Really Bad News on Jobs

Really Bad News on Jobs by MSW.  MGB: This news is so bad, its good if it spurs the Administration into action.  Regretably, last summer the President agreed to fiscal austerity in order to meet the GOP half way - so it will be hard to walk that back.  Still, he needs to do something - hopefully something without Congress - like using TARP authority to sell Freddie and Fannie to the Federal Reserve so that they can pay off bondholders and then write down mortgages.  Even though most won't directly benefit, even changing this segment of the market will stop the slide in home values and get people buying again.  Finally, if Obama wants to attack the GOP as being obstacles to recovery, I certainly would not argue with him - especially if he pushes more stimulus and less austerity.  Of course, if things are bad, a Democratic sweep is less likely - and the perception that it won't happen will stop the GOP donor base from insisting on a deal to prevent the automatic expiration of the Bush tax cuts.  More will be revealed and I am still optomistic on compromise once primary season is over for Senators.