SEEING RED….I see that Atrios had exactly the same reaction as me to today’s bad job news. Usually, Wall Street reacts jubilantly to weak job reports because it means a slacker job market, less pressure to raise wages, less inflationary pressure, and therefore a reduced chance that the Fed will increase interest rates. This attitude is so short-sighted as to call into question Wall Street’s collective sanity (Q: When does the stock market perform the best? A: When employment is up and the economy booms), but there you have it. That’s the usual schtick.

But not today. This time they seem to have gotten the message that a lousy jobs report means….the economy isn’t doing so well. I guess when their own jobs are in danger, the monthly employment report hits home a little harder than usual.