Wall Street opens higher after payrolls data - Yahoo! Finance

Wall Street opens higher after payrolls data - Yahoo! Finance:

Great JOBS report. Unemployment drops to 8.3%, and this improvement was not because people fell out of the job market. All the numbers are great.

Quite a surprise to the estimates. Small upward revision to December.

The ISM report of manufacturing sentiment was up 1% to 54.1 (with more than 50 being expansionary in nature).

=> Economists will have to revise their estimates for the 2012 GDP growth up toward 3%. =>Happy stock market!:-)

Couple other things this means.

1) More people working means more money to spend in the economy, a virtuous positive feedback loop!:-)

2) More people working boost the housing market with housing at a generational low and mortgage rates at an all time low of 3.8%.

3) More personal income means more spending and more taxes (sales and income), resulting in much higher government revenues that many were forecasting.

4) People start to feel better about their jobs and their homes, they will start to invest. And the MOUNTAINS of cash on the sidelines will start to flood the stock and commodity markets.

5) When peoples net worth in the market improves, they will feel more comfortable with all investments including expanding/starting businesses.

Growing economy is the single best possible thing that could happen to relieve the pressure on the US debt. A rising tide lifts all BOATS!

I, for one, would like to see water under my boat for a change.:-)

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Wall Street sinks on global debt worry - Yahoo! Finance

Wall Street sinks on global debt worry - Yahoo! Finance:

And our con-gress fiddles while Rome burns.

It's not as if there aren't already a coupe workable plans out there.

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The 4 Failures of the Supercommittee - Yahoo! Finance

The 4 Failures of the Supercommittee - Yahoo! Finance:

So ugly. So very ugly.

Super committee, or Super-Dumb Committee.

Both parties just love this "Russian Roulette" game where the focus is on winning elections. None of them seem to care how difficult it does for the whole of the Economy.

There's s video in there: http://finance.yahoo.com/video/cnbc-22844419/super-committee-failure-27334224.html

At least, we have an across the board cut in December. What you would want to have is smarter spending and less dumber spending. But with the game of Dumb and Dumber being the smart show in DC, that may be the best we can hope for.

Wait until we get all 70m baby boomers in full retirement mode, and then see how easy it is to cut entitlements.

We'll see what happens over the next two weeks. In the mean while the stock markets are tanking. Might be a buy opportunity in the next week or so.

There's no amount of lipstick that's gonna make this pig look any better...

And don't get me started on the dysfunctions of Europe and the PIIGS. :-(

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Attention: Deficit disorder - MIT News Office

Attention: Deficit disorder - MIT News Office

As we move into the next phase of our Deficit Debt Disorder, November is critical. What happens may make what happened this summer look like the toddlers' ride vs. Space Mountain.

This has great discussion and also have a video. Sorry the video is a little long (1:20min). But it is very informative.

Peter Diamond, Institute Professor emeritus at MIT.