Reports issued Thursday on initial claims for unemployment benefits and sales of previously owned homes confirm that the US economy is slowing dramatically.
The Labor Department reported that initial jobless claims for the week ended July 17 rose by 37,000 to 464,000. The number was far higher than the consensus forecast of economists. It underscored the bleak prospects for any significant reduction in the unemployment rate, now officially at 9.5 percent.
The four-week moving average of initial claims also rose, hitting 454,750, up 1,250 from the previous week. In a healthy economy with substantial hiring, initial jobless claims usually fall below 400,000.
Also on Thursday, the National Association of Realtors reported that existing home sales fell 5.1 percent in June to an annual rate of 5.37 million units. It was the second consecutive monthly drop. Home sales in the US are down 26 percent from their peak in September 2005.
The sales figure followed other housing data released earlier in the week showing that the housing market recovery is collapsing. Housing starts fell in June to the lowest level since October, and homebuilder sentiment fell this month to its lowest level since April 2009.
Will they ever have the balls to call it a DEPRESSION? I mean everyone seems to know this fact already.
ReplyDeleteWhat the hell did they expect would happen? This entire administration has done absolutly nothing to create jobs in this country,
ReplyDeleteBarry baby been much to busy vacationing, trying to get the Olympics to Illinois, ramming some evil form of socia;ized healthcare down our throats; creating the great Czar regime within' - writing a 2,500 page FinReg bill that nobody has any clue what's all in it.
But sorry America - barry is much to busy
For YOU
The way they report all these numbers is bogus to begin with.
ReplyDeleteIn a few months all the companies laying off people will have cut to the bone and running on minimum staff. The initial jobless claims will fall below 400,000. But that won't mean that the economy is booming and people are hiring back- but that's how they're set to report it.
They only count people receiving unemployment benefits for so many weeks. They continue to extend benefits beyond that number of weeks. They don't count underemployed. Sooner or later the unemployment number will start declining as a function of how they report it.
See? In just a few months they'll be able to say the economy is booming and everyone is happy as it stagnates or the rate of decline decreases.
Such horsesh1t.
Salvation is at hand for the American dream –Federal government prepares to enter payday loan biz pay it on your government owned mortgage ? .
ReplyDeleteExtract:
http://www.zerohedge.com/node?page=1
Deep in the bowels of Donk (DOdd-fraNK Financial abomination bill, whose 2315 pages nobody has read in their entirety), in Title XII:
IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS, section 1205 is a provision titled "Low-cost alternatives to payday loans" in which the government outlines its plans for establishing what is essentially a payday loan advance business. Does this mean the government is going into the business of direct lending and bypassing the stingy banks completely?
As payday loans tend to be the most usurious of all short-term credit instruments for the lower classes, will the government's intervention into this most recent arena result in the obliteration of the existing business model for payday lenders? But far more importantly, will the government use this platform as a means to provide cash to virtually anyone in exchange for shoddy collateral and mere promises to repay the loan? And nowhere in the text is it said the loans are even collateralized with something like a deferred paycheck: these loans could very easily be on par or even worse than NINJA loans, in which the ability to breathe and walk at the same time is sufficient for eligibility, while the ability to actually repay never even figures in the loan officer's mind?
Sounds like when bush was president, most vacation days ever, when people were starving to death and burning up on 911, playing guitar and having birthday cake, while cops shot innocent hungry people in New Orleans. Created no jobs, but sent millions overseas, lied us into two unwimmable wars he left obama to clean up. Privatized all the profits of his oil buddies businesses and his own murderer cheneys haliburton making them billions off the blood of our soldiers, and they are still dying for it today. Yeah bush was too busy too, today he is laughing his ass off as he lights his coke pipe with hundred dollar bills.
ReplyDeleteOur society is in decline. Doesn't really matter what the MSM reports.
ReplyDeleteI feel so bad for the unemployed, for all those that truly want to be productive and contribute but unable due to the lunacy created by our facist government.
Why is it that no one on other sites seems to be aware of anything? There seems to be a rift in humanity right now - those who are aware and those who are not. My only guess is that those who have no clue are buried in mental anesthetics or those who are aware are crazy... which doesn't appear to be the case.
ReplyDelete9.5% unemployement my fucking ass! The television has kept it at that number for about a year now and yet there's beeb massive layoffs in that time and NO new jobs! How the fuck could it still be the same? It would have had to increase by at least several percentage points. The news is a fucking riot.
While this person seems to be trying to educate the public on reality, it doesn't seem like the author has a grasp of it either. I don't think anyone has a clue anymore. An example is that the author has facts that debunk the sham figure of 9.5 percent unemployment and yet still accepts the false number because it is the official one. He/she has good intentions but falls short on being significant.
The only thing people need to know at this point is that everything is getting progressively worse/perverse each year; economy, corruption, loss of freedom, youth, drugs, music, family unit, products and services, media, spirituality, academia, hope of a future, etc.
So screw any need to read about what's happening, it is very clear and there is no further speculation needed. The facts no longer exist because of this Marxist hijack; they've obscured EVERYTHING! The western world is in a free fall straight into hell, and nowhere else is doing any better.
We are all going to hell in a hand basket. Depression will last until 2020.
ReplyDeleteThe only thing people need to know at this point is that everything is getting progressively worse/perverse each year; economy, corruption, loss of freedom, youth, drugs, music, family unit, products and services, media, spirituality, academia, hope of a future, etc.
ReplyDeleteSo screw any need to read about what's happening, it is very clear and there is no further speculation needed. The facts no longer exist because of this Marxist hijack;"
So, it Seems like its 'very clear" you were not living in capitalist america at all, it was all just commmie culture ,but not the good capitalists who bankrupted america for profits on dud bonds ,wars, porn and greed .
everybody ,that has been educated in capitalist America like 9.33am knows about the deadly evils of socialism so 2+2 equals 4.
Its "very clear" to all americans wearing their brainwashing thinking caps that it must be the godamn devious marxists that have bought down a good system .
lenin said years ago that the capitalists would even sell the rope for their own hanging -as long as they could make a profit on the rope!
Americans are anti-socialist.So,well what else could the marxists do in america to smash capitalism exept wait and plot for their rich socialist capitalist agents on wall st to self desruct their own capitalist system with their own greed.This was their Plan B.
After all they used to talk about Plan A "taking over by revolution the industral means of production" but there are very little means of production or a real profit making working class left in america. the factories and jobs have been shipped out to the third world already .
The American capitalist free trade imperialist
sold the rope and now its party time for marxists at the economic hanging of the american people, organised by their own rich bankster agents. The "socialists" . who socialised their losses by geting ertting the taxpayer to pay up .
Every lost job and industry creates a bomus for a bankster and the ruling elites profits .
But blame the marxists!
Looks like all that will be left of american capitalist shell is a payday loan business run by government loan sharks as the bailouts didnt get the old system functioning again.
But i do not think any self respecting marxists would even want to socialise such a dead ponzi services economy after the middle class is looted by the banksters of their remaining assets.
why would marxists even want such a bankrupt system?
Its all yours, anti-socialists americans -pay your debts and payday loans interest to your 'socialist" masters
Government Payday loans from uncle sam in partnership with Uncle Ben the socialist money printer.
That should get consumption of debts for americans going again for a while -more debt stimulus for the american suckers.
9:33, I wouldn't call the majority of people commenting to this board aware. Misdirected and misinformed, certainly. They sense something is wrong, but then turn to all the wrong sources to tell them what that is. Those sources are set up by the establishment to ensnare them and direct their angst and anger. Those sources play on their indoctrinated prejudices turning brother against brother....neighbor against neighbor....human against human. The end result is a complete lack of solidarity, and solidarity is essential to neutralizing this Beast of a Machine once and for all.
ReplyDeleteIf someone's response to all of this is Bush that and Obama this. you can be sure it's either one of three things.
1.) A misdirected sheep who is barely sentient and being misinformed and misdirected by one of the aforementioned sources to include Beck, Hannity, Limbuagh, Maddow, Ratigan, Mattews and Olberman, etc., etc.
2.) Someone goofing and just trying to stir the pot.
3.) Purposeful intel psyops to spread the meme and distract thus reinforcing the MSM sources.
Look for the red flags and avoid them. They are there to distract from the real enemy. The real enemy is that which is behind the curtain.
Someone said to me last week, 'with so many out of work, why is there still so much traffic?'
ReplyDeleteThe real deficit for this year is over $5 trillion. When the USG accepted all the debts for Fannie and Freddie, backing them with the full faith and credit of the USG, standard accounting principles demand that their debts, over $4 trillion, be added to the liabilities of the government.
ReplyDeleteBut that is where the term "off the books" comes in.
Everything in this nation is a lie.
buy gold buy silver
ReplyDeletefor one day will be the only currencey
food prepare
these guys havnt even started the big one yet
move along nothing to see here
look straight ahead pay no attenion to the dragon the beast all will be fine
got gold?
I think the reason the posts are all over the map is that people are getting crazed but aren't sure what to do. I agree that most Americans are clueless. I was particularly intrigued by the rant of 1:33 because I couldn't decide if it was supposed to be sarcastic or not.
ReplyDeletePeople who don't bother to use a dictionary think Marxism and Socialism and Communism are the same things and that these things must be the root of the problem. Sorry, but the root of the problem is greed and corruption and no morality.
The rich and powerful have found every possible avenue to stay rich and powerful, and they don't care who gets squashed in the process. So throwing around words you don't understand, or paying more attention to gay marriage or prayer in the schools--or any of a thousand things the politicians and corporations use to distract you from what they're really doing, means you are keeping them rich and powerful. To me, that makes you part of the problem too.
Meanwhile, we're all going down in flames together, so I'm hoping more of you will wake up. Things are not going to get better for a very long time.
If you're on this site, at least you probably realize there is a problem. I'd say at least 80% of the population can't even do that much. So at least it's a step in the right direction.
ReplyDelete