------------------------------------------------------------------ http://www.rgemonitor.com/blog/roubini/ U.S. Job Report Suggests that Green Shoots are Mostly Yellow Weeds Nouriel Roubini Jul 2, 2009
The June employment report suggests that the alleged ‘green shoots’ are mostly yellow weeds that may eventually turn into brown manure. ------------------------------------------------------------------
The highlights: (1) unemployment is headed over 10%, (2) existing jobs are seeing hours lowered, squeezing consumption, (3) deleveraging of the inconceivably vast US debt bubble (now at a record 375% GDP, according to the June report of the Fed: http://www.federalreserve.gov/releases/Z1/Current/z1.pdf) has not begun, all of which means (4) the stress tests are a crock and the banks will have to be officially nationalized anyway, only at a much higher price.
-- DRR