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New jobless claims rise to 554K, total rolls fall - Yahoo! News (http://news.yahoo.com/s/ap/20090723/ap_on_bi_go_ec_fi/us_economy - broken link)
Quote:
WASHINGTON – The number of newly laid-off workers seeking jobless benefits rose last week, though the government said its report again was distorted by the timing of auto plant shutdowns.
Unemployment insurance claims have declined steadily since the spring, but most private economists and the Federal Reserve expect jobs to remain scarce and the unemployment rate to top 10 percent by year-end.
The Labor Department said Thursday that its tally of initial claims for unemployment insurance rose by 30,000 to a seasonally adjusted 554,000. That was above analysts' estimates of 550,000.
What was that obama said about a "brink" and "rescue"?
Well in IT while they are laying off in the US they are hiring in China/India so to the company there is no layoff, just reduced salary costs. Those jobs will never come back.
Others are going bankrupt or merging. Those jobs are gone forever too.
This is more than just cutting back in lean times. Many of these jobs will not return when/if the economy rebounds.
the job losses are permanent, economy contraction. when the UIB is over so is the party.
This is all due to the Bush/Cheney lunacy. The chickens are coming home to roost on Obama's watch. Can't blame him too much for not letting the big corps fail like they should have - we would have hit new lows in the market, but would have had a basis for recovery - now with Government Sachs running things it's just a matter of time before we implode.
Lets at least wait until everyone has lost their homes, filed for bankruptcy and have exhausted all savings and retirements.
Then Obama will say, look what I did!
We have created a trillion new 5.00 per hour jobs.
This has to be the worst economic time in recent history and its all happening under OBAMAS WATCH and the DEMS CONTROL OF CONGRESS.
Obama will surpass Carter as the worst economic President ever.
I remember on a cruise along the Mississippi River once hearing that it takes some of the massive barges that move along the river MILES to come to a stop....
The U.S. economy is/was a massive barge headed down the river. It ain't going to stop on a dime.
However, I'm sure when it does that you will be here to give Bush credit somehow...
One can't blame this on either Bush or Obama. This was in the makings for years.
Slowly regulations changed to allow the changes to occur in both business, banking and personal finance. As another poster said, the chickens are finally coming home to roost and we have to pay the piper for the "irrational exhuberance".
Liken it to the roaring 20's that lead up to the Crash of 1929. That didn't happen overnight but over years. What we have today took years of financial erosion and greed.
I don't see how anyone can blame a single President, past or present, on this mess.
This is all due to the Bush/Cheney lunacy. The chickens are coming home to roost on Obama's watch. Can't blame him too much for not letting the big corps fail like they should have - we would have hit new lows in the market, but would have had a basis for recovery - now with Government Sachs running things it's just a matter of time before we implode.
The prosperity of the 90s was due to Reagan and Bush 1.
One can't blame this on either Bush or Obama. This was in the makings for years.
Slowly regulations changed to allow the changes to occur in both business, banking and personal finance. As another poster said, the chickens are finally coming home to roost and we have to pay the piper for the "irrational exhuberance".
Liken it to the roaring 20's that lead up to the Crash of 1929. That didn't happen overnight but over years. What we have today took years of financial erosion and greed.
I don't see how anyone can blame a single President, past or present, on this mess.
I remember on a cruise along the Mississippi River once hearing that it takes some of the massive barges that move along the river MILES to come to a stop....
The U.S. economy is/was a massive barge headed down the river. It ain't going to stop on a dime.
However, I'm sure when it does that you will be here to give Bush credit somehow...
Until then, Dems can blame Bush
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