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Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski (is that a ponytail?). Artwork by David Parkins.

30.1 Government Furlough Programs & Cash are NOT Stimulus
$1,200 direct cash payments is not stimulus, it is “relief aid”; these are “alms” given to the poor, needy and those harmed by both the virus and the government-mandated shutdowns of the economy. We review the state of the American labor market, European furlough programs, and conclude very difficult days are still ahead.

[Emil’s Summary] As your podcaster put the finishing touches on Episode 30 word came down from up-on-high: ‘We need to do errata!’

Yes! Finally! This podcaster’s long-time goal would be a reality: to make economics erotic again. To tell the world that economists can stimulate. To inform that offshore bankers do it in the shadows. To broadcast that technical analysis has the best curves with those plunging chart necklines. The undulating data and heaving economic activity. Going long Treasuries. Wanting yield. Oh yeah, pile that yield on… yeah, high and deep… yeah, yeah…

Alas, when the new intro copy was handed in for proofreading this podcaster’s confusion was laid… bare. Errata? It’s all about copy-editing. And mistakes. The ancient latin word is plural for erratum, “a correction of a published text.” And indeed, in part three of this episode, the article under discussion was originally printed as, “Inflation Targeting: You Can Me Al”. Wha? It should have been “Inflation Targeting: You Can Call Me Al”.

And that’s not all. Closely related to errata is corrigenda, a plural latin word, “for a thing to be corrected, typically an error in a printed book.” Whereas an erratum is, as a general rule, issued for a production error, a corrigendum is a mistake by the author. And, in part three, Jeff Snider and I introduce Al Broaddus, the former Federal Reserve Bank of Richmond president. And when we segue to a quote about inflation targeting by Fed Governor Edward M. Gramlich, instead of attributing it to Gramlich, we continue to refer to Broaddus! We hope you forgive the erratum and the corrigendum and how we piled them high and deep in this episode… ooh, yeah.



01:27 What is the United States employment situation?
06:02 The US is setting new records for unemployment despite being months into a ‘recovery’
08:12 European governments furlough programs and American government transfer payments
12:00 In the middle of an economic bust government money is a “stipend” not a “stimulus”
14:41 Labor force participation suffered a serious loss in September. Wait, September?!
21:34 Total hours worked are reporting great losses still as of September.


What’s Job (cuts) Got To Do With It (everything): https://bit.ly/2SEKCuz
Who’s Negative? The Marginal American Worker: https://bit.ly/2GGYuSS
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7