By now, you know that the MSM has coined the term "jobless recovery" and made it a household term, which was supposed to be used in a positive
We begin this week with more bull...ish news, by adding BlackBerry's RIM with an 11% workforce reduction (2,000 jobs) and the National Association of Realtors (NAR) with a 10% reduction (somehow the NAR tried to spin this news into something positive despite giving numbers but we'll guess that 10% reduction equals 150-200 employees). We were hoping the spinmaster of horrific housing news, L. Yun, would be on that list, but we're sad to report that he will get a bigger bonus for his mastery of spinning. Looks like housing is about to drop off a cliff, again. This should be worth a few hundred points on the Dow(n) Jones. Like tomorrow's Case-Shiller/S&P Housing data.
Not that it matters, but Greek debt was downgraded again, this time to triple junk status; somehow we already knew Greek bonds were junk since 2009. Oops. The "markets" should rally on this news and the now 100% certain default. You have to like the way they eased you into this Greek default, though. Good job on the spin.
Just don't forget that Italian and Spanish bonds are looking ugly today, as once again, contagion is back. Over 6% on the 10yr for Italy. Clearly unsustainable. "Wwwwhat? I thought they fixed that problem last week!" says you. Nope. For some reason, band-aids on gangrene infested amputations never seem to work out too well for the patient. And just now we learn, courtesy of ZeroHedge, that Italy, in addition to Austria, has suspended August bond auctions. [insert Goofy voice] "Well gee! Who could have known?"
Like, who could have known that cesium-137 contamination would continue to spread across Japan? Japan
Told you. Short and sweet and painless on this slow news day.