Welcome to the Recovery!

[Shooter]

One year ago this week, Treasury Secretary Timothy F. Geithner wrote "Welcome to the Recovery" in the NYTimes.

http://www.nytimes.com/2010/08/03/opinion/03geithner.html

What a joke.

Layoffs are at a 16-month high. Unemployment is up in every major U.S. city. . .

Borders just laid off 10,700 people
Goldman Sachs laid off 1,000
Cisco cut 6,500
Lockheed Martin fired 3,300
Merck slashed 13,000
Research in Motion slashed 3,000
HSBC cut 25,000
Boston Scientific cut 1,400
Pfizer chopped 5,530

But hey, "Welcome to the Recovery!"

(And people thought "Mission Accomplished" was a dumb statement . . . )

 

[BLAZER PROPHET]

Politics is all about the art of spin.

 

[The_Lillard_King]

Unemployment rate is lower than it was a year ago, not higher.

 

[donkiez]

Unemployment rate is lower than it was a year ago, not higher.

more spin, figuring out the unemployment rate is a flawed equation. For instance if you no longer are eligable for benifits because you have been out of work for to long, then you dont collect benifits and are not counted in the unemployment rate but you are still unemployed.

 

[Haakzilla]

...default is inevitable [money is created out of debt and there will NEVER be enough to pay it off], things are only going to get worse...most intelligent minds have known this for years!

 

[The_Lillard_King]

more spin, figuring out the unemployment rate is a flawed equation. For instance if you no longer are eligable for benifits because you have been out of work for to long, then you dont collect benifits and are not counted in the unemployment rate but you are still unemployed.

I'm not the one mentioning unemployment rate just commenting that it is not worse than last year (as implied)

If it is a flawed equation, why does it get referred to by both political parites when discussing the economy? In fact Republicans seem to use it more to prove their points, is this just more spin by republican using a flawed equation?

 

[BLAZER PROPHET]

Unemployment rate is lower than it was a year ago, not higher.

I don't think so. It's 24.9%. That's higher then during the Great Depression.

The rate you see is for people receiving unemployment. If you add to it those who do not qualify, have run out of benefits or are working part time at menial jobs with college degrees (called underemployed) the rate is huge. People simply do not understand how bad things are.

 

[Klinky]

Don't worry, the private sector will save us!

 

[barfo]

Don't worry, the private sector will save us!

The private sector is saving up all its cash to save us! It's just waiting for Commissioner Gordon to flash the bat-signal, then the hiring will begin!

barfo

 

[ABM]

The private sector is saving up all its cash to save us! It's just waiting for Commissioner Gordon to flash the bat-signal, then the hiring will begin!

barfo

Exactly. You're not as ignorant as I had once thought.

 

[The_Lillard_King]

I don't think so. It's 24.9%. That's higher then during the Great Depression.

The rate you see is for people receiving unemployment. If you add to it those who do not qualify, have run out of benefits or are working part time at menial jobs with college degrees (called underemployed) the rate is huge. People simply do not understand how bad things are.

OK given your definition of unemployment, what was it last year and this year?

The more we play with the definitio,n I think we could have some fun with this. Like let's include all people who think they are underemployed and see what that makes the rate. How about all people who are underpaid? People with college degree who don't have fulltime jobs? People who don't work 60 hours a week? We can get this thing up to 99% if we are cretive enough with the definition.

 

[Denny Crane]

Unemployment is figured by a survey of 60,000 households. The margin of error is really small.

Jobless claims is a much smaller number - like 1.6M per month.

 

[barfo]

You're not as ignorant as I had once thought.

Flattery will get you nowhere, kind sir.

barfo

 

[MARIS61]

One year ago this week, Treasury Secretary Timothy F. Geithner wrote "Welcome to the Recovery" in the NYTimes.

http://www.nytimes.com/2010/08/03/opinion/03geithner.html

What a joke.

Layoffs are at a 16-month high. Unemployment is up in every major U.S. city. . .

Borders just laid off 10,700 people
Goldman Sachs laid off 1,000
Cisco cut 6,500
Lockheed Martin fired 3,300
Merck slashed 13,000
Research in Motion slashed 3,000
HSBC cut 25,000
Boston Scientific cut 1,400
Pfizer chopped 5,530

Goldman Sachs and HSBC are criminal organizations instrumental in the theft of millions of homes from Americans, and need to be shut down entirely.

Borders has never been more than a Barnes & Noble wannabee with no creativity of it's own.

Lockheed Martin does this every 5 years or so.

Merck and Pfizer are financially dependent on people having health insurance so their collapse is inevitable.

Research in Motion makes Blackberry's and not much else. Their market is saturated already.

Boston Scientific boosted their second quarter profits 49% and are merely trimming a bit of fat (6% of their workforce).

Cisco's cuts resulted from sales of parts of it's organization in a complete re-assessment of it's bloated and far-flung holdings.

None of these cuts had much to do with anything political, nor are they large or unusual cuts for such huge companies. Just business as usual.

I might also add none of these companies is of much importance to America, and nobody would miss them if they folded tomorrow morning.

 

[ABM]

Flattery will get you nowhere, kind sir.

barfo

Neither will flatulence. It will move others, though. Sometimes, to tears.

 

[BrianFromWA]

Goldman Sachs and HSBC are criminal organizations instrumental in the theft of millions of homes from Americans, and need to be shut down entirely.

Borders has never been more than a Barnes & Noble wannabee with no creativity of it's own.

Lockheed Martin does this every 5 years or so.

Merck and Pfizer are financially dependent on people having health insurance so their collapse is inevitable.

Research in Motion makes Blackberry's and not much else. Their market is saturated already.

Boston Scientific boosted their second quarter profits 49% and are merely trimming a bit of fat (6% of their workforce).

Cisco's cuts resulted from sales of parts of it's organization in a complete re-assessment of it's bloated and far-flung holdings.

None of these cuts had much to do with anything political, nor are they large or unusual cuts for such huge companies. Just business as usual.

I might also add none of these companies is of much importance to America, and nobody would miss them if they folded tomorrow morning.

I'd disagree about Lockheed, Cisco and the pharms.

 

[MARIS61]

I should have said I wouldn't miss them.

 

[PapaG]

Bush's Treasury guy would have been forced out long ago by the media. This article is a weapon against Obama in 2012, though, so that's a plus.

 

[Klinky]

OK given your definition of unemployment, what was it last year and this year?

The more we play with the definitio,n I think we could have some fun with this. Like let's include all people who think they are underemployed and see what that makes the rate. How about all people who are underpaid? People with college degree who don't have fulltime jobs? People who don't work 60 hours a week? We can get this thing up to 99% if we are cretive enough with the definition.

Here's a good look at "real unemployment" rates other the last two decades:

http://www.shadowstats.com/alternate_data/unemployment-charts

 

[BLAZER PROPHET]

OK given your definition of unemployment, what was it last year and this year?

Um, I'm not sure. You have me there.

 

[3RA1N1AC]

so all these giant corporations are going to go under?

cant wait

 

[Paxil]

I think there is a half empty glass and both parties have reason to spin it each way. For the Republicans... bad news, new about how bad the economy is etc.. is good because they think that is how they will win the presidency. At the same time, I don't believe they really want it bad... just to appear bad so they can take more control. It is also so much easier to find things to complain than to suggest and do. I think in general the Republican Party is owning the Democrats right now. Whoever is setting their strategy is a genious.

Despite what numbers may say... my company is hiring a boatload of people... and Intel is building an 8 Billion dollar new plant a few miles from my house, one of the largest commercial investments ever or so I heard. Are some things bad? Sure. But all the gloom and doom I hear repeated here... I don't see it and I think some of it is being manufactured for a specific polital reason.

 

[BLAZER PROPHET]

I think there is a half empty glass and both parties have reason to spin it each way. For the Republicans... bad news, new about how bad the economy is etc.. is good because they think that is how they will win the presidency. At the same time, I don't believe they really want it bad... just to appear bad so they can take more control. It is also so much easier to find things to complain than to suggest and do. I think in general the Republican Party is owning the Democrats right now. Whoever is setting their strategy is a genious.

Despite what numbers may say... my company is hiring a boatload of people... and Intel is building an 8 Billion dollar new plant a few miles from my house, one of the largest commercial investments ever or so I heard. Are some things bad? Sure. But all the gloom and doom I hear repeated here... I don't see it and I think some of it is being manufactured for a specific polital reason.

To be sure, not every company is sitting around right now hoarding their cash. But it is also clear that there's a lot more hiring that can be done, but isn't due to concerns about the current administration. And it's nice to see companies expanding and hiring.

 

[EL PRESIDENTE]

I'd like to work for intel. as long as I get to live in the pearl district, not have to show up for anything. get a corporate card/expense account. and a smoking hot secretary.

holla.

 

[Shooter]

so all these giant corporations are going to go under?

cant wait

You can't wait for even more Americans to lose their jobs?

Who do you think provides employment for the great mass of people in this country? It's not mom & pop at the corner grocery store, it's the big corporations.

 

[PapaG]

Welcome to the Depression!!

Only the current criminals in DC can pass the largest spending bill in US history and have it sold to the public as a "debt reducing" bill.

 

[Shooter]

The news just keeps getting better . . .

NEW YORK (CNNMoney) -- In their single worst day since the 2008 financial crisis, stocks plunged Thursday, with the Dow tumbling 512 points, as fear about the global economy spooked investors.

"The conventional wisdom on Wall Street was that the economy was growing -- that the worst was behind us," said Peter Schiff, president of Euro Pacific Capital. "Now what people are realizing is the stimulus didn't work, and we may be headed back to recession."

But hey, welcome to the recovery!

http://money.cnn.com/2011/08/04/markets/markets_newyork/index.htm

 

[BLAZER PROPHET]

Baloney, it's an out & out depression. Total unemployment/underemployment at 25%, stock market losing a year's worth of gains in 3 days, more bad layoff news, our yearly deficit now exceeds 100% above the GNP... and a massive entitlement program is being implemented to place the last nail in the coffin.

Things aren't looking too rosy right now.

And I'll say this- I'm not so sure things would be much different had McCain were elected. Sure, the national debt would be much lower, but that's probably about it.

 

[3RA1N1AC]

You can't wait for even more Americans to lose their jobs?

Who do you think provides employment for the great mass of people in this country? It's not mom & pop at the corner grocery store, it's the big corporations.

lol, before wal mart moved in, where did everyone work? somewhere else, gimme a fucking break

 

[blazerboy30]

lol, before wal mart moved in, where did everyone work? somewhere else, gimme a fucking break

You're right. The American economy hasn't changed in the last 50 years. Who needs technology sector jobs?