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Would you care to share some facts that back up your absurd assertion?
Here are some 'facts'...
'Over the coming months, as many as 1.5 million jobless Americans will exhaust their unemployment insurance benefits, ending what for some has been a last bulwark against foreclosures and destitution.' http://www.nytimes.com/2009/08/02/us...ploy.html?_r=2
'After three new bank failures last Friday, the FDIC’s Deposit Insurance Fund (DIF) diminished by another $185 million for a total remaining balance of $648.1 million. After just passing half-year 2009 the FDIC have already used up roughly $16 billion of the fund. '
http://www.tradingfloor.com/EN/Documents/Research%20Note/2009-08-12%20Saxo%20Bank%20Research%20Note%20-%20FDIC%20DIF.pdf (broken link)
'Over the coming months, as many as 1.5 million jobless Americans will exhaust their unemployment insurance benefits, ending what for some has been a last bulwark against foreclosures and destitution.' http://www.nytimes.com/2009/08/02/us...ploy.html?_r=2
'After three new bank failures last Friday, the FDIC’s Deposit Insurance Fund (DIF) diminished by another $185 million for a total remaining balance of $648.1 million. After just passing half-year 2009 the FDIC have already used up roughly $16 billion of the fund. '
http://www.tradingfloor.com/EN/Documents/Research%20Note/2009-08-12%20Saxo%20Bank%20Research%20Note%20-%20FDIC%20DIF.pdf (broken link)
Congress will extend the unemployment benefits.
Regarding abolishing the FDIC - Mish is an idiot. That's the DUMBEST idea ever. Nothing more necessary to say about that.
'Over the coming months, as many as 1.5 million jobless Americans will exhaust their unemployment insurance benefits, ending what for some has been a last bulwark against foreclosures and destitution.' http://www.nytimes.com/2009/08/02/us...ploy.html?_r=2
'After three new bank failures last Friday, the FDIC’s Deposit Insurance Fund (DIF) diminished by another $185 million for a total remaining balance of $648.1 million. After just passing half-year 2009 the FDIC have already used up roughly $16 billion of the fund. '
http://www.tradingfloor.com/EN/Documents/Research%20Note/2009-08-12%20Saxo%20Bank%20Research%20Note%20-%20FDIC%20DIF.pdf (broken link)
Even if I take all of those "facts" at face value, how does that make the case that we're now or will be in a "depression?" Define what a depression is, because you're obviously not using the classic definition. The classic definition usually includes real GDP decline in excess of 10%, which we have not met and are not even close to meeting.
Guess how many jobs the US private sector has added over the last 10 years? Almost none. Private sector employment is back to levels of 1999. There are more jobs in restaurants and health care…but many fewer in manufacturing. Net gain: zero.
The only job gains have been in the parasite sector – government. On the evidence, this trend is going to continue. Now, the feds have a post called “pay czar.” As near as we can tell this is a busybody who undertakes to control salaries in the industries that the feds have bailed out. There will be a lot more jobs running the regulatory/bailout apparatus.
Back in the private sector, 72 banks have failed so far this year and the FDIC is technically bankrupt. A record 34 million Americans are getting food stamps. USPS cannot fund their health care pensions this september. GM is still in trouble, with further declining sales, and unemployment is skyrocketing.
Naturally, incomes are falling. Now, imagine the consumer…he’s already paying 15% of his disposable income to debt service…and then his income is cut in half! This means that 30% of his remaining income must be used just to service the debt. Impossible to do without big cuts in spending. (bonner)
that news does not bode well for an economy that is predicated on consumer spending.
Guess how many jobs the US private sector has added over the last 10 years? Almost none. Private sector employment is back to levels of 1999. There are more jobs in restaurants and health care…but many fewer in manufacturing. Net gain: zero.
Let it go - there's no need to continually bag on former president bush
For several weeks now, a small but unofficial increase seen in U.S. gross domestic product in May has provided a possible kernel of evidence that the current recession — which began in December 2007 — ended in that month.
That article has some cautious words as well, including the last paragraph.
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