Nonfarm payrolls tumbled by 159,000 in September. That was the fastest pace in five years. The unemployment rate was unchanged at 6.1%.
Once again, there were 42,000 jobs created by the birth/death model. The model has 12,000 jobs created in construction. Not only is the next president going to inherit a horrible economy, but watch out when those adjustments come in January!
So now everyone is asking for a rate cut. But if you look at the overnight fed funds rate, you see that the feds have already had a stealth cut. While there was a worry about deflation, with the way HeliBen is operating there has to be a worry about hyperinflation. He's got low rates, he's got all the liquidity pumping, and now another $700 billion (treasury) to buy junk from banks.
In other news, Wells Fargo Buys Wachovia
Now Wells Fargo is buying Wachovia with a stock swap. So now with Wells Fargo buying Wachovia, it leaves the FDIC off the hook (well not really since they still have to worry about the deposits - which they seemed to be worried about). WF is paying $15.1 billion in stock. WF will raise up to $20 billion by issuing common shares.
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