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US inches closer to big bank charges

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Content By: The Coming Depression Editorial Staff (dates cited below)
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big box retailer worker
A very important part of our economy is the collapse of un-holy number of local consumers who do not shop locally. Just check the Wal-Mart and Cost-Co parking lots. These are big box stores that have displaced local retailers, now out of business for local retailers are now no longer your customer. All profits from these companies produce to leave our beautiful country to other countries. What is even more shocking is buying “direct” stores. Even the ads are offensive. Consumers are shocked that someone could make money or earn a living off of their purchase.

It does not take much to drive around many American cities to see all areas of retail closing slowly. Some of these same supermarkets call themselves wholesalers and operate on land zoned as industrial “warehouse” so they do not even pay property taxes in detail by giving them an unfair advantage over subsidized retail Local! Yet, they sell direct to end user all you have to do is to buy a membership.

If you work for a company and its customers are local business or your customers rely on local businesses or customers, working for a company whos customers depend on employees of other local businesses, and shopping at these big boxes You can say you are taking money directly from your pocket! People buy the waste they do not need or want it because it was selling so cheep that they could not pass up! You go to Wall Mart or Home Depot for a new grill because it is $ 50 cheaper than the local, privately owned neighborhood Home Hardware Store, but you end up buying an additional $ 100 refuse to sell anyway, so what do you save? Your money has left the country and the people who work in most of these places are rarely more than min wage with no benefits, they are mostly all working part-time permanent work 30 minutes less per week than the hours full time. We all do it for convenience, but there is evil in our city, our economy, and sooner or later it will be your job!

At one time a single employee could support a family, pay the mortgage and all bills for his family businesses and local consumers made and economic ecosystem and these people have all supported. There was an incredible change in the balance and it’s a systematic problem in the economy that supports what should be an illegal re-distribution of wealth. It’s simple physics as a “little” accumulate “Much.” The middle class is shrinking. People are funding things they used to purchase.

The Flipside of a “Jobless Recovery”
By My Two Cents

October 16, 2009

Perhaps one of the most preposterous statements made during the ongoing financial crisis was by Ben Bernanke when he stated that we would have a ‘jobless recovery’. Certainly this is not a new term, but that doesn’t change the fact that in concept, the idea that a real recovery can occur with rising unemployment seems pretty ludicrous. Again, the devil is in the details and it all comes back to how you define your terminology and ask “A recovery for whom?”

A number of months ago, I pointed out the somewhat flawed rationale of using GDP itself as a gauge of economic growth since government spending is a portion of that measurement. Normally, this wouldn’t be a huge problem, but when the government tries to in essence become the economy by spending exorbitant amounts of borrowed money, then GDP loses its usefulness as a measure of genuine economic growth. I willingly admit that it is exceedingly difficult to argue against government spending to a construction worker who is able to remain employed because of a road project paid for with stimulus borrowing. However, we all need to be concerned with the undeniable fact that more and more of our national well-being is becoming dependent on the hazardous practice of reckless borrowing and debt monetization.

Foreclosures Continue to Increase

Home foreclosures in the third quarter of 2009 hit an all-time record high according to RealtyTRAC. Nearly one million homeowners received a foreclosure notice during the past three months. Nevada continues to lead the pace nationally with 1 foreclosure notice for every 23 homes. Nevada is no surprise, but Vermont, on the other hand, is. Vermont, which had barely been impacted by the housing crisis until recently has seen foreclosure rates jump 170% from the same quarter a year ago. Keep in mind that foreclosures continue to run rampant despite numerous fixit attempts at the Federal, GSE, and state levels. The system is still clearly reaping what it has sown over the past decade. These numbers would be far worse if lenders were foreclosing on all the properties that met the criteria. In many low-income areas, lenders aren’t foreclosing at all, opting instead to leave the properties in abeyance and allowing the residents to remain.

Employment

It continues to be my opinion that the headline unemployment rate will never reach 10%. I realize this is a considerable stretch simply because it is already on the precipice, but I’m sticking with it. Frankly, the headline number, while heralded by the telescreen, is largely irrelevant in the real world. A closer approximation lies in the BLS’ broadest measure U6 (shown below) and even that understates unemployment due to the use of the arbitrary and capricious birth-death model. For decades now, BLS has engaged in the highly questionable and political practice of changing methodologies when the numbers become unfavorable.

Credit Card Resets?

And now we move on to our ‘salt in the wound’ section of this week’s journey. We all know very well about the $23.7 trillion (courtesy Bloomberg.com) lavished on the financial system to ‘rescue’ it. We know about the tens of billions in bonuses handed out by financial firms and the nonsensical battles over the AIG handouts Congress occupied itself with while Rome burned. We know full well about the federal reserve’s efforts to artificially manipulate interest rates lower and essentially give away money to the banks, then pay them 15 basis points to store their reserves at cartel headquarters. So after receiving all these perks of the well-connected, the banks are doing the logical thing: they’re sticking it to the consumer.

You can find the rest of this article at Contrary Investor

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This entry was posted on Sunday, October 18th, 2009 at 12:37 pm and is filed under Main Street. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Comments

  1. October 19, 2009 @ 6:04 am


    Nevada Unemployment Trends – August 2009

    Nevada Unemployment Situation in Heat Map form:
    here is a map of Nevada Unemployment in August 2009 (BLS data)
    http://www.localetrends.com/st/nv_nevada_unemployment.php?MAP_TYPE=curr_ue

    versus Nevada Unemployment Levels 1 year ago
    http://www.localetrends.com/st/nv_nevada_unemployment.php?MAP_TYPE=m12_ue

    Posted by Piet

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