Skip to comments.Total Economic Disaster Looms
Posted on 12/01/2011 4:06:06 PM PST by Kaslin
RUSH: Weekly jobless claims have jumped back over the 400,000 mark. Why is anybody surprised? "Claims for unemployment insurance unexpectedly rose last week, climbing past the psychologically important 400,000 mark as the jobs market showed signs of more weakness. Weekly applications for unemployment benefits rose 6,000 to a seasonally adjusted 402,000," and this is gonna end up being 410 or 412 thousand by the time they revise this next week. " Applications had been below 400,000 for three straight weeks." Can you imagine...? This is on CNBC, but it's actually AP, but "the psychologically important 400,000"? Stop and think of this now: If jobless applications are under 400,000, it's progress, a psychological boost. If applications are under 400,000.
Now, if they're back over 400,000 now, just wait 'til the holiday shopping season is over. When these seasonal jobs expire, there's gonna be another "unexpected" jump in weekly jobless claims. The Federal Reserve says that it is taking no risk whatsoever in lending $600 billion to Europe for a grand total of $7.2 trillion. You know what they also told me once? That real estate value never goes down. Yep, I've been hearing that I don't know how many times fro people. "Yup, Rush, you gotta invest in real estate! There never gonna be any more dirt, and everybody knows real estate values never go down." Fed says, no, there's no risk here in lending dollars to Europe. You saw the worldwide stock markets just go nuts yesterday. We were up, what, over 400 points in the Dow Jones Industrial Average and all over the world stock markets were up and everybody was happy?
Folks, this happened before. Look, I'm not trying to throw cold water on everything here, but this exact thing has precedent throughout history. Before the big crash in 1929 something like yesterday happened. We've had these big boosts. It happened before 2008. Now, the thing about this is that it's been tried before, and it hasn't ever held. And in fact in the New York Times: "Banks Act, Stocks Surge and Skeptics See a Pattern -- A move announced by central bankers on Wednesday to contain the European debt crisis resulted in euphoria in global stock markets, but it also prompted skeptics to wonder: will this time be different? " Meaning: It better be or else a disaster is right around the corner. Well, why would it be different?
"As the crisis has worsened over the last 18 months, pronouncements of plans to fix the euro zone debt problems have led to more than a half-dozen rallies that just as quickly withered as the proposals fell short of hopes." Why would anything go wrong here? Can I put in a nutshell what's being done? Now, I've been thinking about that. Let me put it to you this way. We have the president and his minions and his journalists and the rest of the Democrat Party running around inciting class warfare with this 1% versus 99% -- and of course the 1% that we're all supposed to hate are the producers. The 1% that we're all supposed to hate are people who work. The 1% that we're all supposed to hate are the people who are earning a living and paying taxes.
The 99% are being told they are the virtuous; they are the decorous. The 1%... It seems to me that if we're gonna start hating people, we're looking in the wrong direction. Would somebody explain to me where is the valor in sitting on your butt taking money from other people? Where is the honor, where is the greatness, where is this entitlement that allows people to get up every day and think they are owed something because of some mysterious crime against them that's gone on all of their lives. In Europe, the problems there exist for one primary reason. Of course there are a number of ancillaries and I'm not trying to make a sweeping generalization here, but the problem in Europe exists because they have committed to paying people who don't do anything!
You could call it Takers versus Makers, people pulling the cart versus people in the cart. However you want to visualize it. But you have perpetual 15 to 18% unemployment, lifetime health care free, lifetime pensions, for doing nothing; and then, of course, when you can't pay it anymore... And they can't! I don't care how much the Fed prints to loan them. At some point we're gonna burn through that and as long as there's no production going on anywhere, that money is gonna dry up -- and the takers keep taking. Now, who should we resent? At whom should there be anger directed? The producers? The people playing by the rules? The people getting up every day and going to work? They are not all millionaires, much less billionaires. It's cockeyed.
It's cockeyed, not just in this country but around the world who we are supposed to consider the enemy. I think it's about time here that a little honesty get involved here. Somehow getting up and doing nothing -- somehow expecting everybody else to take care of you and pay for you -- is now credible, becoming a victim of something that nobody can identify qualifies you as a discriminated again, beleaguered, put upon victim -- and you have every right to sit around and do nothing and feed off of everybody else. I think it's plain as day. It's right in front of everybody's face. I'm not gonna stop talking about this.
“....inexperienced poser bozo Marxist community organizer.”
All this could have been corrected if we had congresscritters with backbone willing to take a closer look at his life’s history.
The times that try men’s souls will really kick in when, as Morrison so aptly coined it: the whole sh!thouse burns down.
Based on the outlook for employment and wages, both poverty and reliance on government assistance programs will continue to grow. However, the negative trends in employment, wages and poverty have not affected all Americans equally. In fact, the household income and wealth of the wealthiest Americans has increased sharply, despite the overall deterioration of the U.S. economy.
In other words, concentration of wealth undermines the consumer base of the economy, causing GDP to decline and resulting in unemployment, which reduces living standards.
wealth and income in the United States have become increasingly concentrated with the wealthiest 1% of Americans owning 38.2% of stock market assets, e.g., shares of businesses.
I’ve never heard him say anything like this before. He sees a crash coming to the stock market. And it is communists (chi-com wannabes) in power in and out of the government who are bringing it about. He has avoided saying this before: the stock market is going down like in ‘29.
It’s like a blackjack player in Vegas who loses 50 bucks on the first hand. Then increases his bet to $100 and loses the second hand. Then increases the next bet to $200 and loses again. Pretty soon, he’s out of funds.
My guess is that they will somehow cobble it all together for another 12 months then we are likely to see it all unravel. Just keep buying food.
Anyone in denial of the certain horrific future that we face is... doomed.
I posted a creepy Ron Paul video today where he is warning of economic implosion and chaos. Bachmann is saying the saying the same thing.
And crates of ammunition.
Exactly. I try to warn everyone I know.
I love it! Turn that class warfare around and fire it right back on them.
I do that all the time and it's such fun.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.