Reuters reports that Larry Summers, the White House economic advisor, is already spinning this Friday's unemployment report by saying it will be 'distorted' by the winter blizzards.
Hmm...it could lead one to believe that the numbers will be very ugly.
Now, if April through June bring us glorious weather, and there is a sudden surge in employment, will that be attributed to the weather? Or will Himself be found shouting from the rooftops, 'See, my insane spending programs worked! You AstroTurferClimateDeniersRightWingRadicals were all wrong!'?
What do you think?
OS smells an unemployment rate well north of 10% on Friday.
At some point, reality has to set in for the financial markets. Someone will finally head for the exits, and the liquidation will begin. It's like watching a train wreck from five miles away: You know those two trains are closing on one another quickly, but from a distance, it almost appears to be slow-motion.
And you can't do a blessed thing about it.
It's gonna be ugly.
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