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Stocks pile on losses amid worries on economy

AdamT said:
Yes, there is a reason. They didn't qualify for Chapter 11 without government assistance.
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I would have had far less of a problem with the government stating that they were "encouraging" this reorganization without turning accepted law on it's head.
 
the monthly unemployment number is out: 9.1%

117000 jobs created, 154k in the private sector, govt shedding (9th straight month) 37k

but it's far, far worse

CNBC: Beneath Surface Lie Ugly Truths

1. the 117k doesn't keep up with population, we'd need at least twice that to get outta here anytime in our grandparents' lifetimes

2. the labor pool is 63.9%, lowest in 27 years

3. if the participation rate today were what it was in january of 2009, unemployment this morning would be 11.7

4. there are actually 38000 net FEWER americans working in july than in june

5. the fastest growth (14%) is in the "discouraged" group, those who've dropped out

6. the average seeker has been looking 40.4 months, a new record, double the figure for january, 09

7. there are 6.2 million americans out of work at least 6 months, 130% more than inauguration day

8. underemployment is 16.1

9. african american joblessness is 15.9, hispanic 11.3

10. only 58% of working age americans today are employed

fyi
 
1Perry said:
My response was concerning how we measure inflation. It wasn't a comment on one single item. How does the fact that we measure inflation in a different way today than we did in 1978 skew my understanding of inflation?
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If you had any understanding at all, you would not have made such a ridiculous statement. The goods basket of '78 is in no way comparable to the one today and has no business being mentioned given the context of the discussion.
 
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today: Food stamp use rises to record 45.8 million - CNN

Nearly 15% of the U.S. population relied on food stamps in May, according to the United States Department of Agriculture.

The number of Americans using the government's Supplemental Nutrition Assistance Program (SNAP) -- more commonly referred to as food stamps -- shot to an all-time high of 45.8 million in May, the USDA reported. That's up 12% from a year ago, and 34% higher than two years ago.

To qualify for food stamps, an individual's income can't exceed $1,174 a month or $14,088 a year -- an amount that is 130% of the national poverty level.

The average food stamp benefit was $133.80 per person and $283.65 per household in May.
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The ugly truths aren't quite as ugly as they may seem. A lot of people who have technically left the work force are people who have returned to school to seek training in areas with better employment prospects. Others have taken early retirement. Which is not to say that the situation isn't bad....
 
Goldenboy219 said:
If you had any understanding at all, you would not have made such a ridiculous statement. The goods basket of '78 is in no way comparable to the one today and has no business being mentioned given the context of the discussion.
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Please then, educate me.
 
Well, Arianna Huffington says so it must be true.....pfft!


j-mac
 
Hmmm, good time to buy some stocks!!! And a barrel of oil dropped 6%, so gas up and enjoy a much needed vacation.
 
AdamT said:
Unemployment persists, but more job openings than ever | SmartPlanet
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smartplanet---LOL!

what's mainstream michael moore say?

According to a Bureau of Labor Statistics breakdown, there were 139,296,000 people working in July, compared to 139,334,000 the month before, or a drop of 38,000.
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The percentage of people either working or searching for jobs fell to 63.9 percent, the lowest in 27 years.
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News Headlines

News from The Associated Press
 
according to a bls breakdown, there were 139,296,000 people working in july, compared to 139,334,000 the month before, or a drop of 38,000

the percentage of people either working or searching for jobs fell to 63.9 percent, the lowest in 27 years

if today's participation rate were what it was in january, 09, unemployment would be 11.7
 
AdamT said:
Again, perhaps you could address the substance of the articles rather than the websites where they were published?
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Come up with something that isn't biased and maybe he will...

j-mac
 
j-mac said:
Come up with something that isn't biased and maybe he will...

j-mac
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Perhaps you could demonstrate that it's biased instead of simply slapping on a label and asking us to assume it fits? That's why they call it ad hominem.
 
shintao said:
Hmmm, good time to buy some stocks!!! And a barrel of oil dropped 6%, so gas up and enjoy a much needed vacation.
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Gas prices are still at $3.95 here. I love it when prices go up, the price of gas goes up the same day. Then when prices fall Ill see it a week later if at all.
 
The Giant Noodle said:
Gas prices are still at $3.95 here. I love it when prices go up, the price of gas goes up the same day. Then when prices fall Ill see it a week later if at all.
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Yep.. the Brits and Spanish have put the oil companies under investigation for this aswell.. and guess what, now the Spanish gas prices fall all of a sudden a few days after the oil falls.. go figure!
 
AdamT said:
You think people were living of the 1.5% interest their savings accounts were paying? :lol:
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There's no doubt that lower interest rates are good for borrowers and bad for savers. No way to spin that one.
 
Goldenboy219 said:
I think you are quite capable of educating yourself!
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What does that have to do with what I said? The article claims to say why one measure is better than the other. It's nothing more than governmental gobbly gook. I said using the same formula as used in 1978, inflation a few months ago would have been measured around 10%. (from my recollection)

Are you saying that it wouldn't have been notably higher?
 
SingleCellOrganism said:
The USA is toast and here is why:

Massive debt
Foreign wars
Wages are WAY too high compared to the rest of the world
Lazy, dumb generation of kids
Corrupt moronic political system

No way out.. no way out.
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Interestingly, this is also why the Roman Empire (and many others) are toast. It's not morning in America, that's for sure.
 
1Perry said:
The solution for some is to add more and more debt. You don't fix a problem by multiplying it. I have a hard time feeling bad for the entity that gives an alcoholic a bottle of booze and then gets upset when they puke on their shoes.
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This is the best description of the Fed's easy money policies EVER. perfect.
 
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