NFP June 2008 part II

A look at the employment data, with Matt Zeman, LaSalle Futures Group; Mark Zandi, Moody's Economy.com; John Ryding, RDQ Economics; Stuart Hoffman, CNBC's Rick Santelli & Steve Liesman

A battle between the so called economists and Rick Santelli standing in the pits and representing the view of traders is ensuing. This will heat up in the near future about who is right (are we facing inflation or deflation?), but follow the money seems to be a good advise given the track record of economic forecasts in the past.

Santelli has a question for Liesman
Santelli: If the EU goes into recession and Trichet stays hawkish and tightens even one more time would you consider that he made a mistake if that occurred?
Liesman: If they go into recession? Yes I would.
Santelli: Thats where the dilemma is. Recessions sometimes are something needed. They have become a mortal sin and I think that's where the psychology from the European central bankers differs from the print money we can't have a recession....(rest is inaudible)

Hat tip to Rick Santelli and shame on all the so called experts who think they are able to micro-manage a 14 trillion dollar economy. Two major "black swan" type Wall Street events and almost two recessions in less than 10 years are testament to their failure. Ah, I almost forgot, there is also 150 dollar oil and climbing.

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video: Jobs Report Reaction
CNBC
http://www.cnbc.com/id/15840232?video=783769058