An article entitled "America Takes A Body Blow: Chrysler Bankrupt, GM in trouble"
Bear in mind that these are some of the last living-wage blue-collar manufacturing jobs in America. When the auto industry goes, that’s essentially it. The last significant remnant of America’s heavy industry is gone. Most of the steel industry was packed off to Asia a long time ago.
I think we can all see where this is going. GM will almost certainly follow Chrysler into bankruptcy. The economy is too far gone. Consumers are deathly afraid of losing their jobs and they won’t buy new American cars –most of which have $20,000 or higher price tags. Years of out-sourcing and the still-growing minority subprime disaster have devasted the US economy like two torpedoes going into the side of a rusty freighter. Obama, being a Marxist, does not care about keeping the Big Three car companies in business (or should I say Big Two car companies since Chrysler just went bankrupt). There is a certain karmic justice to all this. The American public elected their first Third World president and we’ll soon have a matching Third World economy.
An article entitled "US Department of Labor: "Real" unemployment is 16.5%"
Over the past several decades the Federal government has changed or altered the definition of "unemployment" multiple times to keep the official government unemployment figure low.
However, the US Department of Labor, Bureau of Labor Statistics still keeps track of unemployment using a definition of unemployment similar to what was used during the 1950’s and earlier.
While the official figure is 9.1%, the new "real unemployment" figure released by the Department of Labor U-6 report is 16.5%. Many private firms have also published their own estimates between 18-20%.
The U-6 figure includes "marginally attached workers," meaning the seriously underemployed.
The U-6 report has been published since 1964, after unemployed had been removed from the regular unemployed figures. The report monitors the average number of hours in a work week. The new report reveals this shocking figure. The average work week is only 33 hours. The lowest of record in the history of the U-6 report.
What has me utterly flabbergasted, Michael, is the complete lack of vision on the part of the assorted morons, lunatics and outright criminals who seem to have the reigns since the Greenspan appointment in 1987. The government seems to be doing everything it can to discourage thrift and have a philosophy (if you can call it that) of spend, spend, spend, and simply borrow, borrow, borrow ad infinitum.
For example, I recently made a six month renewal of certificates of deposit, and the rate was 0.75--three quarters of one percent, or less than a penny on the dollar. As a matter of state policy, this seems to imply borrowing ceaselessly without any intention of repayment. Apparently, Ben Shalom Bernanke thinks he has discovered some kind of Utopian formula which turns logic on its head.
Nietzsche was right--insanity in individuals is something rare, but in groups, nations, epochs, it is the rule.
Boy, he got that right! At least the second part.[img]smileys/smiley6.gif[/img]
It's as if the politicians spend each night trying to think up ways to outdo themselves in foisting new extremes of depravity and destruction throughout each new day. Many, e.g. Algore and Nanny Pelousy, grew up in an atmosphere of elitist plutocrat megalomania -- "we are the anointed, we can do no wrong, and if we do, our fantastic loot (and the worship it brings) will still glorify and save us."
"Flyover country" -- "we think the price is worth it" -- "paying taxes is for nobodies" -- "rubes" -- "government critics are all terrorists waiting to happen". This has been the System's expressed, widely reported opinion of the common people for how long now! All that's needed is for the sheeple to face the fact that the rich and famous are ordinary slobs that must be held to the same standards as everybody else. That's all!
Sounds like Nelson hit the nail on the head! This "elite" are the pseudo-aristoi of wealth and birth that Jefferson warned us of. Many people believe that because these "elite" have high-powered jobs and "elite" college degrees, that they are very intelligent, but many children of the "elite" get their education and jobs via legacy not ability or brains. It is likely that many "elite" would never have gotten into an "elite" college if they have been born into a working or middle class family. Many would likely not have gone to college at all or would be with those who dropout after six weeks because they are NOT college material.
Wouldn’t be surpassing that many conspiracy theories are based on the belief that no one that high-powered could be that dumb so there must be a conspiracy but it appears that many "elite" are very dumb!
Let’s face it how many story about "elite" not being able to read a map, not knowing how many states there are, not being able to understand a bubble, balance a budget, checkbook or anything else. Here Ralph Nader wrote an article called "Faulty Forecasting" http://www.commondreams.org/view/2009/08/08-0 about how bad the "elite" are at predicting the economy but very skilled at paying themselves. The "elite" work together to advance themselves but are not generally highly intelligent may even be collectedly below average due to inbreeding. We know in society in general there is a fully spectrum of intelligence just because someone is born or selected into the "elite" does not make them any brighter though the selected ones probably have higher verbal intelligence but may be very lacking in useful knowledge like knowing that bubbles burst!
Interestingly, paying depositors less than one percent interest and than loaning it out at 21% multiple times should help bailout the banks but the bankers take that money and spend it on bonuses for themselves so the banks are not fixed!
I suspect the area that these people may be very weak in is history, because they do not seem to know that what they are doing has been tried before and failed!
An article entitled "We May Only be Seeing the Beginning of the Obama Depression"
Covered up by all the health care hoopla, American banks are still falling like dominoes in a line. Another five banks failed last week and July was the worst month for bank failures in decades. Not only are subprime loans still taking a toll, we are seeing a lot of "good quality" mortgage loans failing. You can’t loose over seven million jobs in a year without taking a severe toll on mortgages and banks. Americans get about 12 to 18 months in unemployment payments, which have delayed the failure of many mortgages, but there still isn’t any robust hiring to save all the people who are running out of unemployment checks today.
Despite all the spin from the liberal media, there is no light at the end of the tunnel right now. The current market rally has all the signs of a suckers’ rally and could collapse any day now. There was a similar suckers’ rally after the 1929 stock market crash. Only then did people realize that they were in a Depression, and not just some minor market glitch.
One of the main questions on my mind is when prices will start to go down -- maybe even reasonably and comfortably in response lowerd demand due to to the lack of money. Here's mention of a home builde who advertises in one price range and delivers in a lower one, with customers signing non-disclosure agreements. From firstname.lastname@example.org:
What the fires don't get, the bankers will.
Banks are actually tearing down brand new houses in
California because they can't sell them at any price
and they can't afford to pay the taxes and expenses
to maintain them.
Here's what it looks like on the ground:
- Brasscheck </pre>
An article entitled "The Economic Crash Continues"
Despite all the propaganda about a "recovery" from the Obama-worshiping media, there are more than a few signs that we’re in a Depression. Over six million jobs have disappeared from the US economy over the last 12 months. More than 100 banks have failed in 2008 and 2009. Five banks failed last week and a total of 44 banks have failed since July 1st.
An article entitled "More "Recovery" Propaganda while Foreclosures Skyrocket"
The liberal media keeps claiming every day that the economy is recovering. Meanwhile, the official unemployment percentage is about 10 percent while the real percentage of unemployed is more like a Depression level 15 to 20 percent. Some pundits have suggested that we are having a "jobless recovery" which basically means we’ll be stuck in this condition for the foreseeable future. The last time this happened it was called "The Great Depression." Add to this the fact that foreclosures are skyrocketing.
Aha! Now we’re getting somewhere. California is jam-packed with Latinos who are still getting those Affirmative Action subprime loans that started the economic crash in the first place. The state population is over half non-White. Florida has its fair share of non-Whites and it also has a huge amount of speculative retirement home construction. Many of these retirees can no longer buy that condo in Florida after their 401k took a beating.
Combine all this with the recent increase in bank failures, which has sharply increased since June, but no one is talking about this for fear of causing a panic and undermining confidence in the "great" Obama. The truth is there is nothing remotely resembling a "recovery" going on despite the spin from the Obama regime. Instead, it looks like the Obama Depression is going to be with us for a long, long time.
A "jobless recovery," basically, means as the old saying goes, the rich get richer and the poor get poorer, or in more modern terms the middle and working class are getting poorer!
An article entitled "Simmons Mattress Company Going Bankrupt: One Billion in Debt"
The liberal media continues to try to convince us that we’re in a "recovery". Strange. Shouldn’t a recovery be obvious –with unemployed people suddenly getting jobs? Well apparently this is a "jobless recovery" and we just have to take their word that things are getting "better".
Well two curious things just happened and neither goes along with a recovery. The Georgian Bank of Atlanta just went bankrupt, making it the 95th bank to fail this year, and the famous Simmons Mattress Company, which has been around since 1876 is going bankrupt.
An article entitled "More Bad Economic News Casts Doubt on "Recovery""
It seems like the liberals are trying to convince Americans that everything is fine and they should run out and start spending money. 70 percent of the US economy depends on consumer spending. Spending however continues to be anemic. Obviously, the 7.2 million people who lost their jobs aren’t spending much, and most Americans are deathly afraid their jobs will be next to disappear. The "cash for clunkers" program caused a minor increase in consumer spending which promptly disappeared as soon as that program ended.
Our current situation results from years of bad economic policies. Everything from outsourcing to Affirmative Action incompetence to minority subprime loans to a massive invasion by illegal aliens has put a huge crippling strain on the economy. Worst of all, there is no sign that our government has learned anything at all. Banks are still being pressured to make special subprime loans to minorities. American jobs are still being outsourced to China, and Obama seems determined to make citizens out of the 20 million illegal aliens even though they have played a key role in bankrupting California. This is exactly the wrong time to have a committed Marxist as president with little understanding of free enterprise economics, but that’s precisely what we have with Obama.
Whoa -- grab the smelling salts! This fellow
........says (linked on our homepage) "</span>There are solid grounds for believing the U.S.
economy will experience a second dip followed by extended stagnation
that will qualify as the second Great Depression"! </span>
A dip and stagnation! Do you think there's any chance it could still be only that bad? Or do you think with a resume like that, he's simply another fedgov-friendly filosofer whistling in the dark?
An article entitled "99 Down"
Now, that’s shocking even for me and I’ve been following the growing list of bank failures, which have accelerated since June –about the same time the liberals started claiming we were in a "recovery". Every bank failure typically means a take over by a bigger bank and laying off a large part of the bank’s work force, thus adding to the growing unemployment of the Obama Depression. Believe it or not, the Feds are still pressuring banks to make more subprime loans to minorities —the very policy that caused a multi-trillion dollar financial fiasco that began last year.
About 7.5 million jobs have been lost from the US economy since January, 2008. Many of these people were considered good quality mortgage borrowers, and as they fail to keep up their mortgage payments, even more banks will fail. So far it’s been a relatively slow domino effect, but most Americans are noticing more shops closed at the local mall, more of their friends out of work and more bad signs that convince them they shouldn’t spend a lot of money, but save as much as possible in case they get laid off too.