Horrendous Economic News

[2centsworth]

The US economy lost 159,000 jobs last month. If we keep messing around, expect that number to double in no time.

Plus, the deep credit freeze is affecting A+ rated corporations. Commercial Paper, which is investment grade (top flight) debt, shrunk by a record $94.4 billion last week alone and has plunged $204 billion the past 3 weeks.

I give it one more week and the problems may be irreversible. The bailout at this point may just be a band aid, because it's coming too late.

[Anti.Hero]

Shit happens. It'll bounce back.

[boutons_]

"bailout at this point may just be a band aid"

There was petition or poll or something of 400 economists that said the Paulsen bailout, even with Congressional strings attached, would help only the bailed out, not the economy. iow, the bailout is just another capitalist/corporate ripoff of the US govt by the very same people who made 100s of $Ms from the r/e bubble they refused to acknowledge.

The best solution must include re-doing the mortgages so people can stay in their homes and keep paying 100s of $Bs in hard cash to the lenders, rather than the putting people in the street and lenders selling their non-performing MBS shit to the taxpayer.

[2centsworth]

Shit happens. It'll bounce back.

lame or lazy.

[2centsworth]

"bailout at this point may just be a band aid"

There was petition or poll or something of 400 economists that said the Paulsen bailout, even with Congressional strings attached, would help only the bailed out, not the economy. iow, the bailout is just another capitalist/corporate ripoff of the US govt by the very same people who made 100s of $Ms from the r/e bubble they refused to acknowledge.

The best solution must include re-doing the mortgages so people can stay in their homes and keep paying 100s of $Bs in hard cash to the lenders, rather than the putting people in the street and lenders selling their non-performing MBS shit to the taxpayer.


we need a two pronged approach. First, create liquidity so that the loss of jobs is minimized. Second, allow homeowners to restructure payments, because payment restructuring is more desirable than foreclosure. In foreclosure, all parties lose and so do we as a society.

[Anti.Hero]

lame or lazy.

me or the government?

[Evan]

me or the government?

:lol

[2centsworth]

me or the government?

i can just imagine someone like you before the great depression telling everyone shit happens, it'll bounce back.

I don't think striping men of pride, dignity, and the ability to provide for their families should be met with the response shit happens.

shit doesn't have to happen if you're not lazy.

[boutons_]

"First, create liquidity"

Lend the lenders liquidity (and never forgive the loans). Don't buy their garbage at contrived, fake above-market rates.

If the MBS actually had performing borrowers paying (rather than defaulting borrowers), the value of MBS would rise above garbage.

[2centsworth]

"First, create liquidity"

Lend the lenders liquidity (and never forgive the loans). Don't buy their garbage at contrived, fake above-market rates.

I have always been consistent in advocating loans, but truly time is of the essence. Get something done now. There are tons of businesses folding or on the brink of folding.



If the MBS actually had performing borrowers paying (rather than defaulting borrowers), the value of MBS would rise above garbage.

I agree with you! Restructure the notes.

[boutons_]

"Get something done now"

Paulsen/FED can create and disburse fiat money out of thin air in milliseconds.

[Ya Vez]

does it account for the jobs lost during the hurricane....

[KenMcCoy]

The US economy lost 159,000 jobs last month. If we keep messing around, expect that number to double in no time.



Yeah...it sucks and it's going to get worse once McCain loses. We started moving towards our potential tax increase plan once Obama started pulling away in the polls. Lots of jobs going to be lost around here if he gets elected and actually raises corporate taxes.

[101A]

Yeah...it sucks and it's going to get worse once McCain loses. We started moving towards our potential tax increase plan once Obama started pulling away in the polls. Lots of jobs going to be lost around here if he gets elected and actually raises corporate taxes.

Corp. taxes.

Little know last year, Texas enacted a newly designed Franchise Tax.

The old one cost my company $250 bucks; the new one - $15,000.

Essentially corporate income tax. The bills were due over the past couple of months.

Would be interesting to see how Texas might have contributed to those U/E numbers.

[101A]

does it account for the jobs lost during the hurricane....

A good question.

If the answer is "Yes"....expect to see that reported a couple of days after the election.

It was funny how TONS of good economic news about the economy came pouring out of the MSM in November of '92. Not saying this is nearly the same circumstance as then, but then it was pretty obvious at the time.

[KenMcCoy]

Corp. taxes.

Little know last year, Texas enacted a newly designed Franchise Tax.

The old one cost my company $250 bucks; the new one - $15,000.

Essentially corporate income tax. The bills were due over the past couple of months.

Would be interesting to see how Texas might have contributed to those U/E numbers.

Yeah...it was a pretty steep incline for us as well but it's just a drop in the bucket since TX is less than 10% of our sales nationwide. Moving back to a higher Fed Tax rate is going to be the killer.

[Nbadan]

The US economy lost 159,000 jobs last month. If we keep messing around, expect that number to double in no time.

Can we finally admit we are in a recession now? Hell, we've been in a recession for months but the gov'ment can't fluff the numbers enough anymore...

[Wild Cobra]

Well, if the stock market is to be an indication, the bailout is wrong. Not right. See my new thread (http://www.spurstalk.com/forums/showthread.php?t=106348).

http://i181.photobucket.com/albums/x262/Wild_Cobra/BailoutDrop.jpg

[ChumpDumper]

:lmao

Look at my graph!

Read my thread!

[Wild Cobra]

:lmao

Look at my graph!

Read my thread!
My God, you are pathetic. I pity you.

You must have such low self esteem, the only way you make it through the day is to make fun of others. You're such a loser. Again, I pity you.

[Shastafarian]

My God Man!!!!

[Nbadan]

Maybe, it's not that it's wrong (which I think this bill is weak) but that it's not enough..


NEW YORK - The credit markets finally got a bailout bill, but the stranglehold hasn't let up — a troubling sign that lenders and investors believe the package will only be a baby step in the long road to economic recovery.

The credit markets, where companies go to get cash loans, have seized up since the bankruptcy of Lehman Brothers Holdings Inc. and in anticipation of the $700 billion plan initially voted down by the House. The House passed a revised version of it Friday following the Senate's approval earlier this week, but anxiety about its effectiveness kept demand for Treasury bills high and nearly nonexistent for other types of debt.

Overall, market participants have begun regarding the rescue plan as a medicine for what's ailing the financial system, but not a cure-all.

<snip>

Some are worried, though, that the plan will not work at all.

Yahoo News

[ChumpDumper]

My God, you are pathetic. I pity you.

You must have such low self esteem, the only way you make it through the day is to make fun of others. You're such a loser. Again, I pity you.I admit I pick the low hanging fruit. Quit making it so easy.

[1369]

So does anyone have data on what types of jobs were lost? Because my company has about $150M of backlog of work, but it's hard to fill the positions.

[Wild Cobra]

So does anyone have data on what types of jobs were lost? Because my company has about $150M of backlog of work, but it's hard to fill the positions.
Must be a skilled labor job. Supply and demand. If they cannot bring in help, they are not paying enough!

My opinion is that the job losses are primarily lazy or people expecting only high wages, being repleced by illegal workers.

THERE ARE PLENTY OF JOBS OUT THERE PEOPLE! They may not pay as much as you like, but they are there!

[Shastafarian]

My opinion is that the job losses are primarily lazy or people expecting only high wages, being repleced by illegal workers.


My opinion is this is why people don't take you seriously.


My God Man!

[Tully365]

i can just imagine someone like you before the great depression telling everyone shit happens, it'll bounce back.

I don't think striping men of pride, dignity, and the ability to provide for their families should be met with the response shit happens.


Nice post.

[byrontx]

2cents is right on this one. The foreclosures just keep downward pressure on the economy and destroys lives.

http://inplacenews.com/90year-woman-attempted-suicide-evicted-foreclosed-home/

[1369]

Must be a skilled labor job. Supply and demand. If they cannot bring in help, they are not paying enough!

My opinion is that the job losses are primarily lazy or people expecting only high wages, being repleced by illegal workers.

THERE ARE PLENTY OF JOBS OUT THERE PEOPLE! They may not pay as much as you like, but they are there!


My opinion is this is why people don't take you seriously.


My God Man!

Yea, it is skilled labor. I can't find a decent millwright under the age of 50. Seems folks today don't want to actually work for their wage.

50 hours a week at $25 an hour makes a decent wage, but, wages haven't kept up with cost of living. And that's a shame, to bad we're now a service economy instead of focused on folks who actually build things.

[1369]

2cents is right on this one. The foreclosures just keep downward pressure on the economy and destroys lives.

http://inplacenews.com/90year-woman-attempted-suicide-evicted-foreclosed-home/

And exactly why would take out a mortgage in the 90's on a house you bought in the 70's?

[ElNono]

Yea, it is skilled labor. I can't find a decent millwright under the age of 50. Seems folks today don't want to actually work for their wage.

50 hours a week at $25 an hour makes a decent wage, but, wages haven't kept up with cost of living. And that's a shame, to bad we're now a service economy instead of focused on folks who actually build things.

Just curious, why do you need this person to be younger than 50?
Also, you do 10 hours/day MON-FRI, or do they need to work weekends?

[1369]

Just curious, why do you need this person to be younger than 50?
Also, you do 10 hours/day MON-FRI, or do they need to work weekends?

Normally it's 10x5. I say younger than 50 so I can grow hands to make supervisor type folk out of them. Weekends are always an option and the work is generally away from home.

Interested?

[Clandestino]

when bill millers is paying 9 bux an hour.. we dont have an employement shortgage.. we have a shortgage of employees!

[smeagol]

Wild Cobra thinks that the stock market is THE indicator of wright or wrong economic policy :lmao

[alamo50]

The American Dream: too good to be true.........

[ElNono]

Normally it's 10x5. I say younger than 50 so I can grow hands to make supervisor type folk out of them. Weekends are always an option and the work is generally away from home.

Interested?

Oh no. I'm no millwright. I was just curious. Thanks.

[2centsworth]

Well, if the stock market is to be an indication, the bailout is wrong. Not right. See my new thread (http://www.spurstalk.com/forums/showthread.php?t=106348).

http://i181.photobucket.com/albums/x262/Wild_Cobra/BailoutDrop.jpg

I wouldn't let the stock market tell you too many stories. Long-term it will reflect the economy as a whole, but short-term it's unpredictable. I have absolutely ignored the performance of the stock market when coming up with an opinion on the bailout. btw, you should know by now chump is a minor league troll.

[ChumpDumper]

And yet you agree with me on WC's stock price bullshit.

[Anti.Hero]

i can just imagine someone like you before the great depression telling everyone shit happens, it'll bounce back.

I don't think striping men of pride, dignity, and the ability to provide for their families should be met with the response shit happens.

shit doesn't have to happen if you're not lazy.

Shit happened, it bounced back didn't it?

Why should I cry like everyone else when we see what is wrong and nobody does anything about it.

It'll come. It'll go. We reap what we sow.


I see people buying into this shit that the government will save them, fools like above saying the American Dream doesn't exist while they attack the successful who have achieved it...let them entertain a great depression and see how great the America they hated actually was :toast

[boutons_]

"fools like above saying the American Dream doesn't exist while they attack the successful who have achieved it"

the concentration of wealth and revenue by top 5% under Repug regime while since 2000 household income has declined and poverty rate has risen, while executive pay has risen to many 100s x average salary is not the American Dream, it's the kleptocratic plutocracy wet-dream come true, the wet-dream of gaming the system while sucking $$$ away from th bottom 95%.

[Wild Cobra]

Yea, it is skilled labor. I can't find a decent millwright under the age of 50. Seems folks today don't want to actually work for their wage.

50 hours a week at $25 an hour makes a decent wage, but, wages haven't kept up with cost of living. And that's a shame, to bad we're now a service economy instead of focused on folks who actually build things.
That $25 per hour is a wage for someone with schooling and no practical experience, right? You know a skilled milright should be making $35 per hour or more.

Supply and demand. You need to pay more, or offer something. Take a technically proficient novice, and apprentice him/her. A historical apprentiship type skill that is OJT rather than college trained. To kep up in that area you have to have a skilled millright teach the younger ones. My skills are that of a millright. I left a six figure job for a more stable on with less chances of a layoff. Now make high fives and better benifts. I now get a pension when I retire as well as my 15% going into a 401k.


Normally it's 10x5. I say younger than 50 so I can grow hands to make supervisor type folk out of them. Weekends are always an option and the work is generally away from home.

Interested?
Work away from home?

I don't know how many jobs I have turned down because of travel neing normal. I don't like living out of a hotel, and have never seen a job that compensates enough for being away from my own goodies.

Are you offering starting pay at $25, or is that the nominal pay?


Wild Cobra thinks that the stock market is THE indicator of wright or wrong economic policy :lmao
You don't know what I think, why are you acting like you do? Maybe I make you think such things, but do not place your opinion as facts of mine. That is pretty ignorant, and you are far better than that. The market is one of many indicators, the problem is reading them right. The leftists media tags any thing they want to a market upturn or downturn, and they are usually wrong. I don't know my observation as certain fact, but the presentation of the daily graphs shows the leftist spin is in error .


I wouldn't let the stock market tell you too many stories. Long-term it will reflect the economy as a whole, but short-term it's unpredictable. I have absolutely ignored the performance of the stock market when coming up with an opinion on the bailout. btw, you should know by now chump is a minor league troll.

There are several problems with the reading stock market, but the major factor I think is realizing that it reflects what people think the profits will be. Not what they are so much. The reasons for the profits can be good or bad. I think if we want to fix the stock markets, we need to eliminate day trading. Make any stocks bought to be required to be held for a period of time. I don't care how long so much as to making it the norm.

[2centsworth]

.



There are several problems with the reading stock market, but the major factor I think is realizing that it reflects what people think the profits will be. Not what they are so much. The reasons for the profits can be good or bad. I think if we want to fix the stock markets, we need to eliminate day trading. Make any stocks bought to be required to be held for a period of time. I don't care how long so much as to making it the norm.

on a daily basis the market can mean a million different things.

[Anti.Hero]

"fools like above saying the American Dream doesn't exist while they attack the successful who have achieved it"

the concentration of wealth and revenue by top 5% under Repug regime while since 2000 household income has declined and poverty rate has risen, while executive pay has risen to many 100s x average salary is not the American Dream, it's the kleptocratic plutocracy wet-dream come true, the wet-dream of gaming the system while sucking $$$ away from th bottom 95%.

blah blah blah blah cry more noob.

I see people making six figures who started with shit daily. None having to go through the corporate hamster wheel of Amerika.

Fuck the bottom 50% who pay shit for taxes and still bitch nonstop.