Saturday, February 05, 2011

Santelli Slams CNBC Panelists
For Spinning Jobs Report

by Julia A. Seymour - February 4th, 2011 - Business and Media Institute

Jobs are heading up and down at the same time. The Bureau of Labor Statistics announced the morning of Feb. 4 that only 36,000 jobs were added in the month of January, but the unemployment rate dropped from 9.4 percent to 9.0 percent... CNBC's Rick Santelli even lashed out at some of the CNBC "Squawk Box" panel that were discussing the latest jobs report.

Once again it appears that on CNBC the only reporter who is not "in the bag" for the Obama Administration is Rick Santelli. The exchange by panelists mentioned above went as follows:

"We know that the U6 probably gives you a better indication of the true unemployment rate …" Santelli started to say.
CNBC's Steve Liesman interjected: "It went down, Rick. It went down - "
"Yeah, what is it?" asked Santelli.
"It went down Rick, to 16.1 [percent]," Liesman said.
"Oh boy, guys! 16.1 [percent] is probably the unemployment rate. That's cause celebre," Rick sarcastically shouted on the trading floor of the Chicago mercantile exchange

Meanwhile the rest of the press is claiming that the fraudulently derived data from the Obama Administration pretending the unemployment rate has fallen to 9.0% is "great news." Like the administration, the press ignores the contradictory data from Gallup polling that shows just the opposite, with 'official' unemployment going back up to 9.9% (with real unemployment being 19.2%).

Santelli was pointing out to the CNBC panel that the administration's own data was based on two assessments that contradicted each other. They simply ignored the one they didn't like and reported the rosy scenario.

As if we can trust anything Obama says. My question? Why are there not more people like Santelli who are ranting about the con job. Especially with youth unemployment the worst it has ever been. Even by the rigged numbers, unemployment for under 25s is over 20% for the 'official' number and nearly 40% for what is starting to be called 'real' unemployment. How does the next generation learn to be productive members of society when they are facing such a catastrophe?


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