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The US Labor Market Is In A Full-Blown Depression
Now that stocks are back to reflecting nothing more than expectations of how many times the Chairsatan dilutes the existing monetary base in a carbon copy replica of not only 2011 but also 2010... and 2009 (because contrary to what purists may believe, the only way to inflate away unsustainable debt in a growth-free economy is by destroying the currency), and manic pattern chasers have crawled out of their holes proclaiming the death of the bear market after a two day bounce, what is happening in the actual economy, no longer reflected by the market, has once again been pulled back to the backburner. Which is sad, because while ever fewer people reap the benefits of artificial, centrally-planned S&P rallies, the rest of the population suffers, and what is worse: hope for a quiet, middle-class life is now an endangered species. Nowhere is this more evident than in the following list from David Rosenberg which summarizes how, quietly, the US labor force slipped back into a full-blown depression.
From David Rosenberg:
One Sick Labor Market
There were so many disturbing elements to the May jobs data that we're not sure we can do justice to the litany of disappointments (with some help from our friends at the Investor's Business Daily):
- The share of long-term unemployment is at its highest level since the Great Depression (42%).
- Fully 54% of college degree graduates under the age of 25 are either unemployed or underemployed.
- 45 million Americans are on food stamps — one in seven residents.
- 47% of Americans are on some form of government assistance.
- The employment-to-population ratio for 25-54 year olds is now 75.7%, lower than it was when the recession supposedly ended in June 2009.
- The number of people not in the labour force has swelled eight million since the recession ended; absent that effect, the unemployment rate would be 12% right now (about the same as President Obama's election chances would be).
- The number of people confident enough to leave their jobs fell 11% in May
for the second month in a row to 891k, the lowest since November 2010. - The ranks of the unemployed who have been looking fruitlessly for work for at least 27 weeks jumped 310k in May, the sharpest increase since May 2011.
- The unemployment rate for males aged 16-19 is 27% and for males between 20 and 24 it is 13%. Draw your own conclusions from a social (in)stability standpoint.
- One in seven Americans are either unemployed or underemployed.
- Only one in six of the youth are working full-time and three-in-five are living with their folks or another relative (as per the NYT).
- A mere 16% of the 2009-2011 graduating class has found full-time work, while 22% are working part-time. Even those hired from 2006-08, just 23% are working full-time.
- According to a poll cited in the NYT, just 14% of high-school grads today believe they will have a more successful financial future than their parents Line of the day, as depressing as it is, comes from an 18-year old: "Thank God I had a buddy at Burger King who could help me out". Fast-food has emerged as the fast-growing industry in a country once led by technology. Even tech now is fuelled more by companies that produce nifty consumer gadgets and feed our narcissistic needs than those who focus on improving the nation's capital stock which is the ultimate trailblazer for productivity growth and durable gains in our standard-of-living.
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I had to downvote you for perpetuating the lie that regulators are real. Every person you just cussed benefits from this misinformation.
Honestly, you should know better by now.
and I had to down-vote you, because according to our hard earned taxes, "regulators" are real and getting PAID with our money.
I "know better" in regard they are a complete failure, and just as guilty for this mess as anyone, however denial of their existance is a head in the sand viewpoint.
you clearly have high expectations of the government, and therefore qualify for today's:
"yes, virginia, there is a santa clause" award for your shining gullibility.
nice sentiments all, but understand this a**rape for what it is.
better? now laugh at all of them. its the thing they hate the most.
"There aint no sanity clause"
I wonder how much more retail money they were able to squeeze out today.
We do not need regulators. We need global leaders who decide anyone who can do math at the level of a physical or materials science Ph.D but who tries to apply those maths to unrelated areas, is a vampire and must be immediately killed.
This will not end well.
Looks like a perfectly positioned period at the end of that sentence to me!
$9 an hour jobs can be found by the thousands all day long. Mall jobs, fast food jobs, manufacturing jobs, construction jobs, landscaping jobs. In fact just about any job that used to pay $25k-$50k is now a $9 an hour job. I saw 50 hour workweek skilled CNC operator jobs advertised for $8.85 an hour. WHOO HOOOOOOO.
$35k management level positions are now going for $18k a year. You'll be better off than your patsy $9 an hour employees, but not by much.
If you still have a $50k a year job, outside government or union work, you're just counting the days until you are fired to be replaced by a $9 an hour worker. When a boomer retires that job is no longer available, it gets cut into a few $9 an hour pieces. Each worker will be granted the work of 10 others, just to make sure the labor cost to the corporation doesn't increase.
Nobles and peasants is where we are going. You are wither a 1%er raking in millions or a 99%er making minimum wage.
Not the work I do. Education is the key to many doors. I have to wonder what these newly minted college grads are getting their degrees in.
I have two kids in college - one studying engineering, one going into the sciences.
How amny Liberal arts majors could get into a good math and science program in a decent college -even if they wanted to?
So when finishing studies they will migrate to China where all enginering and science is being sent?
P.S. Germany is always hiring engineering type people.
this shit keeps up and they'll be designing Verfungswaffe again.
Great... sounds like we got another government engineer and university professor coming up...
God forbid anyone teach themself and start a business.
The university medical center I work at employs plenty of "science " majors. Those jobs start at about 30k and can go up to 48k or so if you have a masters degree.
Montgomery Burns
I would not think those masters will matter in a few years because of this
http://mjperry.blogspot.com/2012/05/todays-grade-inflated-lake-wobegon.h...
Today's Grade-Inflated, Lake Wobegon World; Letter Grade of A Now Most Common College Grade In 1960, the average undergraduate grade awarded in the College of Liberal Arts at the University of Minnesota was 2.27 on a four-point scale. In other words, the average letter grade at the University of Minnesota in the early 1960s was about a C+, and that was consistent with average grades at other colleges and universities in that era. In fact, that average grade of C+ (2.30-2.35 on a 4-point scale) had been pretty stable at America's colleges going all the way back to the 1920s (see chart above from GradeInflation.com, a website maintained by Stuart Rojstaczer, a retired Duke University professor who has tirelessly crusaded for several decades against "grade inflation" at U.S. universities). By 2006, the average GPA at public universities in the U.S. had risen to 3.01 and at private universities to 3.30. That means that the average GPA at public universities in 2006 was equivalent to a letter grade of B, and at private universities a B+, and it's likely that grades and GPAs have continued to inflate over the last six years. Grade inflation is back in the news, with a Twin Cities Star Tribune article today "At U, concern grows that 'A' stands for average." "A University of Minnesota chemistry professor has thrust the U into a national debate about grade inflation and the rigor of college, pushing his colleagues to stop pretending that average students are excellent and start making clear to employers which students are earning their A's. "I would like to state my own alarm and dismay at the degree to which grade compression ... has infected some of our colleges," said Christopher Cramer, chairman of the Faculty Consultative Committee. "I think we are at serious risk, through the abandonment of our own commitment of rigorous academic standards, of having outside standards imposed upon us."National studies and surveys suggest that college students now get more A's than any other grade even though they spend less time studying. Cramer's solution -- to tack onto every transcript the percentage of students that also got that grade -- has split the faculty and highlighted how tricky it can be to define, much less combat, grade inflation." MP: As one University of Minnesota undergraduate student explained the rising GPA trend when evaluating a professor known as a rigorous grader, "We live in a grade-inflated world." That University of Minnesota anthropology professor Karen-Sue Taussig suspects that today's "grade-inflated world" can be traced to the growing cost of a college degree, i.e. today's "tuition-inflated world." As Taussig told the Star Tribune, "They're paying for it, and they worked really hard, and they put in time, and therefore they think they should get a good grade."
Last year, Professor Rojstaczer and co-author Christopher Healy published a research article in the Teachers College Record titled "Where A Is Ordinary: The Evolution of American College and University Grading, 1940–2009." The main conclusion of the paper appears below (emphasis added), and is illustrated by the chart below showing the rising share of A letter grades over time at American colleges, from 15% in 1940 to 43% by 2008. Starting in about 1998, the letter grade A became the most common college grade.
"Conclusion: Across a wide range of schools, As represent 43% of all letter grades, an increase of 28 percentage points since 1960 and 12 percentage points since 1988. Ds and Fs total typically less than 10% of all letter grades. Private colleges and universities give, on average, significantly more As and Bs combined than public institutions with equal student selectivity. Southern schools grade more harshly than those in other regions, and science and engineering-focused schools grade more stringently than those emphasizing the liberal arts. It is likely that at many selective and highly selective schools, undergraduate GPAs are now so saturated at the high end that they have little use as a motivator of students and as an evaluation tool for graduate and professional schools and employers."
MP: The connections among "grade inflation, "tuition inflation," "college textbook inflation," and exponentially rising student loan debt are important. Perhaps students find it easier to accept rising tuition, higher textbook prices (many selling for $200-300 now), and $25,000 in average student loan debt if they at least graduate with mostly As and a GPA above 3.0? Even if they can't find a job, they can take pride in having "earned" an inflated GPA?
Gully, you are right! I was on a recruiting committee for major firm. We ignored grades almost entrely (unless they were poor; i.e., below A). Only two criteria counted: 1. top results on national (or international) exams and/or 2. how 'connected' they were.
It's sad for the poor chap who actually works hard for his A's but scores less then near tops on a national exam (like the LSAT, Nat'l Boards, etc) or comes from a 'poor' family. Zero credit was given for extra activites such as "class president" and stuff like that.
"As the World Turns".......
I used to see this problem in a certain European country when I worked as a teacher there. Their local version of a high school diploma would give every student over 90 percent.
I was then faced with students that had friends at other schools whom could not speak English but had received 95 percent for the English component of their diploma.
Grade inflation begets grade inflation. I had to mark my students up against my better judgment, if only to indicate that they were more fluent than other students from other schools.
By the time I left my job, it was common for almost all students to receive a 97 to 100 percent in their final diploma grade. The qualification became meaningless.
So what happened? Employers and HE colleges started recruiting based on iGCSE grades, but students at public schools could not sit iGCSEs as a matter of course. So the whole fiasco resulted in those very public school teachers that had inflated student grades freezing their students out of the entire marketplace.
The Lake Wobegon effect:
"where all the women are strong, all the men are good-looking, and all the children are above average."
"48k or so if you have a masters degree."
Hey, that's nearly enough to beat the national household income average! Which is a whole $12K above basic sustanance levels for a family of four! Pre-tax of course, who the fuck knows what the net is?
And so far they have zero jobs, correct? I know lots of kids that majored in STEM, working part time supermarket, waiter, etc. Luckiest ones make 35K to work 70 hrs/week with no benefits.
Corporate education is the key to many corporate doors.
Fixed!
If the aim is to open doors then perhaps locksmithing is a better idea?
One HUGE area of job creation. Funding the Fascist National Security Military Industrial Police State.
Wink, wink. Gotta protect The Global Elite Criminal Syndicate ya know what I mean.
Or Working for U'm
http://www.emergencymgmt.com/training/Homeland-Security-Degrees.html
Nothing like having to pay for the bullet they'll use for your own execution.
just some math help...
on a full time basis (2080 hrs/ yr)
$12.00/ hr = $25,000
$9.00/ hr = $18,720
$8.65/hr = $18000
so I'd take the floor sweep/ fry cook job @ $9.00 versus the $18,000 sub assistant vice manager job.
manager = delegates everything and bangs the best looking co-workers... take the manager job.
+69
It will be the best $720 you ever gave away
Well, when I worked in restaurants 30 years ago. Everyone was banging everyone. Manager's much less than others since an assistant manager could get them fired and replace them if they got caught. Not that much prestige to a manager job that pays less per hour than minimum wage. Managers scrubbing the grill at midnight after being there since opening.
There's a lot of truth to this. I know a guy, a former student, who's in the business. He has some solid experience, is a moral guy, and is a hard worker.
He's going to return to waiting tables.
The manager job opportunities, even an hour's drive away, are like you describe. Why do it? A good job waiting earns more for less work and requires less taxes.
I did this math a while ago and came to the same conclusion. It doesn't even make sense to go to medical school at this point. If you're 18 and go to a private college (pretty damn well necessary to get into med school), then to medical school, you will owe nearly half a million dollars when you graduate. Then you'll start working 80 hours a week for 5-7 years doing your residency at 40k a year, which comes out to about $9.61 an hour.
When you finish at the ripe young age of 35, social security will be completely insolvent and failing, medicare will have 30% cuts across the board, and the roughly $150k average physican salary will now be $105k. But first, out comes the interest and principal payments on your $1,000,000 student loans that have been accruing at 6-8% for the last 13 years (4 college, 4 med school, 5 residency). Then, out comes the malpractice insurance which will be about 10-20k. After paying malpractice, student loans, and taxes, you will be making - you guessed it: roughly $9 an hour as a physician.
You can see even medical school is not a solution anymore. You cannot get ahead financially.
scary stuff. my father is a businessman and a surgeon. he's said medicine has not paid off for the last 10 years
so the kidney black market dry up too?
Nursing school ! AA degree at most CA community colleges. Make 100k + and good bennies with a few years of work experience.
Yep, becoming a plumber makes much more sense unless you assume you will end up in a high paid specialty.
When you finish at the ripe young age of 35, social security will be completely insolvent and failing, medicare will have 30% cuts across the board
Even that is optimistic.
Sure adr, these $9 jobs are out there, but if you have a college degree you are rejected. I applied for a cashier job at Lowes and was rejected...Friggin cashier job. I guess they thought they could get someone who was functionally illiterate to do the job on the cheap.
That is why people with doctorates aren't even putting it on the application when they apply for a floor job at Best Buy.
I have a MBA and design degree from a top 25 college. I currently work for a company as a product and marketing manager making $65k. Took less money to live in the midwest. The company is always on the brink of going out based on the crappy economy. What I do is worth $100k+ but good luck to me if I ever try to get another job, I lack the "right" connections.
When I lost my previous job in 2003 I tried to work at Best Buy to make some money while I looked for another job. The exact quote from the HR manager was, "I am sorry but we can't hire you for this job. You are more qualified than our regional manager. We simply can't have you make every other employee look bad."
I have had this experience. In the summers of 08 and 09, I was out of work. I teach community college, have a terminal degree.
I have also owned my own pizzeria (which failed after 911 and a divorce) and have management experience and a ton of restaurant experience (most of us who had years of college have this experience).
I applied for a ton of jobs--pet stores, pizza places, Blockbuster, etc.
I never even got called.
If you have too much education or experience, they don't want you.
And since I am responsible and paid off my house, I couldn't even get food stamps.
Luckily, I was switching to online teaching, which is booming. Now I don't have any job security, but I have been able to work steadily since then, teaching online.
I pray a lot.
I've heard before that "over qualified" applicants don't get hired because they'll bail as soon as a better offer comes along, and most are looking while working. . .
drone jobs are for drones, in the eyes of corporate. initiative need not apply.
That is what's so frustrating. Sure, I might bail in a few months for a job in my field, but this is an extra ordinary time and the economy really sucks. So I'd probably be stuck with that job for a year or more. I'd tell them that, but I know it wouldn't go over well.
I agree it IS frustrating, as survival depends on earnings - I think this is also why "temping" is growing, as there are more workers than jobs, and corporate wants a dispose-able workForce to assist their bottom lines - for reasons others have noted here, temping makes business sense, and also can mean you'll be in employment more often than not, as temp agencies don't want to pay for your "downtime" drawing un-employment bennies.
but yeah, overall and individually, it sucks - good luck with duckin' and divin' the new normal!
http://www.rybinski.eu/2012/06/co-powie-wielki-bebe/
http://translate.google.com/translate?sl=pl&tl=en&js=n&prev=_t&hl=pl&ie=...
The reductions, which will occur across all 247 Albertsons stores in California and Nevada, will begin the week of June 17 and should be completed near July 1, according to a statement today. Albertsons is the biggest retail chain in Supervalu’s family of grocery stores.
http://www.bloomberg.com/news/2012-06-06/supervalu-to-cut-up-to-2-500-jo...
There goes my cousin's hope of getting a job as a packer when he finishes his PhD from Berkeley.
don't be so sure. I think there are lots of $9 an hour jobs for PH'D's from quality schools.
1 "checker" can watch over 4 self-checkout stands. They remind me of paramutual clerks when the first betting machines were installed. They laughed and the current clerks still jabber and do fuckall as I stand in line.
"What's the queue for?"
"Suicide boothes."
we should be focusing a bit on an emerging trend...that of the death of public unions. there will be a domino effect that will restore local and state budgets.....this may help blunt the fallout from lost federal money once the federal government faces its debt monster..............
You do realize he has to live through this first. You know how unions are.
The obfuscation here is that the pension funds were (and continue to be) malinvested by "external management consulting firms" who gave them the silly 8% fairy tale. The deleveraging of unions is a necessity given the continued leeching of taxpayer funds by our masters; the wholesale selling-off of public assets, financed by fees paid by you and me (highways, seaports, airports, resource rich land) is the other thing to be watching, has already been happening en masse in the more indebted municipalities, coming soon to a previously "responsible red state" near you.
There is no such thing as "blunting the fallout". "Blunting the fallout" is as conceptually silly as "averaging down to stem the losses". We can shake our fists at whatever gets the rage monkey off our backs, but at the end of the day, a drastically shittier collective existence is our fate. There are no choices, there is no "accept the bad now to avoid worse later", there is no kicking the can down the road, the can is off the cliff, we're off the cliff, we are the wolf that ran way past the roadrunner and is currently suspended in thin air, furiously sprinting, with a 1000 ft. drop just sitting there, waiting for us to realize that there is nothing supporting us, waiting for us to raise the "Help!" sign, followed by our swift and terrible descent, which we will somehow, impossibly, survive, only to start chasing after that goddamn roadrunner again.
Why don't you see Unions like Gold? Showing how much the other side is losing value while it retains its constant value. (value=quality of life)
Everyone is so short on logic here about unions while not knowing how devestating the long term effects of globalization on the entire economy and quality of life.
But blaming unions is easy to the simple mind since it is an easy one step compare. So it is easier to blame someone than to stand up for oneself.
And no, I am not in a union, in fact my corp employer is outsourcing jobs like a madman. But my Dad did live a life in a union and had a very sound, middle class, quality of life.
The 'extraordinary benefits' public union people have now used to be what normal corporate jobs provided. Once the public union people get slammed, we can expect a further drastic reduction in the remaining corporate benefits. Here's what I've seen:
1980 - work at large corporation, automatic cost of living raises, paid overtime, free medical 100% and dental and phone and pension, practically can't get fired unless caught stealing from company or taking heroin at work multiple times
1985 - overtime ends, well getting paid for overtime ends, the overtime hours increases, significant layoffs every couple months ad infinitum, no more cost of living raises
1988 - free medical ends, pay for hmo, many deductibles,likewise dental, pretty much no raises at this point
1992 - pensions end, outsourcing to India accelerates layoffs
At this point, about 10% of the people are born in America. Almost everyone else is from India, Russia or China and most of the jobs are actually in India or China. If I see a young white person, I know they are Russian here temporarily for training. Almost zero jobs for young US college grads.
Can't complain too much, I'm still surviving. Most of the people who started when I did are working in the mall or not at all.
Yup.
Since July 1, 2010:
+2 million on disability
+5.2 million on food stamps
-<2 million decline in unemployment
NET? It sucks!
http://confoundedinterest.wordpress.com/2012/06/02/recovery-summer-scorecard-170000-more-on-disability-than-decline-in-unemployment-a-disabled-recovery/
No worries!
I'm going for my Masters in Puppetry from UConn.
I'll be on the public sector payroll in no time!
UConn has a great program for bi-gender social interaction facilitating. You'll go far if you can stomach the video lectures.
Children Lose to Bailed-Out Bankers as Crisis Forces CutsDoctors in Spain (IBEX), where the government is cutting health spending while paying 23.5 billion euros ($29 billion) to bail out its third-largest bank, stopped Dario’s prescription of the 2,000-euro a month growth hormone both boys need to stop their bodies degenerating because of a genetic condition. Alonso doesn’t know his treatment was pulled too.
The U.K., whose four biggest banks paid 32 senior executives a combined 103 million pounds ($161 million) last year, is in its second recession in three years.
...and so on....
http://www.bloomberg.com/news/2012-06-05/europe-s-crisis-sees-vulnerable...
Well, what do you expect? The Psycopath Global Eugenic Elite need to thin the herd of useless eaters.
Share of employment in the manufacturing sector is declining for decades now,
according to this graphics from the St. Louis Fed.
Tsk tsk. Word "Depression" is banned and will be soon replaced with word "stability", including all history books.
Anybidy using this word in conversation or emails will be labeled as terrorist and reeducated.
And the truth will be a violation of any corporate copyright.
My company has "no money" for raises this year but is currently building a 20k square ft office building, the executies are all at some meaningless conference in Destin (after already attending another one there last month), and there are 12 palettes of new sod for a landscaping project sitting out front in the parking lot.
The sod is understandable, they want it to look nice for Obama's photo-op visit next week.
Better get laying it or they will have mexicans doing it and when the boss see's how they work you may be walking the dog at 10:00 am tomorrow.
They have to invest their cash into ghost towns to protect it against inflation.
Let them eat shrimp.
Brand Deepwater Horizon.
You wonder how companies could weather the margin compression and get by on cutting expenses and employees alone, but then you realize shit like this is in EVERY organization... the inefficiencies were simply mind blowing (and still are)... levels and levels and levels of misallocation...
Have you noticed how economies are or tend to be market based but businesses, particularlly large ones are centrally planned?
As small agile businesses become large slow ones the management methodology tends to remain top down, the cathedral rather than the bazaar. Eventually the company goes totally off the rails and wanders off into the wilderness with no idea of what it was doing or what it should be doing. It's most obvious after a change at the top where the new guy has no fucking clue what's going on or what should be going on.
Yep... same thing happens with governments. It's just human nature.
The big issue for businesses is that they fail to understand rudimentary business, product, and consumer cycles. The success of today is not the sole result of hard work and ingenuity at the top of the organization, but rather, in all likelihood, is mostly the result of generic cycles... a rising tide that floats all ships. Sure, there are comparative metrics, but it's much easier for humans to attribute our success to our own actions (and our failures to the actions of others) rather than acknowledge a significant portion is simply being in the right place at the right time.
One of the biggest areas this is observable is in the old money real estate folks... many have simply had their asses handed to them over the last 5 years... belly up... commercial property dead... very, very strange. Folks, the world and markets are constantly changing... and what you see might not even be real.
It just seems that more people would wish to remain nimble on capital investment... building up huge capital debts during the boom years leaves little margin for error in the bust years... just an incredibly short sighted management philosophy... that has eaten virtually the entirety of our economy.
12 pallets of sod is pretty cheap on Craigslist. They probably cost about $120 a pallet.
You may not like your job or bosses but if they run an employment ad - they will get thousands of people killing for a job.
Hope & Chains.
This country is fucked.
this country is fucking you. you are fucked....without k-y.
900 rupiahs/month looks better and better and you don't have to learn mandarin. face paint or a dark tan and learning the head wiggle may help, though.
What is up with that head wiggle thing?
I had an ex who was from Dubai but lived in India and he used to do that to signify "yes" to a question and it would make me so angry it just looks so smug
http://www.youtube.com/watch?v=j4AM8d90Lus
TELL ME YOU DON'T WANT TO PUNCH HIM IN THE FACE
It means "ok boss, I get it, it's stupid but we gotta get it done... consider it done".
It is the normal progression to a third would country....as we are becoming....where everyone has some sort of government job..sweeping the streets...cutting lawns...picking up garbage...the 15 hours a week to get you a stipend that will let you survive on the government rice and beans....and maybe a little rum for the weekend....
In the history department they call it Marxism-Leninism.
Stipend is the new ration. Ration has bad connotations so we change bad word to more acceptable word. All is good. Newspeak 2012
Thank the good Lord for Mc JOBS or else we'd see unemployment at 20%+
Thank the good Lord for Mc JOBS or else we'd see unemployment at 20%+
=====NOW HIRING REVOLUTIONARIES=====
Tired of your old job?
I developed a couple products in the painting biz, almost licensed my wood stain (zero solvent in 1999) to PPG. They danced for months and new technologies I am sure kept popping up and the finally said "awesome product" and passed. A few years later it all came crashing down. Used to sell $10K-$20k of my special plaster to "enormo" homes. Times were good but I knew it wouldn't last. All my contractors have been either bust or just using more local store shelf products. The big just keeping buyin out the small and you don't get bought, you fade away through "me too" products and pricing. So back to contracting which is at 1995 prices with $4 gallon fuel and $35 gallons of paint.World sucks. I never gave up. still take orders but about 25% of what they were.
Then you see these restaurants and bars opening still in Sacramento, dozens and dozens of fancy million dollar investments and actually have people in them. Where do these people get theyir money? Happy hour and so on, but it will all end again here one day soon.
I've been wondering the same thing. They must all work for the government. Probably TSA or DHS. No contractors I know or even anyone SE is doing more than 25% of 2008. It's a different world out there.
not really... they just have marginal cash flow... doesn't mean they aren't insolvent given likelihood of future prospects... but for now they have cash flow (think what it must be like to not pay rent/mortgage). Spend it while you got it.
Haha. It's all built on credit. Wait 'til somebody calls in the note.
No you see there is your problem. You want to be a parasite instead. Lots of growth in parasitism in the last few years.
Then you see these restaurants and bars opening still in Sacramento, dozens and dozens of fancy million dollar investments and actually have people in them. Where do these people get theyir money?
Former California prison guards who retired at age 45 with $250,000 a year pensions. If you want to be rich in MexicFornia you need to be in Hollywood, high tech sillicon valley scams, San Fernando Valley porn - 2 blocks from hollywood cause they need fresh meat and Calif govt union workers.
You should have been a prison guard dentist in CA. They make $700,000 a year. Liberalism aka fascism.
I once worked for a start-up SW company that was developing banking SW, and its big customer was a BIG bank, which never really seemed interested in deploying the SW. I suspect that they kept us tied up so that a competitor didn't latch on to us.
Funny thing was was that several of us were hanging around chatting late one night and we all realized that what we were developing could obviate the need for traditional banking. I think that it was at this point that the writing on the wall started to appear...
in order to have a one world governing system a one world banking system has to be developed. in order for a one world banking system to work one currency has to be issued. in order for one currency to be issued it has to have the same purchasing power through out the world. in order for the one world currency to have the same purchasing power the nations that are below the mean standard of living must rise to the mean and the nations above the mean must fall to the mean. this data and the data from europe indicates what will happen to the the western world.
this is the new world order.
At least that's what the Bilderburgers want it to be. They may not get their way. We are all Icelanders now!
I said a few days ago the new "Amero" will be made from Soylent Green.
Maybe the ten different currencies will each have a different flavor.
I'm not sure if you noticed, but the world has a single currency... and its issuer has been abusing the shit out of this ability.
Does a currency have the same purchasing power throughout a single state, let alone the entire world? You do not need any of this to have a single world currency... nor does a single world currency necessitate that there will be any mean reversion...
the dollar is used in 65% of international transactions(down from 85%). the local currencies fluctuate around it's perceived value decided by empirical and some subjective data. one world currency would not have this adjustment mechanism. as the euro is finding out the adjustment has to come from a central bank absent a currency value adjustment.
great disparities in purchasing power would tend to the mean as expensive countries like the usa would gravitate to cheaper products in countries like india. this would include population shifts. keeping the reversion orderly is easier if the disparity is less, besides it makes it easier on the bankers(the principle benefactors) there will always be some disparity(like in the usa) but it would even out as other factors(opportunity costs and marginal utility) are factored, i.e., would you move to india if your usa income could follow you so you can maximize the utility of your money or are local family obligations too important? many people would, just as baby boomers are retiring to countries with cheaper living costs streching their retirement dollar. costa rica is a great example of that. the expats have driven up the cost of real estate and living staples in the areas they populate. of course, they could use restrictions on people mobility to leverage the labor arbitrage without having to worry about currency fluctuations.
smart mobile people will take advantage of the disparity and invest in the mean reversion.
Smarter people would be working for the people who end up undoing the reversion.
Ah... but the System still is predicated on perpetual growth (the interest thing) on a finite planet; and, it depends HEAVILY on readily available, cheap energy.
The probability is high that some might be pushing for the new world order. That such a fragile system could sustain, however, is of low probability.
Better to invest one's time in aligning with sustainability than in fighting against that which will self-destruct.
Get over it, the malaise applies only to the 99%.
When the bankers take over a nation they first remove the infrastructure. Then they build up the defenses against the citizens. Then they create false flag terrorist attacks, take over the political and judicial system and finally remove the laws of the nations constitution. If trouble mounts against the banksters they begin mass murders and executions.
Sound familiar. Pretty easy process since they control the money supply.
Yes. And now, they also have deadly Flying Monkeys (drones).
"How 'bou a Hellfire with those fries?"
you sure it isn't dead flying cats?
OMG! The Canadian cannibal made that! Before he fed kitty to the snake.
45 million Americans are on food stamps — one in seven residents.
Thats a shitload of people.
What would that look like? If standing hat in hand back to back, how long would that line be?
LA to NYC , Great wall of China, Equator or to the Moon and back?
Maybe the guys that made the derivatives grafic can help make a visual of this virtual soupline?
http://www.zerohedge.com/news/mother-all-infographics-visualizing-americ...
Or maybe the weight or how many olympic size swimmingpools it would take. etc. 45mill...WOW.
Shoulder to shoulder... (20 inch average shoulder width) it would be half way around the world plus some.
It would look like this...
http://www.zerohedge.com/contributed/visualizing-large-numbers-and-your-holiday-car-trip
Priceless + 47,000,000
If this were true then Obama's election chances would be that low regardless of the official rate. You cannot hide reality.
The American dream seems to be well and truly dead for most.
Oh contraire. It takes a lot of technology in GMO products and food "extenders" to make fast food. Yeah, Mickey D and company are selling a lot of "edible" waste products. Luuuvvvv that chicken from Popeye's!
Yes! - Things are looking up for Clark Griswold and his "Milk Additive". I sure hope he gets his bonus this year.
Want to projectile vomit without actually eating anything? Just gaze at the freshly carved omgwtf is it
http://news.foodfacts.info/2011/11/our-mcrib-photo-featured-on-fox-news....
My....God.....It's.......PEOPLE!
So that's what they do with all the unclaimed thugs at the morgue...
Foxconn soon comes to the cities near you. Those that can speak Chinese get paid $0.50 more per hour.
Nope, regulatory burden is too high to start with, and it is unstable (ie NIMBY creates barriers that are difficult to forecast). Also taxes of all types are too high.
The "made in America" label is still worth something, but it just isn't worth it for most forms of manufacturing.
You're right! I conventiently forgot Americans are too big to work in their iShit assembly line.
45 million, thats almost the population of spain on foodstamps.
Oh snap!
http://www.youtube.com/watch?v=z33tH-JdPDg
sponsored by big Pharmas!
Yes, the US labor market is now in a full blown depression. Look no farther than the cause: it was the actions of the United States Congress.
Over the last several sessions, Democrats and Republicans alike have helped multinational corporations bring in foreign workers to flood the tech labor market working for far less than US workers (never mind the lie that qualified workers weren’t available; they just weren’t available at the cut rate companies were interested in paying).
Not satisfied with bringing in foreign labor, Congress helped corporations move substantial operations to Mexico, China, Korea, India, et cetera.
But the tech field has only been a part of congressional duplicity. For two decades, millions of low skill laborers flooded into the country primarily from Mexico and always through the good graces of the U.S. Congress. These workers now keep low skill wages extremely low and welfare costs extremely high; and have fostered a tremendous increase in the phenomenon of part-time jobs for many Americans.
Never mind Obama. Obama lies and grandstands; but it’s the Congress that allows every single instance.
How do these so-called representatives of the people, who have created this tragic labor depression, have the nerve to consider themselves Americans?
That's what you get with Govt by the Corporations, for the Corporations...
That's what you get when Americans can name more Kardashians than congress critters.
That's what you get when corporate and foreign entities give you the "news".
HOPE
How
Our
Prosperity
Ends
Don't get into arguements with idiots who won't acknowledge that there is no rule of contracts and law. There have been no real consequences for bad behavior so why does everyone act so suprised when a relative few are allowed to steal from everyone else? The next time a private corporation fails, force the management to pay the creditors first. if that isn't enough, then force the shareholders. Anything but the fucking taxpayer.
Totally stupid. Prosecute the fucking fraud and restore the rule of law and consequences. Put the moral hazard back in the bottle and everything else will fix itself.
If one of the thousands of people ripped off by Jon Corzine won't put a bullet in his head, then all is lost. Ditto for his past ilk like Madoff, Ebbers, Ken Lay, etc, etc. The Chinese know how to handle such theives. But then, they are Capitalists.
I'm beginning to think that something big is happening, and they know it. That's why they're stealing everything not tied down, and fraud is running rampant. They have to know that they won't get caught or that all records will soon be destroyed. There has always been fraud, but I'm not sure that American history, at least, has ever seen fraud on this widespread scale or at this level. It's outrageous. It is probably more than a trend. Just sayin'.
Here is a job for the out of work ladies. http://wichita.craigslist.org/etc/2991730241.html Why fight the 1%; instead you can help them procreate.
You're looking at the wrong website, try backpage
lol I don't qualify but I've looked into egg donaton which is up to $10k a pop! But I don't want to take all those hormones. Also you can't have sex!
The giant sucking sound has been sounding for some time now.
You should have listened to Ross Perot back in the day and then given Al Gore a judochop to the face.
If it is allowed, it will be done...
As a nation, we are out of balance. We need both tangibles and intangibles to stay alive and right now the bankers and others seem to think we can survive on algorithms only. I can't eat one for dinner, can't talk to them, or even see them, right?
Companies are not going to hire employees and build factories when they can hire a few geek programmers and mine free taxpayer data and then turn it around and make a few million from doing this. The geeks create the algorithms and once that is done with the formulas that query and create the format to sell, well you get that picture and we are out of balance.
Take Walgreens, on their 2010 statement, they made just short of $800 million, selling data only. Looks like the RX business has become a sideline effort here in order to get the data for sales. Take that number and include all kinds of other companies, banks, high frequency traders, and throw in Facebook too and look at the the potential to tax these folks. Why not, they get their information for free or almost free and make billions. Not much difference than a sales tax, except "those guys" pay this time and not consumers. Every time I have to pay an excise tax as a consumer I think about this, wouldn't you?
It's time to "de-valuate" the algorithms. Sure they have value but not to what is touted today, and enjoying seeing the Facebook algos not holding their own, way overdone by the banks. What does an investor get, a piece of the algorithms, nope those have patents:) If you de-valuate the algorithms some of the rest will fall into place as it will enable companies to build factories and make stuff again if we have balance and quit allowing these folks to make billions for data mining algos.
http://ducknetweb.blogspot.com/2012/04/devaluate-algorithm-and-tax-data....
As consumers, we are under the Attack of the Killer Algorithms that make billions for corporate America and we have to scrape and get by while they prosper, all about those algos any way you look at it.
Numbers don't lie but people do. Professor Siefe at NYU, journalist and mathematician that talks about how naive we are and how we have been conditioned to beleive so much of the flawed data that is presented today. His video embedded at the link below. He wrote the book, "Proofiness, the Dark Arts of Mathematical Deception" and I used to write code so I can say too, it's out there.
http://ducknetweb.blogspot.com/2012/02/attack-of-killer-algorithmsdigest...
The foodstamp recipients are greater than the total population of Canada.
When you see that svelte blond exiting her Mercedes at the grocery store, you never know if she will be handing the checkout cleark the government issued plastic or a credit/debit card.
The asian welfare mama sans exiting shiny new Escalades at my local grocery store ALWAYS pay with government issued plastic.
i began work on a game pitting the young against their parents and grandparents...but it was simply too true, too absolutely depressing to pursue.
sounds like the khmer rouge
America's role in THE EMPIRE is to provide the Drone mercenary Storm Troopers, always part of the plan since 1980...
Neo-liberalism, De-capitalization/De-industrialization, and the Res PublicaBy Tony Wikrent, who sells books (among them out-of-print manuals for equipment, including machine tools) at NB Books. Previously published at Corrente.
Lambert here. I’ve got a soft spot for theories of everything, and the thesis presented here, of neo-liberalism systematically de-industrializing/de-capitalizing America, and transforming it into an extractive economy (see under fracking, mountaintop removal, Keystone and Trailbreaker pipelines, road and rail projects, etc.) with concomitant Second World-style political structures (elite impunity, secret police) has a lot of appeal for me.
One of the first links Neil provides is to a stunning March 2012 report, Worse Than the Great Depression: What Experts Are Missing About American Manufacturing Decline, by the Information Technology and Innovation Foundation, which refutes the common wisdom that the loss of U.S. manufacturing jobs is because of gains in productivity. If new, more productive manufacturing technology is the primary reason for the loss of manufacturing jobs, then we should be seeing a pattern of rising capital investment in that technology. But there is no such pattern. In the chapter entitled, “Capital Investment Trends in U.S. Manufacturing”, the study notes:
Renaissance 2.0: Lesson 1 - Revisiting American History - Financial Empire
Renaissance 2.0: Lesson 2 - Revisiting Economics 101 - Debt
Renaissance 2.0: Lesson 3 - Revisiting Civics 101 - Ownership
Money, Banking and the Federal Reserve
I see people driving around in $100,000 cars and congregating in fancy restaurants every day apparently without fear for their lives. Amazing.
I am always baffled on here by the apparent complaining about the lack of free markets and the corresponding wages/benefits in the US. You want free markets and unfettered capitalism? You will end up with a narrow segment of the population who do reasonably well (10-20% max) and the rest have to really hustle while those at the bottom wouldn't make it without gov't transfers.
Why should an American employer pay a greatly increased wage to an American worker when there are millions of people around the globe who will do the same job for much less while working harder & longer with little/no benefits? People on here espouse individualism on here constantly yet scream bloody murder about foreign competition.
Now granted labor rates are only a small piece of the overall cost equation on outsourcing but in all of the surveys I have seen on the largely BS 'reshoring' of manufacturing in the US indicate not that capital investment is really increasing here (its not and continues to fall compared to historical levels since post WW2 as % of GDP) or that the number of jobs is greatly increasing (manufacturing jobs are largely just at firms that greatly cut and very few are newly created jobs). What large multi-nationals are doing is looking to move to even cheaper areas around the globe (e.g., away from the Pearl River Delta to say Vietnam or further inland in China).
These were a series of policy choices though that were made over the past 20-25 years by successive presidental administrations and both parties.
Completely free market inevitably leads to slavery like conditions. Most people do not have the means or ability to start their own business and there is almost always a surplus of labor.
The American government was founded on principles which were significantly different from those of other nations founded before.
Its founding documents make it clear it was to be a nation for its citizens, operated by its citizens, for the benefit of those citizens. It was not intended to be a resource for government-connected monopolies to make fortunes searching the world for the cheapest labor and the most readily accessible resources so that THEY, not the citizens of America, would reap the benefits of this country.
And it is not capitalism when our citizens are taxed and forced to die protecting the endeavors of these corporations through wars, often against innocent populations. In the name of these American citizens a banking cartel, with no resemblance to free markets whatsoever, is raping the innocent peoples of the world.
Professor Werner Sombart, in his work Die Juden und das Wirtschaftsleben, sums up today’s situation as he did Europe’s in 1911:
“If we want to make clear in one sentence the direction in which the modern political economy is moving we can say: the stock-exchange agents of the banks are becoming an ever-increasing measure the dictators of economic life. All economic happenings are more and more subordinate to the decisions of finance. The question whether a new industrial undertaking is to spring up or an existing one to be developed; whether the owner of a shop or a store is to get the means to extend his business, all these questions are decided in the offices of Banks and Bankers.
“In just the same way the sale of products is becoming, in an ever greater degree, a problem of finance. Our greatest industries are indeed already just as much financial associations as industrial undertakings.”
Sombart recognized in 1911 that this perversion of order, in which financial, industrial and commercial interests internationally organized and merged into powerful groups with “a monopoly in the creation of national credit,” had only to be left free in order for these men “to dominate the earth.”
It would appear from a micro and macro view that todays market activity is clearly ....... Irrational exuberance.
It will be savage when the micro/macro implodes and global chaos reigns .... it will darn sure cull a few billion inhabitants.
I'm a teacher I'm not tenured or anything so I don't have the security of most union jobs and with my credentials I am offered lots of jobs but I still want to do it for 1 more year MAX and quit to become a small business owner (thinking yoga studio teacher) kinda scary though. WHO WILL HAVE MONEY FOR YOGA
The rich will always find a way to pay for the things they want, such as YOGA classes.
Price yourself in the middle of your competition, provide a superior product / value for what you do, and be prepared to work 18 -20 hours a day for the first 3 years to get it up and running. Also, don't be ashamed to go to other classes and see what they have found to be a working model, before you just jump in and start from scratch. There is no reason to recreate the wheel. One other thing you may want to consider is keeping a part time teaching position so you can keep the low interest funding provided by state employee credit unions, as well as having a source of backup income in case things get lean during the start up.
thank you <3
We need multiple jobs & multiple needed skill sets to survive in this very different world. One is none, two is one, three is two .. (USMC)
Maybe re-think Yoga studio. Mrs. Horseman has been doing yoga 3-5 times per week for 20 years. She has taken a class fewer than 10 times during that period, always while traveling, and we can afford it.
does she do hot yoga? I don't know like I can practice by myself too but I"m in it for the kula ;]
nice work keeping the wifey in shape do you do it too? my boyfriend is a weight lifter but he's really into the hot yoga in the last 2 months
No offense intended but are you fucking nuts. You just keep working and be glad you have a job.
El Tuco, I lol'd...
As a teacher, they are going to make about as much as a struggling business owner... maybe less. I am of the school of thought that a man with nothing has nothing to lose.
P.S. If you pay 5000 a month for rent for a Yoga studio, be prepared to hang up a going out of business sign on the window 6 months in to your business adventure. You need CLIENTS to pay that kind of rent.
good advice. the yoga studio I go to is owned by a 28 year old! so jealous. I've got to also think about starting a family in the next 5 years sooo I might have to kind of ease into it part time/privates build up a base and then my own studio. But who knows will have to cruch the numbers
Her Dad is a surgeon. She is part of the 1%. Who the fuck can afford Yoga? She has dreams, she sees a 28 year old with his own studio and wants one for herself. Maybe daddy can help you out. You sound like some of my employees. Dreaming all day of nonsense.