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Booyah. It's morning in America. The jobless numbers are stabilizing, the stock market is sizzling, quarterly earnings came in better than expected, traders have turned bullish, housing is showing signs of life, and clunker-swaps have given Detroit a well-needed boost of adrenalin. Even Cassandra economists --like Paul Krugman and Nouriel Roubini--have been uncharacteristically optimistic. Is is true; did we avoid a Second Great Depression? Is the worst really behind us?
"The Fed's policy-setting Open Market Committee will today keep the target rate at zero to 0.25 percent and retain plans to buy as much as $1.45 trillion of housing debt by year-end to help secure a recovery, analysts said. The FOMC's statement is expected at about 2:15 p.m. in Washington."
Hmmmmmm. So all the "green shoots" happy talk is pure gibberish, right? There is no recovery. Bernanke plans to continue flooding the financial system with cheap liquidity. It's all a fraud. Things aren't better; they're worse.
Look at the facts.
There were 1.9 million foreclosures in 2009 in the first six months, and there will be another 1.5 before the end of the year. Is that better? According to Bloomberg: "A glut of unsold homes is also pushing down prices. The 3.8 million homes for sale in June would take 9.4 months to sell at the current pace of transactions, according to the National Association of Realtors. The inventory turnover rate averaged 4.5 months in the six years from 2000 to 2005.....More than 18.7 million homes, including foreclosures, residences for sale and vacation homes, stood vacant in the U.S. during the second quarter. That compared with 18.6 million a year earlier, the U.S. Census Bureau said July 24
More than 18.7 million homes, including foreclosures, residences for sale and vacation homes, stood vacant in the U.S. during the second quarter. That compared with 18.6 million a year earlier, the U.S. Census Bureau said July 24
No recovery in sight. They can throw all the money they want into the pit of no return, it wont help but line the wallets of those at the top of the pyramid.
Originally posted by ldyserenity
reply to post by warrenb
Good post by the way, Just need a little more information.
Originally posted by ldyserenity
Am I missing something here? It doesn't seem like a big difference. .1 percent? Please elaborate, thanks. Good post by the way, Just need a little more information.
Originally posted by saltdog
Please google "the real unemployment rate" take into account that some people have never worked and are not calculated in this and the ones that think they can live off the system and the ones that won't take a job because they think it is beneath them to empty trash or flip burgers.
If they took away all the free hand-outs that they give the lazy would be forced to get up and earn their keep.