A look at the jobs numbers this morning shows that we're slipping again. I know Obama is trying his best but it looks like that's not quite enough. 467,000 jobs were lost last month putting the unemployment rate at 16.5%. We're beginning to see an increase in crimes such as bank robberies and break ins. I see an increase in business fires and wonder if they're not intentionally set making sure it looks like an accident.
As I've reported before even those working are having their hours cut. So at what point do we declare this a depression? Ah oh I said the D word. Would it be 20% or 25% as in the last "great depression"? We now have an entire state that may go (is) bankrupt. IOUs aren't going to pay the bills. The contractors and subcontractors who do business with the state can't pay their bills. Wonder if they'll just hand out IOUs instead of pay checks? Wish I could pay my bills with IOUs.
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7 comments:
These are some very scary times.
We have been in the beginning of it for years and people use to make fun of me for saying it but no one is laughing now. It is still just beginning.
Like everything else this will be the worst ever. I wrote about it many times but did you ever read Mike Whitney's second great depression (2007)? Google it if you will. There are no surprises here.
I call it the second Greatest Depression but Greenspan engineered this entire collapse for Bush and it will get much worse. I said it too many times but the friggen timing was no coincidence.
I don't think the politicians can do anything for us, they have no vision. Who do we turn to?
The missing element and great failing of the stimulus effort so far is that it shies away from having the government do large-scale direct hiring. Stimulus spending aimed at promoting private-sector hiring hasn't kicked in yet.
There's no lack of vision here. There is a lack of sufficient boldness along with too great an emphasis on compromising with people who largely have no intention of doing any compromising themselves.
My father should have lived another 7 years to see this. He lived his entire life waiting for another depression. Wonder how the survivors of this one will spend their lives?
Hi. found you through Average American Patriot.
Great blog you have here. Come visit Lisa Allender Writes, sometime!
Jim - I saw this comming many years ago but wasn't exactly sure how to prepare for it until two years ago. All those in congress are responsible for this mess. The rethugs for creating the plan and the Dems for going along with it. Any industry that has no regulation or leaders that don't follow any rules is doomed to fail. Greed takes the place of safety and financial common sense.
Holte - The politicians could do a lot but they're too busy being self serving.
S.W. - There's a couple of issues there. One is that the bulk of the stimulus doesn't come until 2010. The other being that the cost of rebuilding our infrastructure is massive. I'm just now seeing a small dent in construction jobs. We in labor are starting to go back to work but it is slow going. Nothing for me personnaly yet but I am moving down on the out of work list.
Blog Fodder - All I can say is your father must have loved watching train wrecks as well. As I see it enough will survive to keep this play we call life going but I suspect that many will die as they did in the last depression.
Lisa - I will check out your blog.
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