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Jobless rate jumps to 7.2 percent in December - Yahoo! Finance (http://finance.yahoo.com/news/Jobless-rate-jumps-to-72-apf-14013852.html - broken link)
"...Although economists were forecasting even more payroll reductions in December -- around 550,000 -- job losses in both October and November turned out to be deeper than previously estimated. Revised figures showed that the employers slashed 584,000 positions in November and another 423,000 in October..."
Yet they say the stock market should open higher because "the actual number (~524,000) wasn't as bad as they forecast (~550,000)". Seriously? Who can see optimism in this?
I wonder what the real unemployment % is now, on shadowstats...a month or so ago it was what, 16.5% or something?
eta: poo. This might be better in the finance forum. Sorry--Pls move if appropriate.
Last edited by bbkaren; 01-09-2009 at 07:31 AM..
Reason: oops, maybe wrong forum?
Yet another mark of shame on the Bush Administration....I'll bet when it's all said and done under Clinton, 15 times as many jobs were created. It was 10x at one point but under this loser Bush it's actually been negative job growth here at the end.
I try not to politicize this aspect of it. Things are bad worldwide.
But if it makes you feel good to have a couple extra moments of Bush bashing, have at it.
It started here hun....when the US credit card bill came due...The GOP bragged about how great the economy was for 6 years ....when really is was just millions of homeowners taking loans against their homes to live in a fantasy world.
The rest of the World came next after we had no more money to buy their molded plastic sht.
The rising unemployment rate can't possibly be Bush's fault. It's either due to a lasting legacy from the Clinton administration, the last 2 years of Democratic control of Congress, or anticipation of worse to come under the Obama administration!
The rising unemployment rate can't possibly be Bush's fault. It's either due to a lasting legacy from the Clinton administration, the last 2 years of Democratic control of Congress, or anticipation of worse to come under the Obama administration!
All this economy has been during Bush is homebuilding and selling "made in china" crap back and forth to each other. . That's it. We've lost manufacturing the whole time. Home equity loans and the baby boom generation's wealth being handed down to their heirs fed the fantasy.
If you think King Obama is going to fix this economy on the spot, keep dreaming. The main tool in his arsenal is a printing press and he's ready to use it. Our dollars will be a lot weaker when he runs for re-election than when he is inaugurated!
All this economy has been during Bush is homebuilding and selling "made in china" crap back and forth to each other. . That's it. We've lost manufacturing the whole time. Home equity loans and the baby boom generation's wealth being handed down to their heirs fed the fantasy.
And they just loved to brag about the economy.
Many impartial observers place this discussion outside of the partisan political framework.
Bush 41 gave an (S&L bust) recession to Clinton, and Clinton rode a "tech bubble/mania" out of it. Then that crashed, Bush 43 was given a recession in 2000. That recession was never allowed to take its course, because after 9/11 the entire nation (incl. the Fed) was determined to show strength any way possible.
So, it was the Fed, the Congress, America, everybody, who supported the Fed intervention in 2002-2005 which created the housing bubble/mania (which GWB rode just like Clinton rode the dotcom bubble), which has now crashed and a recession given to Obama.
In summary:
Clinton was given a recession, he rode a dotcom mania, which then crashed.
GWB was given a recession, he rode a housing mania, which then crashed.
Obama is being given a recession.....
the question is, do we follow the same path again? over and over?
The "stimulus" package is more of the same, it's exactly what the Fed did after the dotcom bust and esp. after 9/11, except the swing this time is even more severe!!
There are many Americans and ecnonomists that prescribe a cleansing of this process, and NO MORE DEBT, no more FED bullcr*p.
But as was the case with Clinton, GWB, and now Obama -- no politician in power is willing to bring in austerity measures that are needed, they'd rather print money and see the sick party continue on and "not end" on their watch.
That's why Obama will inflate his way out of this mess, the same way GWB did after 9/11.
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