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You can't change the formula to recalculate the unemployment rate because you don't like it. It is what it is. We're supposed to change the formula for calculating the unemployment rate because illegal aliens are out of work and skeezy businessmen are paying other people off the books so nobody has to pay their fair share of taxes?
It's true that the unemployment rate is about where it has been. The real problem is the long-term trend. Good paying jobs are being outsourced for low paying service jobs. The result is the unemployment figures look about the same. I know of several people who have lost their good paying jobs and now work retail.
Woohoo! Unemployment is fine! Whoopeee!
One guy had 22 years experience as a precision machinist, now works at a big box store for less than half his former salary. At his age it's difficult to pack up and move even if someone would hire him. I'm sure someone in China is happy to have his job, they're living quite well on 50 cents an hour. One happy irony is that the Chinese have been buying our bad real estate paper for awhile and a whole lot of it is underwater.
Given the poor real estate market, credit crunch, and outsourcing, not much looks good these days.
Ok, sorry folks, but this needs to be moved to the "other controversy's" forum.
Just a reminder, this particular forum is just for TN related topics, there are many many other forums here at City-data besides sates. Please visit those forums for these kids of discussions.
Thank you.
Brokers, bankers, home builders and buyers all share some blame, and deserve some pain.
The main culprit, by far, are the credit rating services. We'll see how it plays out, but their job is to price risks, and they did a dismal job of critically evaluating the packaged loan debt products. Keep in mind, the rating companies are paid by the issuers of the bonds being rated:
Sorry your thread was moved from the TN forum. Many don't like it when you talk about the poor condition that the real estate market is in there. If you want to keep this type of talk on the TN forum relate it to the specific poor conditions you are experiencing in East TN.
Have you thought about moving to NC? There is still a thriving housing market there, at least for a bit longer...
The Government has been cooking the books on the economy the last few years on; inflation (They did not count the huge price rises in housing and health care-but instead chose to include cheap imported electronics as a gauge!) On those unemployment figures last Friday-probably far worse then they appear- and likely signal we are already in a recession.
Housing prices rose too fast because; interest rates where kept far too low too long by a politically expedient federal reserve under A. Greenspan. Housing costs outstripped family incomes. Easy credit, and 'funky mortgages' made the problems even worse.
Now we hear 'Houston, we have a Problem' Hello!? Yes- but we where again told by the powers may be; The sub prime issue was no problem so said the Secretary of Treasury and other 'Wall Street Wags'. We where told by Federal reserve officials like Alan Greenspan there was no 'housing bubble' and told by present Fed Chairman Ben Bernanke, that the rapid rise in home prices was 'fundamentally sound', just after he took office 18 months ago.
Then when the shi* began to hit the fan- we where told again by these seem 'enlightened' people- that the problems would not spread to the broader economy.
Wrong, wrong and wrong again. Now we have idiots like Kudlow, Cramer and Brinker crying for rate cuts to bail out their rich friends on Wall Street. If you go back to reading many of the blogs- with people telling the truth, with reality based information instead of fantasy- one would not have a hard time knowing this would lead to a big mess.
I wish we had more like you on the TN forum, where this thread originated from. They pulled and moved this thread because they said it became "too controversial".
Drift on over to the TN forum sometime and give us a few words of wisdom. We need people like you. Have a great day.
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