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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
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yes it may appear grim, but I want to separate the wheat from the chaff. The numbers regards 6.4% late and 1% are in foreclosure moves me not a wit. If you see 100 people in an auditorium and I told you one of them was in foreclosure that’s a reason to panic? I saw a number that says 35% of that 1% are speculators, who make up a large segment of the housing bubble too. No offense, but fuck them, they rolled the dice and it came up craps, too bad. 6.4% are late, okay that’s a record. So what? I am surprised you don’t see what’s really going on here, the average guy, the other 99% who make his payments on time because he can afford his home, their money, our money, being separated from us top prop wall st firms mortgage co’s ala the likes of Wachovia and Countrywide (now bank of America). Why? Because they are going belly up. Hey they played they lost. The crux is- They want joe six pack who makes 40K a year to get rescued for buying more house than he can afford because it means THEY will be rescued. I aint buying that, but in the end have little choice. So they whip up the feds and the emotions of folks and ask for bailouts so portfolios won’t tank. 1%? Thats a number to get worked up about? I'd say 80% of these folks that 1% didn't perfom their due diligence. I don't feel responsible for there inability to sit down and perform a simple cost analysis as simple as doing some simple multiplication with %'s and figuring out after their teaser rate ends they are doomed. These folks should not have been in a house to start wiht. so this shaking out of those who never had the ability to buy, in the real world as I said does not move me. Add that emotional factor, a clever slight of hand by investment firms caught short and here we are, demanding that the country be saved and making people feel as if the world is collapsing. The drive to make this the end all be all, is typical. Recession, slow down whatever either way, its cyclical anyway, its was due just as the market was due for a correction. They should let the markets shake out, they are making this worse by playing games.
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No individual can plan his own existence in their view. So the state planners must arrogate to themselves the right to manipulate any sector of the economic system if the good of “society” or the “general welfare” is paramount. Ipso- if the rights of the individual get in the way, the rights of the individual must be sublimated. The Road to Serfdom FA Hayek (interpretation)  Mortgage Backed Security survivor Last edited by Imperator; 06-08-2008 at 12:26 PM. 
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
Now, now, lets cut the common sense crap and get back to the real issues.
1. The libs are going to force you and your children to have icky gay sex, take away your guns, and arrest you for flying the flag. 2. The cons are going to launch pre-emptive nuclear strikes, make grandma eat dog food, and put hazardous waste in your drinking water. Hoo Raa
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
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Of course the people don't even wonder why the Union which represents the FDA would speak OUT AGAINST WATER FLUORIDATION, even though the FDA endorses it. No, the people are happy to allow the "establishment" tell them what to think.
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
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The housing bubble is just one part of the economy. Illegal immigration, job losses, gas prices, there is a lot to be concerned about. There is almost no end to the bad news. From January............ Bank of America Corp. and Wachovia Corp., the second- and fourth-largest American banks, said earnings plummeted after more than $6 billion of combined mortgage-related writedowns. Bank of America's fourth-quarter profit dropped 95% to $268 million, while net income at Wachovia was almost wiped out, plunging 98% to $51 million. Both companies joined a bank stock rally after the Federal Reserve lowered its benchmark interest rate in an emergency move. From LAST WEEK..... In the latest move from the battered airline industry, United Airlines said Wednesday it will reduce its fleet by 100 planes by 2009 and will cut 1,400 to 1,600 jobs to stave off losses related to fuel costs. Everyone knows the trouble with the airlines, US auto makers, holders of mortgage debt, but has it really sunk in yet? There is a record of homes for sale right now. I know of people who have had their home on the market for 1-2 years. It is hard to get a real estate loan without stellar credit, or a huge down payment. Loans for commercial real estate are even tougher to get. Oh, and what about those new housing starts? The Big Picture | Housing Starts Plunge 30.6% Now, how many industries depend on the housing industry? How many jobs are dependent on the housing industry? Look at Home Depot.......... Home Depot's latest results included a $543-million charge to close 15 underperforming U.S. stores and scrap plans for 50 new stores. That's a lot of jobs that just went by-by. The housing debacle is just one piece of the puzzle. I am more concerned about the so-called free trade agreements and how we the American people are getting screwed by these agreements. In an October 2007 Wall Street Journal/NBC News poll, 59 percent of Republicans agreed with the statement that "Foreign trade has been bad for the U.S. economy, because imports from abroad have reduced demand for American-made goods, cost jobs here at home, and produced potentially unsafe products." So, besides all the problems I already mentioned, here we have news that only 59% of Republicans are capable of common sense and logic. The economy is slowing down. Even in Las Vegas, spending is down. I was in Vegas in April and it was very slow in the casinos compared to the 3 years previous. Truck sales are down to the lowest level in 13 years, while sales of imports continue to rise. From WSJ... Recession Fears Reignited By KELLY EVANS and KRIS MAHER June 7, 2008; Page A1 The likelihood that the U.S. is in a recession appeared to increase Friday, following weeks of hopes that the country might be skirting one. Unemployment rose sharply and payrolls shrank for the fifth consecutive month. The economy news came on a day that oil surged to record prices, the dollar weakened and the Dow Jones Industrial Average plunged nearly 400 points. The deteriorating job numbers led markets to scale back the odds that the Federal Reserve will boost short-term interest rates this fall to ward off inflation. Recession Fears Reignited - WSJ.com So, if you look at all the numbers, if you look at the BIG picture, the US is already in a recession, whether or not GDP has decreased for 2 consecutive quarters, or not. Spending is down while debt is increasing at the same time. How is this even possible? A good article from FORBES, from Friday. Credit Debt Rises With Recession Fears - Forbes.com The number of the unemployed increased by 861,000, to 8.5 million in May, from 6.9 million a year ago, when the jobless rate was 4.5%. "Employment continued to fall in construction, manufacturing, retail trade, and temporary help services, while health care continued to add jobs," the Labor Department said. The construction industry cut the most jobs, at 34,000, followed by the retail sector, which trimmed 27,000 and manufacturing, which shed 26,000 jobs. Alternately, health care industry jobs grew by 34,000 positions. "It's a bad number and we know the economy is fragile at best," said Bill Stone, chief investment analyst at PNC Wealth Management. "If we haven't entered a recession yet, it sure feels like it," he said adding that Main Street most likely entered a recessionary period at the beginning of the year. So, are we in a recession? I say yes, yes we are.
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
yea well, its cyclical like I sad. hey the airlines have been struggling for years. Why? One reason a big one is the fell into the same traps the auto makers did. Smaller better managed ands smarter lines have started up and will make it as they coalesce and merge.
Down United up Jet blue and SW. Now they have to sit out planes that are not paying for themselves, which means thy have to come up the money somewhere else, ala charging for baggage. Out fucking rageous. This will shake out the industry and close some smaller airports to boot just adding grist to the mill.
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No individual can plan his own existence in their view. So the state planners must arrogate to themselves the right to manipulate any sector of the economic system if the good of “society” or the “general welfare” is paramount. Ipso- if the rights of the individual get in the way, the rights of the individual must be sublimated. The Road to Serfdom FA Hayek (interpretation) Mortgage Backed Security survivor
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
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What is my source? I just pay attention to financial reports. Also...........they don't intend on changing interest rates for the next several months...... So what does that indicate?????? Why does the Fed lower interest rates..............? Why does the Fed boost rates..........I bet you know the answer to that one? I don't need to post any links to that because any half-assed economist knows you raise interest rates to prevent inflationary pressures. When was the last time the Fed raised interest rates on long-term loans? I don't need some biased left-wing journalist telling me lies about what the economy is doing.....because all I need to do is pay attention to what the Fed does and watch the market. The MSM is purposely reporting bad news and ignoring good news, so you have to look yourself for the good indicators. If the Fed isn't changing rates then the Fed feels the economy doesn't need to be controlled or kick-started. Quote:
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    "We can't screw it up any worse than they have." - Barack Obama Wanna bet? "You never want a serious crisis to go to waste...." - Rahm Emmanuel Last edited by mudwhistle; 06-08-2008 at 01:53 PM.
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
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NEW YORK (Reuters) - The Federal Reserve will leave interest rates on hold for now as ongoing fears about the economy trump any inclination to tighten monetary policy in order to fight inflation, according to a Reuters poll. The survey did indicate, however, that concerns about a deeper economic downturn have receded, despite a report on Friday showing the biggest one-month spike in the unemployment rate since the mid-1980s and another record-setting day in the oil markets. Wall Street primary dealers -- banks that deal directly with the central bank -- see the Fed leaving rates on hold at both its June and August meetings. "The combination of rising unemployment and rising inflation expectations just leaves (us) totally frustrated and powerless," said Brian Fabbri, senior economist at BNP Paribas. Fed to hold rates even as inflation fears rise | Reuters Cool. Now I don't have to think for myself. All I need to do is watch what the FED does and I can be an economic wizard. Thanks for the tip. I hate having to think for myself. Now I can just let the FED tell me what to think, just like you do.
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
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The financial reports on the market aren't from the government. How the Fed reacts to the market is a good indication of the pressures in the market. It's not the government telling me anything. I would say you haven't a clue.....but that would be almost as rude as your post was.
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"We can't screw it up any worse than they have." - Barack Obama Wanna bet? "You never want a serious crisis to go to waste...." - Rahm Emmanuel
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
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Obviously............because you don't understand what the Fed is doing and what effect raising or lowering interest rates means. Why don't you read up on it and come back when you've learned something instead of making off the cuff remarks which pretty much expose your ignorance.
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"We can't screw it up any worse than they have." - Barack Obama Wanna bet? "You never want a serious crisis to go to waste...." - Rahm Emmanuel
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06-08-2008
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Re: Recession Deepens: biggest unemployment jump in 22 years.
Here's a simple explanation of what I've been talking about:
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__________________
"We can't screw it up any worse than they have." - Barack Obama Wanna bet? "You never want a serious crisis to go to waste...." - Rahm Emmanuel
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