High unemployment for years

[Freedom4all]

Way to go Obama, way to go :down:

The president’s chief economic adviser warned Friday that the nation’s unemployment rate could stay “unacceptably high†for years to come — a situation that would seriously complicate Barack Obama’s ability to convince Americans that he’s beating back the recession.

“The level of unemployment is unacceptably high,†National Economic Council Director Larry Summers said Friday. “And will, by all forecasts, remain unacceptably high for a number of years.â€

The national unemployment rate is at 9.7 percent, a 26-year high, and Obama has repeatedly said he ultimately expects it to hit double-digits before beginning to fall again.

 

[delldude]

Wait.........I thought he said it wouldn't go over 8 or 9 percent when they passed the stimulus...

Barry...kiss it goodbye in 2012......

 

[Ttailfan]

Way to go Obama, way to go :down:

The president’s chief economic adviser warned Friday that the nation’s unemployment rate could stay “unacceptably high†for years to come — a situation that would seriously complicate Barack Obama’s ability to convince Americans that he’s beating back the recession.

“The level of unemployment is unacceptably high,†National Economic Council Director Larry Summers said Friday. “And will, by all forecasts, remain unacceptably high for a number of years.â€

The national unemployment rate is at 9.7 percent, a 26-year high, and Obama has repeatedly said he ultimately expects it to hit double-digits before beginning to fall again.

And this will give them an unending pass by the media to blame the Bush administration for years to come. Democrats can never be blamed for anything. They are perfection incarnate.

 

[freedom]

At this point in time i wouldn't start to crying about the president and the economy ....

THUS FAR he has performed beyond most people's expectations ... a full blown DEPRESSION has been averted (so the experts say , i do not agree ) ....

i will give him credit for stablizing the economy ... right now i thought things would be a lot worse then they are ...

high unemployment is better than massively high unemployment ... and didn't we have high unemployment in the 80's ?

 

[delldude]

At this point in time i wouldn't start to crying about the president and the economy ....

THUS FAR he has performed beyond most people's expectations ... a full blown DEPRESSION has been averted (so the experts say , i do not agree ) ....

i will give him credit for stablizing the economy ... right now i thought things would be a lot worse then they are ...

high unemployment is better than massively high unemployment ... and didn't we have high unemployment in the 80's ?

In another thread you want to dump all the credit debt again on you and me......you need help....you are the Obama problem.....

Pay down time fool...... :angry:

 

[Freedom4all]

At this point in time i wouldn't start to crying about the president and the economy ....

THUS FAR he has performed beyond most people's expectations ... a full blown DEPRESSION has been averted (so the experts say , i do not agree ) ....

i will give him credit for stablizing the economy ... right now i thought things would be a lot worse then they are ...

high unemployment is better than massively high unemployment ... and didn't we have high unemployment in the 80's ?

Better? Are you kidding me? Case in point...

Banking Problems Worse than in 2007

From Bloomberg: Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman (ht Ron Wallstreetpit)
... “In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,†[Joseph] Stiglitz said in an interview today in Paris. “The problems are worse than they were in 2007 before the crisis.â€
...
“It’s an outrage,†especially “in the U.S. where we poured so much money into the banks,†Stiglitz said. “The administration seems very reluctant to do what is necessary. Yes they’ll do something, the question is: Will they do as much as required?â€
And on the economy:
"We’re going into an extended period of weak economy, of economic malaise,†Stiglitz said. The U.S. will “grow but not enough to offset the increase in the population,†he said, adding that “if workers do not have income, it’s very hard to see how the U.S. will generate the demand that the world economy needs.â€

The Federal Reserve faces a “quandary†in ending its monetary stimulus programs because doing so may drive up the cost of borrowing for the U.S. government, he said.

“The question then is who is going to finance the U.S. government,†Stiglitz said.
Stiglitz also wrote a comment in the Financial Times: Towards a better measure of well-being and I think this comment is very important:
Too often, we confuse ends with means. ... a financial sector is a means to a more productive economy, not an end in itself.

and

From Treasury: Assistant Secretary for Financial Institutions Michael S. Barr Written Testimony on Stabilizing the Housing Market before the House Financial Services Committee, Subcommittee on Housing and Community Opportunity
... I want to highlight some key points of success:

We have signed contracts with over 45 servicers, including the five largest. Between loans covered by these servicers and loans owned or guaranteed by the GSEs, more than 85 percent of all mortgage loans in the country are now covered by the program.

Over 570,000 trial modifications have been offered under the program. Over 360,000 trial modifications are underway.
...
[W]e recognize that any modification program seeking to avoid preventable foreclosures has limits, HAMP included. Even before the current crisis, when home prices were climbing, there were still many hundreds of thousands of foreclosures. Therefore, even if HAMP is a total success, we should still expect millions of foreclosures, as President Obama noted when he launched the program in February.

Some of these foreclosures will result from borrowers who, as investors, do not qualify for the program. Others will occur because borrowers do not respond to our outreach. Still others will be the product of borrowers who bought homes well beyond what they could afford and so would be unable to make the monthly payment even on a modified loan.

and even better

Despite a still-lagging U.S. economy and rising unemployment rate, House Democrats announced late yesterday that they will seek a massive increase in federal income taxes to help pay for the national health-care reform proposal that President Obama is urging Congress to enact this summer.

House Ways and Means Chairman Charles Rangel (D.-N.Y.) revealed late Friday afternoon that House Democrats will seek to increase income taxes by $540 billion.

The move, which had been discussed earlier in the week by House Democrats, broke in an Associated Press story that was published at 4:14 PM Eastern Daylight time on Friday afternoon (or 8:14 PM Greenwich Mean Time).

Releasing news late on a Friday afternoon is a traditional public relations tactic used by politicians seeking to limit the news coverage of an item they nonetheless need to release.

Shall I continue???

 

[Freedom4all]

Almost forgot about this most recent event...

US tyre duties spark clash

A full-blown trade row erupted on Sunday night between the US and China after Beijing accused Washington of “rampant protectionism†for imposing heavy duties on imported Chinese tyres and threatened action against imports of US poultry and vehicles.

Trade relations between two of the world’s biggest economies deteriorated after Barack Obama, US president, signed an order late on Friday to impose a new duty of 35 per cent on Chinese tyre imports on top of an existing 4 per cent tariff.

In his first big test on world trade since taking office in January, Mr Obama sided with America’s trade unions, which have complained that a “surge†in imports of Chinese-made tyres had caused 7,000 job losses among US factory workers.

Chen Deming, China’s minister of commerce, condemned the decision, saying that it “sends the wrong signal to the world†at a time when Washington and Beijing should be co-operating to deal with the worst economic and financial crisis in decades.

“This is a grave act of trade protectionism,†Mr Chen said in a statement. “Not only does it violate WTO rules, it contravenes commitments the United States government made at the [April] G20 financial summit.â€

Not good for a country who buys boatfulls of our debt. Guess what happens when that spigot is cut off?

Can you guess why Obama did this? Heres a hint....Unions

 

[freedom]

Almost forgot about this most recent event...



Not good for a country who buys boatfulls of our debt. Guess what happens when that spigot is cut off?

Can you guess why Obama did this? Heres a hint....Unions

I am aware of all of this but things could be far worse. Trust me I KNOW the economy.

 

[freedom]

In another thread you want to dump all the credit debt again on you and me......you need help....you are the Obama problem.....

Pay down time fool...... :angry:

That's correct , in another thread i encourage everyone to get everything that they can on unsecured credit , and then default ...

I acknolwege the conventional view that the "economy is turning " but i do not in the LEAST agree with it ....

i continue to stand firmly besides my view point that the entire US economy is doomed and you best get it while it's good !