[jiggyboy]

If the numbers announced so far in January keep up, we’ll end the month with at least 500,000 jobs lost just due to layoffs. January could very well end up with 700,000 total job losses.

[Gondring]

Anyone who claims we’re not in a depression is deserving of an officer slot in the Ostrich Brigade.

[ClearCase_guy]

I would prefer that the government cut corporate taxes and capital gains taxes. I think that would result in economic growth, accompanied by job growth.

However, as McCain (not my favorite guy) has pointed out -- the way the stimulus package is currently being implemented, it just puts cash in the vaults of big corporations. The money is not aimed at producing jobs.

I'm not convinced that we need to spend trillions of dollars which we don't have. But we are doing that -- and we're doing it badly.

[TenthAmendmentChampion]

Ping

[GeronL]

don’t worry, O will import millions of new immigrants to do your job. That should take care of the economy.

[FFranco]

Our current Recession/Depression is the Fault of the Democrats. Everything was fine until the Democrats started running their election campaign against the Republican Administration of President Bush and John McCain. The Republicans bear NO Responsibility for the Depression.

[Star Traveler]

No..., no...., it’s just an MSM-generated myth... doncha know...

[a common refrain seen on FReeper threads...]

[autumnraine]

43,000 jobs in 2 hours this morning is a hefty contribution to the Depression idea.

[sickoflibs]

RE “An economy built on so much leverage, deteriorating so quickly, is going to collapse, no matter what the stimulus (bailouts, buyouts, TARP, Stimulus packages, quantitative easing, mortgage market manipulation, etc). “

A houses of cards economic boom that couldnt last. Democrats blame Bush, republicans blame Barney Frank. The truth is we were lied to by everyone in Washington including media, and continue to be now. They have no plans, just agendas. Run the country into the ground and point fingers, and repeat.

[BellStar]

Buy Gold and head for the hills!

[AndyJackson]

Mr. Volcker has a tough-guy reputation (recall he snuffed out double-digit inflation in the early 1980s - I was there to see it, and can tell you it wasn’t fun) by raising short-term rates to near 20%, causing an ugly recession, double-digit unemployment, and pain for all asset classes

For those of us who believed in saving money instead of borrowing and spending it, it was a great time.

[dennisw]

Depression deflation deflation depression

[GOPJ]

Since much of Caterpillar's business is conducted outside the US, it confirms my suspicions that the economic issue is indeed global; anyone hanging their hat on an economic recovery due to a 1933-style infrastructural improvement had better take a look at Caterpillar's news release.

And by it's nature, Caterpillar's "the beginning". When they don't build, jobs don't follow...

[Travis McGee]

YIKES!

[citizen]

bump for later

[torquinus]

It might be helpful to define some current “economic” terms for clarity.

Toxic Asset == worthless debt note

credit crunch == I won't lend to you when your collateral is a “toxic asset” unless I am the Treasury, maybe, or maybe not

bank balance sheet == assets - liabilities, but uncounted toxic assets could be assets, or liabilities (see credit crunch)

economic stimulus package == partly a way to cure bank balance sheets, but mostly stimulating for congress, the executive branch, legions of state and local govs and their pals and cohorts.

Levity is OK, but God help us this is gonna get really bad. “A republic, madam. If you can keep it.”

[bruinbirdman]

"I was there to see it, and can tell you it wasn’t fun) by raising short-term rates to near 20%, causing an ugly recession, double-digit unemployment, and pain for all asset classes. "

So, after writing an entire book on the subject, why doesn't he call that a depression?

yitbos

[alrea]

Rising Unemployment - the Really Big Problem

Small business has been the creator of new jobs. What is the government doing for small companies?

[ken21]

remember how maestro alan greenspan looked like a genius

while folks who couldn’t afford houses were refiing,

the hubbie buying a new car, and the lady of the house,

new clothes and furnishings?