coming months.