Let them eat PRIDE

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Friday June 03, 2005 · 7:06 AM PDT

2005/06/03 · 07:06

So the recent jobs report is out. 78,000 new jobs. kossacks know by now that we need AT LEAST 150,000 +/- 50,000 jobs each month just to keep up with new entrants into the job market.

what does this number mean?

one: obviously, the job market sucks
two: less obviously, the bond market going further into bubble territory

three: even less obvious: the need to re-inforce ideas of pride, to make up for the lose of jobs/money.

Many moons ago I read a great article in salon titled "let them eat war." Explaining that the lose of blue collar jobs and the associated lose of self-esteem amoung blue collar men, esp in the south/mid-west, caused a great deal of emotional problems for these men. To make up for these problems, the iraq war allowed the men to feel like men again, just like Reagan and his cowboy hats appealed to the same men with his own offering of "manhood" for men to "eat".

I believe now that the article was right, but too specific. Its not just war that people are offered to "eat" in exchange for jobs, its also "pride"..pride in the country, pride in your region, pride in your yellow ribbon on your car. Pride. Yes, pride in even "w". Pride that a man that most of us on both sides of the political divide would agree is less than presidential-caliber intelligence.

Today, wall street so far has responded with a yawn about the job numbers. Could it be the wall st prefers a labor market in a sad state b/c then workers would be willing to work for less money? is it strange that once again most job growth is in fields related to housing and healthcare? could it be that the further plunging of 10yr treasuries will encourage people to take out even MORE debt, including morgages, further inflating a housing bubble that is gonna fall HARD?

could it be that the house of cards known as our current GLOBAL economy is going to face a very stark test just when bancrupcy laws have been changed to benefit the creditor, not the debtor? do you think its just chance that just as the amount of debt americans are encouraged to take out reaches historic levels, that the laws regarding bancrupcy are suddenly so much tighter?

could it be that just as there are fewer and fewer jobs available, there always seems to be more to feel "pride" in?

Ok, so you cant get health care or put gas in the car. Ok, find, housing is expensive. but you can always eat pride.

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