Perhaps losing 36,000 jobs is better than expected, or even a sign of a recovery (which I doubt), but at best it’s a sign that things aren’t as bad as they were, not good news.
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Swift Wits: Good News… Only 36,000 Jobs Lost
Cities Printing Their Own Money
The Federal Reserve and Treasury have pumped an ungodly amount of money back into the economy, which raises serious concerns about future inflation, but for now, much of that money is stuck in the banks and velocity is extremely low.
So what have some city governments and businesses done to combat this? Well, they’ve decided to print their own money. MSN Money highlights one such example:
Job Numbers Nonsense
Here’s the problem: the United States has lost approximately 3.3 million jobs since the stimulus package was passed. Unemployment has risen from 7.6% to over 10%. Furthermore, if you include people who are underemployed (working part-time even though they’d prefer to work full-time) or have simply given up on finding a job, unemployment is closer to 20%. So how, exactly, does Obama know he’s saved 640,000 or a million jobs or whatever it is? The exact methodology is difficult to ascertain, but the best explanation I can come up with is an extremely creative imagination.
under: Game Theory, Individual v. Collective, Obama Says, Trust
Tags: aggregate demand, Barack Obama, Darrell Issa, David Goldman, Earl Devaney, housing bubble, job losses, jobs, Keynesian Economics, Peter Schiff, recession, recovery, Recovery Accountability and Transparency Board, Recovery.gov, stimulus package
Let the Jobless Recovery Continue: Unemployment Hits 26-Year High
As the jobless recovery rhetoric continues by the federal government, many have braced for October unemployment figures in the double digits. The Department of Labor released the latest unemployment data today, confirming those double digit concerns. U.S. unemployment hit 10.2% in October, up from 9.8% in September, the highest since April 1983.
How the Current Economic Climate Affects Pretty Girls, Part II
Real GDP has retreated 0.7% in the second quarter of 2009. The national unemployment rate ticked up to 9.8% in September, from 9.7% in August, the highest since 1983. The underemployment rate has climbed to 17%, the highest in 16 years of counting the metric. The dollar is down 10% to a basket of currencies off the March highs. Once again, during this tumultuous time, in an epic struggle to scrape by and preserve wealth, one question rings in our ears: how is the current economic climate affecting pretty girls? (1) (2)
New York Times on Fannie Mae… in 1999 (Loose Lending was a Good Idea Back Then)
Here’s a very interesting article in the New York Times from 1999. Steven Holmes discusses how Fannie Mae was reducing its lending standards and increasing the issuance of subprime loans. This was a big cause in our current financial crisis, however, back then, everyone thought it was just dandy:
Swift Wits: Is the Recession Over? A 23 Trillion Dollar Bailout and 30-Year-Old Happy Meals
Not so fast there slick. Up and down swings are extremely common, recession or not. Bear market rallies were actually quite common in the Great Depression.
under: Deficits, Dollar, Federal Reserve, Treasury, Trust
Tags: Ariel Nelson, bailout, bear market rally, CNBC, debt, Dennis Kneale, Dow Jones, Federal Reserve, Happy Meals, McDonalds, Milton Friedman, recession, stagflation, unemployment
Playing the Real Estate Game
For us normal folks, looking to purchase an owner occupied residence, or perhaps an investment home, when is a good time to buy? According to realtor commercials, always; commissions as primary income are strong incentives in any market. If you did buy a home in the last three years, you realize, it was not a great time to buy.
For a great new home, I say start at the markets that have been hit the hardest.
TurmOil: Against Intuition, Gasoline Prices Rise During Recession
So naturally, when retail gasoline prices spiked 62.7% since December 29, 2008, amidst a severe recession, I wanted to know why. Put another way, average U.S. prices at the pump have increased more than a dollar per gallon. Intuitively, we know this isn’t a positive event for economic recovery. But some say the increase in gasoline demand, and thus the price, is an indicator of economic recovery.
A Schiff for Dodd Trade…Can Anyone Say Pau Gasol for Kwame Brown?
A Schiff for Dodd trade could be likened to Pau Gasol for Kwame Brown. The Lakers have made two appearances to the NBA Finals since that adept move, and lifted the Larry O’Brien trophy last night, defeating the Orlando Magic 4 games to 1. Schiff would provide the necessary punch to a depleted, incohesive unit of representatives. With his scoring ability on the perimeter, the government could begin playing a Zen-like, inside/outside game predicated on ball movement. If nothing else, they should play his videos in pre-meeting warm-ups.
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