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Department Of Labor Comes Begging: Hilda Solis Asks For Extension Of Emergency Unemployment Compensation Program

Tyler Durden's picture


Not even two full days have passed since the announcement of what will become the single biggest monetary stimulus/experiment in the history of the world (since anything that never ends is by definition "biggest"), and here come the fiscal aid panhandlers. In an email just sent out by the Derpatment of Labor, Hilda Solia has officially requested an extension of the EUC program which is expiring in November and which will leave 2 million unemployed Americans without insurance benefits after November (and 6 million by the end of next year). Obviously this plea for fiscal heroin will be granted: how else can the country that has now become a utopian experiment in socialist-fascist fusion, supposed to delude the world that 42 million Americans on food stamps are actually not going to benefit from Ben Bernake's actions? And after all, if the DOL is denied, how else will the bankers defend themselves when 60 million cold and hungry Americans come knocking on their door, asking for a little of that $3+ trillion of Fed luvin'?

WASHINGTON — Secretary of Labor Hilda L. Solis issued the following statement on the October 2010 Employment Situation report released today:

"This past October, nonfarm payroll employment increased by 151,000 jobs, with 159,000 jobs added in the private sector. The unemployment rate remained unchanged at 9.6 percent.

"One year ago, I reported an unemployment rate of 10.1 percent — the highest rate we had seen since 1983. Since then, the actions taken by the Obama administration have lowered unemployment by half a point, reflecting in more than 1.1 million jobs created in the private sector this year.

"While the economy continues to grow, there is more work that needs to be done to get Americans back to work. Everyone agrees on the problem. Both parties must now come together to solve it.

"With millions of Americans still looking for work, now is not the time to cut key safety net programs like Unemployment Insurance. The Emergency Unemployment Compensation program is set to expire at the end of November. If that happens, 2 million people will lose benefits in December and 6 million by the end of next year.

"While we are on the path of job creation, we cannot forget the millions of Americans who, through no fault of their own, are still unemployed and looking for work. Safety net programs like the Unemployment Insurance program have long been known to be a cost-effective way of keeping families afloat during difficult economic periods, while also serving to boost the overall economy.

"With nearly five job seekers for every job opening, many people will necessarily have to rely on the Unemployment Insurance system until the economy returns to pre-recession levels. We should not allow Americans to suffer when they have done nothing wrong.

"Making progress on the very serious problems facing this country will require everyone to put politics aside and work together to continue to create jobs, grow the economy and provide temporary help to those who are looking for work. I look forward to playing a constructive role in that process."



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Fri, 11/05/2010 - 19:33 | 703985 max2205
max2205's picture

I'd rather Ben gave 600 b to her than the punk banksters

Fri, 11/05/2010 - 19:35 | 703990 VK
VK's picture

Bailouts are never for the little guy.

Sat, 11/06/2010 - 07:56 | 704916 MarketTruth
MarketTruth's picture

Exactly! Look at who OWNS the private bank called the Federal Reserve (just as 'Federal' as Federal Express per se). Notice those that seem to benefit the most are the members who privately own the Federal Reserve. This is, of course, not a coincidence.

Sat, 11/06/2010 - 11:39 | 705093 longjohnshorts
longjohnshorts's picture


As of this post, the word "fuck," or some variant thereon, appears below a total of 34 times. Raises the heat, but not the meat, of the discourse.

Just saying.







Fri, 11/05/2010 - 20:27 | 704118 DudleyDoRight
DudleyDoRight's picture


Fri, 11/05/2010 - 20:56 | 704172 AssFire
AssFire's picture

I'd prefer no one "giving" any $$ to anyone.

Ben didn't "give" shit to anyone- he simply stole that money from anyone stupid enough to own Dollars instead PHYSICAL of Gold, Sliver or Platinum..

But I'm sure the leaches will find a way to tax anything but physical gold.

They had better not try to demand it back...that won't happen again.

Sat, 11/06/2010 - 01:08 | 704767 Aristarchan
Aristarchan's picture

So you are saying if you are too poor to own gold you are stupid?  I don't own gold because the shit is going to crash one of these days, and any idiot holding on to it is gonna get killed. Well....that is the reason I put out on the blogs...the real reason is I am too poor and stupid to buy gold bricks at $250,000.00 a, I think I will buy gold coins, they are pretty, and are sold by crooks for a multiple of their melt value. Get fucking real.

Sat, 11/06/2010 - 02:11 | 704799 Double.Eagle.Gold
Double.Eagle.Gold's picture

We'll provide you with silver at or near melt, and gold at a very modest premium that is certainly NOT many multiples of melt.

Check our store for contact information, here.

Sat, 11/06/2010 - 10:20 | 704998 RockyRacoon
RockyRacoon's picture

It is apparent that you are upset over something, but it's not gold.  Don't be too hard on yourself -- or others.   One does not have to be rich to own something of value, including a little gold or silver.   A skipped meal at the local restaurant would have bought you a nice American Silver Eagle coin.   Go to a local coin/stamp shop (if one is close enough) and take a peek at the small, reasonably priced offerings instead of going to the mall, filling up at the food court, and buying something that is going to show up in your next garage sale.   I'm not saying you do these things; apply the theory to your own life style.  The exaggeration ($250K) is a normal over-reaction.  Attributing poor investment characteristics to an inert metal is not an argument.  But something is wrong when a normal statement (AssFire's comment) garners an abnormal response.  There is more at work than the obvious.  You can say you are too broke today, but were you always that broke? Perhaps a bit of shame for not doing what you know you should have in the past?  I don't know.  But it's not about gold.

FYI:  I see no reason to junk your comment since you were just reacting with emotion rather than offering a valid logical argument.

Sat, 11/06/2010 - 12:51 | 705194 caconhma
caconhma's picture


You are right: it is old socialist/Jewish mentality to steal from somebody else and share some of your loots with stupid & greedy masses.

This is exactly what comrade Lenin urged Russian people to do before taking over the power. This lasted just 12-18 months and followed by a civil war and by a brutal slaughter of 15 millions people in the next 2-3 years. Unfortunately, this criminal, barbaric regime lasted too long thanks to the US help and assistance.

At least socialist-fascist Hitler offered to German people a stable and growing economy without civil war and massive extermination of its own people.

In any case, it is a big mistake to call the present US regime as having fascist tendencies. No, we are moving more in a Jewish/Bolshevik bloody utopia to follow very soon.  Unfortunately, there are no any other way out.


Sun, 11/07/2010 - 07:50 | 706305 Pemaquid
Pemaquid's picture

Does anyone know what percentage of the gold (that was in circulation) was actually turned in?  I have heard there was only 30% compliance.

Fri, 11/05/2010 - 22:31 | 704374 Yits and the Yimrum
Yits and the Yimrum's picture

"60 million cold and hungry Americans come knocking on their door, asking for a little of that $3+ trillion of Fed luvin'? "


Mc-luvin it Tyler, Mc-luvin it bitchez!

200 dollars buys a lot of ramon noodles, or as I like to call the packaged "foods", scrappie snacks!


Sat, 11/06/2010 - 12:22 | 705148 DarkMath
DarkMath's picture

Ben buying 600 Billion in US Treasury debt will give the bankers "the vig" of about %3. That leaves about %97 that goes to us, you, me and every American in one form or another.

Bankers are bafoons but "We the People" should deserve %97 of the blame. But just like it's impossible for the government to blame itself for our current troubles, "We the People" can't take any responsibility either. We've got no one to blame but ourselves.

Sat, 11/06/2010 - 19:35 | 705750 Paul Bogdanich
Paul Bogdanich's picture

11-06-10:  16:35 PST:  After reading all the posts I conclude the bootstrapers outnumber people of other viewpoints so I assume that the unemployment benefits will not be extended unless it's in the lame duck congress.  If the democrats do extend the benefits in said congress I suggest that they only extend them until February 2011 and then let the republicans get tagged for the predictable consequences they can't see coming when they end them.  This is going to be soooo ugly.

Fri, 11/05/2010 - 19:37 | 703997 Bill D. Cat
Bill D. Cat's picture

Straw , camel's back , some assembly required .

Fri, 11/05/2010 - 21:40 | 704273 1100-TACTICAL-12
1100-TACTICAL-12's picture

This is what one might call a conumdrum.....

Fri, 11/05/2010 - 22:11 | 704322 Bill D. Cat
Bill D. Cat's picture

While we're on the subject , this couldn't possibly have any negative impacts on the foreclosure mess ....... could it ?

Sat, 11/06/2010 - 08:53 | 704940 bania
bania's picture

Bill D, very funny

Fri, 11/05/2010 - 19:38 | 703999 braveneweconomy
braveneweconomy's picture

They always extend this. Didn't this happen last summer? If you're printing money, why not keep it going until people can find jobs. We are seeing some growth in jobs now and it should continue with the new stimulus. Let's keep people from going under while job growth accelerates.

Fri, 11/05/2010 - 20:40 | 704147 goldsaver
goldsaver's picture

Are you new?

Extending unemployment benefits extends the amount of time people stay unemployed. Please go back and read Economics in one lesson by Hazlett. Specifically the chapter on unemployment insurance.

Fri, 11/05/2010 - 20:56 | 704174 dark pools of soros
dark pools of soros's picture

6 months should be the limit..  anything more and they become less and less hirable anyhow..

Fri, 11/05/2010 - 21:25 | 704238 midtowng
midtowng's picture

True, but irrelevant. You are looking at it backwards.

Almost half of all the unemployed are going to be out of work at least 6 months. Are you going to simply write them off? Can any society accept millions of people never working again, and receiving no benefits?

Fri, 11/05/2010 - 22:04 | 704312 Janice
Janice's picture

Yes, write them off.  From desperation comes inspiration.  Out of desperation, many of these people will start small businesses and the whole society will be better off for their hardship & endurance.  They will work hard, learn new skills, better themselves and us.  Strength from perseverance.  Been there, done that, now have 2 Bachelor's Degrees and a professional license.  Yes, write them off. 

Fri, 11/05/2010 - 22:17 | 704338 Aristarchan
Aristarchan's picture

Maybe true......and I hope to crow like you if I get the opportunity to write you and your kids.

Fri, 11/05/2010 - 22:54 | 704409 goldsaver
goldsaver's picture

Ok, lets assume that it is a good thing to give the unemployed money to live with. I dont agree, but lets go there. riddle me this:

1. Where in the Constitution does the Federal Government has the authority to steal food out of my kid's mouth to put it in yours? And don't say is not taking money from me. Devaluing the dollar thru inflation is a tax on savers and producers.

2. How does providing money to someone motivates them to get a job? Or new skills?

3. How is giving my money to the unemployed not a malinvestment?

4. How are those receiving my money for sitting at home, or attending little league games or practicing their hobbies any better than the fat cat banksters picking my pocket? Are they not also thieves?


"The problem with socialism is that you eventually run out of other people's money"

Fri, 11/05/2010 - 23:34 | 704625 Aristarchan
Aristarchan's picture

Answer me this....what makes you so fucking special?

Fri, 11/05/2010 - 23:51 | 704672 goldsaver
goldsaver's picture

So, since that is how you choose to my fucking money! Not yours to decide what to do with it. What makes me so fucking special? I earned it jackass!

Sat, 11/06/2010 - 00:20 | 704709 Vernon Wormer
Vernon Wormer's picture

Amen. The wife and I live on half of what we make because those assholes in govenment believe we need 'to spread the wealth'. We are not wealthy and at 50 cents on the dollar, we won't be any time soon.

Sat, 11/06/2010 - 07:49 | 704914 Absinthe Minded
Absinthe Minded's picture

Personally, I think if you want unemployment you should have to work for the state doing whatever they need done. Picking up trash, cleaning public buildings, mowing lawns, there are plenty of things that aren't being done due to budget shortfalls. Have them do work for the state 3-4 days a week and look for a job the rest of the week, allowing flex hours for interviews. Anybody on the dole for more than 6 months should be drug tested if they still want to collect. That will weed out the losers bleeding the system dry. Yes, I know, that would be demeaning to them. I know if I were unemployed I would feel guilty collecting a check for doing nothing. I hope and pray it never happens. I'm not cold hearted, I know there are a lot of hard working people out there unemployed. These are the cards we're dealt and something should be done to make the best of a bad situation. 

Sat, 11/06/2010 - 09:54 | 704979 Ancona
Ancona's picture

+10 A.M.

I run a small business with between sixty five and seventy five employees [depending on work back-log] and have to drug test before and during employment to maintain decent liability insurance and vehicle insurance rates. Do I like invading peoples privacy? No. Do I really care if some of my employees went out on friday and blew a joint? No. But my insurer does. So, I am left with little choice in the matter and drug test them, so that I can remain competetive.

In order to get my money, they have to submit to random drug testing, or get fired. It really is a simple formula.

When the notion of drug testing those who recieve benefits, i.e. welfare comes up in conversation, progressives start screaming about personal privacy rights and discrimination, but you never hear these same idiots scream about random drug tresting and pre-emplouyment testing that goes on every day in every state.

Sat, 11/06/2010 - 11:41 | 705094 dark pools of soros
dark pools of soros's picture

-420  :`(

very true and spot on.  Lifers get to blow free money on drugs and then free care when shit goes sour.. of course not all of them which is why they should be tested for the free dough if the employed are subject to it.


weed should be exempt since no one is racking up hospital bills being baked but that takes this on a different track of discussion from the very good one here about unemployment benis


Mon, 11/08/2010 - 01:42 | 707652 scaleindependent
scaleindependent's picture


Sat, 11/06/2010 - 14:01 | 705333 midtowng
midtowng's picture

So the reason you pay so much in taxes isn't because of: a) trillions spent on useless wars, b) trillions spent bailing out wealthy bankers, c) hundreds of billions spent bailing out the housing market, d) hundreds of billions spent on the useless War on some Drugs, e) uncounted amounts of money spent on services like police, firefighters, and the roads you drive on.

Nope, the reason you get taxed so much is because Doug, down the street, got laid off and has the temerity to ask for unemployment insurance.

God I hate Doug.

Sat, 11/06/2010 - 10:28 | 705012 RockyRacoon
RockyRacoon's picture

Answer me this....what makes you so fucking special?

Aristarchan, is see that  you are quite new to ZH.  Of course, you could have been just a casual reader for some time.  You came here for something.  Perhaps to learn or get some new tools.  In order for your time here to be productive you'll have to give some credence to other opinions, regardless of how much they may clash with yours.   If you are here to let off some steam then you'll find your stay here to be less than productive.   Don't be harsh to people who respond emotionally, as you seem to be inclined to do.   As I outlined to you above, try to maintain some perspective -- and be teachable.  You'll have a great time at ZH if you do.  What's really on your mind?

Sat, 11/06/2010 - 11:32 | 705081 Aristarchan
Aristarchan's picture

Paradoxical anarchy.

Sat, 11/06/2010 - 13:31 | 705272 Cathartes Aura
Cathartes Aura's picture

having read some of your late night "altered state" creative writing jags. . .

you're not all that.

Sat, 11/06/2010 - 04:47 | 704862 EscapeKey
EscapeKey's picture

+1 Margaret Thatcher.

Fri, 11/05/2010 - 23:05 | 704421 Janice
Janice's picture


I sincerely hope that you have that opportunity to write me off.  I promise, that which doesn't break me, makes me stronger.

Fri, 11/05/2010 - 23:36 | 704643 Aristarchan
Aristarchan's picture

My intention of course, would be to break you.

Fri, 11/05/2010 - 23:55 | 704676 Janice
Janice's picture

One time I told my husband that I was going to cut him off.  He replied, you can't because you don't know where I get it from.  I would say the same to you, you don't have the capacity to break me, because you don't know where I get my strength from.  There is a new ZH post, I'm moving on.  : )

Sat, 11/06/2010 - 12:46 | 705190 Kryten451
Kryten451's picture

LOL, precious dialoge !

Sat, 11/06/2010 - 19:56 | 705776 Minion
Minion's picture

She's right - this principle is part of the Carnegie Secret, of burning bridges behind you and forcing yourself not to surrender......  thoughts of poverty happen automatically, but thoughts of wealth take effort, a BURNING DESIRE and consuming obsession for success.  Money is attracted to itself, and when people get it for free, they don't value it, nor do they need to give anything of value for it....


Fri, 11/05/2010 - 22:18 | 704341 Oracle of Kypseli
Oracle of Kypseli's picture

All my unemployed friends and acquaintances also work off the books and make good money.

This puts more strain on unemployment and on tax receipts.

We are doomed. Bernanke should be pumping money to the people, not the banks. 

Sat, 11/06/2010 - 11:01 | 705038 sschu
sschu's picture

I own a small employment services business, the stories are endless about people who will not work because they do not want to risk their "benefits".  Despite explaining to them that working simply extends their bennies, not ends them they are adamant, no thanks to work.

People getting bennies and working for cash, especially construction contractors, is very common.  I read where it is estimated that 50% of this category are double dipping.  I cannot say I blame them given the taxes and risk required to have employees, and the inconsistency of work, but this soooo distorts the market for labor.  We are like Greece in small construction right now. 

At the same time there are those who are in real need, who really are not employable.  A just and empathetic society needs to have an option for these folks.  Starvation and homelessness are not reasonable answers to the problem, but given our dilemma will be the likely result no matter the solution chosen by our leaders.  Government is not the entity to make these judgements. 

Tough issue, but the status quo is unworkable and will bankrupt us.


Sat, 11/06/2010 - 11:46 | 705101 dark pools of soros
dark pools of soros's picture

gotta teach people to farm and then not have a million rolls of red tape to block the sale of goods... its not like the food that is approved ain't killing us anyway


if burger king can sell their poison why there would be any hurdles for a farmer I will never know...

Sat, 11/06/2010 - 13:38 | 705287 Cathartes Aura
Cathartes Aura's picture

in agreement with teaching people to co-create their own food (farm, garden, chickens, goats, rabbits, etc.). . .

with regards fast-fud-poison, your answer is in your sentence. . . in a corporate state, anything non-corporate is terroristic, hmm.

Sun, 11/07/2010 - 00:35 | 706090 Cursive
Cursive's picture

All my unemployed friends and acquaintances also work off the books and make good money.

This puts more strain on unemployment and on tax receipts.

We are doomed. Bernanke should be pumping money to the people, not the banks. 

You are so correct.  We have so many market distortions, only a complete breakdown would solve them all.  Maybe that breakdown is now, maybe 50 years hence, but we can't continue with all of these defined benefit plans when the bvery beneficiaries of these plans are heavily engaged in a black market economy.


Fri, 11/05/2010 - 22:18 | 704342 jm
jm's picture

What you say is true.  And people will finally have to settle for jobs that pay less that what they think they "deserve".  Then they will adjust their lives to live within their means.

God forbid we have something like living within one's means going on.

Now throwing money at idleness...brilliant!

Fri, 11/05/2010 - 22:22 | 704353 Troy Ounce
Troy Ounce's picture


Yeah, the famous American animal spirit everybody is waiting for and all desperate men are the same? There are people who will....out of desperation...and unable to feed their kids...resort to extremism, violence and ask for new leaders with guns or blow themselves us in your favourite Mcdonalds. That will be the day you will proudly announce your new government job to become the Obersturmgruppenfuehrer in town with the task to throw desperate people in jail. After all, they have been written of and are a nuisance. Cunt.

Fri, 11/05/2010 - 22:52 | 704406 Janice
Janice's picture

Your rant in unintelligible.  Even Malcolm X knew that only violence brings change.  It is only when people cannot feed their children that they demand change.  I have been growing my own food for years and have given much of it away.  As for cunt, people use personal attacks when they have no means of intelligent discourse. 

Fri, 11/05/2010 - 23:38 | 704648 Aristarchan
Aristarchan's picture

So we must die to live. And, well, maybe it is some personal failing in my makeup, but I thought "cunt" was pretty intelligent.

Fri, 11/05/2010 - 23:59 | 704682 Janice
Janice's picture

You wear makeup?  It has been my experience that people who use the word cunt haven't seen one in a long time.  See Ya! 

Sat, 11/06/2010 - 10:39 | 705025 RockyRacoon
RockyRacoon's picture

We had a fella here named Johnny Bravo.  You can track him by searching the ZH archives but it's not a fun trip.  The more he argued for his cause the more entrenched he became.  At the point that he was unable to make progress he left.  Without doubt he is elsewhere doing the same flaming of reasonable people.  It appears that you are a thoughtful person beneath all the bluster.  Give up the facade for just a little while and speak your heart instead of your politics or your dogma.  You'll be rewarded for honesty.

Sat, 11/06/2010 - 11:16 | 705060 Aristarchan
Aristarchan's picture

I actually do not have an agenda, nor do I have any politics (have never voted) and I certainly am not shackled by any dogma. I just like to toss in an odd view now and then to try to get people to react outside the box of their "reasonableness". Of course I do not believe in half the garbage I toss out....but it does, in a comical kind of way, usually represent views that exist.

Sat, 11/06/2010 - 11:47 | 705102 Bob
Bob's picture

Then you're just playing bull in a china ship that you've never been in before.  The full spectrum of beliefs on every issue is well represented here already and has been for a very long time.  Your shock jock arrogance is just stinking up the place, particularly for people whose real values would otherwise put them in your company.

You're gonna be junked out in short order.  Too bad you have to indulge your worst impulses under the guise of contructive contributions in the meantime. 

Sat, 11/06/2010 - 11:54 | 705114 dark pools of soros
dark pools of soros's picture

there are games/hobbies that are a hell of a lot more entertaining than the sport you just described... your line of thought would probably also enjoy taping free return postages to bricks just to cost the system time, money and bother

Sat, 11/06/2010 - 20:52 | 705845 RockyRacoon
RockyRacoon's picture

I actually do not have an agenda...

That diversionary tactic isn't working.   Everybody has a priority and a goal.  Listen to Bob above. 

If you really want to be helpful there are many here who would be great sources of ideas and moral strength.   If you want to cause trouble, there is a word for that and it starts with T-R-O-L-L.   We don't need nor want any, but your concrete ideas (contrarian though they be) are welcomed.  

If you intend to be an intentional misfit I, for one, will be skipping your comments.

Fri, 11/05/2010 - 22:55 | 704412 Paul Bogdanich
Paul Bogdanich's picture

"many of these people will start small businesses"


You're uninformed.  So long as the banks and large corporations remain too large to fail all the rest of us are too small to succeed.  What are you going to do?  Open a retail shop and compete with Wal Mart?  Where are you going to get the seed capital when none of the too big to fail banks are lending?  And a host of other issues anyone other than an adolescent would have considered.

Fri, 11/05/2010 - 23:06 | 704430 Janice
Janice's picture

You're uninformed.  So long as the banks and large corporations remain too large to fail all the rest of us are too small to succeed.  What are you going to do?  Open a retail shop and compete with Wal Mart?  Where are you going to get the seed capital when none of the too big to fail banks are lending?  And a host of other issues anyone other than an adolescent would have considered.

Yes, only a small business owner would have the balls to think that their idea is better and against all odds open a small business in this environment.  Both my husband & I did it in 2008.  Two separate businesses in the same location.  We are not millionaires, but we do pay the mortgage....whoever owns it.

Sat, 11/06/2010 - 01:39 | 704788 Aristarchan
Aristarchan's picture

Not everyone in this world has the money, the ability and the time to start a small business. You make it sound like anyone can just hang up a shingle and suddenly have a viable, profitable business. That is not an easy thing to do. Some people have lost their jobs - and a lot of these are people who just do not have the instinct to start and run a business on their own....nothing against them at all...they just want to work and live their lives. If you are suggesting that everyone should start a business, or they are stupid, then who the fuck is going to work for those businesses? You are a fucking idiot. I get tired of all you Republican fools who think that everyone is endowed with the money culture personality. Most of us are not. We want to make a living, live our lives, raise our kids, retire and die. You want to own the fucking world. It is people like you who make our country suck...or our world suck, depending on what shithole counytry you are from.

Sat, 11/06/2010 - 04:59 | 704872 EscapeKey
EscapeKey's picture

While Janice might need a course on political correctness, what she said is not largely untrue. It is true that out of desperation, people will find a way which they wouldn't, if they were taken entirely care of by the welfare state.

It is not the systems job to provide for you, and it is not your right to simply get a job which is "right" for you. You have to work hard to get it, whether it's through studying hard in your own time, or setting up your own business. But this attitude so prevalent in the society of today that we "deserve" everything to be perfect is frankly born out of the naive and/or juvenile mind.

Granted, people get thrown out on the street, and can't provide for themselves or their children. No-one wants to see that. But the solution is not simply to give them a free house, all the food they can eat, and all their other needs served without asking for anything in return, because it simply breeds people entirely dependent upon the welfare state.

Mon, 11/08/2010 - 01:32 | 707641 StychoKiller
StychoKiller's picture

The argument is very simple (follow along):  Unemployment Insurance has become a de-facto Govt subsidy, and like any other subsidy, it CREATES MORE of the item being subsidized, in this instance that would be unemployment!

Sat, 11/06/2010 - 14:14 | 705355 midtowng
midtowng's picture

I've read from several places that over 90% of small businesses fail within the first year. And that is an average. I bet the odds are even worse during a Depression.

So you are saying that all these long-term unemployed people should cash out their 401k's and IRA's and start small businesses.

What happens when 90%+ fail and have nothing left to live on?

Fri, 11/05/2010 - 23:09 | 704441 goldsaver
goldsaver's picture

Paul, my friend, can I call you my friend? You don't mind do you? If illegal Mexicans can start their own businesses here is the US without been able to speak English and no education, why cant the unemployed Amuricans? If Vietnamese immigrant women can start their own nail salon, why can unemployed Amuricans? If Indians and Pakistanis living in the US can own their own retail, convenience, gas stations and motels, why cant Amuricans? Perhaps because they don't HAVE to?

Fri, 11/05/2010 - 23:36 | 704645 QQQBall
QQQBall's picture

Oh I see, another attempt to keep the black man down. Sure the Koreans and otehr Asians own all the businesses in the 'hood, but where be our slave reparations?



I can tell you that the people in my profession are working their asses off for low fees and lower demand for services. What salaried employees never understand is that when you own your own business, you wake-up every morning unemployed until you hustle up some demand. The lack of savings and living beyond one's means is a sympton of a greater entitlement malaise. I have 2 inspections tomorrow and will be working right through YE, and HONESTLY, I am very grateful to have the work. Once the marginal players get shaken out fees will increase again and eventually I will get premium fees again. I know people in heavy construction that have not taken jobs that were offered b/c the ywere on UE and could get by, but once the UE ran out, the ymagically found work. That is a generalization, but $200,000/year software engineers waiting for a call at that salary level, will be waiting until hell freezes over.

Sat, 11/06/2010 - 00:34 | 704734 Vernon Wormer
Vernon Wormer's picture

Lost my job in April this year. Started my own business and took no money from unemployment even though I paid into it. I work from 6 am to 9pm busting my ass to make ends meet. I have work through December and have two very nice contracts pending for 2011. I do not have any super special skills beyond my ability to hustle and my unwillingness to accept failure. If I can do this, so can others. Janice is correct, desperation breeds innovation. 

Sat, 11/06/2010 - 12:09 | 705127 dark pools of soros
dark pools of soros's picture

there is sooo much on tv you must be missing....

Sat, 11/06/2010 - 14:19 | 705362 midtowng
midtowng's picture

The Small Business Administration (SBA) keeps the stats on business failures and claims that more than half of new businesses will disappear in the first five years.

According to Dun & Bradstreet reports, "Businesses with fewer than 20 employees have only a 37% chance of surviving four years (of business) and only a 9% chance of surviving 10 years."

A study done by Inc. magazine and the National Business Incubator Association (NBIA) revealed that 80 percent of new businesses fail within the first five years.

Sun, 11/07/2010 - 13:58 | 706732 TBT or not TBT
TBT or not TBT's picture

I'm surprised the success rates are as high as that.   Must be lagging data.  

Out there in the world there is this thing called competition.  To pay yourself and pay principal and interest...and suppliers and accountants and fees and taxes and so on, you have to have some advantage or difference from what's already out there.   That is difficult to achieve as a very small business because you have the same stack of regulations to comprehend as your large competitors do, but they have the scale to be able to handle such regulation and compliance at a lower % of their total costs.    Big interventionist governement favors correspondingly bigger private sector entities over their small competitors.   Small businesses have to either consolidate, get out, or get crushed.   Some do go doggedly onward at the edge of poverty, but they are just surviving.  

In the health care sector...the 1/6th of the economy the statists are dead set on controlling completely through a process of bringing it to its knees, the days of the small doctor's practice will be a distant memory soon for this reason.  The bureaucratic overhead obliges them to seek out the benefits of scale.

Sun, 11/07/2010 - 09:55 | 706415 Rhodin
Rhodin's picture

"That is a generalization, but $200,000/year software engineers waiting for a call at that salary level, will be waiting until hell freezes over".

I know at least two dozen of these folks. More than half are unemployed. Only two are working where they did five years ago.  None are "waiting for calls" though calls still come sometimes.  Most of these jobs have gone offshore and they know it.  All are willing to take some pay cut.  Some cannot find anything even at a third of their previous salary. 

Most are in their forties or fifties and have never done anything else.   They are not risk takers.  They are employees.  Many chose this field because they are uncomfortable dealing with people on a daily basis.  Those having the hardest time getting re-employed are not the code writers but the bug fixers.  They have been trained to see what is wrong with any situation and  tend to make others uncomfortable.  One common discouraging thing is being told no one was hired for the position interviewed for, and later finding it was filled by a H1B visa type.

I think some of these folk are retired now, knowingly or not, and most of the remainder will be soon.


Sat, 11/06/2010 - 19:12 | 705721 Paul Bogdanich
Paul Bogdanich's picture

"If illegal Mexicans can start their own businesses here is the US without been able to speak English and no education, why cant the unemployed Amuricans?"

Two things.  First:  Name one.  One wil do.  If he is illegal all someone need do is report him to imigration get him deported (which will happen automatically and quickly) and steal his business.  Are these guys Faux news stuff?   

Two, if a legal imigrant started a business serving his community how much of that would be due to the fact that he has a readily available, identiafiable underserved market to cater to.  


Like I said if you middle class trying to sell something to other middle class people what are you going to sell where the majors won't bash you corporate brains in?  About the only thing that even works at all anymore are the self sale Amway style organizations and resteraunts.  The large stores have everything else sewn up.  Oh sorry I nearly fogot.  Personal service like stylist and barber still have a market. 

Fri, 11/05/2010 - 23:11 | 704447 Sausagemaker
Sausagemaker's picture

Janice speaks some truth. I was laid off when bene's wer 6 months. I worked my ass off looking for a job. It took 4 1/2 months and a career change. I am better off for it and the experience taught me to live within my means. 

I know several people that are travelling down the 99'er path with no intention of finding a job until the tete is pulled. I know the economy sucks and Bennie is trying to gag it, but I think that 2 years of unemployment is a net negative for all involved. It is a demotivating crutch that causes skill decay. 

That is my $0.02



Fri, 11/05/2010 - 23:25 | 704548 Janice
Janice's picture

Your $0.02 is worth a twenty.      

Fri, 11/05/2010 - 23:41 | 704651 Aristarchan
Aristarchan's picture

You may be right....and I love sausage, but I will be damned if I want to see it made:)

Sat, 11/06/2010 - 04:49 | 704863 saulysw
saulysw's picture

Don't worry - he hides it.

Sat, 11/06/2010 - 02:58 | 704815 nobita
nobita's picture

the most important thing is that there is a material difference between unemployment benefits and the salaries at the lowest paying job.

however taking away all benefits will lead to starvation and that is not acceptable in a first world country.

Sat, 11/06/2010 - 11:12 | 705055 sschu
sschu's picture

I am a recruiter and read 20+ resumes everyday.  It has now reached the point if I find someone who has not worked in 2 years I do not give them a look, they get round filed.  Also, my first question to the extended unemployed is "what have you been doing for the last 24 months?"  The answer is always telling and is a clear indication if I will work with them to find a job.

Any work, no matter how menial or short term, is better than watching Oprah all day.  Why folks do not see this is beyond me.


Fri, 11/05/2010 - 23:52 | 704673 Dantzler
Dantzler's picture

If I took 2 years off I would have a very hard time finding similar employment. I would have to count on every one else not keeping current/increasing their skills during that time and on a similar number of positions equivalent available in 2 years. Even then, it would be sick brutal.

Most likely I would suffer a large pay cut in nominal terms and then have to make due with worth less FRNs.

Fundamentally, printing money to keep people pacified can only end badly, eventually. When does it stop? How does it stop?

Sat, 11/06/2010 - 00:58 | 704753 merehuman
merehuman's picture

i closed my construction business, yanked the driveway thats now a garden, reverse mortgaged the house,bought silver and stored ample food. I resent having to use the dollar and rarely do. Less than 10 in my account and making plans for a bicycle delivery business for when no one has gas.

Also looking into becoming a trade hub , growing plants for sale, reabbits are next and making things in my garage. I am happy for the change as there are no appointments  or expectations to meet. I expect my few remaining years to remain happy as i know well how little an x hobo needs. 

Of course i would be just as happy with one meal per day and a sleeping bag. Its my reward for being a little more than human. Its an adventure i am glad to be in and look forward to leaving.

As gibran said with a tear and a smile.

Sat, 11/06/2010 - 02:35 | 704807 Dantzler
Dantzler's picture

Good on you, merehuman!

The problem is the jobs aren't there. Endless unemployment payments is not mathematically possible. Therefore we need to influence the system so that other models can gain traction. You are part of the solution!

We can choose not to participate and once enough steel themselves, the tide will turn.

I admire you for making a garden and planning out the bike delivery business. Check out this mulch run in Seattle:

Our family is taking similar-in-theme steps (especially leveraging bikes). My greatest delight would be if these steps could usher in a new way (actually an old way) of conducting commerce with peers without starvation, coercion,  violence, etc. Let me know if you want contact info--we're both in the PNW.

Sat, 11/06/2010 - 12:16 | 705143 dark pools of soros
dark pools of soros's picture

are reabbits a mererabbit?    i would like to place an order....

Sat, 11/06/2010 - 00:42 | 704742 Aristarchan
Aristarchan's picture

You know how many people with "degrees" and "professional Licenses" there are who are right now in the process of destroying this country from their own hubris that results from their pure fucking stupidity? I will let you count them, since you are probably smarter than me.

Sat, 11/06/2010 - 13:21 | 705258 midtowng
midtowng's picture

So you think that forcing families into homelessness is somehow a good thing? You should put down your Ayn Rand and take a look around you.

Sat, 11/06/2010 - 01:28 | 704782 Aristarchan
Aristarchan's picture

So they become useless as humans? Ok...I can go for that. I will advise them that when they get hungry, they can find you and your family, slit your fucking throats while you are alseep, cut you up in suitable strips, dry your miserable hide into jerky, and survive on you for at least six months.

Sat, 11/06/2010 - 12:19 | 705146 dark pools of soros
dark pools of soros's picture

you act like that isn't happening in places.. have you seen south africa lately?  view those pictures and the reality of what you are blustering about might finally humble your adolescent piping

Sat, 11/06/2010 - 18:08 | 705627 Paul Bogdanich
Paul Bogdanich's picture

They do not think that the slaves will ever rebel.  They believe the dispossessed should merely die like dogs in a quiet spot and leave them to their enjoyments.  Thye are insulated and feel entitled.  Never had a really tough day in their lives.  Always someone to turn to for them.  Mammy and daddy did well and when they die I get their house and oter wealth just like I earned it.  They live in a fantasy all their own.  Lot's of them though.      

Fri, 11/05/2010 - 20:58 | 704181 clarkbar
clarkbar's picture

Extending benefits will keep the pitchforks and torches at bay. Maybe.

Fri, 11/05/2010 - 21:06 | 704198 Max Hunter
Max Hunter's picture

Which is the ONLY  reason they will consider doing it and it's the ONLY reason I hope they don't.. Revolution Bitchez!

Fri, 11/05/2010 - 22:42 | 704393 lawrence1
lawrence1's picture

Pretty simplistic... there are not anywhere the number of jobs of any kind to be had for millions of people.  Sure, a few people wont look for jobs, but the great majority would rather work.  If unemployment benefits are not extended, I hope it leads to actions that the French and other Europeans are taking.  And now there appears to be plans to attack the banks on December 12th in several European countries. 

Fri, 11/05/2010 - 23:05 | 704433 DoChenRollingBearing
DoChenRollingBearing's picture

I believe that would be December 7th.

It's a good idea.  Get their attention and send a nice signal.

Sat, 11/06/2010 - 13:17 | 705253 caconhma
caconhma's picture

I have a more workable solution:

  • 6 months regular unemployment payment
  • Next 12-36 months, unemployed must participate in 20 hours per week doing any offered public work (no work => no benefits)There are many roads and bridges to repair & built. There are many job in agriculture.
  • Illegals must go back home to their own countries.
Sun, 11/07/2010 - 05:06 | 706249 cranky-old-geezer
cranky-old-geezer's picture

Unemployment bailouts are 50 billion a whack.  Banker bailouts are 1,000 billion a whack.

When I see people being 20 times more opposed to banker bailouts, I'll go along with their opposition to unemployment bailouts.

Opposition to either is barking at the moon.  Neither is going to change. 

Fed is robbing hull material from one place to plug new holes elsewhere in the hull of a sinking ship of state.  No one is pumping water out, merely plugging new holes as quickly as possible.  Smaller holes are ignored as attention is given to bigger holes, therefore the ship will eventually sink, or as Mr. Andrews said "Titanic will founder... It is a mathematical certainty."


Sun, 11/07/2010 - 10:11 | 706432 Rhodin
Rhodin's picture

"Fed is robbing hull material from one place to plug new holes elsewhere in the hull of a sinking ship of state.  No one is pumping water out, merely plugging new holes as quickly as possible.  Smaller holes are ignored as attention is given to bigger holes, therefore the ship will eventually sink, or as Mr. Andrews said "Titanic will founder... It is a mathematical certainty""


I agree, mostly, but think it is worse.  These geniuses are drilling holes in the hull to let the water out!

Fri, 11/05/2010 - 19:41 | 704003 citationneeded
citationneeded's picture

Aaaand the drama continues. I love how perpetual poverty is now a sport.

Fri, 11/05/2010 - 19:41 | 704004 unky
unky's picture

They got to make sure they steal the wealth slowly. Give them their food stamps and slowly inflate prices.

A sudden stop of benefits would make it hard to control all the hungry and cold people.

Fri, 11/05/2010 - 21:10 | 704110 Eternal Student
Eternal Student's picture

+1. They do the same thing to the old people on Social Security, with the supposed cost of living increases. This is old hat for Washington D.C..

I do believe that was one of Alan Greenspans' ideas, and implemented by Ronald Reagan.

Fri, 11/05/2010 - 21:15 | 704216 cossack55
cossack55's picture

Disagree. Usually hangry and cold people end up as dead people, who are very easy to control. Catch a clue on the end game.

Fri, 11/05/2010 - 23:11 | 704448 goldsaver
goldsaver's picture

Didn't the French, who will surrender to anyone, start a revolution because they were hungry?

Sat, 11/06/2010 - 12:26 | 705157 dark pools of soros
dark pools of soros's picture

that whole french surrendering stuff is total meathead talk.. any real war historian pisses on that assumption

Fri, 11/05/2010 - 21:15 | 704217 cossack55
cossack55's picture

Disagree. Usually hungry and cold people end up as dead people, who are very easy to control. Catch a clue on the end game.

Fri, 11/05/2010 - 21:27 | 704245 midtowng
midtowng's picture

Historically people don't usually die of starvation quietly. They often make a lot of noise and cause a lot of headaches for the powers that be.

Fri, 11/05/2010 - 19:41 | 704006 Caviar Emptor
Caviar Emptor's picture

This helps put todays NFP report in some needed perspective. 150K jobs added for the Holidays you say? Guess they'll be busy servicing the 42 million food stampers and the 2 million about to be cut from unemployment. Real busy. 

Fri, 11/05/2010 - 19:48 | 704020 Alcoholic Nativ...
Alcoholic Native American's picture

You fucken retards, QE 2.0? QE 2.0?  Are you fucken shittin me?  QE NEVER STOPPED!

Sat, 11/06/2010 - 05:08 | 704874 EscapeKey
EscapeKey's picture

What QE2 did was to introduce a blank cheque. Ben reserves the right to adjust the total amount, the pace of buying, and the right to change the program as he sees fit. From the statement:

"The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability."

So, he could turn around tomorrow and extend it indefinitely, buy $5tn on a monthly basis, or anything else he might think of to destroy the Dollar even quicker.

QE3 isn't necessary. QE2 is the QE to end all QE programs.

Sat, 11/06/2010 - 10:50 | 705032 RockyRacoon
RockyRacoon's picture

Yeah, it is a blank check.  Pretty well obscured except to those who can read.  Your analysis is on the mark.   It is QE....  can't seem to find an infinity key on my computer.

Fri, 11/05/2010 - 19:52 | 704034 ElvisDog
ElvisDog's picture

So, I'm confused. Is the extension to go beyond 99 weeks, or is it just to maintain the 99 week limit? Help me out here.

Fri, 11/05/2010 - 20:05 | 704054 Azannoth
Azannoth's picture

600B would be enough to give every American(and a few illegals) a cheque for 2000$ or 18000$ to every1 on foodstamps so it's not as much as you might think especialy that something has to be 'left over' for the bankers :)

Fri, 11/05/2010 - 20:44 | 704152 goldsaver
goldsaver's picture

$18k buys a lot of Louis Vuitton bags

Fri, 11/05/2010 - 21:02 | 704189 dark pools of soros
dark pools of soros's picture

big enough to put iPads and ...and well, do you really need anything else?

Fri, 11/05/2010 - 20:09 | 704070 Xibalba
Xibalba's picture

anything past 26 weeks in a rolling 52 week period is considered an extension.

Fri, 11/05/2010 - 20:23 | 704105 espirit
espirit's picture

EU compensation is a joke.  As a previous recipient which DID NOT receive 99 weeks total, due to Florida mandated requirement that one must search for and accept: 1) a job that pays mimimum wage or 2) anything that pays more than the $275 week allocated by the state.

Best thing going on here is a 120 mile roundtrip to work a ripmart, and yes that's with multiple degree ed-du-ma-cation.

Give my paid for home away to relocate, or trade for a living. Sux don't it?

Fri, 11/05/2010 - 21:27 | 704246 midtowng
midtowng's picture

It's to maintain the 99 weeks (or less in many states).

Fri, 11/05/2010 - 20:07 | 704042 Azannoth
Azannoth's picture

" Since then, the actions taken by the Obama administration have lowered unemployment by half a point," - I didn't know 1.1 million people worked at the White house

"we cannot forget the millions of Americans who, through no fault of their own, are still unemployed and looking for work." - except for being dumb as fuk that is

Fri, 11/05/2010 - 20:30 | 704128 drwells
drwells's picture

"we cannot forget the millions of Americans who, through no fault of their own, are still unemployed and looking for work."

Maybe it's the fault of Hilda Solis, since as I recall she was the one who said illegals had a right to our jobs too.

Fri, 11/05/2010 - 21:04 | 704193 dark pools of soros
dark pools of soros's picture

they'll all be workin in porn for the chinese

Fri, 11/05/2010 - 21:17 | 704221 cossack55
cossack55's picture

...and then to be downloaded by the SEC.

Fri, 11/05/2010 - 22:00 | 704304 Larry Darrell
Larry Darrell's picture


Fri, 11/05/2010 - 23:41 | 704653 QQQBall
QQQBall's picture

Illegals in chinese- and foreign-produced porn to be watched by SEC. I guess NAFTA works afterall?

Fri, 11/05/2010 - 21:29 | 704252 midtowng
midtowng's picture

Ah, so everyone who gets laid off for whatever reason is "dumb as fuk". Nice to know.

Fri, 11/05/2010 - 19:58 | 704043 zen0
zen0's picture

Let's see what the incentive is to get a non-government job even if one comes available.

Why, so you can pay taxes? Go off food stamps and have to pay for inflated food prices? Only a moron would try to get a job.

Sat, 11/06/2010 - 00:15 | 704702 Dantzler
Dantzler's picture

A moron--or just some who doesn't wish to avoid their own gaze in the mirror each morning...

Fri, 11/05/2010 - 19:59 | 704045 Rusty Shorts
Fri, 11/05/2010 - 22:47 | 704400 Goldilocks
Fri, 11/05/2010 - 23:50 | 704668 Rusty Shorts
Rusty Shorts's picture

"We were someplace around Barstow on the edge of the desert..."


Thanks Goldilocks.

Sat, 11/06/2010 - 11:07 | 705044 RockyRacoon
RockyRacoon's picture

Thanks for the link, Rusty.   It appears that ZH is basically indescribable.

Fri, 11/05/2010 - 20:09 | 704076 Paul Bogdanich
Paul Bogdanich's picture

There are millions in the 99 week situation.  Not just a few hard core folks here and there.  Millions.  If they lose their benefits and are left to starve homeless during the Winter while the Fed is busy printing hundreds of billions for the pleasure of the insolvent banks it could equal real trouble.  Which in turn might disrupt the real aim of these shenanigans which is to let the statute of limitations on the fraud and theft expire without any prosecutions.  Can't have that.  So on the one hand they should help these people for basic humanitarian reasons.  On the other we need some event to wake this pack of dildoes we call the public up to what's happening around here before the statute runs.    

Fri, 11/05/2010 - 20:12 | 704084 Caviar Emptor
Caviar Emptor's picture

Ahhh but you have the "New Austerity" GOP Congress to deal with now. And I'm sure they're thinking that yes, it's a tragedy, but the moral benefits of physical suffering are worth it. Cut 'em loose and send the National Guard out to make sure they vacate the premises. 

Fri, 11/05/2010 - 20:23 | 704107 Paul Bogdanich
Paul Bogdanich's picture

But that might alert the population to the fact that the big banks exist only because of regulatory forbearance and if that ended prosecuctions for fraud and other defalcations might start to get traction.  There is no way the GOP can support that as their campaign contributors (as well as the democrats) would be the targets of the prosecutions.  So I bet they pass the extension in the lame duck congress over equally lame resistance and then use it as a talking point while the statute of limitations continues to run.  They do control both sides of the game you know. 

Fri, 11/05/2010 - 20:29 | 704123 Cdad
Cdad's picture

LOL!  You think the GOP will go all austerity?  Serious?

Not a chance.  Debt your new ceiling.  The word is already on the wind.

We print ourselves into the oblivion or our Roman fire.  Can you smell it?  I can.

Buy every dip in gold, silver, and oil.  That is all there is left to do...oh, and put canned goods in the basement.


Fri, 11/05/2010 - 21:55 | 704296 nedwardkelly
nedwardkelly's picture

LOL!  You think the GOP will go all austerity?  Serious?

Haha, my thoughts exactly. Meet the new boss, same as the old boss. Any new politician that got in as a result of 'vote the incumbent out' has already thrown his campaign promises in the trash and only has 1 item on his all new TODO list:

1. Become a lifetime politician

Fri, 11/05/2010 - 20:30 | 704124 Fraud-Esq
Fraud-Esq's picture

Hungry people don't want prosecutions. They want food. 

I hear you and I wish, but that's not the path. Obama/DOJ are weak and owned. The business community will have to turn on its own, which takes much longer and the FED isn't helping that process either.

The Chamber of Commerce needs to be split down the middle on scale. All mega scale business on one side, small on the other. You have nothing in common, now fight. 

How long will that take? Long overdue....

Fri, 11/05/2010 - 22:47 | 704401 Yits and the Yimrum
Yits and the Yimrum's picture

get an AK and take what you need bitchez

if you think the squid is unflinching, just try to get past an HR goon these days

for the past 10 years I've only got jobs directly through the principals, if they try to steer me thru HR I exercise my option as an at will job seeker and say forget about it

I've had 14 jobs of 6 months or longer duration over the past 31 years, not a job hopper, but a job consumer


the HR bitches are just there to shag your ass, and see if your have any natural talent at begging; they are worse scum than pay day loan mangers

I'm in architectural engineering, was a financial type as a young scout

fuck da system boys, it needs a refresh

Sun, 11/07/2010 - 05:52 | 706269 cranky-old-geezer
cranky-old-geezer's picture

HR is *the* reason companies tend to hire incompetent suck-ups and reject truly competent people. 

Truly competent people will not kiss HR ass to get hired, more likely telling HR (and the company) to fuck off.

How to avoid HR?   Simple.  No resume. 

Send a letter to the hiring manager outlining their listed job qualifications and how you meet (and exceed) those qualifications. 

State you will interview only with the hiring manager, or they can take their job and shove it.

I interview only with the hiring manager.  If the hiring manager decides to hire me, then I'll go see HR to do the paperwork.


Fri, 11/05/2010 - 20:34 | 704133 drwells
drwells's picture

"On the other we need some event to wake this pack of dildoes we call the public up to what's happening around here before the statute runs."

The public would rather the banksters stole 100 duodecillion and they get ~$200K in HELOC money, than the banksters go to jail and they have to actually work for their money.

Fri, 11/05/2010 - 20:28 | 704078 SloSquez
SloSquez's picture

And so in lies the debate, whether in petri dishes or forest populations, the decisions and results are the same.  I didn't make the rules...lock and load.

Fri, 11/05/2010 - 20:16 | 704092 RmcAZ
RmcAZ's picture

But the recession ended in June 2009?

Fri, 11/05/2010 - 20:23 | 704106 palmereldritch
palmereldritch's picture

Interesting how the trojan horse that de-industrialized a manufacturing and resource superpower is the same device keeping its victims on life support by distributing food stamps.  Squeezing out those last margins and passing the savings on to JPMorganChase and its own bottom line.

Makes it easier to pull the plug and clean up on aisle 3.


Fri, 11/05/2010 - 20:26 | 704117 Fraud-Esq
Fraud-Esq's picture

Political timing is everything. First test for the GOP, say no to the EUC after a 600 billion QE2. You don't think Ben/Obama had this in mind, huh...

Of course. Ben wants more fiscal spending too, now, with cuts 5-10 years out. All cuts will be targeted years out. The GOP is on a collision course with this working coalition. Big business will support stimulus. 

Fri, 11/05/2010 - 20:30 | 704125 zen0
zen0's picture

Its all about the Benjamin

Fri, 11/05/2010 - 20:31 | 704130 101 years and c...
101 years and counting's picture

I don't care who I offend with this comment.  If you can't find a job within 99 weeks, too fukking bad.  I was laid off in Jan09 and back working in 2 months. 

BTW, the gov't doesn't care about those people....they are worried about the riots when we hear bankers paying out $150 BILLION in bonuses and those millions finally rising up.

Fri, 11/05/2010 - 20:41 | 704148 Fraud-Esq
Fraud-Esq's picture

Yeah, your comment offends reason more than anything. If you truly feel that way, you truly don't comprehend the economy. Do you know how many 50-somethings are  leaving interviews empty-handed because hiring them makes no logical sense to the companies considering the options. 

People are getting squeezed out, that group being the most vulnerable. 

Fri, 11/05/2010 - 21:58 | 704299 pitz
pitz's picture

Not just 50-year-olds.  Also 20-somethings and 30-somethings, because of bullshit claims that they're not experienced enough. 


And the tech sector hasn't hired American grads for most of the past decade.  Only filthy Indians and Pakis.

Fri, 11/05/2010 - 22:14 | 704324 honestann
honestann's picture

Woa now.  I know you are essentially correct about the tech sector, because I'm a long time scientist-engineer-inventor and I've seen it (albeit from outside, since I've always been a self-employed product developer).

However, the Indians, Pakistanis and others who were given those jobs are not filthy, and they are not at fault either.  They're just trying to make their way forward in life, just like the americans they replace.  It is government and bean-counters in [large] american corporations who have no clue how to value creativity.

The fact is, people and companies in China [mostly] often try to get me to move overseas because they recognize their own citizens are "well trained" but have not learned to "think outside the box" like a modest (but declining) percentage of americans have.  So in a screwy sort of way, it works both ways (and in both directions).  However, this creates an imbalance, because few "beginner" scientists, engineers and specialists (from anywhere) are very able to think outside the box due to the nature of "higher education" the past couple decades (not to mention mistreatment of "outside the box" thinkers by [large] corporations everywhere).

Fri, 11/05/2010 - 22:45 | 704396 tomdub_1024
tomdub_1024's picture

From someone who has been both inside and outside, you are absolutely correct, though Indians do have some absolutely f**cking brilliant engineers/coders at about the same ratio as Americans, its just that there (imho) is a huge, empty gap between the brilliant and the "regular", Americans seem to have a slightly more populous distribution across the middle.

Sat, 11/06/2010 - 18:51 | 705698 honestann
honestann's picture

I suspect that there is a big difference between people who have conceived, designed and developed a few [seriously complex or advanced] projects/products of their own choosing on their own... and that it matters zero where they were born or raised.

From what I've observed, very few scientists or engineers who did all their learning and work at college, then as corporate employees... know how to "think outside the box".  Or to put it your way, join the ranks of the "absolutely forking brilliant".

I have known a few "pure school babes" who can twiddle math equations so easily and effortlessly that my jaw drops.  But they tend not to know when the equations are inadequate or inappropriate for an advanced, creative, unconventional task.

What seems to be learned by "doing your own projects" is the ability to find and recognize radically to totally different practical ways to solve problems... in other words, "breakthroughs" or "game changers".

Sun, 11/07/2010 - 10:56 | 706485 Rhodin
Rhodin's picture

Many of the HR types in the tech sector see immigrunts as better ass-kissers than locals, so more make the first cut. Then hiring managers consider immigrants have proved their adaptability by surviving here for awhile.  Over time, this became a closed loop as many of the HR types and hiring managers are immigrants now also and don't hire natives at all.

Fri, 11/05/2010 - 20:59 | 704185 samsara
samsara's picture


 If you can't find a job within 99 weeks, too fukking bad.  I was laid off in Jan09 and back working in 2 months. 

And your occupation is what?  And what is the Job Title/Pay Level if you don't mind?


Fri, 11/05/2010 - 23:41 | 704652 Sausagemaker
Sausagemaker's picture

Who cares about his Job Title? Here are some of the titles I have held over the years:


  • Janitor
  • Waiter
  • Busboy
  • Bartender
  • Oyster Shucker
  • Fish Monger
  • Sales Rep
  • Account Manager
  • Caterer
  • Accountant
  • Operations Manager
  • IT Project Manager
  • Process Consultant
  • Desktop Computer Support
  • Bitch for the HNIC
  • Software Release Manager
  • Financial Consultant
I could go on, but I hope you get the point... Get to Work.



Sat, 11/06/2010 - 00:41 | 704740 samsara
samsara's picture



Here are some of the titles I have held over the years:

Ya ya, I had 13 on your list myself.  However sausage, "Over the Years"  ie the (70's - 90's) ain't nowAin't No Mo.

That line, that dog don't hunt no mo.




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