One year ago the official unemployment rate was 9.7%. Today it is 9.6%.
One year ago U-6 unemployment was 16.8%. Today U-6 is 16.7%
click on chart for sharper image
For more details on the jobs report, please see Jobs Decrease by 54,000, Rise by 60,000 Excluding Census; Unemployment Rises Slightly to 9.6%; A Look Beneath the Surface
For all the trillions of dollars in stimulus and additional trillions of dollars in bank bailouts and trillions of dollars of expansion of the Fed's balance sheet, this is all we have to show for it.
Moreover, the economy is clearly slowing already by many economic reports including new home sales, existing home sales, the regional Fed manufacturing surveys, sentiment measures, and consumer spending trends. The only major discrepancy is ISM.
This week, none of that matters. However, I would like to point out that bear market rallies end, not on bad news, but on good news. It will be interesting to see how much more good news there is, and the market's reaction to it.
More Here..
2:13 what make him a fool? For every 13 trillion dollars spent on stimulus equates to a reduction of unemployment by .01%. WOW! That's out right SCARY!
ReplyDeleteStarting and since august 25th, you have had:
ReplyDelete-stock market / economy crashing (this week was pure market manipulation in reaction; look at the recent volume before & after the not-so-secret 9/1 front-loading as they try to hold back the impending crash)
-unemployment jumped up
-a huge hurricane coming to the east coast (and a similar one in asia)
-another oil rig explode in the gulf
-and a huge earthquake in new zealand
And I'm not sure we're done yet...
Remember you heard it here first on the Coming Depression Blogspot a couple months before the hammer dropped.
Um um um, time for another vacation...
ReplyDeleteFor cryin out loud 3:48 go back to calling George or Art on coast to coast, they'll go with all that crap.
ReplyDeleteAnybody can pre"dick" BS and something will ultimately come true sometime, geezzee.
I take all this with a grain, I see things as they are, and deal with it as it comes. I don't have breakfast with big foot, get abducted on a daily basis by aliens, travel in time, or slide down worm holes.
BTW. I clicked on your "Strangest site in the world" ad on the left and my computer started going wacky. I had to clean the cache. I hope it's OK now. Must be some kind of malware. PLEASE get rid of that. I have to run all these drive cleaners, anti virus stuff now. PLEASE be careful. Love your site. Keep up the good work. I've been reading everything for what 2 years now? More?
ReplyDelete@ 4:58 I clicked it, and nothing went wrong. It's your computer bud.
ReplyDeleteThat chap was right. An earthquake within a few days of 8/25/10 and an explosion from the gulf too. He predicted that in article comments on this site back in July he said from a dream he had. Go back and look for yourself. It was around mid July I think. Say what you will, but this is obviously more than just coincidence. Two months in advance. That's not just 'sometime'. I wonder what is next. If you have any more dreams lad, please post them and be sure to include any dates. Much appreciated.
ReplyDeleteThe attempt by the ruling elite in America to resolve debt problems by creating more debt and money printing can only achieve a temporary fraudulent illusionary recovery for the casino capitalist Ponzi economy of America.
ReplyDeleteSocializing old losses cannot create new value or “recovery” to the old economy profitability in America. The great Ponzi is dead.
A failed capitalism!
Under the ‘strong dollar” system America and Americans consumed more value on credit than they actually created for the last few decades.
The US exported dollar paper to the rest of the world in return for real things.
The dollars then flowed back to America as vendor finance in return for dividend guarantees in Treasuries, thus the recycled dollars supported the strength of the dollar. Huge government deficits for wars and the trade deficits over the past decades were financed in this way but the economy was fueled by debt.
The collateral backing foreign investment in credit supply for America, was mainly for property and property related investments, including government supported Fannie and Freddie mortgage Bonds as well as the investments in US treasury Bonds.
Property values seemed to be rising forever, thus the asset backing for Fannie and Freddie bonds seemed to be secure in case of individual default.
But the Banksters and finance sector conniving with the rating agencies approved by the SEC, took advantage of this artificially created confidence in “AA A” American debts
To bundle up debt in all sorts of bonds and other exotic securities like Credit Default Swap bets on the supposed security on dud “AAA” debts.
Trillions of dollars flowed into the US in recent years to purchase these securities and derivatives, so that the profitable US finance sector contributed 40% of US profits therefore about 40% of share values on the stock exchange.
The Bush government contributed to facilitate these scams of the banisters and the finance sector, by boosting the demand for housing and therefore housing values, getting any American who could sign x on paper to buy houses financed mostly By Fannie and Freddie mortgages, the government backed F&F bonds were then flogged off all around the world by the banksters after bundling the mortgages into sub prime and other “structured’ securities. They destroyed the good credit name of America.
Yet the after tax dividends paid by all US companies were roughly only equal to the foreign inflows of credit, in the end, there were no real profits being created in a de-industrialized America, the consumption of its overpaid services workers of imported commodities were being financed by foreign credit and their main function was as consumers of credit for finance capital usury.
From the viewpoint of capital, in that economy, the employment of high paid workers in industry was unprofitable so industry was exported to the cheap labor third world.
The greedy American “left” left may have thought their conditions of life were oppressive –but they were not being economically exploited- actually their lifestyles were supported by cheap commodity supply from third world labor purchased on cheap credit
But, from the opposite viewpoint of Marxists, the same economic analysis, only demonstrated that the American workers were an unexploited parasitical labor aristocracy consuming more value than they created. Even if the”Left” thought they were “exploited” by capital. This Ponzi System economy worked fine for a few decades as long as the interest and dividends were still being paid. But, beginning with Sub –prime bonds imploding as people did not make their agreed mortgage payments the bond markets collapsed and in fact the money supply markets to the US Shut down, the Great Ponzi was Dead. The banksters launched a financial coup to transfer their dud bonds to Treasury, socializing their losses and get a new capital supply. But ,that in no way can restore a productive economy.
There will be no recovery, there will be a great depression that we are in right now.
ReplyDelete