Posted on 02/12/2009 11:23:00 AM PST by AJKauf
January’s Employment Situation Report from Uncle Sam’s Bureau of Labor Statistics (BLS) was even worse than expected. Seasonally adjusted employment fell by 598,000 jobs and the unemployment rate rose to 7.6%.
In his Saturday address that followed this news, President Barack Obama was correct in pointing out that 3.6 million jobs have been lost since the recession, at least as “defined” by the National Bureau of Economic Research (NBER), began. The recession, as normal people define it (”a decline in gross domestic product [GDP] for two or more consecutive quarters”), began in the third quarter of 2008 and became official late last month when the fourth quarter came in negative.
What Mr. Obama “somehow” forgot to tell us is that almost 1.8 million of those seasonally adjusted job losses have occurred since his election, when his non-stop economic no-confidence game went into high gear, and that 2.8 million jobs have gone away during the seven months that began in July 2008, the first full month of the POR (Pelosi-Obama-Reid) economy...
(Excerpt) Read more at pajamasmedia.com ...
The crash started 1/1/2007 - when the dims took over congress.
Yes. It's true.
It doesn't matter. Our experiment with liberty is done.
I hire seasonally. By March I’ll add about a dozen people to our staff. Of course, they’ll be gone come August.
Will that help. Mr. President? *SNORT*
“Our experiment with liberty is done”
Not hardly Pilgrim, not while I can still toss lead it isn’t. No Sir, not by a long shot, so to speak!
You have hit nail on head, but there are even earlier indications of dims intervention in economy starting with Freddie and Fannie fiasco involving Frank, Pelosi and Dodd...not to forget Raines who was CEO....there is also Bill Clinton’s relationship with Arab oil sheiks in Dubai and WHY the gas flew up to over $4 gallon when Hillary decided to run for President.
There is a HUGE responsibility for job losses on gas problems, as tourism died and most of those temporary or seasonal jobs have never recovered due to debt incurred during the gas crisis. People have yet to pay off the credit cards associated with that cost of gas, nor are they traveling in larger numbers with lower cost...it just isn’t happening. So lots of tourist areas are affected in MANY ways ASSOCIATED BUSINESSES and costs. YES, it goes back to dims interferance with economy, gas and desire to win even “if it hairlips the governor” or “destroys America”...why? because to get their beloved Marxism in place American capitalism must be destroyed.
DOW down 2000 poins just since election day...
Not hardly Pilgrim, not while I can still toss lead it isn’t. No Sir, not by a long shot, so to speak!
Agreed, which is precisely why they will begin a full scale assault on the 2A as soon as 0bama signs Porkulus. They know they can't put lipstick on that pig and that folks will be up in arms once it fails. The Democrat Party (Sorocrats) want to ram socialism down our throats and well armed citizens stand in their way.
Keep your powder dry.
The economy was doing just fine under G. Bush and the Republican until the democrats took over Congress. Investments, jobs, and GDP were at an all time high,we had even recovered from the shock of 9-11. Then the Democrats took over Congress and directed the GSEs(F. Mack, F. Mae) to buy up Sub Prime loans resulting in the market melt down. Since the Democrats took over Congress Americans have lost around $8 Trillion, the largest loss of wealth in history. Remember GSEs are essentially creatures of Congress and not under SEC oversight. Barney Frank and Dodd gave then targets of 50% Sub Prime and Alt/a loans in their portfolios which encouraged them to by pass prudent risk management and they packed their balance sheets with over a $Trillion in junk loans. When these loans started to go South the entire derivative chain based on them collapsed spreading losses world wide.
Shhh, no one cares.
They just picked the new dancers for next season’s Dancing With the Stars.....
(spot on, btw)
People, like the author, really need to get over the "if it weren't for the Democrats" mentality because credit bubbles always die. If it weren't for the Democrats, it might have died late enough last year to get McLame elected. Maybe, barely. The media, democrats and other left did not kill the economy, we did by buying too much stupid stuff with too much stupid credit.
The raised taxes and the minimum wage in 2007. The economic momentum that we had was gone by Q4 2007, thanks to the Pelosi Congress. Then they doubled down on wasteful ethanol mandates and refused to drill, sending oil prices sky high. Then they did bogus stimulus and wasteful spending bill after wasteful spending bill.
We are now another $3 trillion in debt thanks to the Democrats conspiracy to destroy the economy.
I’m sure several new and exciting shows are planed as well. Like “Gays On Ice”, or “Love and Gay Marriage”.
Now that proves my point, that just maybe Acorn delivered this election, because the public is backing away financially...if so many people were in support of this government wouldn’t they be buying stock and looking forward to the Obama fix?
And the ‘Gaytona 500’ this weekend...
How worried was Wall Street about a lack clarity in Treasury Secretary Tim Geithner’s plan to save the banking system by buying toxic debt? So worried that Goldman Sachs called a meeting to figure out how to fix the problem.
—This meeting known as the “Goldman Sachs rountable” took place just hours after Geithner’s speech (and the dismal market reaction) on Tuesday at the headquarters of Goldman Sachs in lower Manhattan.
—Around 20 of the firm’s biggest hedge fund and private equity clients from around the country showed up—a testament to just how concerned financial industry insiders are about what few details geithner presented.
—They included representatives of KKR, Fortress Investment Group, Bain Capital, Perry Capital, Capital Research, Putnam and Citadel.
Goldman sachs says the meeting was planned well in advance. But people who attended tell CNBC that they received the invitation after the speech and decided to attend because of the speech. Goldman Sachs initially denied that the meeting, hosted by co-presidents John Winkelried and Gary Cohn, took place.
Here are some of the upshots from that meeting:
1. While it is better to wait for a good plan as opposed to quick-and-dirty bad one, time is important. What the group concluded was that the longer the plan takes to produce, the more diffucult the situation becomes. That's because reviving the securitization market is key toward reviving the economy and it’s a viscious cycle: The longer it takes to revive securitization, the worse the economy becomes and the securized products held by the banks lose more value.
2. Ken Griffen, the founder of Citadel, stressed the need not merely to fix the prices of the securitized bonds, but also that any plan must stabilize the root cause of the problem—the mortgages themselves. And he came up with several ideas to spur homeownership that could revive the housing market.
3. Also some worry over speculation that Obama economic adviser Paul Volker doesn’t have a more formal role in the process of coming up with a bailout plan.
4. Some actually had met with officials at the New York Federal Reserve after Geithner's speech and were told the plan is still weeks away. That wasn’t received well.
I'll just bet.
L
More importantly....some other sumbitches will bleed if they think we're done.
When they come for my guns I will give them up freely, being the most free with my ammo!
You sound like a DU'er during the Bush Administration.
This is a bump in the road. We'll survive and prosper.
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