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Old 09-09-2008, 05:18 PM   #1
buckeyefan78
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Default Unemployment reaches 5-year high...

Unemployment climbs to 5-year high of 6.1 percent

WASHINGTON – The nation's unemployment rate bolted above the psychologically important 6 percent level last month for the first time in five years — and it's likely to go even higher in the months ahead, possibly throwing the economy into a tailspin as Americans pick a new president.

A blizzard of pink slips propelled the jobless rate from 5.7 percent in July to 6.1 percent in August, the Labor Department reported Friday. Such a sharp increase is usually a strong recession warning, and it dashed investors' hopes for a late-year recovery.

Worried about the economy and their own business prospects, employers cut payrolls by 84,000 in August, marking the eighth straight month of losses.

So far this year, a staggering 605,000 jobs have vanished — slightly less than the population of Alaska. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable.

Richard Yamarone, economist at Argus Research, feared that the jobless rate would cause consumers and businesses to "move from a moderately concerned stage to outright fear" and reduce their spending even more.

A toxic trio of housing, credit and financial problems has badly shaken the economy, and the crisis shows no signs of letting up. It's the public's top worry, and many experts believe the situation will get worse before it gets better.

By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa, Ap Economics Writer

Associated Press Business Writer Christopher Leonard in St. Louis contributed to this report

Yahoo! News

http://news.yahoo.com/story//ap/2008..._ec_fi/economy


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How will this impact the election? What's the answer to the rise in unemployment?

Seems to me the recent government-aided/private firms (an oxymoron if ya ever heard one) such as Freddie and Fannie symbolize this nation's economic nervousness.

Government and the private sector are in cahoots with nobody minding the people. It's the Sgt. Shultz perspective...

"I know nothing. I see nothing."
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Old 09-09-2008, 05:21 PM   #2
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Just do what I do.....tell everyone you're in the lending business.
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Old 09-09-2008, 05:22 PM   #3
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Just do what I do.....tell everyone you're in the lending business.
Just to clarify for the trial:

You were Freddie and not Fannie...correct?
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Old 09-09-2008, 05:25 PM   #4
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Sir Fredrick.
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Old 09-09-2008, 05:51 PM   #5
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How will this impact the election? What's the answer to the rise in unemployment?
There is no answer as long as Big Business & Big Government treat this like their private playground which of course will be exactly what they'll continue to do.

& yes, Obama should benefit greatly from this gift from the Republicans.


Quote:
Seems to me the recent government-aided/private firms (an oxymoron if ya ever heard one) such as Freddie and Fannie symbolize this nation's economic nervousness.

Government and the private sector are in cahoots with nobody minding the people. It's the Sgt. Shultz perspective...

"I know nothing. I see nothing."


Great analogy. :thumbup:

Why is it so hard for people to realize that regardless of Party, these things are ongoing on each of their watch? I know some treat this as a sort of fantasy sports league where they get all excited & 'campaign' for their Party all based on the role playing adrenaline rush they get from trying to 'control the world'...Bwaaahaaahaaa...I'm Master of the Universe!!!!

...but the plain & simple truth is right there for all to see like it's some sort of reality show of 'Dynasty' showing the Blue Bloods & their dealings.

Companies like Freddie Mac/Fannie May to the automakers...they make their 'private' firm monies, pad their accounts, then get bailed out with taxpayer money using working citizens as hostages.

Just ridiculous...:redhot:
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Old 09-09-2008, 05:55 PM   #6
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Uh-oh something struck a never with the big guy....
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Old 09-09-2008, 06:20 PM   #7
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Originally Posted by Tarkus View Post
There is no answer as long as Big Business & Big Government treat this like their private playground which of course will be exactly what they'll continue to do.

& yes, Obama should benefit greatly from this gift from the Republicans.






Great analogy. :thumbup:

Why is it so hard for people to realize that regardless of Party, these things are ongoing on each of their watch? I know some treat this as a sort of fantasy sports league where they get all excited & 'campaign' for their Party all based on the role playing adrenaline rush they get from trying to 'control the world'...Bwaaahaaahaaa...I'm Master of the Universe!!!!

...but the plain & simple truth is right there for all to see like it's some sort of reality show of 'Dynasty' showing the Blue Bloods & their dealings.

Companies like Freddie Mac/Fannie May to the automakers...they make their 'private' firm monies, pad their accounts, then get bailed out with taxpayer money using working citizens as hostages.

Just ridiculous...:redhot:
Problem is you've come from a world of accountability and understand that in the private sector...there is no white knight to bail you out.

Think about it...

Freddie and Fannie are federally chartered corporations that make sure money is available for people to buy homes without actually being primary lenders. Though they aren't "backed" by the feds, in reality the folks on Wall Street always operated as they were cuz the government would never let companies with that much control over a market go under.

Ok...where the f-uck is the regulation going to come from in this hybrid system of economics? I know this is a mixed economy but Jesus Christ.

How many times in the REAL private sector would a company just assume some entity would honor their shares?

Since when is the public sector (that's us) so tied to the special interests of a publically traded corporation? (ok, slap me...silly question ).

And then these a-holes have the nerve to tell us the bailout is necessary because it would have caused a global economic meltdown.

Well, no s-hit. When you let the whores screw all these years without regulation what the hell do you expect?



Just stunning.

It's like that scene from Animal House in the frat when they're spankin' Kevin Bacon's ass with that paddle...

"Thank you sir, may I have another."



Why is it so hard for people to realize that regardless of Party, these things are ongoing on each of their watch? I know some treat this as a sort of fantasy sports league where they get all excited & 'campaign' for their Party all based on the role playing adrenaline rush they get from trying to 'control the world'...Bwaaahaaahaaa...I'm Master of the Universe!!!!

Perfect analogy.

People think this government is for us?

Freddie and Fannie couldn't fail cuz it would destroy the economy?

Cry me a river. Next time you get laid off cuz some CEO stole your life savings go tell Obama or McCain your company can't fail cuz it would destroy your family's economy.

See if those two a-holes give a rat's ass.

Hardly f'n doubt it.
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Old 09-09-2008, 06:23 PM   #8
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*runs away from the political thread*
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Old 09-09-2008, 06:33 PM   #9
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Who knows if this will matter in two months. High unemployment did not seem to matter in some states in the last election.

It probably depends on what sort of scare tactics the the GOP comes up with to scare voters into voting for McCain.
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Old 09-09-2008, 09:51 PM   #10
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Only helps Obama and the Democrats. The Republicans seem to be obsessed with 9/11 and national security, which is important, but they are not confronting issues that affect average Americans. Neither McCain nor Palin are strong with economics.
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Old 09-10-2008, 09:35 AM   #11
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Only helps Obama and the Democrats. The Republicans seem to be obsessed with 9/11 and national security, which is important, but they are not confronting issues that affect average Americans. Neither McCain nor Palin are strong with economics.
You're assuming that people actually pay attention to the issues, and where the candidates stand on these issues.

The working poor in rural America have been voting against their interests for decades now.

10% of Americans still think Barack Obama is a Muslim.

People continue to be scared by the black face and funny name.

If issues were what mattered, this election would be over already.
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Old 09-10-2008, 09:45 AM   #12
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Just look at the state of Ohio in the last Presidential election where the anti-gay marriage referendum helped Bush win the state despite the fact that unemployment had escalated under Bush's watch.

Over the past few elections the Christian Coalition has been extremely adept at scaring voters into believing God is going to smite them if they don't vote for their candidate. Gay marriage is no longer a major issue in most states and Americans, in general, are longer afraid that the "Evil Muslims are coming to America to kill the God fearing Christians". They have not been able to come up with anything good to put into the campaign platform this time around so the issues may actually matter this election.

This time around there may actually be too many people being directly affected by the current administrations policies and inability or disinterest in fixing a wobbly economy or lowering energy prices for centrist voters to ignore.
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Old 09-10-2008, 12:42 PM   #13
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Is this the first economic slowdown at the end of an administration? No. Clinton had one. Bush 41 had one. Reagan had one, as did Carter.
This is nothing new, and it will occur again.
As to whom it helps, neither Obama or McCain will benefit unless their proposals are seen as strong and pro-growth.
Fresh, you are right. If issues were all that mattered, neither Obama or McCain would have been nominated.
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