Data just released shows by the Labor Department shows employers slashed 598,000 jobs in January, the most since late 1974. The unemployment rate rose to 7.6 percent, the highest since late 1992.

And to make matters even worse, the numbers were not only a bit higher than anticipated, but December's job losses were revised upward.

Jobs are important to the stock market because if people are unemployed, they aren't likely to maintain their spending, buy a house or keep up with credit card payments. And three of the biggest problems facing the economy are dampened consumer spending, the housing market's slide and accelerating loan defaults.

However, amid all this bad news, there could be a silver lining. Hourly wages have risen 3.9% from a year ago. That's because people who are still employed are at the higher end of the wage scales.

"The worst unemployment levels are in people 25 and older without a college degree. That unemployment level is about 12%," explains Zach Karabell. "However if you have a bachelor's degree the unemployment level is 3.8%."

In other words, despite layoffs on Wall Street, most white collar workers are not losing their jobs. In fact, most white collar workers have received raises. And all that bodes well for the economy.

It's an intriguing thesis. In fact, Zach Karabell and Tim Seymour have many interesting insights on this issue. To find out more, watch the video now!

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Trader disclosure: On Feb. 6th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (CAT) Call Spread; Najarian Owns (EEM) Call Spread; Najarian Owns (FCX) & (FCX) Calls; Najarian Owns (GS) Calls; Najarian Owns (MWW) Calls; Najarian Owns (GDX) Call Spread;Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (MOS) Call Spread; Karabell Owns (BHP), (CSCO), (FCX), (GE), (JPM), (NVDA), (NOK); Seymour Owns (BAC), (EEM), (FXI), (TM); Seymour's Firm Owns (TKC)