July 08, 2011
Make Up Your Minds...

What happens every time a large company announces that they're going to fire thousands of people? Their stock goes up. Every. Time. So it seems to be a reasonable conclusion that our Wall Street friends love them some unemployment! Jobs mean wages, after all, and wages come out of the bottom line. Bad wages! Terrible horrible no-good very bad wages!

And yet, today we have this:

The major U.S. stock indices fell at the open Friday morning and continued falling, on the heels of a employment report that showed the jobless rate tick up to 9.2 percent in June...

So... Wall Street doesn't love them some unemployment? I'm terribly confused now.

I guess no one could have foreseen that when you do everything you can to eliminate jobs, the end result is likely to be, y'know, a lot of people without jobsÖ

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Posted by Kurt Weldon at July 08, 2011 03:10 PM
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