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View Full Version : Wall Street Posts "Record" Profits. Unemployment Falling.


SteelerEmpire
12-18-2009, 02:32 PM
Wall Street: LINK: http://www.huffingtonpost.com/2009/12/17/wall-street-profits-soar_n_395682.html

Unemployment: LINK: http://money.cnn.com/2009/12/18/news/economy/state_unemployment/index.htm

Well... I "hope" this is good news....

revefsreleets
12-18-2009, 05:11 PM
Huffington Post is a little dubious as a source...but the second article is legit.

I do believe the recession is over, but with tight credit and continuing high unemployment, it's going to be tough for business', especially small ones, to properly recover to the point that they can start hiring...

smokin3000gt
12-18-2009, 08:27 PM
I think a lot small businesses have made so many cuts to survive that it won't take hardly any work at all before they need to rehire.

I'm just glad things are getting better in Florida. I feel like we went through a hurricane on a row boat!

Preacher
12-18-2009, 09:29 PM
Well, what's interesting, is what is exactly happening with the unemployment numbers.

See, congress passed a law which extended unemployment. Many, MANY people I mean literally hundreds of thousands of people, waited a week to a month to apply for unemployment, so they can get into the longer term benefits.

That has now ran out. THose people are falling off the back end... into one of three places. 1. Simply not working, and not looking for work. 2. Taking part time jobs (this is the dem's favorite gripe when a repub. is in office). or 3, taking a lower paying job than they were holding out for.

Very few actually get the job they wanted in the last few weeks.... as they were holding out for months for that kind of job anyway.

Thus, these numbers are manipulated but rather... well, massaged to look good. Not EVERYTHING is being told.

BTW-ask youself why the dems aren't extending benefits again now? (Answer, election year. The unemployement rate falls, making them look good. Watch for a push to extend it as a campaign promise however).

GoSlash27
12-18-2009, 09:37 PM
Well, what's interesting, is what is exactly happening with the unemployment numbers.

See, congress passed a law which extended unemployment. Many, MANY people I mean literally hundreds of thousands of people, waited a week to a month to apply for unemployment, so they can get into the longer term benefits.

That has now ran out. THose people are falling off the back end... into one of three places. 1. Simply not working, and not looking for work. 2. Taking part time jobs (this is the dem's favorite gripe when a repub. is in office). or 3, taking a lower paying job than they were holding out for.

Very few actually get the job they wanted in the last few weeks.... as they were holding out for months for that kind of job anyway.

Thus, these numbers are manipulated but rather... well, massaged to look good. Not EVERYTHING is being told.

BTW-ask youself why the dems aren't extending benefits again now? (Answer, election year. The unemployement rate falls, making them look good. Watch for a push to extend it as a campaign promise however).
No arguments here, but a couple additional points:
New claims for unemployment are up rather than down, the unemployment rate is currently hovering at 10%, and inflation has spiked in both manufacturing and the public sector.
I'm expecting a douple dip recession, and this go around is liable to be as bad as the first cycle if not worse.

Preacher
12-18-2009, 09:49 PM
No arguments here, but a couple additional points:
New claims for unemployment are up rather than down, the unemployment rate is currently hovering at 10%, and inflation has spiked in both manufacturing and the public sector.
I'm expecting a douple dip recession, and this go around is liable to be as bad as the first cycle if not worse.

Yep, and the problem is, many people have ran out of reserves in the first go around. A double dip recession will be serious trouble . . . and series payback for all the politicians on both sides of the isle that play games with our economy for election purposes.

Shellshock
12-18-2009, 10:04 PM
MY brother inlaw works on Wall Street and he said "what recession". He said this year he has made the most money ever. He said they took the Gov't money and turned 1 dollar of Gov't $ and turned into 3.

revefsreleets
12-20-2009, 04:02 PM
There won't be a double-dip.

And benefits HAVE been extended.

Things will pick up, albeit slowly, because of globalization. Most people won't realize it, and many would deny it even if it smacked them in the face, but one of the benefits of all this globalization will be that when THEIR recession ends, our recession ends. I think Britain is the only European Country still in recession, and China is back to that pre-recession 8% expansion rate...we'll be fine. But it WILL take years before WE are back to our pre-recession employment numbers....

Gnutella
12-23-2009, 04:29 AM
Honestly, I think the United States in the 2010's will be analogous to Japan in the 1990's. We're entering a "lost decade."

revefsreleets
12-23-2009, 10:48 AM
Our recession is child's play compared to Japan's. They have had two DECADES of recession. Their GDP not only stopped growing, but SHRANK as much as 12-14% in some quarters. They saw HUGE declines, like 50% declines, in exports.

Our economy has already turned the corner. Market forces play a much stronger hand in our economy than either Japan's or China's, and political manipulation contributed greatly to Japan's problems. Sure, we're going to have unemployment problems for awhile, but i think or economy is more resilient than people give it credit for. The economy will recover rapidly IN SPITE of all Obama's "help"...