Go Back   Old Project Avalon Forum (ARCHIVE) > Project Avalon Forum > Project Avalon > Economy and Currency

Notices

Reply
 
Thread Tools Display Modes
Old 11-07-2009, 01:07 AM   #1
Dantheman62
Avalon Senior Member
 
Join Date: Sep 2008
Location: So. Cal. U.S.
Posts: 4,205
Default What recovery? Unemployment shoots past 10 percent

Joblessness at 10 percent for 2nd time since WWII; millions of unemployed feel no recovery!

WASHINGTON (AP) -- Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.

The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.

President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.

For the rest of the article....
http://finance.yahoo.com/news/What-r...22944.html?x=0









Freddie Mac loses $6.3B in 3Q
Freddie Mac loses $6.3 billion, avoids request for federal aid for 2nd-straight quarter

WASHINGTON (AP) -- Freddie Mac's losses narrowed to $6.3 billion in the third quarter, but the government-controlled mortgage finance company didn't need a federal cash infusion.

The McLean, Va.-based company has received about $51 billion since it was seized by federal regulators in September 2008, but said it didn't need any more money for the second-straight quarter.

"We continued to see some positive housing market developments, including higher volumes of home sales and modest increases in house prices in certain areas of the country," the company's new chief executive, Charles Haldeman, said in a statement Friday.

However, he cautioned, high unemployment and rising foreclosures will continue to "impede a full recovery," and the company may need more money from the Treasury Department to stay afloat. The government reported Friday that the unemployment rate hit 10.2 percent, the highest since early 1983

For the rest of the article...
http://finance.yahoo.com/news/Freddi...96059.html?x=0








Small banks in Ga., Mich., Minn., Mo. closed
Regulators shut small banks in 4 states; marks 119 US bank failures this year

CHARLOTTE, N.C (AP) -- Regulators on Friday shut small banks in Georgia, Michigan, Minnesota and Missouri, bringing the number of bank failures this year to 119 amid the struggling economy and a cascade of defaults on loans.

The Federal Deposit Insurance Corp. took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits, and Home Federal Savings Bank in Detroit, with $14.9 million in assets and $12.8 million in deposits.

The government agency also closed Prosperan Bank, based in Oakdale, Minn., with $199.5 million in assets and $175.6 million in deposits, and Gateway Bank in St. Louis, with $27.7 million in assets and $27.9 million in deposits.

Ameris Bank, based in Moultrie, Ga., agreed to assume the assets and deposits of United Security, while Liberty Bank and Trust Co., based in New Orleans, is buying the assets and deposits of Home Federal Savings.

Alerus Financial of Grand Forks, N.D., agreed to assume the assets and deposits of Prosperan Bank, while Central Bank of Kansas City is buying the assets and deposits of Gateway Bank.

The failure of the four banks is expected to cost the federal deposit insurance fund an estimated $132.7 million.

For the rest of the article...
http://finance.yahoo.com/news/Small-...64371.html?x=0











Consumer borrowing drops $14.8B in September
Consumer borrowing drops by $14.8 billion in September, record 8th straight decline

WASHINGTON (AP) -- Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. Economists worry the declines in borrowing will drag on the fledgling recovery.

The Federal Reserve said Friday that borrowing fell at an annual rate of $14.8 billion in September. That's the biggest decline since July and was larger than the $10 billion drop economists expected.

Americans are borrowing less as they try to repair cracked nest eggs and replenish rainy day funds in a dismal jobs market. Many are finding it hard to get credit as banks, hit by the worst financial crisis in decades, have tightened lending standards.

Borrowing by consumers for revolving credit, including credit cards, fell at an annual rate of 13.3 percent in September, the same as August. This category has declined for a record 12 straight months.

For the rest of the article...
http://finance.yahoo.com/news/Consum...46440.html?x=0
Dantheman62 is offline   Reply With Quote
Old 11-07-2009, 01:12 AM   #2
BROOK
Avalon Senior Member
 
Join Date: Oct 2008
Posts: 3,117
Default Re: What recovery? Unemployment shoots past 10 percent

Exactly! What recovery I deal with these Banks everyday...and the way their lending is a joke!
BROOK is offline   Reply With Quote
Old 11-07-2009, 01:14 AM   #3
Seashore
Avalon Senior Member
 
Join Date: Nov 2008
Posts: 3,564
Default Re: What recovery? Unemployment shoots past 10 percent

I have heard the term "jobless recovery," which is an oxymoron and an insult to our intelligence.
Seashore is offline   Reply With Quote
Old 11-07-2009, 01:25 AM   #4
Dantheman62
Avalon Senior Member
 
Join Date: Sep 2008
Location: So. Cal. U.S.
Posts: 4,205
Default Re: What recovery? Unemployment shoots past 10 percent

Yep!


Analysis: 10 percent jobless is Obama's new world

By JIM KUHNHENN, Associated Press Writer Jim Kuhnhenn, Associated Press Writer – 2 hrs 26 mins ago
WASHINGTON – For months he had warned it was coming but that didn't ease the political shockwaves for President Barack Obama when unemployment topped 10 percent.

At 10.2 percent, the October unemployment climbed to chart-topping heights unseen in more than a quarter century. The bottom line is that more than 15 million Americans are out of work and 3.5 million lost their jobs while Obama was president. Expected or not, this is Obama's new reality.

"I won't let up until the Americans who want to find work can find work, and until all Americans can earn enough to raise their families and keep their businesses open," the president declared Friday.

That's a hopeful promise but not very realistic.

And it shows that, for the time being, action to tackle record budget deficits will simply have to wait.

For the rest of the article...
http://news.yahoo.com/s/ap/us_obama_jobs_analysis
Dantheman62 is offline   Reply With Quote
Old 11-07-2009, 01:42 AM   #5
FIIISH
Avalon Senior Member
 
Join Date: Sep 2009
Posts: 296
Default Re: What recovery? Unemployment shoots past 10 percent

Two weeks ago today, my other half was laid off.

So... things aren't looking too rosy from our perspective.

We are doing our best to stay positive. It's interesting to keep hear
yourself repeating things like "Everything is going to work out ok" when
you are staring disaster in the face.
FIIISH is offline   Reply With Quote
Old 11-07-2009, 05:45 AM   #6
orthodoxymoron
Avalon Senior Member
 
Join Date: Oct 2008
Location: Lunar Base II
Posts: 3,093
Default Re: What recovery? Unemployment shoots past 10 percent

The market seemed to be unphased by the unemployment data. Perhaps that 10% is insignificant to them. They called the data a 'lagging indicator'. Do they consider this 10% to be useless feeders? I'm being a bit unfair...but that's sure what it felt like. But you know...the market might perform like a roller-coaster next week. Plummet? Skyrocket? Big Plummet? Beware.

Last edited by orthodoxymoron; 11-07-2009 at 05:50 AM.
orthodoxymoron is offline   Reply With Quote
Old 11-07-2009, 06:05 AM   #7
Humble Janitor
Avalon Senior Member
 
Humble Janitor's Avatar
 
Join Date: Sep 2008
Posts: 3,201
Default Re: What recovery? Unemployment shoots past 10 percent

Been out of work since Aug 25th. Still looking but have a possible lead at my old employer. Will look into it more on Mon. It's probably going to be less pay and more manual labor but certainly better than nothing. Already interviewed twice for a much better position at a different place but not sure how long it'll take for a decision on that.
Humble Janitor is offline   Reply With Quote
Old 11-10-2009, 09:51 PM   #8
peaceandlove
Avalon Senior Member
 
Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
Default Re: What recovery? Unemployment shoots past 10 percent

Quote:
Originally Posted by Dantheman62 View Post
Joblessness at 10 percent for 2nd time since WWII; millions of unemployed feel no recovery!
Blessings Dantheman62,

Here is a recent Karl Denninger analysis of new unemployment numbers to add to your thread.

PaL



Employment Report: OUCH

Friday, November 6. 2009
Posted by Karl Denninger

Yow.

The BLS employment report is out and it's not good. http://market-ticker.denninger.net/u...009/empsit.pdf

Here's the BLS' top-line graph set:

CHARTS: SEE LINK BELOW

This graph continues to accelerate in a near-parabolic rise since June. In the history of the data available for this series, unfortunately only back to 1999, this has never before happened.

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.

Continues with CHARTS: http://market-ticker.denninger.net/a...port-OUCH.html
peaceandlove is offline   Reply With Quote
Old 11-11-2009, 09:31 PM   #9
Dantheman62
Avalon Senior Member
 
Join Date: Sep 2008
Location: So. Cal. U.S.
Posts: 4,205
Default Re: What recovery? Unemployment shoots past 10 percent

Thanks PandL,

Here's some more news...

Report: 10 states face looming budget disasters,

By JUDY LIN, Associated Press Writer Judy Lin, Associated Press Writer – 9 mins ago
SACRAMENTO, Calif. – A study released Wednesday warns that nine states are barreling toward an economic disaster similar to California's ongoing fiscal crisis that has been marked by IOUs and budget-busting deficits.

The budget woes could mean higher taxes, accelerated layoffs of government employees, more crowded classrooms and fewer services in the coming year for some of the nation's most populous states.

Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin join California as those most at risk of fiscal calamity, according to the report by the Pew Center on the States.

Double-digit budget gaps, rising unemployment, high home foreclosure rates and built-in budget constraints are the key reasons.

The analysis urged lawmakers and governors in those states to take quick action to head off a wider economic catastrophe. The 10 states account for more than one-third of America's population and economic output, according to the report.

"While California often takes the spotlight, other states are facing hardships just as daunting," said Susan Urahn, managing director of the Washington, D.C.-based center. "Decisions these states make as they try to navigate the recession will play a role in how quickly the entire nation recovers."

California leads the most vulnerable states identified by Pew, which describes it as having poor money-management practices. According to the Legislative Analyst's Office, California has made nearly $60 billion in budget adjustments — in the form of cuts to education and social service programs, temporary tax hikes, one-time gimmicks and stimulus spending — since February as tax revenues plunged.

Many of those fixes aren't expected to last. The state's temporary tax hikes will begin to expire at the end of 2010, while federal stimulus spending will begin to run out a year after that.

Gov. Arnold Schwarzenegger estimates California will likely run a deficit of between $12.4 billion and $14.4 billion when he releases his next spending plan in January. The top estimate amounts to 17 percent of the state's $84.6 billion general fund budget, the main account for day-to-day spending. General fund spending in California has dropped nearly $20 billion over the past two years.

The governor warned that the toughest cuts are ahead.

"I think that we are not out of the woods yet," Schwarzenegger said this week.

Doh! ya think Arnold? LOL
Dantheman62 is offline   Reply With Quote
Old 11-11-2009, 09:54 PM   #10
pyrangello
Avalon Senior Member
 
Join Date: Sep 2008
Location: Northern Michigan
Posts: 412
Default Re: What recovery? Unemployment shoots past 10 percent

If you go back to the old way of calculating the unemployed were at nationally in the states between 17-22% unemployment. The bean counters have been changing the calculations of the old way to their way, must be why the census bureau got moved to the White House this year too.

In mIchigan here our official # is 15.3% statewide, add the 8% on top of that for manipulation and were at 23.3% statewide and it's much worse here in northern michigan .

And the reasons why housing sales are ticking up , I'll give you one example, the house next door to me in a small town rural area mortgaged out at 106k, it got repo'd / 3 bedroom ranch, 2- 2 car garages, yard wasn't big but was on a dead end road with lots of trees, kitchen set up in basement and 70's decor in the main floor. House sat for a year at 45k listing and sold for 25k.
I'm hearing people are being allowed to stay in their homes without making any payments for 1-2 years right now, nobody contacting them.

Then on the radio last night this guy was saying there is and I cannot verify this- 18 million repos in the system. I don't see it so where are they.

My buddy who trades the stock market daily says all the charts should be going south and there not.

Manipulating, for sure, One thing I can say for sure there is 20 million americans who would like a job that are not going to get a job anytime soon. I'll do what i can for whoever, whenever, thats my small part. We neded to pull together as this impacts many, they are waking up and I think the 2010 elections are going to be very suprizing for many . Forget about the 2 party system , lets just get rid of the incumbants period. All of them . Time to start over.

You want to know the funny thing just this morning our state governor was on the radio and still wants to raise more taxes. Am I missing something here???
pyrangello is offline   Reply With Quote
Old 11-11-2009, 10:13 PM   #11
Dantheman62
Avalon Senior Member
 
Join Date: Sep 2008
Location: So. Cal. U.S.
Posts: 4,205
Default Re: What recovery? Unemployment shoots past 10 percent

Here's some numbers pyrangello....

Annual Home Repossession Numbers Double
And Whopping 81 Percent More Americans Faced Foreclosure Proceedings; 2.3 Million In 2008

(CBS/AP) More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices.

Nationwide, more than 860,000 properties were actually repossessed by lenders, more than double the 2007 level, according to RealtyTrac, a foreclosure listing firm based in Irvine, California, which compiled the figures.

Moody's Economy.com, a research firm, predicts the number of homes lost to foreclosure is likely to rise by another 18 percent this year before tapering off slightly through 2011.

Meanwhile, Senate Majority Leader Harry Reid said the Senate would vote Thursday on a request by President-elect Barack Obama to release the remaining $350 billion of the financial bailout fund to expand lending to consumers, small businesses and municipalities and to reduce the rising rate of foreclosures.

Obama's economic team lobbied for votes Wednesday night. His advisers offered assurances that the money from the Troubled Asset Relief Program would be spent differently than it was under President Bush.

Lawmakers who met privately with Obama emissaries on Wednesday said after the discussions that Obama would spend the remaining $350 billion of the financial bailout fund on expanded lending and reducing foreclosures, and would not use the money to help other industries.

Foreclosures - which keep breaking records going back 30 years, according to the Mortgage Bankers Association - are likely to remain well above normal levels for years to come, and that will continue to keep home prices from rebounding.

For the rest of the article...
http://www.cbsnews.com/stories/2009/...n4722948.shtml
Dantheman62 is offline   Reply With Quote
Old 11-11-2009, 10:34 PM   #12
Jacqui D
Avalon Senior Member
 
Join Date: Sep 2008
Location: Kent,England
Posts: 1,267
Default Re: What recovery? Unemployment shoots past 10 percent

There are now a million in one age group out of work in the UK these are the 17 -21 year olds.
There are more youngsters out of work now then ever known, with no job training of any sort no prospects, what does the future bring, more pensioners now refusing to retire because of financial situations, the older ones are working longer and the youngsters can't get a job anywhere.
Jacqui D is offline   Reply With Quote
Old 11-11-2009, 10:51 PM   #13
Dantheman62
Avalon Senior Member
 
Join Date: Sep 2008
Location: So. Cal. U.S.
Posts: 4,205
Default Re: What recovery? Unemployment shoots past 10 percent

Recession Sparks Global Shoplifting Spree

By BRUCE CRUMLEY / PARIS Bruce Crumley / Paris – 2 hrs 8 mins ago

The global recession isn't just making jobs scarce and spending money tighter - it's also turning more people into thieves. According to an annual survey released Tuesday, incidents of shoplifting rose by nearly 6% over the past year, representing nearly $115 billion in losses for businesses.

And one of the more surprising findings: a growing number of new shoplifters are outwardly reputable, middle-class people who are walking off with French cheeses, quality meats, cosmetics, mobile phones, clothing and other goodies that they feel they need to maintain a quality of life they can no longer afford. (See pictures of people shopping on Black Friday.)


"People already feeling, or merely anticipating, the negative impact of recession have taken to stealing ... at the very time retailers also suffering from the downturn have had to cut back on security staff," says Joshua Bamfield, director of the Britain-based Center for Retail Research, which documented the findings in its annual Global Retail Theft Barometer.

"In addition to the usual criminals, you have lots of newcomers to stealing who figure they don't run much risk at getting caught, won't pay much of a price if they are and justify their action on the hard times we're all facing."


The researchers found that shoplifting - or what's euphemistically known as product "shrinkage" - jumped by 5.9% in the past year at the more than 1,000 retail chains the group surveyed globally. In previous years, the increase only hovered around 1.5% annually.

Though the problem was documented across all regions, the steepest increases occurred in North America (8.1%), the Middle East (7.5%) and Europe (4.7%). In terms of total losses, retailers in North America topped the charts at $46 billion, followed by Europe's $44 billion and $17.9 billion in the Asia-Pacific region. In North America and Latin America, store owners and employees were the leading pilferers; in Europe, Asia and the Middle East, it was customers who were swiping the most loot.

For the rest of the article...

http://news.yahoo.com/s/time/08599193794400
Dantheman62 is offline   Reply With Quote
Old 11-11-2009, 11:19 PM   #14
Jacqui D
Avalon Senior Member
 
Join Date: Sep 2008
Location: Kent,England
Posts: 1,267
Default Re: What recovery? Unemployment shoots past 10 percent

Credit crunch crime wave: Theft, burglaries and fraud rise on the back of record unemployment
By DAILY MAIL REPORTER

A recession crime wave has set in with a dramatic increase in theft, burglaries and fraud, according to new Government figures.
Soaring unemployment and dire financial straits have fuelled significant rises in bag snatches and pickpocketing.
Petty theft is up a massive 25 per cent, shoplifting up 10 per cent, drug offences up 6 per cent and child cruelty by nearly a fifth.
Burglaries are up 1 per cent to 284,000, the first increase in six years.
The British Crime Survey also revealed a staggering 313 per cent increase in fraud by company directors.

A recession crimewave has set in with burglaries, drug and knife offences all expected to rise, latest crime figures will show
Overall, fraud and forgery was up 5 per cent but those by executives soared from 198 cases to 818. Fraudulent credit card transactions are also up 4 per cent to 2.8million.
Murder cases fell by 17 per cent to a 20-year-low, with 135 fewer killings last year and attempted murders as a whole were also down by 7 per cent.
However, attempted murders using a knife is up 11 per cent and, although violent crime is down 6 per cent, rape of women is up 5 per cent.

More...
Stop giving us all these new laws, says chief justice
Revealed: The unemployment map of Britain as jobless total soars to 2.38m
Violent criminals 'will have lottery wins or compensation payouts confiscated' says Jack Straw
Spain is the hot spot for lost and stolen cards for second year running
How to travel through the crunch
The survey, which included crimes not reported to police, claims overall crime levels are stable although there has been a 1 per cent rise in the risk of becoming a victim.
It suggests almost a quarter of the population - 23 per cent - could now be targeted by criminals.
Home Secretary Alan Johnson admitted some crimes were on the increase and that the recession was a factor.
'We are not complacent. As in previous years, we see changing patterns of crime and we know that during economic downturns certain crimes face upward pressure, which is why we've already taken action to tackle these head-on,' he said.
The Government would tackle the rise in burglaries and theft with 'tough, targeted policing' and continuing to put money into preventative measures.
He conceded statistics gave victims no comfort but said the Survey showed confidence in local forces is rising.
Chris Grayling, the shadow home secretary, said crime levels highlighted the need for more bobbies on the beat.
'If the Government ever listened to police officers up and down the country, then they'd cut their bureaucracy and paper work and get our police force back on our streets and into our communities', he said.
'That's how to beat any rise in the number of burglaries or any other crime.'
The figures represent a chilling reminder of fears expressed by then Home Secretary Jacqui Smith last years about a recession crimewave.
Last September in a shocking 12-page memo to Gordon Brown leaked to the Daily Mail, she predicted sharp rises in burglary and violence but less funding to put police on the streets to tackle the crisis.
'Our modelling indicates that an economic downturn would place significant upward pressure on acquisitive crime and therefore overall crime figures, it said.
It suggests similar economic conditions in the past, especially economic pressures and rising living costs led to a surge of up to 19 per cent in violent crime.
She also links economic pressures and rising crime to the appeal of far right extremist parties and racist attacks.
Official figures for the last three months of 2008 already revealed rises in 'acquisitive crime' including burglaries, knife-point robberies and pickpocketing.
During that quarter 75,600 burglaries were committed, a two per cent rise, and the equivalent of a family suffering a break-in every two minutes while drugs offences soared by six per cent.
Labour accused of 'massaging' knife crime figures

The Government has been accused of 'massaging' knife crime figures
Ministers were accused of 'massaging' crime figures today after it emerged more than 100 serious knife offences were committed every day last year.
Official figures showed police recorded 38,082 serious violent or sexual knife offences last year - amounting to 104 every day.
That includes more than 16,700 robberies, 369 rapes and other sexual assaults, 252 killings and 1,549 threats to kill - all involving knives or other sharp objects.
This compares to 25,013 in 2007/8 - an apparent increase of more than 50 per cent.
However, because the definition of what qualifies as a serious offence was changed this year, it is impossible to tell whether things are getting worse.
Shadow home secretary Chris Grayling said ministers were trying to 'cover up' the scale of the problem.
He said: 'It looks like the Government is trying to cover up the scale of the problem we face with knife crime, little wonder given its policies have failed to get to grips with the challenge.
'Massaging the figures on knife crime twice in two years is just an insult to the families of those who have been tragically murdered in knife attacks and who are campaigning for real action to get knives off our streets.
'Even ministers now accept they are being complacent about our law and order problems.'
Criminologist Dr Marian Fitzgerald added: 'I think serious violence is carrying on going up but they have deliberately presented the figures so you cannot tell this year.
'Figures on knife crime give no evidence at all that Government knife crime initiatives are making any difference.'
Last year, ministers launched a crackdown on knife offences as a string of high profile stabbings of youngsters prompted widespread public concern about knives in society.
The Tackling Knives Action Programme, which began in June last year, targeted 10 police forces with millions of pounds in funding.
But despite spending £12million and extending the scheme to cover six more forces, today's figures showed there was no change in the use of knives in violent incidents.
Despite a fall in robberies last year, to 16,701, the proportion involving knives actually increased by 1 per cent.
A Home Office spokesman said the changes to the definition were made to provide a 'more detailed' view of knife crimes.
He said: 'This year's overall knife figures can't be compared with last year's - they include whole new categories like ABH which weren't counted in 2007/08.
'For crime types which can be compared, like knife robberies and knife homicides, the overall total is down and provisional hospital admissions data published in June showed the number of teenagers being stabbed is falling.'

Explore more:



Read more: http://www.dailymail.co.uk/news/arti...#ixzz0Wb0Nr2PA
Jacqui D is offline   Reply With Quote
Old 11-12-2009, 02:29 AM   #15
peaceandlove
Avalon Senior Member
 
Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
Default Re: What recovery? Unemployment shoots past 10 percent

Hey Dan, a recent Gerald Celente Russia Today interview regarding unemployment numbers.

Gerald Celente-American Unemployment Rates Really 20% Plus

From: GuerrillaNewsChannel | November 07, 2009 | 2,739 views

Jobless rates in the United States rose to 10.2% for the first time in the past 26 years. Many experts like Trends Research Institute's Gerald Celente predict that the actual numbers are much higher and the unemployment rate is likely to climb

VIDEO (4:09): http://www.youtube.com/user/Guerrill.../4/hXJgg5eqZuE
peaceandlove is offline   Reply With Quote
Old 11-12-2009, 04:31 AM   #16
Ross H
Project Avalon Moderator
 
Ross H's Avatar
 
Join Date: May 2009
Location: Queensland Australia
Posts: 507
Default Re: What recovery? Unemployment shoots past 10 percent

On SBS Australian World News, lastnight stated:


Unemployment Figures:

North Carolina 19%
Ohio 13.5%

1 foreclosure every 7 minutes in US...

Lots more info but certainly painted a dark picture.

Peace always.
Ross H is offline   Reply With Quote
Old 11-16-2009, 07:21 AM   #17
peaceandlove
Avalon Senior Member
 
Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
Default Re: What recovery? Unemployment shoots past 10 percent

Job Losses Demystified

By Peter Schiff
View all 6 articles by Peter Schiff
Published 11/14/09

As the unemployment rate crossed the double digit barrier for the first time since Michael Jackson learned to moonwalk, President Obama announced that he will convene a "jobs summit" to finally bring the problem under control. Using all the analytic skill that his administration can muster, the President is determined to figure out why so many people are losing their jobs and then formulate a solution. That's a relief; for a while there, I thought we were in real trouble! In fact, the absolute last thing our economy needs is more federal government interference. If Obama really wants to know what's behind entrenched joblessness, he should start by looking at the man in the mirror.

Continues: (Updated link) http://www.campaignforliberty.com/article.php?view=358

Last edited by peaceandlove; 11-16-2009 at 10:09 AM.
peaceandlove is offline   Reply With Quote
Old 11-16-2009, 07:56 AM   #18
Ravens and Doves
Avalon Senior Member
 
Join Date: Oct 2008
Location: North Hollywood, California
Posts: 218
Cool Re: What recovery? Unemployment shoots past 10 percent

Quote:
Originally Posted by BROOK View Post
Exactly! What recovery I deal with these Banks everyday...and the way their lending is a joke!

No kidding!

I was sitting in the VA sick bay lobby Friday when I saw in the magazine rack a copy of Time (or Newsweek...?) with a big party balloon on the cover announcing the end of the recession. I don't exactly know what a recession is (aside from from something that recesses... dah), but it sure seemed like a big peice if disinfo to me.

Job, please.

I'm serious. I have a good resume, been looking, but no bites on the hook. I wonder if my past and my public photo web site could be stigmatizing me. Nothing illegal or "adult," just some old rock 'n roll snap shots here and there.

Paul
Ravens and Doves is offline   Reply With Quote
Old 11-30-2009, 02:26 AM   #19
peaceandlove
Avalon Senior Member
 
Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
Default Re: What recovery? Unemployment shoots past 10 percent

This is kind of alarming...


Unemployment Rates by County

January 2007 - September 2009

Watch the Deteriorating Transformation of the US Economy on a US Map.


VIDEO (a few seconds): http://cohort11.americanobserver.net...ediafinal.html


KARL DENNINGER had a link to this video in the commentary for 11/28/2009
They Aren't Really This Stupid, Are They?
http://market-ticker.denninger.net/a...-Are-They.html

Video also posted at his youtube channel (you may want to enlarge it to get the full impact):

Last edited by peaceandlove; 11-30-2009 at 02:43 AM.
peaceandlove is offline   Reply With Quote
Old 11-30-2009, 04:10 AM   #20
Ross H
Project Avalon Moderator
 
Ross H's Avatar
 
Join Date: May 2009
Location: Queensland Australia
Posts: 507
Default Re: What recovery? Unemployment shoots past 10 percent

Its called the 'jobless recovery'
Ross H is offline   Reply With Quote
Old 02-05-2010, 07:32 PM   #21
peaceandlove
Avalon Senior Member
 
Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
Default Re: What recovery? Unemployment shoots past 10 percent

Hi Dantheman62,

Here's an update for your thread from Karl Denninger.

PaL


Un(Employment) Friday 2/5

Friday, February 5. 2010
Posted by Karl Denninger

The data continues with the January Employment Situation Report http://market-ticker.denninger.net/u...Feb/empsit.pdf

The top-line was a loss of 20,000 jobs but the unemployment rate "as reported" fell from 10.0 to 9.7%.

Continues: http://market-ticker.denninger.net/a...Friday-25.html
peaceandlove is offline   Reply With Quote
Old 02-05-2010, 07:51 PM   #22
peaceandlove
Avalon Senior Member
 
Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
Default Re: What recovery? Unemployment shoots past 10 percent

Oh, here is the related AP propaganda news report:

January unemployment rate drops to 9.7 percent

By CHRISTOPHER S. RUGABER, AP Economics Writer – 29 mins ago

WASHINGTON – The outlook for jobs became a bit less bleak with January's unexpected decline in the unemployment rate, which fell to 9.7 percent from 10 percent as more people said they had jobs.

Continues: http://news.yahoo.com/s/ap/20100205/..._fi/us_economy
peaceandlove is offline   Reply With Quote
Old 02-05-2010, 07:55 PM   #23
RASKAR AS AR
Avalon Senior Member
 
Join Date: Oct 2008
Location: Rhode-Saint-Genese(Sint-Genesius-Rode) Belgium
Posts: 71
Default Re: What recovery? Unemployment shoots past 10 percent

RASKAR AS AR is offline   Reply With Quote
Old 02-05-2010, 08:03 PM   #24
5thElement
Avalon Senior Member
 
Join Date: Dec 2009
Location: NW USA
Posts: 117
Default Re: What recovery? Unemployment shoots past 10 percent

Quote:
Originally Posted by RASKAR AS AR View Post
Depends on who you talk to
I live in one of the grey states and our unemployment benefits are solvent because of increase in employment taxes. The company I work for had our monthly employment security taxes go up by $9000.00 (yes 9k per month increase). That is not based on any job losses (increase in use of unemployment) that is the state increase

FYI - that is 4.75 -5 FTE (full time employees) per month at our starting pay rates.

El
5thElement is offline   Reply With Quote
Old 02-05-2010, 08:31 PM   #25
Eric Charles
Project Avalon Member
 
Eric Charles's Avatar
 
Join Date: Jan 2010
Location: Sherbrooke, Canada
Posts: 2
Default Re: What recovery? Unemployment shoots past 10 percent

Actually thae 10% unemplyement rate is wy understated this is U-3, people you must look at U-6 wich is 22% unemployement . Amerika werdt vallt
Eric Charles is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT. The time now is 10:29 PM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Project Avalon