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Average Unemployment Period Hits All Time Record High Of 6 Months

Tyler Durden's picture





 

The length of time the average unemployed
has been without a job has just passed an all time record 26 weeks.
This is the longest time average unemployed American has been jobless
since this data series has been recorded. In other news, as this data
point is obviously unspinnable positively for general consumption, expect the dollar to shortly hit zero, as the stock market approaches to reach infinity.

 


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Thu, 10/22/2009 - 13:25 | Link to Comment starfish
starfish's picture

http://dbr.chipin.com/audit-the-fed-tv-campaign

Audt the FED TV commercial...kinda funny...

Thu, 10/22/2009 - 14:41 | Link to Comment Village Idiot
Village Idiot's picture

An orange...five dollars.

Thu, 10/22/2009 - 13:25 | Link to Comment faustian bargain
faustian bargain's picture

ouch

Thu, 10/22/2009 - 14:45 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Anyone notice the general trend of the chart over the last 50 years? Time for me to break out my old dog eared copy of the "Decline and Fall of the Roman Empire."

http://www.amazon.com/Decline-Empire-Wordsworth-Classics-Literature/dp/1853264997/ref=sr_1_2?ie=UTF8&s=books&qid=1256236988&sr=8-2

 

Thu, 10/22/2009 - 15:14 | Link to Comment cougar_w
cougar_w's picture

Better use of your time: Start writing something on the rise and fall of the middle class.

There are more middle-class people alive today than all the Romans that ever lived. And they are softer and less capable (in material terms) than the average Plebeian  of 476AD, and have access to fewer resources.

This cannot end well.

cougar

Thu, 10/22/2009 - 15:39 | Link to Comment sgt_doom
sgt_doom's picture

Sadly, but in a most enlightened manner, that has already been written:

Joseph A. Tainter's "Collapse of Complex Societies" --- if you haven't yet read this, or his other works, they are really the result of some brilliant and insightful research --- and which most seriously takes into consideration the prevailing economic actions of the pertinent times.

Thu, 10/22/2009 - 15:52 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

sgt_doom,

I finished this book last week and I've just started it again. It's so filled to the brim with information and ideas that I'm getting nearly as much out of it the second time as I did the first.

Honestly I wasn't sure how I felt after the first go round. While it helps to have a better understanding of what's going on, sometimes ignorance is bliss. Just because you're aware of how and why the car is crashing doesn't make it much better if you're inside the car.

Ultimately the insanity of us as individuals is that we have a tendency to think along the following lines. While everyone else is doomed, doomed, doomed, because I'm aware and can see what's happening, I can save myself.

If we're all in the same pot of boiling water, it really doesn't matter who knows the future and who doesn't.

 

Thu, 10/22/2009 - 16:07 | Link to Comment sgt_doom
sgt_doom's picture

Agreed!  But it makes for interesting dinner party conversational topics (no...just kidding here!).

But it does allow one to better frame the existing reality when everyone is posing a thousand solutions to a thousand problems, which really won't be any different tomorrow, unless one really and truly drills down to the fundamental problems.

E.g., to those still in the fooled column -- they can keep making those donations (to Obama, or to that "public option", etc.) while those in control know what the real score is and are laughing all the way to the bank, or rather hedge fund....

Ever diminishing returns on more and more problem-solving yields relatively little.

Thu, 10/22/2009 - 16:18 | Link to Comment cougar_w
cougar_w's picture

[ever diminishing returns] That would be the death-spiral of a complex system.

Complexity is a meat grinder eating itself. Complex systems grind themselves into rust, and can proceed past their own event horizon almost instantly.

And yes, we are all inside this one.

6 billions+ of us.

This cannot end well.

cougar

Fri, 10/23/2009 - 04:23 | Link to Comment Anonymous
Thu, 10/22/2009 - 13:25 | Link to Comment Daedal
Daedal's picture

TD, no worries.

Here's the positive spin: "Record high unemployment checks driving consumer spending."

Thu, 10/22/2009 - 13:32 | Link to Comment digalert
digalert's picture

The agenda for setting records is working, record rallies, record deficits, record spending...

Thu, 10/22/2009 - 13:35 | Link to Comment SilverIsKing
SilverIsKing's picture

Do not forget that we are in the midst of a 'JOBLESS RECOVERY' so don't expect the jobs picture to get any brighter.  Once you accept that fact, then it will all make more sense.

Thu, 10/22/2009 - 13:53 | Link to Comment Bam_Man
Bam_Man's picture

A "jobless recovery" is an oxymoron. There is no such thing. What we are seeing is a totally synthetic, liquidity and stimulus driven spike in activity (mostly financial). It is not by any stretch of the imagination a "recovery" in any way, shape or form.

Thu, 10/22/2009 - 14:03 | Link to Comment SilverIsKing
SilverIsKing's picture

No way?  Do you mean there really is not going to be a jobless recovery?

Thu, 10/22/2009 - 14:24 | Link to Comment faustian bargain
faustian bargain's picture

going short on sarcasm

Thu, 10/22/2009 - 15:07 | Link to Comment Anonymous
Thu, 10/22/2009 - 15:19 | Link to Comment cougar_w
cougar_w's picture

No no. It will be a jobless non-recovery.

Well even that is not strictly correct.

Those people will have jobs eventually even aft er the non-recovery.

Trimming lawns. Sweeping the stables. Picking rags at the landfill.

Shucks, with all the potholes that will need filling and ditches need digging you can employ half the country with just a lot of shovels. Problem solved. Seriously.

cougar

Thu, 10/22/2009 - 15:42 | Link to Comment faustian bargain
faustian bargain's picture

haha, that's why we need stimulus 2.0, to fund all those newly-'shovel-ready' jobs.

The government is waiting for just the right level of desperation, and then will swoop in to 'rescue' all the jobless with employment under Uncle Sam, Inc.

Thu, 10/22/2009 - 14:39 | Link to Comment sgt_doom
sgt_doom's picture

No doubt you are being sarcastic as we are really in a JOBLESS ECONOMY....

Thu, 10/22/2009 - 15:14 | Link to Comment Anonymous
Thu, 10/22/2009 - 13:35 | Link to Comment cbxer55
cbxer55's picture

I have been out of work since January 3, 2009. I have applied to so many jobs, it fills a notebook. Done so many interviews, the thought of another one makes my retch.

Anyhow, thought I had a job at Tinker Air Force Base all wrapped up. But gee, who'da thunk the federal government would discriminate against someone with a hearing problem? Thats right, a hearing problem that is the result of working on aircraft for 22 years is keeping me from getting a job working on aircraft! For the feds!

And I cannot renew my Class A driving license, because, WAIT FOR IT! You have to be able to hear a "forced whisper" at five feet in order to drive a semi-truck! Gee, who'da thunk it?

You can't make this stuff up folks! TPTB are making it dang-near impossible for some of us to get a job anymore. I'd give up entirely, but have to make the effort in order to continue getting bennies. And I will exhaust my extended benefits in February 2010.

Glad all we have is a mortgage though. No ccs, no auto loans, nothing. Otherwise we'd be in deep doo-doo.

Thu, 10/22/2009 - 13:42 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Sorry to hear your story, but I can't say I am surprised, this is totalitarian Fascism at its best (or worst, as it may be).

You are lucky we aren't at the next phase.  We know what the German Fascists did to those with "disabilities".

You think the talk of "Death Panels" came out of nowhere?

Thu, 10/22/2009 - 15:06 | Link to Comment Anonymous
Thu, 10/22/2009 - 13:44 | Link to Comment VegasBD
VegasBD's picture

If you would have moved to Aussie on Jan 4th....you would have increased your wealth in dollars by 50% by now, and you wouldn't have had to get a job, just swap all your dollars for aussie dollars.

AND you would have found work, less regulation.

Funny, thats why people used to immigrate here =\

Thu, 10/22/2009 - 14:21 | Link to Comment chet
chet's picture

I'm sorry to hear your story.  There are too many like you.  Hang in there.  Remember family and friends are the most important.  Things are just things.

Thu, 10/22/2009 - 14:31 | Link to Comment walküre
walküre's picture

Extreme regulations have killed the American economy. Why do you think our corporations have left the homeland and put their businesses elsewhere?

I'm seriously considering taking my money and moving to Thailand or other Asian country. English goes a long way there and as entrepreneur, there's always opportunity.

The red tape here makes me puke. I can't print money like some other folks, so what's a guy supposed to do? Wait for Santa Claus?

Thu, 10/22/2009 - 15:24 | Link to Comment cougar_w
cougar_w's picture

Extreme greed has killed the American economy. Why do you think our corporations have left the homeland and put their businesses elsewhere?

The self-immolation and forced suicide here makes me puke.

Thu, 10/22/2009 - 15:43 | Link to Comment faustian bargain
faustian bargain's picture

extreme greed bolstered by moral hazard, you mean.

where is the risk? where is the fear of failure? our nanny is taking care of all obstacles.

Thu, 10/22/2009 - 17:53 | Link to Comment walküre
walküre's picture

Money like water follows the path of least resistance.

That is why the US became the most powerful and the richest nation ever.

Regrettably that has changed and the money is flowing mainly into Asia.

Greed hasn't hurt the economy. No greed, no economy.

Regulations, bureaucracies and oligarchies have destroyed America.

I am greedy and I want to succeed. But why should I invest my capital and my talents where people are concerned about my carbon foot print rather than cheering me on to have a bigger carbon foot print and create jobs in the process.

 

 

Thu, 10/22/2009 - 14:45 | Link to Comment sgt_doom
sgt_doom's picture

But, cbxer55, you are not surprised, are you???

I mean, you aren't one of those typical head-up-the-butt Americans who aren't aware of any surrounding evironment until something falls on them, right?

You do realize there is NO ECONOMY, right?  You do realize all America is about is FIRE, right?  You do know what FIRE means, right?

You do know that all there is be financialization & "financial engineering", right?

You do understand the scam of layer upon layer upon layer of securitization, right?  You do comprehend that this is what led up to the last Great Depression back in the '30s, right?  You do understand that Ponzi-tontine scheme known as credit derivatives, right?

You do realize that AIG was just an insurance firm (although technically an S&L, otherwise they wouldn't have qualified for bailout funds) doing massive insurance fraud by selling policies that they didn't have a frozen rat's ass chance in Hell of ever paying out, right?

You have paid attention to whom you elect for senator and congress critter, right?  Unlike 93% of Ameritards?

Glad we had this discussion.....

Thu, 10/22/2009 - 14:53 | Link to Comment chet
chet's picture

The man's talking about being out of work for a year.  Why not save the sarcastic lectures, doom?

Thu, 10/22/2009 - 15:28 | Link to Comment cougar_w
cougar_w's picture

This is what the destruction of the middle class sounds like.

Next up, blaming them for not being "competitive".

The end will be near when the middle class is referred to nostalgically as those "simple people chasing a paycheck."

I knew it would become ugly and dark. I had no idea it would be so distasteful.

cougar

 

Thu, 10/22/2009 - 15:46 | Link to Comment sgt_doom
sgt_doom's picture

Sorry, but I've been working against these times we now live in for over thirty years - and I admit my life has been duly wasted (that includes thousands of unpaid volunteer hours).

Standing before PATCO (the former air traffic controllers' union) back in the late '70s, I pleaded with them not to support Reagan for the presidency, and warned them that they would shortly be sorry (little did I know just how quickly that would turn out to be the case).

I noted that Carter had sold out working Americans (passage of the tax bill giving tax breaks to corporations for laying off American workers & offshoring their jobs, the Depository Institutions and Monetary Control Act -- overturning anti-usury laws, etc., and the deregulation of airlines and trucking industries, etc.), but noted that it would become worse with a republicon in office, and we should make a last ditch attempt working through the dems.

Everything today was predicted and predictable --- but too many people could not be bothered away from those Sunday beer commercials....

Hence my compassion for my fellow Americans is at an all time low.....aiding and abetting, they say.....

Thu, 10/22/2009 - 16:26 | Link to Comment cougar_w
cougar_w's picture

Re-learn compassion.

We have all been boned. Nonstop. For 30 years.

90% of Americans are now in the grip of a mighty gang rape. This will continue for a decade, and will likely end in catastrophe.

Compassion will keep you sane through it. Compassion may be all we have left. Without that I fear greatly that nothing at all will be saved.

cougar

Thu, 10/22/2009 - 17:52 | Link to Comment cbxer55
cbxer55's picture

I am not surprised by most of what you say. I have been following this downturn since sometime in 2007. I am well aware of the similaritys between now and the 1930s.

Also I am not a fan of the boobtube, hardly ever watch the thing, much to my wifes chagrin. I do not watch any of the so-called "reality shows". Only rarely do I watch the local news. I get most of my news from this here tube. It allows me to decide what to read, and what to ignore. I think I am better off for that, I am sure you would agree.

Yes I have paid attention to who I have voted for. And admittedly I have made some bad decisions there, but I am sure most of us can say the same. Anyone who voted for the current white house occupant, for starters?

But what has all that to do with my situation? All of that has to do with not being able to get a job because, at age 48, I suffer hearing problems? Most of which I have had since birth anyways. And up until now it has never been a problem, I have never been denied a job due to my hearing. Now here I am with the two industries I have worked in the last 30 years, and all of a sudden my hearing is a problem!

YES, THAT I AM SURPRISED ABOUT! Especially when Tinker AFB is a "Equal Opportunity Employer", and whose paperwork for the job even includes a code number for hard-of-hearing #16. So they have a code for it, but are now denying me a job because of the same. Yeah, I'm surprised. I know I should not be, but some things are just ridiculous. I could have been off unemployment, and working on Sept. 28 if things had gone as they were supposed to go.

Oh yes, I also realize that having a job where the pay comes from the government is not really a good thing. But at this point in time, a job is a job, I do not care who is paying for it. In the near future when the whole thing comes atumbling down, it will not matter one wit to any of us. But the money from a job can at least allow me to do a bit of preparing for that eventuality.

Thu, 10/22/2009 - 15:16 | Link to Comment Anonymous
Thu, 10/22/2009 - 13:39 | Link to Comment lizzy36
lizzy36's picture

change you can believe in......

the good news is, fed and treasury are going to spend their time in a turf fight over who gets to regulate executive compensation. each coming up with competing schemes (like it fucking matters).

meanwhile, GS is busy advising the government on regulatory matters. 

Not surprisingly a focus of the meeting, it was clear that senior management is spending an exorbitant amount of time thinking about potential regulatory and policy outcomes and educating regulators and policymakers on the intricacies of financial markets. There is still considerable uncertainty on most fronts, and while the company is actively involved in the debate, it is not planning for any particular changes. Management noted that the regulatory discussion has become much more rational and less heated as debate has shifted to the details of achieving the objectives of the administration, Congress and legislators. In those exchanges, in which GS has been actively taking part, relevant parties are gaining a better appreciation of the complexity of markets and the risks of unintended consequences.

and finally to give all their laught for the day:

 10/22 01:38PM *DJ Fed's Dudley: Fed May Well Avoid Any Credit Loss On Emergency Lending

Thu, 10/22/2009 - 15:15 | Link to Comment AR
AR's picture

LIZZY / Your post caught our eye. Could you expand your thought process? You wrote: Not surprisingly a focus of the meeting (what meeting), it was clear that senior management (of/with who) is spending an exorbitant amount of time thinking about potential regulatory and policy outcomes and educating regulators and policymakers on the intricacies of financial markets. There is still considerable uncertainty on most fronts, and while the company (???) is actively involved in the debate, it is not planning for any particular changes.  Thanks...

Who are you referring to when you speak of the "company"?

Thu, 10/22/2009 - 13:39 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Spin?  This statistic won't even be reported.

Thu, 10/22/2009 - 15:32 | Link to Comment cougar_w
cougar_w's picture

To speak the name of the Devil is to summon him.

It's an end-game. No need to wallow in it. Drink the Koolaid, you'll feel better.

Thu, 10/22/2009 - 13:41 | Link to Comment Marvin the Mind...
Marvin the Mindreader's picture

Nothing is unspinnable ... Slick Barry's economic trollette Romer was out today saying that the stimulus had saved or created 600K to 1.5MM jobs ...

Thu, 10/22/2009 - 13:44 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

How many jobs are there in the US?  Why don't they take credit for saving all of them?  According to Paulson, if we hadn't passed TARP, we would all be living in caves by now, so likewise the stimulus must have saved at least half the jobs in this country.

Thu, 10/22/2009 - 14:47 | Link to Comment sgt_doom
sgt_doom's picture

You know, I've been wondering lately where this wireless is coming from, I certainly didn't realize my cave was equipped with it......

Thu, 10/22/2009 - 15:35 | Link to Comment cougar_w
cougar_w's picture

Might wanna try the red pill next time.

Thu, 10/22/2009 - 13:47 | Link to Comment Anonymous
Thu, 10/22/2009 - 14:49 | Link to Comment sgt_doom
sgt_doom's picture

But Anon, dood, we live in a "meritocracy" where you don't require anyone to "get you a job" --- where "networking" (i.e., nepotism) isn't necessary.......

Thu, 10/22/2009 - 14:51 | Link to Comment chet
chet's picture

Hang in there.  You have youth and flexibility, which are powerful things.  Just keep looking in a broad number of fields, move if you have to. 

If your parents can't help, think broader about your network of friends and contacts.  Keep up with as many people from college as possible and keep track of what they're doing/ where they're working.

Thu, 10/22/2009 - 15:44 | Link to Comment cougar_w
cougar_w's picture

Unless you studied mechanical engineering or medicine, it is unlikely that much of anything you learned in college will have any value to society starting about -- 400 days ago.

I say this as a former college instructor.

They trained you for a job market that as of 12 months ago is a full-on fiction. You owe them nothing, you won't remember them in a year. Everything is changing.

You should start studying means of optimal self-sufficiency. This has nothing to do with living in a cave surrounded by guns and cans of spam. It has everything to do with being handy with a shovel, capable with a hammer, being able to eat anything that grows, and knowing what good soil looks like.

And learn the value of community. Surrounding yourself with guns makes you a target. Surrounding yourself with friends and neighbors makes you nearly invulnerable.

Harsh commentary. I have small children, and some days I can't face it. Just trying to help.

cougar

Thu, 10/22/2009 - 16:08 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I moved into a small development of 75 units 3 years ago and I immediately began knocking on doors, introducing myself, helping people fix lights and locks etc. And I was always talking about the fact that we were a small community and we needed to grow together.

Family first, community second was something I always said when people would inevitably ask me why I was being so kind and helping out. Everyone wondered what I was up to. No one could understand why I would be doing what I was doing.

Things are rapidly changing. More and more of my neighbors are reaching out to each other. People sit on each others front steps, knock on the door to see if everything is OK if the person hasn't been out in a few days.

I now have people talking about using some unused common area as a community garden next year. But you get nothing out of the garden unless you put your time into it. People get it once the concept of local groups and activity is re-introduced into the consciousness. Our cars and TV have isolated us. Time to reverse that.

Thu, 10/22/2009 - 16:30 | Link to Comment cougar_w
cougar_w's picture

Go go go!

Take as many with you as you can carry.

Pull. Hard. Repeat.

cougar

Thu, 10/22/2009 - 15:52 | Link to Comment Bam_Man
Bam_Man's picture

My honest advice: "Be All That You Can Be".

(It should actually be sung at a martial cadence for full effect)

Thu, 10/22/2009 - 13:50 | Link to Comment Dixie Normous
Dixie Normous's picture

Slightly off topic, but on topic of the F'n Fed and Treasury: That Frontline piece: The Warning, is must see tv.  But I recommend watching it while sitting in a tub of ice to counter act the boiling of one's blood.

Thu, 10/22/2009 - 13:54 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

That is why I didn't watch, because it would just get me more pissed off.

Anything insightful, or just a re-hash of the criminality we all know is taking place?

Thu, 10/22/2009 - 14:04 | Link to Comment Dixie Normous
Dixie Normous's picture

Some old news back to LTCM, but the Brooksley Born story is one I wasn't familiar with.  The woman saw the train coming and Greenspan, Rubin and Summers just wanted to tie her to the tracks.

Seeing Arthur Levitt say he should have done more was pretty good.

Thu, 10/22/2009 - 14:18 | Link to Comment Anonymous
Thu, 10/22/2009 - 14:50 | Link to Comment sgt_doom
sgt_doom's picture

Wow, that's just because Levitt should be in jail right now, and as pathetic a crook as he is, even he is beginning to realize it....

Thu, 10/22/2009 - 15:48 | Link to Comment cougar_w
cougar_w's picture

He will go down as far and hard as the rest of us.

There is no air left under these wings. This thing is not going to fly. And nobody is going to escape.

Thu, 10/22/2009 - 13:50 | Link to Comment Anonymous
Thu, 10/22/2009 - 14:39 | Link to Comment Anonymous
Thu, 10/22/2009 - 15:51 | Link to Comment cougar_w
cougar_w's picture

Yes.

However I wonder how much good it will do them.

Most are soft and effete, aggressive but limited. They have teeth but they are not sharp because their bites were never meant to be lethal, only intimidating.

How will they kill? What will they eat? Who will feed them and keep them alive?

cougar

Thu, 10/22/2009 - 14:01 | Link to Comment Anonymous
Thu, 10/22/2009 - 14:20 | Link to Comment Anonymous
Thu, 10/22/2009 - 14:21 | Link to Comment Abraham Snake
Abraham Snake's picture

It seemed Arthur Levitt came just short of balling. But Brooksley's question is still unanswered, "What was it that was in this market that had to be hidden?" I would be interested in opinions on this. The only thing I've heard so far is a Max Keiser point

Thu, 10/22/2009 - 14:28 | Link to Comment Dixie Normous
Dixie Normous's picture

I don't know, but I figured it had/has something to do the whole financial system being on the wrong side of hundreds of TRILLIONS of dollars in derivatives.

Someone here must know better.

Thu, 10/22/2009 - 14:55 | Link to Comment sgt_doom
sgt_doom's picture

Levitt, head of the SEC at the time, had no excuses in the matter -- he is as guilty as Rubin, Gramm, Clinton and Greenspan.

What was hidden, of course, was ultra-leveraging.  CDOs upon CDOs upon CDOs; an unlimited number of credit default swaps written against one borrower, S&P colluding with the Bush Administration & Wall Street, not only to senior rate bonds which were nothing but junk, but to threaten individual state governments with down-rating their issued bonds if they threatened any mortgage lender with existing consumer and anti-predatory lending laws.

But most of it all, it was the ultra-leveraging (thanks to the Commodity Futures Modernization Act legislation) performed by those ultra-monopolies (thanks to the Financial Services Modernization Act - Gramm-Leach-Bliley Act).

Thu, 10/22/2009 - 15:52 | Link to Comment sgt_doom
sgt_doom's picture

A very important point (sometimes too self-evident to those of us who have been studying this environment over the preceding twenty years) which still isn't that obvious to others, is that the majority of all those billionaires you read about in the business section derive from this market:

namely, debt-financed billionaires --- this can never be repeated enough:  DEBT-FINANCED BILLIONAIRES.

That means, their expenses were externalized (shipping all those jobs offshore), while their profits were internalized (400% rise in senior management and CEO salaries & perks).

So to, their debt has been socialized - saddling the bottom 90% with it -- while their profits have been privatized -- nothing for us but lost jobs and income, everything for them.

Thu, 10/22/2009 - 15:54 | Link to Comment cougar_w
cougar_w's picture

Massive, inter-gallatic-scale Ponzi scheme. Since two generations ago.

There is nothing under the wings. There is no lift, only turbulence.

This thing can bounce but it cannot fly.

Thu, 10/22/2009 - 16:22 | Link to Comment Bam_Man
Bam_Man's picture

+10

It has ALL been one big Ponzi party since August, 1971.

The level of corruption and greed involved has gradually built to a deafening crescendo.

Fri, 10/23/2009 - 10:33 | Link to Comment Abraham Snake
Abraham Snake's picture

Well, thanks for the responses!

I think it's safe to say that they wanted to hide massive widespread fraud. We could get lost in the details, thousands of awful flavors, leverage, accounting tricks, incomprehensible mathematics, and more. But quite simply, those at top were generating huge profits and personal incomes out of total junk, hidden inside opaque markets, fraud pure and simple.

There is an old investment rule: Over time, banks at best break even while the bankers themselves become incomprehensibly rich.

But after the commodities and futures modernization act provided them with significant federal legal protections, we see an even uglier picture. The banks accelerated the use these opaque markets as economic weapons of war. It's not so much that I think myself, my family, and my country has been swindled, it's that I think we've been bombed back to the economic stone age by war criminals!

The new investment rule: Over time, banks at best fail while the bankers themselves become economic warlords.

Thu, 10/22/2009 - 14:24 | Link to Comment mellmeister
mellmeister's picture

That is undoubtedly good news. Yes we can, yes we can fuck the middle class! DOW rallies led by financials as the US peso rallies towards zero. Rahmp up the printing presses!

Thu, 10/22/2009 - 14:26 | Link to Comment chet
chet's picture

Here's the spin we're getting out our way:  "unemployed people starting new businesses."

I hope its true, but the stories are generally backed up by two or three rather weak examples.  I admire the pluck of someone trying to start a street-corner donut stand, but I'm not convinced it's going to be the next Google.

Thu, 10/22/2009 - 14:35 | Link to Comment walküre
walküre's picture

Starting a business with the unemployment benefits that they're getting? The banks sure as hell aren't lending any money to a new startup.

What's considered a "new business" these days?

A guy living in a pick up and asking around for a lawn mow job?

Fk this is so screwed.

Thu, 10/22/2009 - 15:26 | Link to Comment Takingbets
Takingbets's picture

"What's considered a "new business" these days?"

Oriental massage parlors. I saw one putting up the sign last night while returning a broken light bulb next door to it. Like thats going to be a sucessful endeavor in this economy.

Thu, 10/22/2009 - 17:09 | Link to Comment Anonymous
Thu, 10/22/2009 - 14:57 | Link to Comment sgt_doom
sgt_doom's picture

No offense, chet, but that's really stupid!  Who is doing the lending?  Who has any money to purchase anything?

If you heard that on NPR, do you have any idea who and what is behind the Starr Foundation which supports them?  The John D. MacArthur Foundation which supports them?  (BTW, until AIG, John D. MacArthur was historically America's biggest insurance fraudster!)

Thu, 10/22/2009 - 15:12 | Link to Comment chet
chet's picture

I didn't say I understood it.  Just that it's the spin we've gotten recently.

Thu, 10/22/2009 - 14:36 | Link to Comment TomJoad
TomJoad's picture

I am going long irony and short reality. Filing for unemployment for the very first time ever (I am well over 40) as I type this.  I have about $400K in unused available credit, thinking about buying physical gold and moving to Brazil. I guess my wife would probably not wholeheartedly approve. For those of you who think you are secure, think it can't happen to you, it can and it probably will given our current direction.

Thu, 10/22/2009 - 16:09 | Link to Comment cougar_w
cougar_w's picture

Good luck. I mean that.

Also, take the money and run. For all values of "run" that your wife would agree to.

Become. Extremely. Frugal.

I meet people on the streets that used to have jobs. Good people, just down and out. I could end up there, I and my little family. It will be a random event, in the end, like a strike of lightning.

There is. No. Shame.

There is no guilt. We tried to make it work, but the bastards just had to break it. That's their fault, they are f*ckers, someone should kill them for it but it wouldn't change anything.

Things will be more local now. There won't be a global anything.

I don't know how to explain all this to my kids. But I bet they already figured it out.

cougar

 

Thu, 10/22/2009 - 16:34 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

It's the older adults that need this concept explained to them. The kids are already figuring it out and have decided not to play the game.

They know there is no social safety net, no social security, no nothing. They are talking among themselves and waiting for the drunken fools the elders have become to fall flat on their faces.

It will happen. It is inevitable. It is obvious where we are going and why it is happening.

Thu, 10/22/2009 - 18:40 | Link to Comment cougar_w
cougar_w's picture

Here in Silicon Valley, the heart of all [evil|invention] the kids are standing on the railroad tracks during the commute hour.

Palo Alto is seeing a suicide cluster. The authorities are telling the media "It's your fault for reporting these things, it gives kids ideas."

I don't think that's it at all.

I think the children of the elites have seen the furthest, and have begun to lose all hope.

Well-heeled kids of rich parents commiting bloody, dismembering suicide on the tracks... is a signal.

I don't know what it signals. Exactly. But something is wrong on the better side of the tracks and I don't think it can be any good for the rest of us either.

cougar

Thu, 10/22/2009 - 18:00 | Link to Comment walküre
walküre's picture

"Become. Extremely. Frugal."

"There is. No. Shame."

+1000

In the end it is us vs. the banks and their political whores.

Thu, 10/22/2009 - 14:41 | Link to Comment TraderMark
TraderMark's picture

Who needs jobs when the government pays for cars and houses?

 

Jobs only (a) reduce by 8 hours a day the time Americans can shop and (b) increase costs to our multinationals...

 

the less jobs = higher profits = higher stock market

Enough with this focus on jobs... a 98% jobless rate would do wonders for coporate profits. 

Thu, 10/22/2009 - 14:43 | Link to Comment TraderMark
TraderMark's picture

another positive spin, less jobs = more borrowing against future generations wealth to create more stimulus.  That can only be good for the stock market.  Boo yah

 

(sarcasm)

Thu, 10/22/2009 - 15:35 | Link to Comment Anonymous
Thu, 10/22/2009 - 17:21 | Link to Comment Park city skier
Park city skier's picture

I seen a positive headline on yahoo that unemployment was down for OHIO and the Midwest region. Of course I didn’t believe it so I did some research.  This is what I found;

{Ohio's unemployment rate was 10.1 percent in September, down from 10.8 percent in August, according to data released this morning by the Ohio Department of Job and Family Services. Ohio's nonfarm wage and salary employment decreased 5,900 over the month, from 5,103,100 in August to 5,097,200 in September.

"Ohio's unemployment rate declined in September as more Ohioans dropped out of the labor force," ODJFS Director Douglas Lumpkin said in a news release. "The service-providing and goods-producing sectors continued to show losses as well."}

 

The government is trying to spin reality, to keep up confidence. How do they know when someone drops out from looking for work? Is it a question on the food stamp application?

Thu, 10/22/2009 - 18:07 | Link to Comment walküre
walküre's picture

U3 vs U6

"offical" number U3 will get up to 15% within 2 years.

U6 is more telling and will get closer to 30%.

Every 3rd American who has worked over the last 5 years will have no job.

Recovery -whatever that may look like- is impossible under these conditions.

FYI they tried in France mucking with the working hours per week to increase employment and that hasn't worked either.

The jobs are no longer here and won't come back. It is cheaper to produce in China or other Asian country. It's been going for years. The illusion of a prosperous American society was kept alive by pouring out trillions of cheap credit. That's over and done with.

Anyone who can tell me one realistic upside to these projections, let me know.

 

 

Thu, 10/22/2009 - 18:42 | Link to Comment ozziindaus
ozziindaus's picture

Here's an upside for ya. The more unemployed means easy draft into the military. Wanna bet an all out war is the plan for the next 3 years? Lets' look at some parallel;

Germany's broken economy and industrial destruction post WW1 (US from 1980-present)

Germany's frustration towards the money lenders and bank cheats (US S&N and Credit crisis)

Germany's high unemployment and welfare reliance (US at depression level U6)

Germany's (Weimer Rep.) hyperinflation (US$ takes big shit)

Hitler named "Man of the Year" by TIME Magazine 1938 (Obama recieves Nobel Piece prize)

Can anyone add anymore?

 

 

Thu, 10/22/2009 - 18:46 | Link to Comment cbxer55
cbxer55's picture

Since a good many of the unemployed are probably my age or older, 48, that would be one heck of a military force! Especially with guys like me with bad hearing. Platoon leader or whoever barks out an order, and everyones like "huh, say what? Can ya repeat that one please? I can't hears ya!" LOL :>)

Of course if the idea is just to kill a bunch or old farts off, guess it'll do the trick.

Where do I sign up? 8-)

Thu, 10/22/2009 - 19:49 | Link to Comment walküre
walküre's picture

Reparations were a debt that the Weimar Republic couldn't service.

US debt is not serviceable and cannot be repaid. 

But the US will NEVER start a war. The aggression always comes from somewhere else. US is defending itself or its allies. History is written by the winners.

A great war effort, mass destruction and mass casualities are already in the planning.

Politics or political options don't change.

 

 

Thu, 10/22/2009 - 22:04 | Link to Comment Anonymous
Thu, 10/22/2009 - 23:38 | Link to Comment Unscarred
Unscarred's picture

I really don't see any problem here.  Between gold, oil and equities, who would be surprised by the labor market setting new highs, as well?

Bull market rally reaffirmed.

Fri, 10/23/2009 - 03:22 | Link to Comment JacksWastedLife
JacksWastedLife's picture

Sorry guys, there are not enough vacancies on Wall Street for you.

Wed, 02/10/2010 - 02:44 | Link to Comment Anonymous
Fri, 02/12/2010 - 16:21 | Link to Comment Park city skier
Park city skier's picture

Your personnel situation will get better, trust me it may take some time but there is always hope. The secret is believing in yourself.  You are empowered to create your reality. Have you look at becoming an entrepreneur or a math teacher (always a demand for high school math teacher). If you live in a state like MI you should move to a state like Utah. You can open a chimney sweep business for a couple hundred dollars in start up cost and charge $150 a cleaning that take about 1 hour. Opportunities always exist.

Wed, 02/24/2010 - 04:14 | Link to Comment Anonymous
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