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Originally posted by tjeffersonsghost
Originally posted by jimmyx
it's 5:37 p.m. pacific daylight time, and here is what the financial web pages say:
And none of them but Bloomberg is talking about the IMF saying we are in a depression. Is this on accident?
The government actually compiles unemployment figures in six different categories; as you might expect, the numbers tend to minimize the bad news.
The most commonly number quoted in the media is the “official” unemployment rate – known as U3 (the bottom line of the three in the chart below) – which now stands at 7.2%.
But to get the real picture, you have to add both in what the government refers to as “discouraged” workers (U4) and “marginally attached” workers (U5) – those who have stopped looking for work, or who haven't looked for work recently (represented by the middle line of the three in the chart). That number (U6) depicts an unemployment rate t that's approaching an eye-popping 14%.
Overall, 48% of all companies downsized in 2008, and a staggering 60% are planning reductions in 2009, according to a Society of Human Resource Management survey.
Economists predict a net total of 1.5 million to 2 million or more jobs will vanish in 2009, and the “official” unemployment rate could hit 9% or 10%, underscoring the challenges that new U.S. President Barack Obama will face and the tough road ahead for job seekers.
2009 Depression Validated
IMHO the only thing Differentiating this "Recession" from a "Depression" is the Unemployment numbers they've cooked up. If 25% of 123 Million in 1930's were Unemployed Vs 7.6%-17% (Depends who you consider Uncounted/Under/Un Employed) of 330 Million today that equates to 30.75 Million back then to 25.8-56.1 Million today...makes ya think?
WASHINGTON (CNN) -- Leading Republicans warned Sunday that the Obama administration's $800 billion-plus economic stimulus effort will lead to what one called a "financial disaster."
"Everybody on the street in America understands that," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee. "This is not the right road to go. We'll pay dearly."
Originally posted by Rockpuck
reply to post by tjeffersonsghost
It's bad for the US, but it's far worse (and getting much worse) for European countries..
I am not even paying attention to this dumbass "Stimulus" .. the vast majority will fill the debt void in State budgets for 3 months or so, and pay to finish infrastructure projects that where halted due to lack of funds..
Not to mention the time it would take for the funds to "trickle" down into the economy would take obscenely long time.
I have no faith in our government, and absolutely no faith in this moronic junior senator who obviously knows little about economics.
I give it.. till June, and Congress will be discussing Stimulus Plan Number 3.
The only good the stimulus plans do is provide "optimism" which drives the markets up, when all the horrific news indicates it should be tanking.. and I am not sure if that's even a good thing.. irrational, that's for sure.
Originally posted by odd1out
reply to post by tjeffersonsghost
PS...I think he is SO SURE of himself, he is already gloating. There is also rumor he predicted Fridays market upturn, which may account for "I told you so..."
Originally posted by RetinoidReceptor
Futures are tanking -130 on the DOW.