From the "Rules of thumb" file.

Via Matt Browner Hamlin...

Things that aren't "almost treasonous": the chairman of the Federal Reserve printing money.

Things that are "almost treasonous": threatening secession from the Union.

From the "Told ya' so" file.

Told ya' so. The San Francisco Federal Reserve, via Calculated Risk...

Our analysis generally supports projections that labor market weakness will persist, but our findings offer a basis for even greater pessimism about the outlook for the labor market. Specifically, we suggest that the relatively low level of temporary layoffs and high level of involuntary part-time workers make a jobless recovery similar to the one experienced in 1992 a plausible scenario.

Specifically, we suggest that the relatively low level of temporary layoffs and high level of involuntary part-time workers make a jobless recovery similar to the one experienced in 1992 a plausible scenario. (emphasis mine)

It's time to make it very clear that if it's "jobless" it isn't recovery. Given the concentration of wealth and disparity of income in this country, improvement in the markets or an increase in the GDP is meaningless in terms of the kitchen table economics that determine whether working people can meet their basic needs.

We need to demand a jobs first recovery, and we need to fight for it.

Hat tip to Atrios.

Quote of the day.

"We now have confirmation of two facts we have known for some time: one, the Federal Reserve System is not a strong advocate for consumers, and two, there is no Santa Claus. People who are surprised by the one are presumably surprised by the other."

Rep. Barney Frank (D-MA), House Financial Services Committee chairman

Heh™.