Well, here is data point 3,893 establishing that the economy flat-out stinks, in the face of a Wall Street that is desperate to propel the S&P to 1,900 within the next several weeks.
The ADP jobs report was expected to show 179,000 new jobs for the prior month. The actual result? 38,000, about one-fifth the expected increase (pointed out with arrow below). I would also point out the area I've highlighted with a rectangle. That tiny blip of new jobs was what America got in exchange for putting itself $2 trillion deeper in debt. Only God knows what that works out to per job created.
So we are living in three parallel universes:
Reality is that the job market stinks, it's going to get much worse, and the housing market (which is already pushing to new lows) is going to start falling much faster as props give way;
Fantasy is that the economy is on the mend, since 99% of America is too blinkered to comprehend that the country is basically on a course for failure, which was the price paid in exchange for a year or two of illusory stability;
Wild-Eyed, Mastubatory Insanity is that startups, whose actual value in a rational marketplace would be, at best, a couple of million bucks, are being given billion-dollar valuations. But it's different this time, right?
Oh, well. At least Zynga and Groupon are going to come public, right? That'll fix everything.
