Is that enough for the Fed? Jobs fell off a cliff, and now the Fed has the cover that is needed. We can quit bellyaching now that the real economy isn't getting affected. It is. The last three months job figures were revised downward also, and all the academics with tenure, who never had to worry about job security, have now been proven clueless.
Look at the chart that I posted on the Labor Day weekend and click on it. Notice the "creation" of jobs in the financial and construction industry in the birth/death model? Did any of you believe that jobs were created in those industries? Now that the news is out, the Fed should start cutting aggressively. One of Mr. Buffett's most famous lines is "You never know who's swimming naked until the tide comes out."
Looks like the Federal Reserve needs to buy some bathing suits. Too bad they waited until after summer.