It appears that Mr. Market is singularly unimpressed with the unemployment situation, which is actually showing a slowing in the rate of change in U-6, which is in fact positive.

However, "The Bezzle" remains unaddressed by government, and therefore, irrespective of anything else, the market will sell off.

The Nasdaq is down more than 2% at this point, and here's the chart of today's /ES thus far:

This will not stop until "The Bezzle" comes out.  One way or another, it will come out.

That's more than a 3% move downward today in the first hour and a half from the top today - more than 20 S&P points.

Either Government will force The Bezzle out, or the market will force it out, and if The Market forces it out the consequence will be the destruction of millions of jobs that would otherwise not need to be destroyed, along with trillions of unnecessary wealth destruction.

The Government is incapable of keeping The Bezzle from being removed from the system, no matter what people in DC, including lobbyists and politicians would like.

This simply isn't up to them - they are not in control.

President Clinton discovered during his first term that The Bond Market in fact controlled his agenda, not the other way around.  He was forced to abandon his audacious health care agenda when the bond market threw up all over it.

President Obama is in a much more precarious situation, in that this is not just about whether he can execute his agenda or not - it is about whether we will have an economy (and likely a republic) left in another year or so, and if he does not pull the cotton out of his ears in the very near future the answer will be "no", as we are approaching a point where we will suffer enough damage to the capital markets that a reply of at least the 1930s - if not the 1870s - will become inevitable.

Be warned Mr. President - we are on the precipice of a tipping point from which you and our economy cannot recover for a decade or more, if at all.

Protecting those who have stolen the wealth of millions of Americans, along with their homes and jobs, is going to become singularly unpopular in very short order.

Yes, George W. Bush was responsible (along with President Clinton before him and the Congress over the last 20 years) for the economic and market conditions that got us here.  I've said that repeatedly.

You, however, are personally responsible for refusing to address the issues and continuing to foment and cause what is now turning into an all out economic and market collapse.

President Obama claims that he wants to create new jobs and save existing ones.  He cannot do so as long as The Market continues to do the job that he refuses to - that is, cleaning out "The Bezzle" from our financial and market systems; that proces sis destroying jobs at an ever-accelerating rate, and has resulted in a loss of nearly 10% of the market's value this week alone.

This loss will continue and in fact accelerate until The Bezzle is gone, and if President Obama is going to fulfill his promise to "save or create" jobs, he is going to have to step up and put a stop to The Bezzle himself, because if he does not, the market's actions will not only negate his efforts but totally run over them, destroying the wealth, prosperity and jobs of Americans.

President Obama has had plenty of time to:

• Issue an Executive Order to defang the CDS monster, as I noted in the Ticker yesterday.
• Direct the FBI (an Executive Department) to start going after the crooks who caused this mess, and make a very public statement to that effect.
• Stop appointing tax cheats to the cabinet, stop backing those who are already in, and replace them.  Volcker would make an excellent Treasury Secretary and I bet he paid his taxes.
• And more.

The first job of a new manager, where he is brought in to clean up the mess made by the old manager, is to fire and replace all the incompetent people responsible for the mess, to sweep the floors down to the bare wood if necessary, and to lay down the law publicly that there is a new boss in town and the "old way" of doing things will no longer be tolerated.

President Obama has failed to do any of the above and as such his claim that he intends to "save or create" jobs is a lie.

President Obama owns this reality, whether he wants to or not, and the market, as of this point, is now down more than 20% from his inaugeration date and more than 30% from the date of the election, with nearly a 10% loss in the last week.

This will continue until President Obama acts or every company with financial exposure of any sort is destroyed.