Moron Report:

Wall Street shocked over jobs report. Are we kidding? These Ph.D. motherfuckers watched the meltdown in the construction business and didn't think the jobs report would show it? I think the wheels are coming off our entire leadership class in every area of the country from A thru W; Academia through Wall Street, especially including our political and pundit classes. Next they'll all find out that fire is hot. OMFG, then what?

And and and, as I reported to you over and over again, the main culprits are the spec housing buyers; the home "flippers" whose default rate is

Analysts said the problems in the formerly red-hot housing markets of California, Florida, Nevada and Arizona reflected, in part, speculators walking away from mortgages they can no longer afford. They had jumped into the market during the boom, hoping to take advantage of rapidly rising prices by quickly reselling.

But now, with the inventory of unsold homes at record levels, many speculators are defaulting on their mortgages. Those defaults are dumping more homes on an already glutted market.

Also as I've been telling you, the rating agencies have been misstating the bond quality. This AM it is finally reported that AAA bonds are defaulting. AAA bonds cannot possibly default; falsely valued AAA bonds, those that are actually bb bonds, default.

Call your bank? More and more homeowners and speculators are finding out that their bank is a hedge fund, it is the hedge funds that are holding the paper. Talk to your hedge fund? Ho ho that's rich. You can reach them in the Caymans by radio.