Posted on 08/05/2011 9:43:18 AM PDT by JohnRLott
There seems no place to hide. Americans have seen the value of their stock portfolios crash this week. The S&P 500 and NASDAQ have both lost about 8 percent of their values, and they are headed down again today.
This week the Japanese NIKKEI stock market also lost over 9 percent of its value. And the UK's FTSE has lost over 11 percent. The German DAX about 13 percent.
So much for promises that if we only passed the debt ceiling increase the stock markets would be calmed.
Everyone was waiting for today's unemployment numbers to be released. The 117,000 new jobs temporarily lifted spirits because the number was better than what many had expected, but it was still not enough new jobs to even absorb more than three-quarters of the growing working-age population. Unemployment fell because 193,000 more people simply gave up looking for work.
Indeed, people giving up looking for work has been the hallmark of the Obama administration.
(Excerpt) Read more at foxnews.com ...
Apparently those at Fox, much like many here, need to be re-schooled in exactly what constitutes a recession. Google is your friend.
“If we could just get everyone laid off, and then get them to give up looking for work, we’d have 0% unemployment!
That’s what I’m talkin’ about.” (Obama internal musing #721B, 5 Aug 2011)
“Recovery” is now the new euphemism for “depression.”
Obama wants as many people on the dole as possible. He looks at them as votes for sale and he’s buying with our money.
“we are heading in the right direction from this mess i inherited”
Been in one for a long time. More like or worse than 1929.
LOL! Seriously though, we very well may be in depression. We basically are there except that prices are not falling. Yes, in a depression there are periods of modest growth and stock market gains. Prior to 1900, depressions were typically over in 8 to 16 months. Now that gov’t tries to “save” the economy, depressions can be prolonged.
Recession my butt....Depression.
And then, after a while, world war III.
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