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Author Topic: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.  (Read 2326 times)

AJ Dual

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Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« on: October 10, 2012, 11:05:46 AM »
http://online.wsj.com/article/SB10000872396390444897304578046260406091012.html?mod=WSJ_Opinion_LEADTop

Not totally surprising, considering his nominal political Right leanings... although he was always happy to take fed.gov money for windmills and such.  :P

It would have been nicer to see the exact same article coming right from Jeff Immelt, but I guess his honorary title as the top private sector economic adviser to the Administration, and the windmill money is just too much to risk.
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RevDisk

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #1 on: October 10, 2012, 11:52:29 AM »

Inflation and employment statistics are rigged twelve ways to Sunday, and have been for a very long time.
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AJ Dual

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #2 on: October 10, 2012, 11:56:51 AM »
Quote from: RevDisk on October 10, 2012, 11:52:29 AM
Inflation and employment statistics are rigged twelve ways to Sunday, and have been for a very long time.

Of course they are, we all know the huge gaps in the CPI like leaving fuel and food out, and the difference between U1 and U6...

The new outrage is that they'll now mess with them on a weeks notice, and even further for political agendas.

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Tallpine

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #3 on: October 10, 2012, 12:15:21 PM »
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huge gaps in the CPI like leaving fuel and food out

Who needs those anyway ...?   ;/
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RevDisk

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #4 on: October 10, 2012, 01:04:18 PM »
Quote from: AJ Dual on October 10, 2012, 11:56:51 AM
Of course they are, we all know the huge gaps in the CPI like leaving fuel and food out, and the difference between U1 and U6...

In my opinion, any individual person that published accurate inflation index would be hunted with more determination and lethal hardware than Osama bin Laden.
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drewtam

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #5 on: October 10, 2012, 07:26:59 PM »
Quote from: RevDisk on October 10, 2012, 01:04:18 PM
In my opinion, any individual person that published accurate inflation index would be hunted with more determination and lethal hardware than Osama bin Laden.

Really? I can find gas and grain commodity prices pretty easily on the internet. As well as any other commodity on CME.

I just don't buy the CPI conspiracy theories, the evidence seems lacking.
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Tallpine

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #6 on: October 10, 2012, 08:27:51 PM »
Ask any wife/mother about prices going up  :facepalm:
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Scout26

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #7 on: October 10, 2012, 10:31:00 PM »
Quote from: drewtam on October 10, 2012, 07:26:59 PM
Really? I can find gas and grain commodity prices pretty easily on the internet. As well as any other commodity on CME.

I just don't buy the CPI conspiracy theories, the evidence seems lacking.

The CPI is supposed to represent a "marketbasket" of goods, however in recent years the goods in that "marketbasket" keeps changing  so that "Look!!!  Thar ain't no inflatin' goin' ona here!!!"

Hence, no real change to the CPI.  See, it's magic. ;/
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drewtam

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #8 on: October 10, 2012, 11:34:42 PM »
I get that criticism Scout. Certainly a valid criticism. I just don't buy the conspiracy theories around it. Like Revdisk said, any person who published a valid inflation number would be hunted??? The data is easily available for just about anyone to create such an index. No one is getting hunted.
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roo_ster

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #9 on: October 11, 2012, 01:02:21 AM »
Quote from: drewtam on October 10, 2012, 11:34:42 PM
I get that criticism Scout. Certainly a valid criticism. I just don't buy the conspiracy theories around it. Like Revdisk said, any person who published a valid inflation number would be hunted??? The data is easily available for just about anyone to create such an index. No one is getting hunted.

Were there no will/interest behind it, there would be some sort of random scattering of the estimates.  But, there is a definite skewing of the data instead.
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seeker_two

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #10 on: October 11, 2012, 06:26:48 AM »
Quote from: scout26 on October 10, 2012, 10:31:00 PM
The CPI is supposed to represent a "marketbasket" of goods, however in recent years the goods in that "marketbasket" keeps changing  so that "Look!!!  Thar ain't no inflatin' goin' ona here!!!"

Hence, no real change to the CPI.  See, it's magic. ;/

Lies, damned lies, & statistics....
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birdman

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #11 on: October 11, 2012, 07:38:57 AM »
Quote from: drewtam on October 10, 2012, 07:26:59 PM
Really? I can find gas and grain commodity prices pretty easily on the internet. As well as any other commodity on CME.

I just don't buy the CPI conspiracy theories, the evidence seems lacking.

Shadowstats has the real numbers all nicely aggregated as well.
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longeyes

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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #12 on: October 11, 2012, 11:31:48 AM »
What's the meaning of "is" again...?

Lies are the new normal. 
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Re: Jack Welch (former GE CEO) blasts the ersatz unemployment numbers.
« Reply #13 on: October 11, 2012, 01:13:56 PM »
The case for paranoia:  [tinfoil]

http://dailycaller.com/2012/10/11/the-case-for-paranoia/

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Not a BLS truther, but an anti-anti-truther...
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