The number of unemployed people increased to 12.5 million in February, according to the U.S. Department of Labor. Additionally, another 2.3 million people are “marginally attached” to the labor force, meaning they have stopped looking for work, or are so discouraged that they believe no jobs are available to them.
Rothschild said you should buy when there’s blood in the streets. Yesterday, there was enough [blood] to cater Dracula’s daughter’s wedding.
Quotation from Art Cashin, UBS Director of Floor Operations
The 15 million or so people in a state of unemployment is obviously a highly under-rated estimate, a schmoozing of the government to keep panic under control.
There are millions like me, who either never showed up at the food-stamp-parlor or else just have a job that pays nothing. I guess you could call that “underemployment”. In any case, nobody keeps track of “those” people…
My point is plain, the unemployment rate is a hoax, an illusion. I am convinced that by doing a very conservative estimate, without slipping and sliding into conspiracy theories, that a fifth of the US workforce is jobless. Adding all the low paying jobs to this number, you know those who hover around the minimal wage and the ones who only could find a part time job, you probably could say that half the nation is screwed.
I always enjoy your special voice and how you communicate important messages and ideas. Love it.
My husband, a discerning and brilliant man (if I may say), looks over my shoulder when I’m on your site, which he pretty much never does for the other sites I visit. (Sorry, other sites!)
Things are a mess, to be sure. Maybe I’m seeing what I want to see, but I sense that “we” are looking at things in the eye and are taking steps in the right direction. Nevertheless, it is messy, and will be for a while.
Thank you Zee. I was just thinking that myself. Now i don’t have to type it out
Buy when there’s blood in the streets? Yikes! It’s tough when it’s your blood however…
It´s rare to hear American people are discouraged… And I´m not being ironic here. I hope things will pick up, people need to believe in the future.
I’d love to see that!
Those who know what to do with this economy will come out of it very rich. There were more millionaires made in this country during the Great Depression than any other time in U.S. history.
This is for you, John J Savo, the savvy Authoring Auctioneer of sorts…</b
I must totally agree with your message. But I have a hunch that this time it will be different story compared to the “big depression” in the beginning of the last century.
Ever heard of “Ameros” , the currency coined in Denver CO? That stuff is supposed to replace the $$$. A multi billion shipment already went to China during the Bush administration to “make up” for the debt we owe. But as far as I can tell, we owe so much that soon we will have to load up a wheelbarrow of money to by a loaf of bread. Weimar Republic all over again, perfect melange for the breeding ground of fascism. I don’t want to sound utterly depressing, but one thing is certain, the Dollar will loose value and before you know it will be worth shit. Time to empty your accounts and invest in either precious metals, Swiss Francs, or any other denomination that isn’t in Euros…
Too bad that I see this coming and can’t make a profit of it. My accounts are empty and I choose the wrong profession. Artist always seem to scrape the bottom of the pot. When it gets to cheese-fondue, it is of course an entirely different story.
shit, I forgot to close the html code … sorry!
“The clarity is devastating. But where is
the ambiguity? Over there in a box.”
Well said, as usual Seraphine. I feel it is vital for everyone who knows of a displaced friend to network them aggressively because that is the fastest track I know of to help them return to employment. lol!
I hope things improve over there soon. I saw on TV the other night that the USA now has the equivalent of my little countrys entire population out of work. Thats a really sad situation for you all. No easy fix answer here though.
I have not heard much about any ‘ contrite’ hearts from CEO’s or about their foolishness to ‘bet’ the company’ s entire net worth and more on risky activities unrelated to their core business – as was the sorry case for AIG. So trust, confidence, fairness and good faith are all out the window. The only anticipated expansions will be from the extension of state and federal legislation – to further specify fiduciary liability and updated criminal laws additional to what’s already evident with the passage of the Sarbanes-Oxley Act. But the CEO’s were not the only dunces, for if you had decent prudential regulations to report key macro risk indicators such as debt/ GDP, Bank leverage/ insurance leverage/ and alarm bells going off about unsustainable credit and lax lending you could have stopped the rot in its tracks .Greenspan was almost worshipped as a hero- but hero worship is not only not profound but very dangerous as he successfully sought to disregard his economic advisors urging prudential regulation of derivatives. Of course he got his way to the unanimous chorus of approval.
Best wishes
I think the need a higher dunce chair and then have someone push them off!