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Obama's Latest Stimulus: Handing Out Jobless Benefits To Striking Workers

Tyler Durden's picture




 

One of the oddities that seemed out of whack in this morning's weekly Unemployment Claims update was the explanation for the spike in this week's receipents of government generosity: apparently it had to do with the BLS handing out weekly benefits checks to striking Verizon workers. We will repeat the key word from that sentence because it bears repeating: "striking." Now, we may be wrong here, but if one is striking, one is not u-n-e-m-p-l-o-y-e-d, and hence the US government should probably not be using taxpayer money to double pay such individuals who have singlehandedly decided to forgo pay in return for making a labor statement. Otherwise, it kinda kills the whole "sacrifice" thing. And, lo and behold, as it turns out, we are not wrong. From JP Morgan: "Striking workers are generally not eligible to receive unemployment insurance benefits, but it looks like about half of the total amount of striking workers filed claims over these two weeks to formally determine their eligibility." Generally... except when the administration is willing to hand out money to anything and everything with a pulse. After all, there is that massive $2.2 trillion Bank of America balance sheet that has to be funded. And with direct reserve funding already failed, as per QE1 and 2, the only other possible way is via deposit increases. Alas, by the time this money could possibly be saved, it has been spent 5 times, the other 4 hitting Bank of America's bad credit card receivables department.

From JP Morgan:

Initial claims increase during week ending August 20, with or without striking workers

 

Initial claims for the week ending August 20 increased 5,000 to 417,000 from a figure for the prior week that was revised up. The Department of Labor noted that the Verizon worker strike generated about 12,500 claims during the week ending August 13 and about 8,500 claims the week ending August 20 (not seasonally adjusted). Striking workers are generally not eligible to receive unemployment insurance benefits, but it looks like about half of the total amount of striking workers filed claims over these two weeks to formally determine their eligibility. If we remove these striking workers from the claims data to give us a better indication of labor market conditions, claims would have increased about 10,000 to 409,000 between the weeks ending August 13 and August 20; the four-week moving average for claims during these weeks would be around 400,000, showing improvement relative to the July labor market survey week when the four-week moving average was 422,000.

 

Continuing claims for the week ending August 13 declined 80,000 to 3.641mn. Continuing claims have been basically flat since the end of March, but this was the largest single-week drop reported since mid-February. The insured unemployment rate for the week ending August 13 ticked down from 3.0% to 2.9%, equaling the low for the recovery to date.

 

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Thu, 08/25/2011 - 11:37 | 1599781 TheTmfreak
TheTmfreak's picture

I should be suprised but I'm not. Obama is buying votes again.

Thu, 08/25/2011 - 11:48 | 1599842 fonestar
fonestar's picture

National blow out sale on everything your grandparents built!  Watch for falling prices!!  Why pay more??

Thu, 08/25/2011 - 12:07 | 1599910 spiral_eyes
spiral_eyes's picture

jobless benefits for striking workers is not enough! what we need is at least five more carriers, two new middle eastern war and a war in the pacific! THAT IS REAL STIMULUS!

/sarc

http://azizonomics.com/2011/08/25/team-america-world-police/ 

Thu, 08/25/2011 - 12:16 | 1599957 MillionDollarBonus_
MillionDollarBonus_'s picture

Unfortunately this simply isn't enough. Dr Paul Krugman has calculated that we need at least another $ 2 trillion in fiscal stimulus. One of the major barriors to econhomic growth is that most prices are still somewhat determined by market forces. This has proven nothing short of disastrous with asset prices falling dues to lack of consumer spending and credit expansion.Ultimately, I believe it may be necessary to set up a central body to set ALL prices, not just interest rates. This will include setting prices of consumer goods like ice-cream, to setting the prices of captital goods and even financial derivatives.

Thu, 08/25/2011 - 12:23 | 1600000 Ausperity
Ausperity's picture

You are the best troll on this site!  Why aren't you employed at a think tank?

Thu, 08/25/2011 - 12:30 | 1600047 TheTmfreak
TheTmfreak's picture

So the problem with Krugman's argument is simply... reality and how the world ACTUALLY works? Who knew.

Thu, 08/25/2011 - 12:48 | 1600136 MillionDollarBonus_
MillionDollarBonus_'s picture

.

Thu, 08/25/2011 - 12:46 | 1600138 MillionDollarBonus_
MillionDollarBonus_'s picture

Thu, 08/25/2011 - 12:48 | 1600139 MillionDollarBonus_
MillionDollarBonus_'s picture

.

Thu, 08/25/2011 - 12:47 | 1600140 MillionDollarBonus_
MillionDollarBonus_'s picture

.

Thu, 08/25/2011 - 12:45 | 1600141 MillionDollarBonus_
MillionDollarBonus_'s picture

The problem is that market prices are set by the subjective preferences of crazies and doomers. These preferences are simply WRONG. Only professionals should be setting prices, not novices. 

Thu, 08/25/2011 - 16:26 | 1601433 RockyRacoon
RockyRacoon's picture

Is this The Twilight Zone, Disneyland, or am I actually at ZH?   Somebody really believes that Central Planning works?

Is it crazy in here or is it just me?

Thu, 08/25/2011 - 18:02 | 1601829 Calmyourself
Calmyourself's picture

That has got to be sarc..  Or perhaps he has not heard of the USSR..

Thu, 08/25/2011 - 18:13 | 1601860 nmewn
nmewn's picture

"Only professionals should be setting prices, not novices."

ROTFL!!!

Leo's got a brand new ID...LOL!!!

Thu, 08/25/2011 - 12:45 | 1600142 Zymurguy
Zymurguy's picture

Shirley you can't be serious?

Thu, 08/25/2011 - 12:03 | 1599899 Rodent Freikorps
Rodent Freikorps's picture

Gotta keep the brown shirts loyal.

Kristallnacht is coming. Tea Party and Main St. hardest hit.

Thu, 08/25/2011 - 12:19 | 1599969 midtowng
midtowng's picture

One thing missing out of this article is: did anyone get approved for unemployment benefits?

Sure, there is no law against someone applying for UI, even if they are working. But without getting approved then all this "Obama stimilus" and "Obama buying votes" means nothing.

Thu, 08/25/2011 - 12:34 | 1600071 faustian bargain
faustian bargain's picture

Yes, but who would even think of applying for UE bennies while on strike? With half of the strikers applying, it sure seems like someone might have put the word out there that they could be approved.

Or, maybe they're just idiots who don't understand that being on strike doesn't mean they're unemployed.

Thu, 08/25/2011 - 12:57 | 1600223 karzai_luver
karzai_luver's picture

idiot

 

Thu, 08/25/2011 - 12:58 | 1600235 Bob Sacamano
Bob Sacamano's picture

Union folks have very narrow, highly defined job descriptions (they actually get in trouble for "doing someone else's job" (like moving a box or something)).  So it is a bit much for them to mentally process why they should not grab money from taxpayers despite having a job.  They just know they are entitled and are a victim.  And they love BHO and he loves them. 

Thu, 08/25/2011 - 13:45 | 1600536 Whats that smell
Whats that smell's picture

We need all the profits to go to the top, right Bob? After all CEO's have a rough job keeping the phone cables up. If you have not walked in the shoes STFU

Thu, 08/25/2011 - 18:19 | 1601884 A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

"... why they should not grab money from taxpayers .."

 

Dude, would you like to apply that statement to any other group(s) of people? Or is Johnny lunchbox the only thing wrong with America?

Thu, 08/25/2011 - 13:00 | 1600249 piceridu
piceridu's picture

BREAKING NEWS!

President Obama has just confirmed that the DC earthquake occurred on a rare and obscure fault-line, apparently known as "Bush's Fault". Obama also announced that the Secret Service and Maxine Waters continues an investigation of the quake's suspicious ties to the Tea Party. Conservatives however have proven that it was caused by the founding fathers rolling over in their graves.

Thu, 08/25/2011 - 13:19 | 1600375 FeralSerf
FeralSerf's picture

But it is Obama's Fault that Bush and Co. haven't been prosecuted for treason and murder.

Sat, 09/03/2011 - 00:26 | 1628935 sun tzu
sun tzu's picture

Who will prosecute Obama and Co for treason and murder?

Thu, 08/25/2011 - 13:52 | 1600541 ThirdCoastSurfer
ThirdCoastSurfer's picture

Filing a claim every week, whether you're working or not, may be a good way to register dissatisfaction.  Think of it as being able to cast a vote every week whether you have a criminal record, are unregistered or even illegal. 

Thu, 08/25/2011 - 11:37 | 1599783 ArgentDawn
ArgentDawn's picture

That's it, I'm going on strike!

Thu, 08/25/2011 - 12:02 | 1599894 BlackholeDivestment
BlackholeDivestment's picture

...if you have not stopped working your labor has been used to support this failed system, which is devouring the principle of your labor every day. Laboring what is left of the harvest is better than gold, the return will be coming back as The Army your dusty arse better be in. http://bible.cc/luke/21-36.htm

http://www.youtube.com/watch?v=wyLjbMBpGDA&feature=related

Thu, 08/25/2011 - 12:08 | 1599913 Rodent Freikorps
Rodent Freikorps's picture

It is difficult, even for ZH'ers to internalize that the Political Class knows the end has come, and is only maintaining the illusion to prolong the corpse so they can maximize the looting.

They know the US is doomed. They aren't trying to save anything, but themselves.

Thu, 08/25/2011 - 12:37 | 1600087 GFKjunior
GFKjunior's picture

Going Galt!

Thu, 08/25/2011 - 11:38 | 1599787 WonderDawg
WonderDawg's picture

This country is going down faster than the ugly girl on the high school cheerleading team.

Thu, 08/25/2011 - 11:41 | 1599806 fonestar
fonestar's picture

That was funny!

Thu, 08/25/2011 - 11:39 | 1599795 BlackholeDivestment
Thu, 08/25/2011 - 11:40 | 1599796 DefiantSurf
DefiantSurf's picture

This is bullish right? Because unemployment and foodstamps boost the economy $1.84 for every $1 in benefits right?

 

 

Thu, 08/25/2011 - 23:31 | 1602836 StychoKiller
StychoKiller's picture

Stay away from Nancy, she be in la-la land!

Thu, 08/25/2011 - 11:40 | 1599797 oklaboy
oklaboy's picture

can somebody say impeachment?

Thu, 08/25/2011 - 11:44 | 1599827 fonestar
fonestar's picture

imP3aCKment...

EMpreajjk....

Inkreekmert...

KDFJSal;dskfjdfllf......

 

.....no sorry, I tried.

Thu, 08/25/2011 - 12:00 | 1599889 serndipity
serndipity's picture

Three words that guarantee Obama won't be impeached.

 

President Joe Biden

Thu, 08/25/2011 - 11:40 | 1599799 youngman
youngman's picture

not only this which blows my mind......but Michigan cut 35,000 COLLEGE STUDENTS off of its Foodstamp rolls..or so they said...but since when do college stundents get food stamps.....we have so many people on the government teet....it will never end until it does....and it will be hard..very hard...these babies will not live very long without their tweeting or iphones...

Thu, 08/25/2011 - 11:49 | 1599841 baby_BLYTHE
baby_BLYTHE's picture

exactly. Without Foodstamps you would see breadlines stretched around every major street corner in this nation which would make the Great Depression look like a mild-Recession.

And people still call this a recovery!

Thu, 08/25/2011 - 11:53 | 1599858 centerline
centerline's picture

Digital soup lines.  Sign of the times.

Thu, 08/25/2011 - 11:59 | 1599881 fonestar
fonestar's picture

Maybe make an app for which soup kitchen has the shortest line-up in town?

Thu, 08/25/2011 - 14:22 | 1600799 Whats that smell
Whats that smell's picture

You would also see them in your pantry, garage and bedroom.

Thu, 08/25/2011 - 11:59 | 1599882 pods
pods's picture

When the entitlements stop, you will see just how entitled people have become, and it will not be pretty.

pods

Thu, 08/25/2011 - 12:18 | 1599963 Ausperity
Ausperity's picture

What timeframe do you put on this outcome? just curious...  I agree, but this extend and pretend seems like it could go on for years...

Thu, 08/25/2011 - 16:38 | 1601499 pods
pods's picture

A guy predicted a couple of years ago that the dollar crisis will start in 2012.  He saw debt run ups (check), election swing to austerity promising Reps and then a deflationary spiral followed by raw printing.  So, somewhere around 2013 seems to be about right.  He made that prediction in 2008 when I was calling for the sky to fall.  

I used to think it would collapse due to X,Y,Z but in reality it can go on for a lot longer than most can think.  People, by and large, like the status quo.  Real change sucks.  And collapse really sucks.

I would say that since we have had the austerity push already that we might have to look at mid 2012 for things to get dicey.  Europe is coming unglued, so that might buy us some time here as the fastest horse in the glue factory, but things have become shakey worldwide and the status quo is slipping.  So I would say withing a couple of years at most.

pods 

 

Thu, 08/25/2011 - 12:03 | 1599898 laomei
laomei's picture

um, this really has to do with the letter of the law in the state in question.  however seeing as tuition keeps getting hiked, funding is slashed and there are no jobs... yep, no food stamps means not being able to survive through college in some places.  the political response of course was unfounded in reality "they should get a part time job, i did, why cant they?"... um, because there are no fucking jobs anywhere due to your selfish generation fucking over the entire economy?

Thu, 08/25/2011 - 12:27 | 1600022 Argonaught
Argonaught's picture

This is a shining example of the entitlement generation.  Used to be, lo these many years ago, that we didn't get to go off for 4 years of fun and drugs, er, higher education if we couldn't afford it.  WTF are you doing at college if you can't afford to eat?

Thu, 08/25/2011 - 12:47 | 1600162 Sig Sauer
Sig Sauer's picture

i just got my oldest's first college tuition bill...have you SEEN the cost of the food plans?

Thu, 08/25/2011 - 16:34 | 1600643 baby_BLYTHE
baby_BLYTHE's picture

yeah, it is nuts. Plus it seems the food gets shitter every progressing year

I refused a meal plan this year because I am able to cook for myself at my apt. But the Freshman and others that live in dorms buy into these plans naively thinking, and some times not even knowing, they have several options to cut costs and save a substantial amount. At the end of every week the average person always winds up with several extra meals they never ate. Waste

Thu, 08/25/2011 - 11:40 | 1599801 oogs66
oogs66's picture

so people entitled to jobless claims decreased, but those willing to give it a shot for free money, increased?  This is a mess!!

Thu, 08/25/2011 - 11:40 | 1599802 EscapeKey
EscapeKey's picture

Couldn't they smash some windows while they're on strike? Preferably Paul Krugman's?

Thu, 08/25/2011 - 11:52 | 1599854 IMA5U
IMA5U's picture

what chick is that?

Thu, 08/25/2011 - 13:24 | 1600404 baby_BLYTHE
baby_BLYTHE's picture

Anna Chapman?

Thu, 08/25/2011 - 12:07 | 1599912 EvlTheCat
EvlTheCat's picture

I'm game!! Just hand over my check! Peps crazy to think the conomy it bad.  Shit cuz the money is just rolln in.

Thu, 08/25/2011 - 12:26 | 1600010 serndipity
serndipity's picture

Union thug even placed his unionism above fatherhood by placing his own daughter in front of a moving truck in order to protest Verizon

 

http://www.breitbart.tv/striking-verizon-protester-bullies-non-union-rep...

Thu, 08/25/2011 - 12:58 | 1600233 Rodent Freikorps
Rodent Freikorps's picture

Don't give them any ideas.

Obaama will propose a Dept. of Window Smashing, and appoint a Czar for hammer ready jobs.

Thu, 08/25/2011 - 12:01 | 1599804 Cognitive Dissonance
Cognitive Dissonance's picture

My understanding is that in some states unemployment is paid to striking workers. Don't know the details because it varies from state to state and most states don't pay workers if they strike.

When the Federal government agrees to backstop state unemployment benefits during tough times I think they agree to abide by each state's rules, at least for the initial round of benefits. Extended/emergency benefits are another matter.

BTW this is claims, not actual payments made. The union was encouraging people to sign up for unemployment by making a claim. They admitted that the claims may be denied. It was just another negotiation tactic and a way to rally the morale of the troops.

Thu, 08/25/2011 - 12:25 | 1599995 pazmaker
pazmaker's picture

I believe it has something to do with Right to work states and "Closed shop" States where union membership is mandatory if your location of employment is union.

 

So if I work in a forced union state such as Massachusetts and my location goes on strike even though I don't want to, I have no choice so the state allows you to collect unemployment benefits, whereas if I work in NC, a right to work state,  and in my place of employment the union decides to go on strike, I don't have to join in that strike.

Thu, 08/25/2011 - 12:29 | 1600040 Argonaught
Argonaught's picture

That makes perfect sense.  So it can't possibly be true.

Thu, 08/25/2011 - 11:41 | 1599805 kito
kito's picture

lets ALL strike!!!!!!!!!!!!!!!!!!!

Thu, 08/25/2011 - 11:41 | 1599809 tekhneek
tekhneek's picture

Can we just pay them to work instead? That would probably be a better idea.

It's funny, I was having this conversation with my friend yesterday. The number of weeks/days an unemployed person stays unemployed is directly proportionate to the number of weeks/days they're alotted benefits. OH MY GOD. INCREDIBLE INSIGHT! It's almost like the article you ran Tyler about the 10 million dollar research study they did to find out that an increase in credit led to an increase in borrowing... in California I think?

Anyway, to quote the man: "Work expands so as to fill the time available for its completion."

http://en.wikipedia.org/wiki/Parkinson%27s_Law

Thu, 08/25/2011 - 11:42 | 1599813 Janice
Janice's picture

I read the title quickly and thought it said striping workers.  I was okay with the Obama stimulus, and thought that I could possibly get a raise.

Thu, 08/25/2011 - 11:42 | 1599815 Henry Chinaski
Henry Chinaski's picture

That was the old America.  Things have fundamentally changed since the good old days. I hardly even recognize the place anymore.

Thu, 08/25/2011 - 11:47 | 1599834 andybev01
andybev01's picture

That's because it looks like a gigantic mall, surrounded by car dealerships.

Thu, 08/25/2011 - 16:32 | 1601474 RockyRacoon
RockyRacoon's picture

...garnished with fast food restaurants.

Thu, 08/25/2011 - 23:36 | 1602848 StychoKiller
StychoKiller's picture

Don't forget the tent cities under the overpasses!

Thu, 08/25/2011 - 11:49 | 1599816 bigdumbnugly
bigdumbnugly's picture

first a deal with buffet/bac and now tossing unemployment $ at striking workers.

martha's vineyard, a politician, and other people's money...

Thu, 08/25/2011 - 11:43 | 1599817 CrashisOptimistic
CrashisOptimistic's picture

They filed to determine eligibility.  They will be found ineligible.

What's somewhat more curious is how did anyone determine "about half" of the striking workers filed?  How do they know that?  Do they just look at the number of new claims and the amount above consensus is divided by total strikers?  That would be somewhat arrogant.  

BLS should not have any visibility into what proportion of strikers (who get paid from a strike fund) filed new claims.

Thu, 08/25/2011 - 12:32 | 1600063 karzai_luver
karzai_luver's picture

I suspec that any who filed where challenged by Verizon. Thus the counts.

 

 

Just becuase you file don't mean you will get.

 

In fact mm this challenge us a BOOMING business these days.

 

Lawyers always make out.

 

Thu, 08/25/2011 - 16:37 | 1601482 RockyRacoon
RockyRacoon's picture

You don't get it.   It's not about any of this stuff.   It's about an Obama bashing.    That's the MO around here.   Note that "Obama" appears nowhere but in the title of the article -- nowhere else.   Readers seeking confirmation bias are immediately hooked.  

Thu, 08/25/2011 - 11:43 | 1599818 John McCloy
John McCloy's picture

  I think the Verizon strike is just the BLS excuse of the week. I have never heard of any worker on strike receving UE benefits.

Thu, 08/25/2011 - 11:48 | 1599819 Doyle Hargraves
Doyle Hargraves's picture

Debt Brotha handing out free money Bitchez! I can't wait until this whole thing collapses like a poorly built dam in an earthquake zone.

http://en.wikipedia.org/wiki/St._Francis_Dam

Thu, 08/25/2011 - 11:43 | 1599820 LawsofPhysics
LawsofPhysics's picture

When the fuck is Atlas going to shrug already and who the fuck is John Galt?

Thu, 08/25/2011 - 23:38 | 1602852 StychoKiller
StychoKiller's picture

I believe that Atlas is going bowling, guess what the ball looks like...:>(

Thu, 08/25/2011 - 11:43 | 1599823 shushup
shushup's picture

I didn't read that we know for a fact that they will receive benfits. I would like to know for sure so I can call my senators and complain about this injustice to the tax payer.

Thu, 08/25/2011 - 11:46 | 1599833 DefiantSurf
DefiantSurf's picture

That'll help, better check your congressmans campaign contributors first

 

Thu, 08/25/2011 - 11:44 | 1599828 tmosley
tmosley's picture

If they are indeed given benefits, then we will be one step closer to the end of this foolishness.

Thu, 08/25/2011 - 11:47 | 1599836 oldmanagain
oldmanagain's picture

Tyler's let them eat cake is in line with the Freudian nature of Austrian roots.  The part about anal retentive.

Thu, 08/25/2011 - 11:59 | 1599879 Sathington Willougby
Sathington Willougby's picture

as opposed to Keynesian sucking root mr Union Goon.

Thu, 08/25/2011 - 11:50 | 1599848 Seer
Seer's picture

Want to make sure that when they get back to work they'll continue to spy on the public for the govt.

Thu, 08/25/2011 - 11:56 | 1599863 treemagnet
treemagnet's picture

Unions.....don't get me started.

Thu, 08/25/2011 - 11:56 | 1599867 Whatta
Whatta's picture

Could someone please post a map to a goverment teat that I could get on?

I can't find one for myself to suckle.

Thu, 08/25/2011 - 11:59 | 1599875 ShowMeTheTime
ShowMeTheTime's picture

Busted!

Thu, 08/25/2011 - 12:02 | 1599877 Village Smithy
Village Smithy's picture

I think that the BLS is so wacked out that they actually thought they were fudging the data in a positive direction but didn't think it through.

Thu, 08/25/2011 - 12:00 | 1599887 Josh Randall
Josh Randall's picture

WOO HOO  - the end is getting nearer!! Lets go Apocalypse, Let's GO..CLAP, CLAP, CLAP !!!!

Thu, 08/25/2011 - 12:04 | 1599901 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Are we getting screwed yet?   Few Steps   Are we getting screwed yet?   Few Steps...............................

Thu, 08/25/2011 - 12:03 | 1599900 Eireann go Brach
Eireann go Brach's picture

I Agree, bring on the collapse!

Thu, 08/25/2011 - 12:04 | 1599902 dirtbagger
dirtbagger's picture

Is Zero Hedge turning into a Fox News affiliate?  Do you think Obama personally hand-crafted the rules governing unemployment insurance - Right he must of done it a week ago just to help the Verizon Strikers.

There are many issues on which Obama rightfully deserves criticism.  Indiscriminate bashing of any sitting President is not illuminating and does nothing to further advance the discussion of important issues. 

Not much point in visiting Zero Hedge if they continue posting crap with this type of headline.

Thu, 08/25/2011 - 12:15 | 1599955 tmosley
tmosley's picture

Uhh, who do you think did it, then?  Who has the power to arbitrarily extend taxpayer monies to workers who are by definition not unemployed?

If this is really happening, then the only logical source is the executive branch.

Thu, 08/25/2011 - 12:29 | 1600024 pazmaker
pazmaker's picture

tmosley,  the latest extensions for the unemployed and all that I can agree with you, but state laws in place saying who is eligible not eligible for unemployment were in place before Obama and instituted by each individual state, so it can't be blamed on Obama or Bush or any other President for that matter.  Se my post above in repsonse to Cog Dis.

Thu, 08/25/2011 - 13:01 | 1600248 karzai_luver
karzai_luver's picture

idiot. mos.

 

 

Thu, 08/25/2011 - 12:19 | 1599970 tekhneek
tekhneek's picture

You can go somewhere else, like, Fox News if you don't like it.

Obama's executive orders THIS YEAR ALONE: http://www.archives.gov/federal-register/executive-orders/2011.html

Enjoy.

Thu, 08/25/2011 - 12:21 | 1599985 dirtbagger
dirtbagger's picture

Does anyone know why so many Zero Hedge posters respond with one sentence?  It takes a complete thought to form a pragraph.

Thu, 08/25/2011 - 12:56 | 1600217 Zymurguy
Zymurguy's picture

Yeah, make sure you look at all three years worth of 'em!

I guess he inherited all of Bush's executive orders too so you have to count those as well :)

Thu, 08/25/2011 - 12:50 | 1600181 Everybodys All ...
Everybodys All American's picture

Probably true but the community organizer guy does have a track record.

Thu, 08/25/2011 - 12:54 | 1600200 Zymurguy
Zymurguy's picture

great idea... leave!

Thu, 08/25/2011 - 12:04 | 1599903 Pool Shark
Pool Shark's picture

Meanwhile, neither earthquakes nor hurricanes can dislodge the Teleprompter in Chief from his regularly-scheduled vacation...

Thu, 08/25/2011 - 12:07 | 1599911 ThorsteinVeblen
ThorsteinVeblen's picture

State law usually dictates unemployment benefits to workers who organize and choose to withhold their labor. American Crystal Sugar, a co-op of 2800 sugar beet farmers, has brought in replacement workers to beet plants in the upper Midwest. Minnesota residents can receive unemployment benefits while North Dakotans may not. The workers were locked out as the union busting tactic was well thought out and planned. If the vote to strike was almost 100%, and workers from both states voted in the affirmative, how can an article lacking the most fundamental empirical evidence in order to support an anti-union slant be credible and not simply be uninformed rhetoric? The states run unemployment funds that employers pay into. The Federal Government is involved in unemployment extensions. Both Verizon and Amer. Crystal Sugar employees would of course file for state benefits as they were new to the unemployed pool of workers and would be counted as such in any event. Three phone companies with 200 million customers and a handful of sugar producers with tariffs negotiating with each individual? You must think that capitalism works for a guy with a lunch bucket without intervention in this "system"?

Thu, 08/25/2011 - 17:13 | 1601636 rwe2late
rwe2late's picture

 Agreed. IF the reason workers are unemployed is no longer that they are on strike, but are locked out, they may be eligible for unemployment compensation, depending on interpretation of state law..

The article falsely claimed both that STRIKING workers were being paid, and that a federal decision by the Obama administration authorized payment.

Thu, 08/25/2011 - 12:13 | 1599937 monopoly
monopoly's picture

How long can Obama violate the law and get away with it. What has this country become?

And the shorts in fins get killed, now the longs in fins get killed, market near lows and gold at day  high. Miners looking ok also.

How much is this site worth to you all??

For me....priceless. Donate what little you can.

Thank You Zero Hedge.

Thu, 08/25/2011 - 12:49 | 1600173 karzai_luver
karzai_luver's picture

8 years seems to be normal.

 

All of them do it kiddo!

 

Thu, 08/25/2011 - 12:19 | 1599973 SRV - ES339
SRV - ES339's picture

Yet another (non story) anti-Obama propaganda piece from Zero Credibility... they're "claims," none will be approved, and Obama (or his administration) had nothing to do with it. 

Nice to see Glenn Beck landed on his feet... as the latest Tyler.

Zero Hedge is a great financial site... politics, not so much.

Thu, 08/25/2011 - 15:02 | 1601010 rwe2late
rwe2late's picture

 I find many of the 'political' pieces informative and often lead to some good discussions in the comments. . even if I disagree.

But this article is flat-out wrong and should be publicly retracted by ZH.

 I believe Obama is despicable, but let's not make up 'facts' to either slander him, striking workers, or government itself.

Thu, 08/25/2011 - 15:12 | 1601055 SRV - ES339
SRV - ES339's picture

Good points rwe...

I suppose the red meat is good for ZH business (always the the highest number of comments... keeps the Obama haters coming back), but then so are Derivatives and HFT for banks... Oh wait, isn't ZH quite outspoken about "those" evil gains... hmmmmmm!

Thu, 08/25/2011 - 12:22 | 1599979 eaglefalcon
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I'm self empolyed so I can't fire myself to get 99 weeks of UI, that totally sucks.  I wish self-employed people like me can come together, hire each other, then fire each other

Thu, 08/25/2011 - 12:30 | 1600048 Forgiven
Forgiven's picture

Eaglefalcon,

I'm sorry, but your services are no longer needed.  You're not being fired.  Your position has been eliminated.  Please use this box (hands box) and put your personal items in it.  When you are done, these nice gentlemen in security uniforms will escort you to the street.  Have a nice day.

 

Forgiven

Thu, 08/25/2011 - 13:22 | 1600388 eaglefalcon
eaglefalcon's picture

I know quite a few people who got laid off and are intentionally not looking for job just to collect the maximum 99 weeks.  This a especially good deals for women with young kids.  Joke aside, I'm considering the option of incorporating myself, then hiring myself, so that one day I can be fired from the joint of my own creation.  According to an accountant friend it won't work

Thu, 08/25/2011 - 13:27 | 1600423 jakeman
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If you figure out how to pull this off, count me in.

Thu, 08/25/2011 - 13:28 | 1600430 FeralSerf
FeralSerf's picture

You need to incorporate.  It's cheap.  I laid myself off and got UI benefits when business got slow.

Thu, 08/25/2011 - 13:36 | 1600487 eaglefalcon
eaglefalcon's picture

I see hope here!  So if I incorporate and put myself on the payroll as an employee, and then my company fires myself.  Wouldn't the company still be contributing to my UI until I find a job or exceed the 99 week limit?  What percentage of UI doesn the company contribute?

 

Thu, 08/25/2011 - 14:26 | 1600830 FeralSerf
FeralSerf's picture

You can't get UI benefits if you get fired. Laid-off, yes.

Your company only pays UI while you're on the payroll. The company doesn't pay any percentage of the benefits while you're unemployed. But its payroll overhead for UI % increases if the company has more employees that get UI benefits. Also you must have been on the payroll.

Just to make life easier, although it's not required by the regulations (may depend of the state though), you might want to give yourself a non-executive sounding title like assistant cook and bottle washer or scientist or whatnot. Certain titles get audited more than others and audits are not fun even if you win.

Thu, 08/25/2011 - 16:53 | 1601559 eaglefalcon
eaglefalcon's picture

Hooray!  My new job title will be assistant janitor.  Who does the audit?  IRS? Dept of Labor?

 

 

Thu, 08/25/2011 - 14:37 | 1600895 Whats that smell
Whats that smell's picture

Incorporated you can pollute and do accounting mischief and walk away with only a slap on the wrist, Sit in taxpayer funded lunches wit local politicians and talk about how wonderful each other are.

I heard someone (a republician) call this guy a "teflon coated dirtbag"

 

http://www.politico.com/news/stories/0811/62030.html

Thu, 08/25/2011 - 12:21 | 1599989 CrimsonAvenger
CrimsonAvenger's picture

Hooray! All gain, no pain! I think I just peed a little.

Thu, 08/25/2011 - 12:24 | 1600002 Blakbeard
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Jobless benefits (i.e. Unemployment) is not available to striking workers regarless as to whether or not they voted for the strike. 

Thu, 08/25/2011 - 12:47 | 1600161 karzai_luver
karzai_luver's picture

wrong see below............

Thu, 08/25/2011 - 12:36 | 1600078 drswhaley
drswhaley's picture

Obama-2012 ads run on this site - good use of their money.  WTF?

Thu, 08/25/2011 - 12:46 | 1600155 karzai_luver
karzai_luver's picture

Rhode I NewJer NewYawk can collect benefits.

 

Those on strike would file and the other states not.

 

This would explain why all did not file and that Owebama has nothing to do with it under the first state tier.

 

 

Thu, 08/25/2011 - 13:00 | 1600253 Rodent Freikorps
Rodent Freikorps's picture

Central Falls, RI went bk this month...and no one noticed.

Thu, 08/25/2011 - 12:48 | 1600169 Everybodys All ...
Everybodys All American's picture

The guy is free market capitalism's worst nightmare

Thu, 08/25/2011 - 12:51 | 1600184 karzai_luver
karzai_luver's picture

haha

 

You are a laugh riot.

 

I had to kill cap to save it.

 

Well the zombie was born long before the hack got selected, but if it makes you feel good just do it!

 

hahahaha

kids these days.

 

Thu, 08/25/2011 - 12:51 | 1600186 Zymurguy
Zymurguy's picture

It's a Cloward/Piven move... overwhelm the unemployment benefits system by having 1000s of people file at once.

Thu, 08/25/2011 - 12:52 | 1600195 karzai_luver
karzai_luver's picture

seems clow/piv has been turned on you as your brain has been overrun,

 

1000s file every week for decades,

 

kids these days,muhahahahah!

 

 

Thu, 08/25/2011 - 12:59 | 1600240 lunaticfringe
lunaticfringe's picture

Wow. You cannot make this shit up. How desperate is this guy gonna get?

Thu, 08/25/2011 - 13:02 | 1600271 karzai_luver
karzai_luver's picture

actually this shit is made up.

 

Trade mmuch?

I hope so.

 

Thu, 08/25/2011 - 13:33 | 1600474 PulauHantu29
PulauHantu29's picture

 

Why go to work anymore? Just sit home "on strike" and collect your paycheck and food stamps and free cell phone.

 

Thu, 08/25/2011 - 13:53 | 1600587 eaglefalcon
eaglefalcon's picture

 People who suck government teats eventually end up kissing government donkey and blowing government richard.  Sadly enough, they gonna bring the rest of us with them

Thu, 08/25/2011 - 14:23 | 1600809 Jovil
Jovil's picture

Living through a currency devaluation and how to cope

I was managing an American subsidiary of a successful large US Company in Mexico. It had been a financial turnaround for our team. Cash flow had accumulated in our bank in Mexico and corporate didn’t want the money repatriated to the US. Although we had already paid a 35% income tax to the Mexican government, we would have to pay an additional 30% exit tax to repatriate the money. In addition, we would have to pay high fees for the peso/dollar exchange, in order to make the transfer. The company wanted to expand our successful business and so we decided to keep the money in Mexican pesos to be used for further expansion.

 

One morning, as my wife and I were on a trip driving on the highway, we heard a national message from the President of Mexico in 1976, Luis Echevarria, one of the most corrupt presidents in Mexican history. “It is a lie that we are going to devalue the peso,” he said.

Read more

http://lonerangersilver.wordpress.com/2011/08/13/living-through-a-curren...

Thu, 08/25/2011 - 14:36 | 1600886 rwe2late
rwe2late's picture

  A bit of an inflammatory article here, eh TD ?

 THE COUNT IS OF CLAIMS FILED, NOT CLAIMS PAID !

If the worker who filed a claim is on strike, his/her CLAIM for benefits will be DENIED.

They do however have the right to FILE A CLAIM for an official decision.

Thu, 08/25/2011 - 15:53 | 1601272 KCMLO
KCMLO's picture

I was thinking the same thing though I didn't find it quite as inflammatory. 

 

You know, one way to bring it all crashing down for the folks that are tired of waiting for the collapse (I personally would prefer a collapse even though I believe we'll just bleed out for years and years, by we I mean the whole planet).  Everyone just file unemployment claims.  Algos crash the market... voila!

Thu, 08/25/2011 - 17:56 | 1601810 Anonymouse
Anonymouse's picture

This is at the same time amusing and offensive.  These guys choose not to work, are still employed, and get benefits?

Compare this to my case.  I quit my job 3.5 years ago due to unethical practices by our new owners, as I did not want to have my reputation sullied by them since I was senior management, and in accordance with CFA standards.

Since I vountarily resigned, I was not entitled to unemployment benefits under state law.

Since I received no benefits, I was never classified as unemployed in any government statistics, even though I have been unemployed for 3.5 years/

These guys are employed and received benefits and are classified in government stats.

How screwed up is that?

Thu, 08/25/2011 - 18:19 | 1601879 Heroic Couplet
Heroic Couplet's picture

But if you don't want regulation for the banking industry, why would you want regulation for anything else. productive workers?Try using Verizon without its productive workers. And if Verizon jobs go offshore, will you gripe?

And if you're upset about people buying iPads, a pal pointed out today, but they're buying everything, including $200 Jordans."

Thu, 08/25/2011 - 18:25 | 1601906 Caveman93
Caveman93's picture

Moral Hazzard?

Fri, 08/26/2011 - 03:42 | 1603154 FlyPaper
FlyPaper's picture

I caught the oddity in the BLS statistics re:striking workers, but what's the evidence that the game has changed and Obama is now supporting Unemployment for striking workers?  

Under no circumstances should striking workers be given unemployment.

 

Fri, 08/26/2011 - 13:00 | 1604719 Sun Tsu
Sun Tsu's picture

John Galt was an a...hole  -Crack Daddy O

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