Recovery? No. Continued looting by the 1%? Yes.
Yesterday, briefly, we were confused by the eruption in the stock market following a not too bad sub-200K nonfarm payrolls number. Because we know that in the New Normal bad is always good, no matter what the well-coifed TV pundit du jour tells you. Then we remembered that yesterday is when the USDA releases its monthly Supplemental Nutrition Assistance Program data, i.e. Americans on Foodstamps.
It was here that the ramp was perfectly explained, because while the bad (for stocks of course) data was that individual foodstamps recipients rose by 170K in March – if just a whisker below all time highs – it was the number of American households on foodstamps, which rose to a new all time high of 23,116,441 (each collecting an average of $274.30 per month) that perfectly explained the Dow Jones’ 200 point surge higher: the transfer of wealth from the poor and middle-classes to the 1% continues without a hiccup.
Phi Beta Iota: The White House appears to believe, with some justification, that they can “fake it” until 2015, and walk away from the broken hull of the ship of state. Congress also appears to believe that they can continue to represent those who bribe them instead of those who elect them. Most of the preconditions for revolution exist in the USA right now. Lacking so far has been a precipitant of sufficient force to compel mass resignations from Congress and a pre-negotiated resignations of both the President and the Vice President, surrendering executive power to a reform coalition. The ignorance, arrogance, and selfishness of those ostensibly leading the Independents, Occupy, and the six small parties blocked from their legitimate access to the ballot, are a perfect complement to the ignorance, arrogance, and selfishness of those who retain power as a two-party tyranny so corrupt as to invite favorable comparison with any other despotic state. The truth continues to be marginalized. When it breaks into the open, it will break big.