According to the Department of Labor, 148,000 jobs were created in September. The experts thought the number of new jobs would be closer to 180,000. Still, the unemployment rate dropped a tenth of a percent to 7.2 percent.
No doubt, the weak jobs report gives the Fed additional cover to continue creating $85 billion from nothing each month to prop up mortgage and treasury markets. The Fed believes all this funny money will, somehow, create new jobs. This seems kind of absurd, don’t you think?
Thus, it’s no surprise the jobs the Fed promised still don’t exist. But the side effects of their mass money debasement are sticking out further than President Obama’s ears. At the moment, the stock market’s the most obvious deformation. Under the thrust of extraordinary monetary policies, stocks are shooting to dizzying heights.
Here at the Economic Prism, we don’t agree with this heavy handed intrusion into markets. But we can’t ignore it. Nor can we stand in the way of it. Continue reading







