Unemployment rises above 10% to 10.2%

[Madtown HD Junkie]

http://finance.yahoo.com/news/Jobless-rate-tops-10-pct-for-apf-563122944.html?x=0&.v=8


The unemployment rate has surpassed 10 percent for the first time since 1983 -- and is likely to go higher.


so much for the "stimulus"

[msmith198025]

But mad, its working.....

[Skyhi]

So.......The unemployment rate in 1983 was over 10% when Reagan was 3 years into his term .....many of you will probably fault Carter. Why not give Obama the same leeway?

[HDRoberts]

So.......The unemployment rate in 1983 was over 10% when Reagan was 3 years into his term .....many of you will probably fault Carter. Why not give Obama the same leeway?

Exactly!

Actually, I'm apt to blame where we are on Reagan, the man who started us on the path of deregulation and supply side economics.

[Skyhi]

Exactly!

Actually, I'm apt to blame where we are on Reagan, the man who started us on the path of deregulation and supply side economics.

Watch yourself! Reagan is probably a deity to many here. :)

[msmith198025]

B
So.......The unemployment rate in 1983 was over 10% when Reagan was 3 years into his term .....many of you will probably fault Carter. Why not give Obama the same leeway?

I fault bush and Obama both.

[HD MM]

So.......The unemployment rate in 1983 was over 10% when Reagan was 3 years into his term .....many of you will probably fault Carter. Why not give Obama the same leeway?

Not to mention the Prime Interest Rate was near 20% during the Reagan era (an all-time high). What is it now? 3.25%? Wow, I guess we're not THAT bad off now after all. :)

[HDRoberts]

Watch yourself! Reagan is probably a deity to many here. :)

I know, but if you ask me, he was the worst president we ever had.

[HDRoberts]

Not to mention the Prime Interest Rate was near 20% during the Reagan era (an all-time high). What is it now? 3.25%? Wow, I guess we're not THAT bad off now after all. :)

Some of the libertarians around here believe the interest rate SHOULD be closer to 20%. They think the dollar should be worth today what it was in 1810 or so.

[Skyhi]

Not to mention the Prime Interest Rate was near 20% during the Reagan era (an all-time high). What is it now? 3.25%? Wow, I guess we're not THAT bad off now after all. :)
Give it time. When mega-inflation kicks in (and I believe it will), Interest rates will spike to contract the money supply.

[msmith198025]

Give it time. When mega-inflation kicks in (and I believe it will), Interest rates will spike to contract the money supply.

I agree, and Beck does too. That has to kill you;)

[Skyhi]

I agree, and Beck does too. That has to kill you;)
My biggest issue with Beck is that I think he's 100% phony. I used to listen to him 7-8 years ago driving to work, and he's become a completely different person. He'll espouse whatever views will get the highest ratings....nothing wrong with that, but I have a hard time taking him seriously.

[HD MM]

My biggest issue with Beck is that I think he's 100% phony. I used to listen to him 7-8 years ago driving to work, and he's become a completely different person. He'll espouse whatever views will get the highest ratings....nothing wrong with that, but I have a hard time taking him seriously.

+1

I used to listen to him once in a while when he was on CNN Headline News. He's since gone extreme in his views since moving to FoxN.

[Madtown HD Junkie]

I know, but if you ask me, he was the worst president we ever had.

:free-sick-smileys-1

[fallout2600]

Give it time. When mega-inflation kicks in (and I believe it will), Interest rates will spike to contract the money supply.

Bingo!

So, lock in a low mortgage rate now b/c we are looking at 1980s type rates once the unemployment issue is fixed.

[fallout2600]

Not to mention the Prime Interest Rate was near 20% during the Reagan era (an all-time high). What is it now? 3.25%? Wow, I guess we're not THAT bad off now after all. :)

Yeah, but the Federal Reserve's lending rate is still at 0.25%....not good...that is what allowed the big boys to over-leverage...You'll see when the Commerical Real Estate bubble burst this winter.

[HDRoberts]

:free-sick-smileys-1

Nice rebuttal:)

[Bob Haller]

without the stimulus unemployment would likely be 15% to 20% today.

just assume GM, and chrysler were totally bought by chinese, who have lots of money. they take all production of our big auto to china.

all that would be left of big auto is spare parts, and some sales offices.

with all production gone, not only would the direct employees be gone but all the suppliers too.........

plus the credit markets would of collapsed.

so complain about unemployment of 10% but just think of what 20 or 30% would be like

[msmith198025]

And what if it goes that high anyway bob? It hasnt stopped since the first stimulus mistake was passed.

[fallout2600]

without the stimulus unemployment would likely be 15% to 20% today.

just assume GM, and chrysler were totally bought by chinese, who have lots of money. they take all production of our big auto to china.

all that would be left of big auto is spare parts, and some sales offices.

with all production gone, not only would the direct employees be gone but all the suppliers too.........

plus the credit markets would of collapsed.

so complain about unemployment of 10% but just think of what 20 or 30% would be like

Real unemployment is 17.5% already....Pretty fixed up for news outlets govt numbers are 10%....

We could likely see 20% by Feb 2010...

[Bob Haller]

And what if it goes that high anyway bob? It hasnt stopped since the first stimulus mistake was passed.


note is rate of increase has slowed dramatically....

so the actual rate is 17.5?

fine anyone want to see it at 50%:(???

[msmith198025]

note is rate of increase has slowed dramatically....

so the actual rate is 17.5?

fine anyone want to see it at 50%:(???

And if we said the actual rate was 47.5% the response would be......Fine, anyone want to see it at 75%?:free-happy-smileys-

Keep moving that tartget bob

[Bob Haller]

the point is without the government stimulus injected so far, things would be far worse

[Bear Paws]

the point is without the government stimulus injected so far, things would be far worse Actually quite the opposite. Stimulants in the short term only work as tax cuts. THat's immediate and measurable. Government programs only inflate the GDP for a short time and give a false sense of improvement. It does nothing for creating wealth or growth.

[Bob Haller]

Bingo!

So, lock in a low mortgage rate now b/c we are looking at 1980s type rates once the unemployment issue is fixed.


how many doubt we will have a good recovery at all?

[Bear Paws]

I don't doubt... I don't believe.

[vurbano]

Not to mention the Prime Interest Rate was near 20% during the Reagan era (an all-time high). Thanks to the recession created by Carter.

[msmith198025]

Thanks to the recession created by Carter.

We may agree, but thats the same excuse the Obama camp is saying about Bush. What makes it different

[fallout2600]

At least 3 more months of job cuts:

http://www.marketwatch.com/story/small-business-owners-skeptical-of-recovery-2009-11-10?siteid=rss&rss=1

Nothing pretty here...go back to sleep, we are in recovery says the WH. :augentreher:

And for anyone questioning this deepening recession, take a look at this site on a daily basis:

http://www.dailyjobcuts.com/

[Derwin0]

just assume GM, and chrysler were totally bought by chinese, who have lots of money. they take all production of our big auto to china.
Why would they do that? The Japanese didn't, and in fact were the only ones expanding production in the U.S. for the last several years.

[vurbano]

We may agree, but thats the same excuse the Obama camp is saying about Bush. What makes it differentwe had a long period of recession under Carters term. Bush was literally out the door when this one started and frankly half of it was fear of Obama and his policies, as well as the Fannie and Freddie fiasco that bush tried to fix but the Liberals thwarted. Bush was just here when Barney Franks Home loan scam which was used to pacify community reinvestment collapsed..

[Bob Haller]

we had a long period of recession under Carters term. Bush was literally out the door when this one started and frankly half of it was fear of Obama and his policies, as well as the Fannie and Freddie fiasco that bush tried to fix but the Liberals thwarted. Bush was just here when Barney Franks Home loan scam which was used to pacify community reinvestment collapsed..

you really must live in a dream world...........

[msmith198025]

we had a long period of recession under Carters term. Bush was literally out the door when this one started and frankly half of it was fear of Obama and his policies, as well as the Fannie and Freddie fiasco that bush tried to fix but the Liberals thwarted. Bush was just here when Barney Franks Home loan scam which was used to pacify community reinvestment collapsed..

What did he do to fix frannie and freddie?

[vurbano]

What did he do to fix frannie and freddie?Bush and McCain both brought it to the attention of Congress and tried to stop these bad loans and reform F&F. Barney Frank vehemently denied that there was anything wrong with Fannie and Freddie.http://americanelephant.wordpress.com/2008/09/17/bush-and-mccain-each-tried-to-reform-fannie-mae-democrats-blocked-them-both-times/
http://paxalles.blogs.com/paxalles/2008/09/mccain-sponsore.html

[msmith198025]

Is that all they did?