Fed Warns Unemployment May Double Great Depression

Big Government ^ | 11-25-11 | Chriss W. Street

[radioone]

I warned last week that a recession and higher unemployment were about to hit the U.S. economy. On Tuesday, the Bureau of Economic Analysis cut their estimate of growth in the third quarter ending September from 2.5% to 2%. Then on Wednesday, the Federal Reserve rocked financial markets by forcing America’s 31 largest U.S. banks to “stress test” balance sheets to determine their capability to withstand an 8% drop in the economy; which would cause home prices to plunge by 21%, and unemployment rate to jump to 13%.

[Cringing Negativism Network]

None of that will help, if we continue to fire Americans to outsource.

None of it.

[PGalt]

Furlough Congress without pay. Eliminate benefits for this coddled class of human debris.

Who is the candidate that says he’ll slash 1 trillion in the first year? Who has dared say he’ll eliminate at least five government agencies during that first year?

Sounds like what America needs...

Good statements/questions BUMP!

DEFUND socialist collectives, foreign and domestic. DISMANTLE when necessary. DEPOPULATE socialists from the body politic (start with anyone in the progressive caucus...how 'bout Marxine "the tea party can go to hell, and I will help them get there" Waters).

[ecomcon]

We all had a hand in this.

We destroyed our own industry.

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I agree, in the sense that we as a nation have rationalized and embraced immorality of all kinds. We then make foolish and lazy choices because we are cut off from wisdom. So the obsession with short term has brought us to the long term consequence.

[Eye of Unk]

The Feds fear many will seek work elsewhere like Australia and thus deny them their taxes.

[central_va]

U.S. banks to “stress test” balance sheets to determine their capability to withstand an 8% drop in the economy;

Gee deficit spending is about 10% of the US economy, do the Feds know something?

[econjack]

Given only 12.8 million were unemployed at the 1933 peak of the Great Depression, when the undercounting and the Fed’s stress test are added the total is 23.2 million unemployed; almost double the Great Depression.

This is the kind of crap for which Chicken Little is famous. The population in 1933 was about 125,500,000 and 1933 was the worst year for unemployment: 25%. So this bozo wants us to take the 12.8 million unemployed in 1933 and compare that apple to the fabricated orange of 23.2 million and not make any adjustment for population change. Someone please go tell his village we found their idiot.

[Cringing Negativism Network]

Our biggest problem right now is not morality.

It is industrial.

We are dismantling our own manufacturing. Are we really that brainwashed we cannot see what that is doing? How can anyone think destroying our own industrial base is a good idea?

[SampleMan]

We could turn this around immediately. 100% across the board import tariffs.

You do realize that would mean destroying every U.S. business that exports (Agriculture, Chemicals, Machining, etc.) right? U.S. exports are not minuscule, we just import a lot of oil and consumer goods. In fact, our strongest industries are the very ones that would be destroyed by an inability to export. Tariffs are never one way.

Your 100% across the board tariff will destroy major U.S. industries in return for low scale production jobs.

Much of the consumer crap that is now sold would simply go away if it weren't so relatively cheap (indeed we don't need it), so there would be no job creation.

Government Motors would lover your tariff though.

[Cringing Negativism Network]

Look.

We export farm goods.

That’s pretty much it anymore. We will continue to export farm goods, because people need to eat.

[GiovannaNicoletta]

bookmark

[Prokopton]

http://articles.businessinsider.com/2011-11-21/markets/30424589_1_industrial-production-chart-red-line

http://articles.businessinsider.com/2011-11-21/markets/30424589_1_industrial-production-chart-red-line

[Cringing Negativism Network]

Define “production”.

I suspect it pretty much means frozen pizza.

We sure aren’t adding jobs.

[Prokopton]

http://financialcontrols.blogspot.com/2011/11/usa-industrial-production-at-post.html

[SampleMan]

Look.We export farm goods. That’s pretty much it anymore. We will continue to export farm goods, because people need to eat.

The facts show otherwise:

http://www.worldsrichestcountries.com/top_us_exports.html

[Cringing Negativism Network]

How about you explain what you’re trying to say.

Thanks.

[Cringing Negativism Network]

Have you shopped for ANYTHING recently?

We don’t make things anymore.

Go out and look. No tools. No electronics. No computers.

Nothing. We only buy. That will stop soon enough, because we’ll run out of money.

[central_va]

Between the Greens and the Free Traitors the USA never had a chance. Like you said once why hasn’t anyone written a book about this? It is amazing.

[Cringing Negativism Network]

We’re not done yet.

But we best get our stuff together, and figure out we need to act.

Now. We don’t have a whole lot of time left. Already our import cost from China is approaching our military budget.

We’re getting poorer, less capable, and forgetting how to make things.

That’s very, very dangerous.

[central_va]

A 5% tariff that escalates every year by 2% against countries that tariff us. Then the tariff is in the hands of the other countries. Just like China ties their currency to ours we tie our tariffs to theirs.