The Fed's Speech to the Bank of Japan

Banks are laying off a lot of workers as they're imploding, right? So the good jobs are going away and they're being replaced with bad jobs. And in many cases, the numbers are going up because somebody loses one good job and they replace it with two or three bad jobs. But none of that stuff gets picked up in these numbers. So this was not a good number. And I expect more bad numbers to come out of the labor department as the recession, depression, whatever you want to recall what we're in gets worse.