Geithner: Growth widely expected in second half of this year, unemployment easing next year

Geithner: Growth widely expected in second half of this year, unemployment easing next year

www.newser.com

Treasury Secretary Timothy Geithner (GYT'-nur) says the economy is expected to grow later this year and unemployment could ease in the second half of 2010.

(visit the link for the full news article)

Its a joke when they think the people here in the US will beleive the economy is getting better even though Timothy Geithner says Unemployment wont slow down until late 2010. If unemployment keeps going the way it is until late 2010 the economy will colapse due to nobody paying there bills because they have no job. The economy is only showing profit due to large sums of tax payer money being handed out like charity to the to big to fail companies. WE need them to break up these to big to fail compainies so we never have a company hold the US up for ransom again.

www.newser.com
(visit the link for the full news article)

books.google.com... nAluybxE&hl=en&ei=J911SqCNHuH7tgehs9SWCQ&sa=X&oi=book_result&ct=result&resnum=10#v=onepage&q=&f=false



Please read this page and the next and if you can enlarge the charts so you can see a bit better.

This should help you out with your quandry.

To state anything else but historical precident at this point would really really be in a low probability.

Yeah, growth in the paychecks of Goldman Sachs elites...plenty of growth for them...

As for us, we'll be eating McDonald's sausage biscuits...

Yeah, It is worse than many know it. Big Business is utilizing this economy to lower workers wages. Here is an example:

A large Telecom Comany is closing jobs in City A and moving them to City B and the workers are NOT allowed to relocate to keep their job title and wage... so now City B is moving Jobs to City A that the workers can apply for (they get severenced first so they are no longer an employee, wink wink, so you loose your seniority and date of hire as well.. so nice of them... then they hire their now ex-employees at half the wage they were currently making! Of course all those old jobs that went to City B are paying nowhere near what the people doing the job for 15 years were making.

So a few "job duty" swaps from city to city and you effectively push people to new jobs for less money.... Great way to save money! Your operating group will make 115 million net profit this quarter instead of 112 million!

It is sickening.

[edit on 2-8-2009 by infolurker]

I was wondering if we have one positive quarter for GDP if that meets the definition for the recession being over. Some politicians or financial gurus or big mouths are already saying it's over. If you're still working, there's a good chance you lost a part of your salary by the company no longer providing a portion of pay that you were using for retirement. Otherwise known as losing all 401K matching benefits. You may have also experienced no pay increase. Some have had actual take home pay cuts. Rather than corporations take a major hit on earnings now, they did all this cost cutting and layoffs to keep their expected earnings in line while their overall revenue has been dropping dramatically. The US consumer is cutting back spending. Consumer spending has been 70 percent of GDP.

The only thing propping up spending right now is the US government in my opinion. That can only go on for so long and then the ability of our government to tax us and recover enough money to pay off the US government debt will come into question. If serious questions come into play, interest rates will be forced up and that will kill off any so called economic recovery even if we do have one or two positive quarters. That's my opinion.

reply to post by GreenBicMan


your kidding right pool boy? right? how can the united states economy get better when we dont produce anything anymore>? the only jobs around are service related such as burger king, taco bell, so on and so forth. this year the college turn out of bachelor degrees are heading either to the border for duty, or overseas. by mid december we will see what i feel to be the worst of it. so for me i am prepared for the worst and if geithner and the rest of the heard of cattle want to keep lying to the american public, atleast i am ready for tsthtf!!!

no kool aid here, eyes wide open!

reply to post by infolurker

So a few "job duty" swaps from city to city and you effectively push people to new jobs for less money.... Great way to save money! Your operating group will make 115 million net profit this quarter instead of 112 million!

It is underhanded but at least they have jobs. Of course with Obama doubling the money supply the real value of the dollar just got halved. It is a great way to shove the middle class into poverty and level worldwide wages to serf level.

reply to post by tatersalad


We produce things.

We produce a lot of things, think about the biggest corp's in the world..


Yep, mostly trade on our exchanges and are based in the USA
(aapl,msft,xom....)

And most of all we produce $$, we spend a lot and we make a lot.

This argument is growing old about how the USA doesn't produce anything? You would think the only things that are produced now are japanese cars in this world or something.

What does America produce that is of use to others?

No one drives American cars because they are terrible.

reply to post by Vinciguerra


Well what ever it is China wants it bad!
United States to Allow More Hi-Tech Exports to China

Jul. 31 - The United States will soon allow more high-tech exports to China as part of the issues agreed upon during the recently concluded China-U.S. Strategic and Economic Dialogue this week.

“The U.S. pledged to facilitate exports of high-technology products from the U.S. to China,” Vice-Premier Wang Qishan told China Daily adding that the dialogue was a “full success.”

It just amazes me the voodoo these people try to spin on the American people. The biggest reason for the supposedly "recession is over" is because the stock market. The Dow went from a low of around 6k to now almost 9k, but how? Because of high-volume trading done by computer algorithms. The fundamentals haven't changed. So basically, the politicians in DC used the bail-out money as bribe money to pay goldman and all these other big banks' CEO's to trick the American people into thinking everything is fine because the stock market's rebounding when in fact nothing fundamentally has really changed.

Then the propaganda machine (aka ministry of truth) tells everyone 2+2 = 5 because rising unemployment is better, housing is actually picking up year-over-year season-adjusted, auto sales are picking up (due to the recent cash for clunkers), and inflation is only 0.2% after you discount food, energy, water, and anything else physically required to live, and yet we just raised minimum wage almost 20%.

They don't even dare mention the second wave of ARMs coming along with the bust in commercial real estate....

Originally posted by SLAYER69
reply to post by Vinciguerra

 

Well what ever it is China wants it bad!
United States to Allow More Hi-Tech Exports to China

Jul. 31 - The United States will soon allow more high-tech exports to China as part of the issues agreed upon during the recently concluded China-U.S. Strategic and Economic Dialogue this week.

“The U.S. pledged to facilitate exports of high-technology products from the U.S. to China,” Vice-Premier Wang Qishan told China Daily adding that the dialogue was a “full success.”

All communist/socialist systems are poor innovators. China may want some hi-tech, but if it doesn't get if from the US it will get it elsewhere.

last time we went thru a depressionary process it lasted nearly a decade and we came out of it thanks to the war......and our industry


it all depends that you are looking thru the right lens green bic man.....the depressionary process lens.......lets see how we make it thru this time (those that have the gut to realize this for what it is) ....these people will actually have a higher % to make better investors as well....should that be there thing

when you fall from the top of the highest hollowed out tree in the land......hit ten branches on the way down......and then manage to ......climb back up one branch that won't mean the recession for the country is over.....( i mean technically they can twist things all they wish) and people wouldn't be so bitter and falsely labeled as "gloomers" instead of realists if there were any major policy changes that favored things like

changing the tax codes so there would be productive use of new debt.....to make tangible things....instead of beating a dead horse (new debt creating financial bubbles that have worse collateral damage each time they are pricked)

perhaps actually giving FUNDING to parts of the damn gov't that actually give a actual F'N care about the future productivity of the country or at the least stop the bubble blowing madness.... instead of just giving them lip service while putting fake band aid's on under the guise of "more toothless regulation".........I could go on and on about the TRUTH why this will not end well.......Bush twisted arcane laws that stopped state prosecuters from going after execs in big financial company's for peddling fraud....and obama ....and no other offical that is "electable" will veer from this path.....back on topic . this particular depressionary process will not be so kind to the standard of living of millions of americans as it plays out over YEARS. Leverage has to be wound down in the private sector....gov't spending is picking up the slack........the dollar is the wildcard due to this sensible choice (given the hole that is dug)....and the obvious is the standard of living is going down for american's......and you know darn well that the media will spin there little story's like drunken dj's all in an effort to pacify people......sell more financial b.s....and keep the status quo!

and yes i do think i need to mention that anyone of us.....in the midst of all this national "ave" falling reality can make it......thousands will still make it big and make $$$ ......

one point to take away from this post is to make sure you see this from the big picture which is we are going thru a depressionary process.....yes the fed acted better in a way this time than in the 30's ....and that is good for the financial institutions.........and for many of us in a way.....but don't confuse that for dismissing the awful reality of the economy......no matter how much funny money may or may not be able to pump up PE ratio's and keep stocks out of the gutter .....when 4'th Q earnings meet reality. I guess it will come down there will be a lot more have not's that american's have been accustomed to and the battle to be one of the "have's" will be fiercer over time and probably not bring out the best in people .....especially during a time when gov't historically lessens freedoms due to the rise in violence associated with a fall in the standard of living....good luck to us all.............and i would think this maybe the toughest time to deny ignorance.....people do it selectively wether they realize it or not.

[edit on 3-8-2009 by cpdaman]

[edit on 3-8-2009 by cpdaman]

reply to post by GreenBicMan


You are absolutely clueless!!!!!!!!!!!!! 70% of our economy is based on CONSUMPTION in the form of useless consumables like Ipods, t.v.s, clothes, soaps, and other crap. America's industrial and manufacturing has been replaced by real estate, insurance, and financial companies. We produce but it's nowhere near what it was even 20 years ago. We are in debt up to our eye balls. Keep drinking to kool aid buddy! It must taste good!

reply to post by Zosynspiracy


[atsimg]http://files.abovetopsecret.com/images/member/9c4701030040.gif[/atsimg]
China's Gains in Manufacturing Stir Friction Across the Pacific

By TIMOTHY AEPPEL
China is on its way to surpassing the U.S. as the world's largest manufacturer far sooner than expected. The question is, does that matter?

In terms of actual size, the answer is, no. But if size is a proxy for relative health of each nation's sector, the answer is yes.

Anyone who walks the aisles of a U.S. retailer might think China already is the world's largest manufacturer. But, in fact, the U.S. retains that distinction by a wide margin. In 2007, the latest year for which data are available, the U.S. accounted for 20% of global manufacturing; China was 12%.

The gap, though, is closing rapidly. According to IHS/Global Insight, an economic-forecasting firm in Lexington, Mass., China will produce more in terms of real value-added by 2015. Using value-added as a measure avoids the problem of double-counting by tallying the value created at each step of an extended production process.

reply to post by JBA2848


The thing is, they will be using last year as a measuring stick for growth. I would hope we would manage to do better than the same time last year given the housing and bank meltdown and the stock market crash.

Just because we don't have a colapse again this year, doesn't mean things are great.

I love how we are supposed to be facing this "wide-spread growth" the day after Congress shoots themselves in the foot by saying how they will consider pushing the new Health Bill through without bipartisan support.

Geithner is trying to rally up support for an unpopular plan that is doomed to fail. It's no different than how every other week Ben Bernanke steps up reporting that 'the worst is over' with the following week reporting that we are still in the middle of the recession.

They [TPTB] want the masses to support them in their attempts to take away all our money.

We are expected to see growth... but this is the same man who said that he wasn't going to rule out a tax hike.

Geithner and Summers both sidestepped questions on Obama's intentions about taxes. Geithner said the White House was not ready to rule out a tax hike to reduce the federal deficit; Summers said Obama's proposed health care overhaul needs funding from somewhere.

Source:

news.yahoo.com...

Tell me there is not a blatant contradiction in the logic.


reply to post by Zosynspiracy

70% of our economy is based on CONSUMPTION

I won't go into an argument with you over numbers, and although your numbers are exaggerated you are correct in that Capitalism thrives on consumerism. However, with tax hikes in conjunction with this new health bill how are the American people going to pay for the consumer goods needed to maintain growth?


That is the question Geithner and others have refused to answer....

-Sliadon

[edit on 8/3/2009 by Sliadon]

reply to post by pavil


Take a look at these two pathetic situations

The United States to Allow More Hi-Tech Exports to China

AND

GM's China Car Sales Rise 78%. GM to Cut US jobs by 13,500

Originally posted by Zosynspiracy
reply to post by GreenBicMan

 

You are absolutely clueless!!!!!!!!!!!!! 70% of our economy is based on CONSUMPTION in the form of useless consumables like Ipods, t.v.s, clothes, soaps, and other crap. America's industrial and manufacturing has been replaced by real estate, insurance, and financial companies. We produce but it's nowhere near what it was even 20 years ago. We are in debt up to our eye balls. Keep drinking to kool aid buddy! It must taste good!

Wow, really?

So you tell me in order to "produce" something, what should one have to make?