John Crudele: “The Unemployment Rate In And Of Itself Is A Joke” – Shadow of Truth #27

TND Podcast Spotlight:  Shadow of Truth |

I think the stock market is rigged and I don’t think anybody argues with that anymore.  In 2009 when Goldman Sachs is speaking with the Treasury Secretary – and I have the phone logs –  more times in one day than Treasury Secretary Paulson talks to the Federal Reserve, I have to figure these guys are up to something you know they’re not making vacation plans – they’re doing something. And then when the phone call is just a half an hour before some major rally in the stock market – all documented – then I have to figure they’re up to something.  – John Crudele, Shadow of Truth

Our friend and colleague Bill “Midas” Murphy (GATA, LeMetropole Cafe) hooked us up with John Crudele, business reporter/columnist for the NY Post.  For those of you who do not read the NY Post or have not heard of him, John Crudele is one of the very few reporters who is willing to look for and report the truth.   He’s been a journalist for 40 years, with time spent at the New York Times, New York Magazine, LA Times, Washington Post and, the last 25 years, with the NY Post.

Right now we have a job market that is not doing great but it’s doing better than the economy as a whole…either there’s something we’re not understanding correctly or the numbers are wrong

John was the journalist who exposed fraudulent Census Bureau data reporting in the Bureau of Labor Statistics nonfarm payroll report  (the Census Bureau collects the data). He discovered that one of the Census Bureau’s regions was fabricating 100’s of data collection reports.

If someone is screwing around with those numbers (employment data), then the numbers are going to be wrong…we found there were some cushy deals with politicians in six States.

Crudele and the NY Post currently have SIX Freedom of Information requests into the Census Bureau for which the Census Bureau refuses to answer or turn over documents. Some of the requests are more than a year old.

Many of you are familiar with the JOLTS report (Job Openings and Labor Turnover).  It measures the alleged number of job openings in the United States on a monthly basis. But just like the nonfarm payroll report, this report is egregiously misreported by the Government.

One of Crudele’s readers emailed John and explained to him that every time someone puts in a bid for a Goverment contract, they report those jobs as job openings. But every contractor that puts in a bid on the same contract also reports those jobs as job openings. On the job bid that John’s reader referenced, 20 contractors submitted jobs, which means that 2,000 job openings were reported although only 100 true job openings were going to be produced by the Government contract.  The JOLTS number, in other words, has no bearing on the true number of job openings.

We hope you take the time to listen to this engaging and lively interview with John Crudele.  His commentary is infused with lively New York-style sarcasm and humor.  Chatting with him made me long for a slice of NY pizza or an all-beef hot dog with spicy mustard and kraut from Papaya King, although John informed us his standard fare is one of the NYC dirty water dogs from a stand outside his building. We think you’ll find it refreshing to hear from a journalist who has the guts to stand up for reporting the truth.

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About Dave Kranzler:

 I spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, I traded junk bonds for Bankers Trust. I have an MBA from the University of Chicago, with a concentration in accounting and finance. My goal is to help people understand and analyze what is really going on in our financial system and economy. You can follow my work and contact me via my website Investment Research Dynamics.  Occasionally, I publish on Seeking Alpha too. As a co-founder and principal of Golden Returns Capital, LLC Mr. Kranzler co-manages the Precious Metals Opportunity Fund, a metals and mining stock investment fund. 

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