[Proud_USA_Republican]

Problem is that many of these jobs were in manufacturing, retail, real estate, finance, and many others. It was an across the board massacre hitting both high and low wage earners.

There was a massive glut built up in many of these sectors, not just US, but worldwide, on the back of easy credit, over leveraging, fake growth, and ponzi schemes.

But what really caused the credit crisis was the trillions in losses on credit derivatives (credit default swaps, etc...) by dealers like JPMorgan Chase, BofA, Goldman Sachs, and Citi. The economic fallout from these weapons of financial destruction is still occuring. The smoking crater left in the worldwide economy by these will take decades to repair. The US government under both the Bush and Obama administrations are doing everything possible to cover up the losses which is going to drag this out even longer.

I agree that it could take 5+ years for some of these sectors to repair themselves and have any type of positive job growth. In the meantime, many of the unemployed are going to face complete career changes and a 1/4 or more loss of yearly income going forward.

Not to mention how much retirement and investment savings were wiped out last year which was a real crusing blow to the US economy and confidence. I know a few people who have been unemployed for more than 6 months, their savings and unemployment benefits are tapped out, and they are now pulling money out of their already crushed 401Ks to survive.

[RochesterFan]

Yes. The problem is that many of those jobs are gone until our standard of living contracts significantly. A business cannot manufacture $30 DVD players or $300 TVs in the US paying US wages,taxes,and meeting US regulations.

[dennisw]

My real solution is to disperse people to the countryside and have them take up communal farming. They are incapable of doing useful work in the cities. They are preliterate so be sure to give them digital cable TV in the sticks. They would be happier among the stalks of corn and hoeing spinach and feeding the chickens. Detroit is is the model for the post industrial economy. The weeds, brush and trees are reclaiming it for nature. So might as well farm it
You could also have industries in rural areas same as we do now
I call this the "Great Leap Backward". The opposite of what the Chinese did

Problem is that many of these jobs were in manufacturing, retail, real estate, finance, and many others. It was an across the board massacre hitting both high and low wage earners. There was a massive glut built up in many of these sectors, not just US, but worldwide, on the back of easy credit, over leveraging, fake growth, and ponzi schemes.

These retail, real estate, insurance, finance, jobs were fake BS jobs for the most part. In a healthy economy sectors could get along just fine doing 20% of what they have been doing and with 10% the personnel. These sectors came to dominate corporate America. They earned an increasing share of corporate profits over the last 30 years as other sectors stumbled such as manufacturing. Manufacturing increased but did not keep up with the needs of Americans so we importing trillions of dollars of Asian consumer goods

As we let real sectors wither more and more people jammed into retail, real estate, finance and hyped it up. The much hailed consumer economy

But what really caused the credit crisis was the trillions in losses on credit derivatives (credit default swaps, etc...) by dealers like JPMorgan Chase, BofA, Goldman Sachs, and Citi. The economic fallout from these weapons of financial destruction is still occuring. The smoking crater left in the worldwide economy by these will take decades to repair. 

1. I blame the Federal Reserve for its loose money policy
2. I blame Wall Street/Banks more than Barney Frank and FannyMae/Fredy Mac and all the house flippers and minorities put into houses they could never afford
3. I blame Wall Street/Banks for the same reasons you do
4. We had the GWBush/Chris Cox age of total non-regulation of Wall Street and its idiotic scams like credit default swaps. Like Goldman Sachs taking out credit default swaps with AIG that it knew damn well AIG couldn't make good on but that GS knew it's agents in the Federal government (Paulson, Geithner etc) would make right

 

 

 

The US government under both the Bush and Obama administrations are doing everything possible to cover up the losses which is going to drag this out even longer.

I agree that it could take 5+ years for some of these sectors to repair themselves and have any type of positive job growth. In the meantime, many of the unemployed are going to face complete career changes and a 1/4 or more loss of yearly income going forward.