April unemployment showed the U.S. losing 539,000 jobs, versus the 600,000 estimate, bringing the unemployment rate to 8.9%. U4, the unemployment rate that includes those that have stopped looking for work and those that are working just part time, now stands at 16%.

8.9% is the worst number in over 25 years, and the only good news is that the rate of decline in unemployment is declining...if only by a very small amount.

I guess its possible to spin this report into some kind of good news, but as far as I'm concerned this is just more terrible economic news. Not a day goes by that I don't see at least 5 market gurus come out and say that the recession is over, but what they don't say is exactly what the recovery is going to look like. Folks, this will not be a V shaped recovery, meaning that the economy will snap back just as quickly as it dropped. We've had those kinds of recessions in my lifetime, but this isn't going to be one of them. If we're lucky, this will be an L shaped re...