Pretty Grim? Indeed

[Annie]

Perfect story for late Wednesday before Thanksgiving:

washingtonpost.com

Economy limping back to strength
'SLOW-MOTION RECOVERY'
Fed: Return to normal may take 5 or 6 years
By Neil Irwin and Renae Merle
Washington Post Staff Writer
Wednesday, November 25, 2009

The unemployment rate will remain elevated for years to come, according to a forecast released Tuesday by the Federal Reserve that addresses for the first time economic conditions at the time of the next presidential election.

It paints a grim picture. Top Fed officials expect the unemployment rate to remain in the 6.8 to 7.5 percent range at the end of 2012 and said it could take "about five or six years" from now for economic activity to return to normal. The jobless rate was 10.2 percent in October.

That sober forecast came on top of a revised government estimate also released Tuesday of economic output in the third quarter showing that the recovery got off to a slower start over the summer than previously thought....

Hmm, got to wonder if this is 'to suppress expectations' or reality. Seems the rest of the world didn't have a good day with stocks and such today:

Asian stocks tumble amid Dubai fears, dollar slump - Yahoo! News

Asian stocks tumble amid Dubai fears, dollar slump

By JEREMIAH MARQUEZ, AP Business Writer
14 mins ago

HONG KONG – Asian stock markets tumbled Friday, with South Korea down nearly 5 percent, as fears mounted over the fallout from Dubai's massive debt problems and the dollar continued its slide against the Japanese yen.

It was the region's second day of losses and followed a rout in European markets. Oil, meanwhile, dived to near $75 a barrel.

Investors cut back their riskier bets on equities and commodities after Dubai World, the emirate's main development engine, announced it was asking creditors to delay paying back its $60 billion debt. The news triggered fears of a massive default and a wave of heavy losses at banks and companies exposed to its debt that could cause more financial pain just as the global economy is starting to recover.

Also dampening the mood was the slumping dollar, which weakened to a new 14-year low below 85 yen, dragging down shares of Japanese exporters like automaker Nissan and electronics maker Sharp....

 

[Modbert]

Top Fed officials have said a lot of things over the past year. However, I would not be surprised if the jobs are the last thing to recover from this economic crisis. Historically, that has been the case.

 

[garyd]

And yet the left hammered Bush over a jobless recovery for 2 years...

By the way based on what I see and hear 7% unemployment seems unrealitically low.

 

[California Girl]

It would have been more helpful if the 'stimulus' money had actually been totally focused on recovery projects, instead of pork. Just sayin'.

 

[Gatekeeper]

It would have been more helpful if the 'stimulus' money had actually been totally focused on recovery projects, instead of pork. Just sayin'.

I wonder if the 'misuse' of the stimulus money, in the minds of many, could relate to someone in an organization accepting money from the organization legally to make improvements,BUT to be used in the organization itself,surrounding grounds, buildings etc, but he or she turns around and spreads a lot of that money between his or her pals to do what THEY want, all because they helped him out throughout the years in various ways?

Wouldn't he or she be guilty of a crime? Just sayin.................

 

[chanel]

The extended unemployment benefits are also hurting the state budgets. They will in turn demand more money from businesses, who in turn will forego hiring new employees. Government intrusion always has negative consequences.

 

[California Girl]

It would have been more helpful if the 'stimulus' money had actually been totally focused on recovery projects, instead of pork. Just sayin'.

I wonder if the 'misuse' of the stimulus money, in the minds of many, could relate to someone in an organization accepting money from the organization legally to make improvements,BUT to be used in the organization itself,surrounding grounds, buildings etc, but he or she turns around and spreads a lot of that money between his or her pals to do what THEY want, all because they helped him out throughout the years in various ways?

Wouldn't he or she be guilty of a crime? Just sayin.................

Good question.

I also ponder whether we would be in this mess had congress listened to Bush 5 years ago and taken the hard but necessary steps to minimize the impact of the threatening recession.

There is blame aplenty to go around for our current woes - greed in the private sector, the economists being too scared to have confidence in their own research, congress, and pretty much each and every adult in the US - who ran up debts they could not afford to repay and then blame the banks for lending them the money in the first place.

 

[chanel]

Well said CG. And with so much uncertainty and so little trust in the present administration, even those individuals and small businesses that have money to spend, are reluctant to do so. People are scared. And rightfully so. Also - who wants to hire new workers (even part timers) if they may be forced to provide health insurance?

It's almost as if they are doing it on purpose.

 

[Xenophon]

We will soon know if there is any recovery, when the results of black friday are in.

 

[Mr.Fitnah]

It would have been more helpful if the 'stimulus' money had actually been totally focused on recovery projects, instead of pork. Just sayin'.

Pork? I wish it is a slush fund for buying political favor .

 

[chanel]

You're right. I read a quote by the auditor in charge of recovery.gov say "Its a sausage factory" lol

 

[editec]

For decades we systematically rewarded the parsite classes while sticking it to the working classes.

Both parties allowed this to happen.

Now some of you wonder why this nation is in trouble?

While you people were cheering for lower taxes for billionaires, (but not for yourselves?!) did it never occur to you that in order to have a powerful nation somebody had to be working at a decent salary so they could pay the taxes that the rich were no longer paying?

If course it didn't.

You people who think you're liberertarian patriots are math-challenged idiots.

 

[garyd]

What taxes the rich are no longer paying edit. The freaking rich are funding 50 odd percent of this boondoggle before the Bush tax cuts end. In fact the math indicates that the rich' share of the tax burden increased rather than decreased under Bush. It is yoiu sir who are fact challenged. In fact the single biggest tax cut under Bush went to the lowest earning taxpayers.

 

[Contessa_Sharra]

It would have been more helpful if the 'stimulus' money had actually been totally focused on recovery projects, instead of pork. Just sayin'.

I wonder if the 'misuse' of the stimulus money, in the minds of many, could relate to someone in an organization accepting money from the organization legally to make improvements,BUT to be used in the organization itself,surrounding grounds, buildings etc, but he or she turns around and spreads a lot of that money between his or her pals to do what THEY want, all because they helped him out throughout the years in various ways?

Wouldn't he or she be guilty of a crime? Just sayin.................

who are you accusing and exactly what are you accusing them of, sourced....

 

[Xenophon]

For decades we systematically rewarded the parsite classes while sticking it to the working classes.

Both parties allowed this to happen.

Now some of you wonder why this nation is in trouble?

While you people were cheering for lower taxes for billionaires, (but not for yourselves?!) did it never occur to you that in order to have a powerful nation somebody had to be working at a decent salary so they could pay the taxes that the rich were no longer paying?

If course it didn't.

You people who think you're liberertarian patriots are math-challenged idiots.

If we taxed everyone the exact same thing per dollar we would not have a problem, would we.

 

[alan1]

Perfect story for late Wednesday before Thanksgiving:

washingtonpost.com

Economy limping back to strength
'SLOW-MOTION RECOVERY'
Fed: Return to normal may take 5 or 6 years
By Neil Irwin and Renae Merle
Washington Post Staff Writer
Wednesday, November 25, 2009

The unemployment rate will remain elevated for years to come, according to a forecast released Tuesday by the Federal Reserve that addresses for the first time economic conditions at the time of the next presidential election.

It paints a grim picture. Top Fed officials expect the unemployment rate to remain in the 6.8 to 7.5 percent range at the end of 2012 and said it could take "about five or six years" from now for economic activity to return to normal. The jobless rate was 10.2 percent in October.

That sober forecast came on top of a revised government estimate also released Tuesday of economic output in the third quarter showing that the recovery got off to a slower start over the summer than previously thought....

Hmm, got to wonder if this is 'to suppress expectations' or reality. Seems the rest of the world didn't have a good day with stocks and such today:

Asian stocks tumble amid Dubai fears, dollar slump - Yahoo! News

Asian stocks tumble amid Dubai fears, dollar slump

By JEREMIAH MARQUEZ, AP Business Writer
14 mins ago

HONG KONG – Asian stock markets tumbled Friday, with South Korea down nearly 5 percent, as fears mounted over the fallout from Dubai's massive debt problems and the dollar continued its slide against the Japanese yen.

It was the region's second day of losses and followed a rout in European markets. Oil, meanwhile, dived to near $75 a barrel.

Investors cut back their riskier bets on equities and commodities after Dubai World, the emirate's main development engine, announced it was asking creditors to delay paying back its $60 billion debt. The news triggered fears of a massive default and a wave of heavy losses at banks and companies exposed to its debt that could cause more financial pain just as the global economy is starting to recover.

Also dampening the mood was the slumping dollar, which weakened to a new 14-year low below 85 yen, dragging down shares of Japanese exporters like automaker Nissan and electronics maker Sharp....

Why do I not feel comforted?
Perhaps it is because this is the same administration that said the stimulus package would keep unemployment below 8%.

 

[garyd]

And having screwed it up the first time they want to try again believing that the problem is that the first stimulus package - around 8% of GDP - wasn't big enough.

 

[Truthmatters]

It would have been more helpful if the 'stimulus' money had actually been totally focused on recovery projects, instead of pork. Just sayin'.

I wonder if the 'misuse' of the stimulus money, in the minds of many, could relate to someone in an organization accepting money from the organization legally to make improvements,BUT to be used in the organization itself,surrounding grounds, buildings etc, but he or she turns around and spreads a lot of that money between his or her pals to do what THEY want, all because they helped him out throughout the years in various ways?

Wouldn't he or she be guilty of a crime? Just sayin.................

Good question.

I also ponder whether we would be in this mess had congress listened to Bush 5 years ago and taken the hard but necessary steps to minimize the impact of the threatening recession.

There is blame aplenty to go around for our current woes - greed in the private sector, the economists being too scared to have confidence in their own research, congress, and pretty much each and every adult in the US - who ran up debts they could not afford to repay and then blame the banks for lending them the money in the first place.

what was thatq plan you speak of?