Why Isn’t Anyone Talking About This? It’s All Over The Financial News, Worldwide?
WASHINGTON –“ It’s a new sign that the credit crunch is putting a strain on the economy.
The Labor Department said employers sliced payrolls by 4,000 in August, the first drop in four years.
That’s a much weaker report than economists were expecting. They were forecasting payrolls to grow by 110,000. “http://www.local6.com/money/14065472/det…
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There were discussions on this last week. While the official report may not have been out yet, the news certainly was. http://answers.yahoo.com/question/index;…
[ The US economy continues its slow death before our eyes, but economists, policymakers, and most of the public are blind to the tottering fabled land of opportunity....The case for Marx is that offshoring has boosted corporate earnings by lowering labor costs, thereby concentrating income growth in the hands of the owners and managers of capital.... Hubris prevents realization that Americans are losing their economic future along with their civil liberties and are on the verge of enserfment. ]
“Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review.”
I’ve been talking about it for months. The economy has been in recession since June. Rose colored glasses have been distorting everyone’s view lately.
Economics are cyclical. The Fed announced plans to lower the interest rate which should help.
But what we do not do is over-react every time the cycle is low. That is what produces panic.
Look for the banks and employers to figure out how to fix this problem, if indeed it is a right problem.
ADDED: Talking about these problems doesn’t fix them. In the case of the media, these are often “self-fulfilled prophecies.” Look at the housing, for example. During 5 years of a housing boom, the media predicted a bust. Guess what we got?
Recall Bob Dole’s well-known answer to Clinton’s question: Clinton bragged about how he had made so many jobs for Americans and Bob said, “Yes, and I have friends with two or three of them.”
ADDED: Yes, sweetie, it was in YESTERDAY’s Yahoo. I reckon Chi Guy posted the link. His emphasis was on the dollar falling against the Euro, but I saw that small tidbit as well.
ADDED AGAIN: Get an education, start your own business. Work for yourself. Stop whining. Nobody owes us anything. Or, you might talk to the Liberal elite and borrow some funds from them.
part of the reason it hasn’t been a huge deal is that you’ve got some seasonal changes due to end of summer / end of vacation changes in the job mix.
Unemployment stayed steady at 4.6% which is a very low historical number.
That was brought up frequently at the beginning of last week.
edit:
One week agohttp://answers.yahoo.com/question/index;…
Six days agohttp://answers.yahoo.com/question/index;…
Three weeks agohttp://answers.yahoo.com/question/index;…
You’re welcome
Because the media has been ordered by murdoch to reckon pleased thoughts and ignore anything that may validate the truth.
We are too far gone and no one will admit it. They want a total collapse. It would eradicate the middle class and place everyone in a position of relying on the “government”.
“Fed can’t stop recession
Even if the central bank starts to cut rates aggressively, many of the risks for the U.S. economy are beyond its reach.”http://money.cnn.com/2007/09/13/news/eco…
additionally, more people have lost their homes in the last year than did during the worst year of the fantastic depression, which is related to the lax lending, terrible spending that’s been going on for more than a decade now.
thanks, blueridge. that’s a excellent pickup. all that you hear on this forum is the low unemployment, and the “smokin’ hot economy.”
excellent job, taking these squealing piggies down.
Right now, peopeople are focused on the Iraq war; to the extent they aren’t, there’s a long list of other hot topics as well.
But you’re right–its vital–another sign of a weakening economy an dpossible (I’d say all but certain) recession.
I saw a question similar to this one the other day and some dip said and I quote; “it was only 4,000 jobs, stop you’re whining!”
My guess is, if it had been his job, he’d be whining himself. But like many people now days, if it has no personal affect, it don’t matter.
Remember, the Bush Administration also placed “service jobs” like McDonalds into the category of “manufacturing” to bolster their numbers.
Because the Republicans are giving a federal bail out to crooks and shady lenders. They were the ones who sat back and did nothing while this storm was forming.
Happens every year about now.
College kids ,leave summer jobs and go back to school.
Warm weather jobs dry up.
Thank you for making brilliant points. Maybe someday the clueless of us will wake up. I’m reading a biography on FDR. None of what is happening is new. Thank God that we have safeguards in place that should prevent a depression to occur. Who says that the ups and downs are natural and to what extent besides, especially when you have artificial demand being made in sectors like housing? Not all of the rich have earned it or deserved it. Families like the Vanderbilts and Kennedys were thieves. Haven’t you heard the term ‘Robber Baron’? Most people will not become rich and that is not a lot of people’s goals besides. It seems that anyone who works hard and makes smart choices deserve to have a decent life. What is the point otherwise? Guess what, we are already supporting those that either cannot or will not choose to support themselves. We need to support our hardworking people too. Our government has failed us. Did you hear about the report of more pet projects such as $2 billion in a transportation bill where some of that money is supposed to go to a baseball field in Billings, MT and some to a peace garden in the Midwest somewhere. There are 2 other projects but I forget what they were. None of these are transportation related and don’t we need money in transportation besides. It’s not as if there is a surplus. Who are making these decisions? Rich people who are taking the money for themselves in one way or another. It happens all the time in Boston. It makes me sick. We average Americans need to come together to fight these things because it is in our interest to do so and only will that make things better. There is strength in numbers.
It’s the elephant in the room that noone will talk about.
This country is struggling under massive amounts of debt.
We have borrowed hundreds of billions from China to foot the bill for Dubya’s continued occupation of Iraq.
Add to that, the number of Americans with variable interest mortgages on houses they couldn’t afford in the first place, massive credit card debt, car payments, etc. – and you start to see the shaky ground we are on.
They keep moving the numbers around to try to keep the whole thing balanced – but it will inevitably fall.
Unfortunately the people that are responsible for the way it is now won’t be the ones to pay the toll for its failure.