Global Economics

Needed, Less Cowbell


Bruce Dickinson: Guess what? I got a fever! And the only prescription…is more cowbell!

–Dickinson to Blue Oyster Cult, 8 April 2000, on SNL with Christopher Walken, Will Ferrell, Jimmy Fallon and others

After a period of relative calm, Fridays employment report should again sound alarm bells in many parts of Washington. The combined risk of an unemployment problem that is increasingly structural in nature and a rate that is bottoming out way too soon is bad news.

–Mohamed El-Erian, A Jobs Report that Should Worry Obama, ft.com, The A-List, 6 April 2012

Drew Matus, of UBS, agrees to respectfully disagree with Dr. El-Erian of PIMCO.

Matus suggests the March jobs report is a waiver on the road to cyclical recovery. El-Erian tilts to structural challenges now and ahead.

Their common ground is to avoid panic, dumb decisions and the certitude of the second-rate.

There is cowbell on BOC’s classic Don’t Fear the Reaper. It’s buried in the mix, yet vital.

Bury the cowbell. But, heed economist The Bruce Dickenson and the cast of this classic skit:

Gene Frenkle: And I’d be doing myself a disservice — [begins to slightly laugh. Jimmy Fallon turns away and bites down on his drumstick to keep from laughing] and every member of this band, if I didnt perform the HELL out of this!

It’s time to “perform the hell out of this.” Where is the plan for structural labor betterment? Where is the plan to keep the cyclical job recovery on track?

I sat at 8:58 am on Friday just thunderstruck at the number of Americans “not in the labor force.”

Needed, Less Cowbell. Discuss.

Keene hosts Bloomberg Surveillance 7-10 a.m. ET on 1130 AM in the New York metro area and nationally on SiriusXM 113.

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