BBC NEWS | Business | Eurozone jobless worst since 1999
I thought they said that the recession is over?
I thought they said that the recession is over?
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US recession over! (5 Viewers)
- Thread starter Chxta
- Start date
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Looking good today. Hopefully it's found some support and can rally on a bit. I think the trade is about 95% net short now, so a short covering rally could be on the cards.
DOW down over 2% today, wiping out the gains yesterday from the stupid GDP number. Much rather have dollar up, stocks down, than the opposite.
VIX up 25%.
DOW down over 2% today, wiping out the gains yesterday from the stupid GDP number. Much rather have dollar up, stocks down, than the opposite.
VIX up 25%.
During the Great Depression, we had four years of overall positive GDP. But hey, even though this is a consumer-led recession, and nobody can get credit because credit expansion needs to collapse because it's rising exponentially, the recession is over. Go out and spend, keep being a good American, the jobless recovery is wonderful for the economy. Who needs jobs when you have a growing government and rising equities market.
STIMULUS WATCH: Salary raise counted as saved job
By BRETT J. BLACKLEDGE and MATT APUZZO – 7 hours ago
WASHINGTON — The government's latest count of stimulus jobs significantly overstates the effects of the $787 billion program under a popular federal preschool program, raising fresh questions about the process the Obama administration is using to tout the success of its economic recovery plan.
An Associated Press review of the latest stimulus reports — which the White House promised would undergo extensive reviews to ensure accuracy — found that more than two-thirds of 14,506 jobs credited to the recovery act under spending by just one federal office were overstated because they counted pay increases for existing workers as jobs saved.
The inflated job count is at least partly the product of the administration instructing local community agencies that received money to count the raises as jobs saved.
http://www.google.com/hostednews/ap/article/ALeqM5jMNoef6xDenBbHWO0Im6rIjDmAgAD9BOSE601
What a bunch of lying scumbags.
By BRETT J. BLACKLEDGE and MATT APUZZO – 7 hours ago
WASHINGTON — The government's latest count of stimulus jobs significantly overstates the effects of the $787 billion program under a popular federal preschool program, raising fresh questions about the process the Obama administration is using to tout the success of its economic recovery plan.
An Associated Press review of the latest stimulus reports — which the White House promised would undergo extensive reviews to ensure accuracy — found that more than two-thirds of 14,506 jobs credited to the recovery act under spending by just one federal office were overstated because they counted pay increases for existing workers as jobs saved.
The inflated job count is at least partly the product of the administration instructing local community agencies that received money to count the raises as jobs saved.
http://www.google.com/hostednews/ap/article/ALeqM5jMNoef6xDenBbHWO0Im6rIjDmAgAD9BOSE601
What a bunch of lying scumbags.The Bureau of Labor Statistics came out with their Employment Report, and my God, it's a disaster. It's even worse than I expected.
http://market-ticker.org/uploads/Nov2009/empsit.pdf
"But the internals were markedly nasty. Top-line, U-3, is now reported at 10.2%. But U-6 is 17.5%, rising dramatically from 17.0% previously (both "seasonally adjusted.")"
"Our government, by choosing to protect the oligarchs and banksters instead of allowing the market to force the bad debt out into the open where it defaults has chosen to saddle our nation's citizens with unconscionable and unsustainable debt loads, both at a government and personal level. This was a critical error and, as I expected and predicted, it is now being reflected directly into the employment situation.
There is no reason for cheering in this report; you can argue over "productivity gains" all you want but without jobs the civilian population cannot buy "stuff", whether that be goods or services, and a durable economic recovery is impossible.
Buckle up folks; this ride could get a bit rough, especially with the holidays right around the corner upon which virtually all retailers depend for their continued viability."
http://market-ticker.org/archives/1592-Employment-Report-OUCH.html
http://market-ticker.org/uploads/Nov2009/empsit.pdf
"But the internals were markedly nasty. Top-line, U-3, is now reported at 10.2%. But U-6 is 17.5%, rising dramatically from 17.0% previously (both "seasonally adjusted.")"
"Our government, by choosing to protect the oligarchs and banksters instead of allowing the market to force the bad debt out into the open where it defaults has chosen to saddle our nation's citizens with unconscionable and unsustainable debt loads, both at a government and personal level. This was a critical error and, as I expected and predicted, it is now being reflected directly into the employment situation.
There is no reason for cheering in this report; you can argue over "productivity gains" all you want but without jobs the civilian population cannot buy "stuff", whether that be goods or services, and a durable economic recovery is impossible.
Buckle up folks; this ride could get a bit rough, especially with the holidays right around the corner upon which virtually all retailers depend for their continued viability."
http://market-ticker.org/archives/1592-Employment-Report-OUCH.html
I'm not entirely sure about the total population as that would take some time and research, but one study I've seen has mathematically proven that over 50% of young Americans (16 to 25) are without jobs. So that's around 20-30 million Americans right there, about 10% of the population.
With real unemployment at close to 18%, I'd assume that around 25% of the population is without a job, ball-park figure. But don't hold me to it.
It's difficult looking through government statistics because they don't tell the whole truth. For instance, if you have been without a job for six months, you're out of the labor force and are not counted as someone who needs a job. There are other absurdities the government uses to try to put a rose on the situation like that as well. Moreover, reporting problems and statistical errors exist, so finding the true value of the unemployment rate is difficult. It's usually worse than what it's reported as though.
With real unemployment at close to 18%, I'd assume that around 25% of the population is without a job, ball-park figure. But don't hold me to it.
It's difficult looking through government statistics because they don't tell the whole truth. For instance, if you have been without a job for six months, you're out of the labor force and are not counted as someone who needs a job. There are other absurdities the government uses to try to put a rose on the situation like that as well. Moreover, reporting problems and statistical errors exist, so finding the true value of the unemployment rate is difficult. It's usually worse than what it's reported as though.
That's why governments should just let the market decide what happens to these bad debts instead of throwing money at institutions, hiding losses. Because the fact of the matter is, the bad assets still exist and they won't disappear, plus this crap has never worked in history. Yet the dumb governments try to do the opposite of what the market is doing to correct the situation, making things even worse.
Oh, and yeah, our government here will probably claim 9.9% unemployment this month, 9.99% unemployment next month, 9.999% unemployment in January, 9.9999% unemployment in February, et cetera. They are just a bunch of liars.
Oh, and yeah, our government here will probably claim 9.9% unemployment this month, 9.99% unemployment next month, 9.999% unemployment in January, 9.9999% unemployment in February, et cetera. They are just a bunch of liars.