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Thread: U.S. jobs crisis may get bloody; Bloomberg, experts warn of riots

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    U.S. jobs crisis may get bloody; Bloomberg, experts warn of riots

    New York City Mayor Michael Bloomberg warned yesterday if the national jobs crisis doesn’t end soon, the United States would see riots in the streets.
    “We have a lot of kids graduating college, can’t find jobs,” Bloomberg said on his radio show. “That’s what happened in Cairo. That’s what happened in Madrid. You don’t want those kinds of riots here.”
    Thomas Kochan, a professor at MIT’s Sloan School of Management, agreed with Bloomberg’s assessment.

    “There’s so much frustration at the lack of jobs,” Kochan said. “I’m surprised there aren’t more visible signs of anger already. The American public is very tolerant and not prone toward civil unrest, but we’re living on borrowed time with this economy.”
    And the hits keep coming — yesterday the Federal Reserve released a report saying U.S. household income fell for the first time in a year, dropping .3 percent to $58.5 trillion. Earlier this week, the Census Bureau put the U.S. poverty rate at 15.1 percent, the highest since 1993. And the national unemployment rate held steady at 9.1 percent as the U.S. added zero jobs in August.
    The rest of the article can be found here.

    Judging from the recovery rates of various financial crises (South Sea Bubble 1720, Panic of 1819, Panic of 1837, Panic of 1873, Panic of 1907, The Great Depression, Japanese Asset Bubble, and the current global financial crisis), it will take quite a bit of time for the labor market to fully recover. In my opinion, a great deal of people on both sides of the spectrum purposefully forget this phenomenon because this country has been 80 years removed from our last true financial crisis. When the political opposition does not adapt ones preferred policy, there is general outrage and contempt without the slighest consideration about the nature of economic and financial recoveries.

    That is why it is imperative that Washington D.C. picks up the investment slack until the private sector is ready and willing to be the driving force of national investment. Tax cuts and perpetual unemployment insurance does not address the long term; and has been unable to provide the economy anything except temporary relief. I also believe that the president is making a huge mistake by attempting to reach across the isle by including various tax incentives. No American in the position to create jobs does so at the whim of personal income tax rates.

    On the contrary, political grandstanding with a tumultuous labor market will lead to increased public support for President Obama. "Jobless riots" have the ability to pressure Republicans to act accordingly if they have any desire to be a part of the political process going forward from 2013.
    Last edited by Kushinator; 09-17-11 at 04:43 PM.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. jobs crisis may get bloody; Bloomberg, experts warn of riots

    Rioting usually requires a flashpoint, not mere unrest. For example, it took the Rodney King verdict to take the long simmering unrest over bullying cops in Los Angeles and make it boil over. Similarly, it took the self-immolation of Mohamed Bouazizi to ignite the fires of the "Arab spring".

    My guess is that some down and out homeowner, facing repossession of his home, will barricade himself and a Waco style siege will ensue. If Obama or his successor mishandle the situation, that will be the flash point.

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    Re: U.S. jobs crisis may get bloody; Bloomberg, experts warn of riots

    Good lesson for the little snot nose grads. Maybe they will realize that elections have consequences.

    .

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    Re: U.S. jobs crisis may get bloody; Bloomberg, experts warn of riots

    If people thought that more government spending was the answer, Obama's popularity numbers would not be where they are at.

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    Re: U.S. jobs crisis may get bloody; Bloomberg, experts warn of riots

    Quote Originally Posted by 1Perry View Post
    If people thought that more government spending was the answer, Obama's popularity numbers would not be where they are at.
    Don't think that's true. Seriously, if people thought anything was working, spending or not, everyone's poll numbers would be better. Most are not as ideological as we find on these boards.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: U.S. jobs crisis may get bloody; Bloomberg, experts warn of riots

    Quote Originally Posted by ChuckBerry View Post
    Rioting usually requires a flashpoint, not mere unrest. For example, it took the Rodney King verdict to take the long simmering unrest over bullying cops in Los Angeles and make it boil over. Similarly, it took the self-immolation of Mohamed Bouazizi to ignite the fires of the "Arab spring".

    My guess is that some down and out homeowner, facing repossession of his home, will barricade himself and a Waco style siege will ensue. If Obama or his successor mishandle the situation, that will be the flash point.
    So that's why pieces of **** stole and vandalized the property of innocent people and assaulted innocent people. Human garbage use any excuse to do wrong. Thats like saying I am mad at the bank for foreclosing my house so I am going to punch a girl scout troop leader.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

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    Re: U.S. jobs crisis may get bloody; Bloomberg, experts warn of riots

    Quote Originally Posted by TOJ View Post
    Good lesson for the little snot nose grads. Maybe they will realize that elections have consequences.
    What on earth are you talking about?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. jobs crisis may get bloody; Bloomberg, experts warn of riots

    Quote Originally Posted by jamesrage View Post
    So that's why pieces of **** stole and vandalized the property of innocent people and assaulted innocent people. Human garbage use any excuse to do wrong. Thats like saying I am mad at the bank for foreclosing my house so I am going to punch a girl scout troop leader.
    Just because it is illegal for people to act in that manner does not dismiss the fact that they do, and those actions carry unintended consequences.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. jobs crisis may get bloody; Bloomberg, experts warn of riots

    Quote Originally Posted by jamesrage View Post
    So that's why pieces of **** stole and vandalized the property of innocent people and assaulted innocent people. Human garbage use any excuse to do wrong. Thats like saying I am mad at the bank for foreclosing my house so I am going to punch a girl scout troop leader.
    people who have nothing to lose have no reason not to set fires if they are made angry enough
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    We Americans are a complacent bunch. As long as the unemployed are fed a continuous stream of cable tv and cheese doodles, there won't be any riots. Isn't like 30% of the population on psychoactive scrips anyway? Not a good sign for rabble rousers. Nothin' but a bunch of drugged, overweight losers that want to be on the next reality tv show out there.

    Or am I just too cynical? I am <mostly> kidding anyway...
    "A witty saying proves nothing." Voltaire

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