John Crudele: Warning...Jobless rate may be rigged
The most curious thing of all about the November jobs report released on Friday was the huge drop in the unemployment rate — and the fact that the Labor Department chose not to disclose that the data going into that figure are under investigation for falsification.
On Nov. 19, I broke the news in my column that the Census Bureau, which collects data that goes into the jobless rate on behalf of Labor, had caught one of its enumerators fabricating interviews in 2010.
The culprit said back then (and to me during an interview) that he was told to do so by Census supervisors who were in the position to instruct others to make similar fabrications.
In fact, a source who I haven’t named but who is familiar with the Census data accumulation process has told me that falsifications have been occurring on a regular basis.
Why should anyone be surprised? This short commentary by John was posted on the New York Post website
After Vote, Lawsuits Likely Next Hurdle for Volcker Rule
When U.S. regulators adopt the Volcker rule on Tuesday...[That's today. - Ed]...they will make good on a promise by politicians to rein in banks' ability to gamble with their own money.
The coordinated action by five separate regulatory agencies is seen sparking a court challenge as Wall Street tries once again to avoid one of the harshest elements of the post-financial crisis crackdown.
The rule, championed by former Fed Chairman Paul Volcker, was a last-minute addition to the 2010 Dodd-Frank Wall Street reform law and takes aim at a business that had been a big money spinner for banks before the crisis.
The measure bans banks from making bets for their own profits, an activity known as proprietary trading that regulators deemed too risky for banks that enjoy government backstops.
One wonders if that will include the precious metals, dear reader? Despite Deutsche Bank giving up commodity trading last week, it still has its precious metal trading desk, so one has to wonder. We won't have long to wait to find out. This story was posted on The New York Times website early Sunday morning EST