Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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Real reason for electricity blackouts hitting southern US

Real reason for electricity blackouts hitting southern US

“Large oil companies have for a decade artificially shorted the gasoline market to drive up prices,” said FTCR president Jamie Court. “Oil companies know they can make more money by making less gasoline.” The following article was written by Paul Joseph Watson. He is t

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Canadian government admits recovery never happened

Canadian government admits recovery never happened

“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance issues, said by telephone. "Most of us were shaking our heads in disbelief early last year w

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How Western society is brainwashed and crumbling

How Western society is brainwashed and crumbling

"The cultural embrace of illusion, and the celebrity culture that has risen up around it, have accompanied a growing system of casino capitalism, with its complicated and unregulated deals of turning debt into magical assets, to create fictional wealth for us, and vast wealth f

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Will we see double digit interest rates from the 1980s?

Will we see double digit interest rates from the 1980s?

"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." -- Thomas Jefferson Spending is

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Greenspan: credit crunch “by far the greatest financial crisis”

Greenspan: credit crunch by far the greatest financial crisis

Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.” Greenspan just said that the current credit crunch

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welfare benefits detour

“It’s a horribly complicated system, and most people didn’t pay attention,” Mr. McDermott said of the need for quick Congressional renewal.

Too bad the sheep still “don’t get it” because what we are witnessing is a process that started some time ago — the elimination of the middle class throughout the world (redistribution of the wealth…. to the rich of course). Next will be the crashing of the worlds economies so a new cashless system can be introduced, and yes, freedoms for the sheep have no place in this new system.

In a few weeks, Christmas will be over and Walmart and others will begin laying off people, cutting hours, wages and benefits of those who still work for them etc. Some retailers will decide if it is viable to remain in business, or cut back on operations/go bankrupt in the new year. Seasonal industries like construction etc. won’t start up until Spring so there will be little to no job growth there. It may take a while for employers to begin hiring a lot of people again because they have come to realize that they can make money with less people doing the work and as long as there are a surplus of unemployed workers to replace those who have jobs still, they can exploit the ones they have to the max in order to save even more money. And when the dust settles, what kinds of jobs will be created?

The oil industry may get better for a time but what happens a few years down the road when the majority of cars on the road use electric or some other kinds of fuel to run? Or when more people use other means to heat their homes besides natural gas? In the new economy, you either get Walmart and McDonald’s type jobs or highly technical jobs that require multiple university degrees and lots of specific experience to do them. But even the lower end jobs won’t be as plentiful if people do not have and spend money on things other than their basic needs. Even if some of those companies make record profits, it doesn’t mean they will hire a lot mroe people or pay the ones they have much more unless they have to because they can’t ever make too much money. The current economic system may be working well for greedy corporate executives and bankers, but certainly not for the average person, so things will have to change at some point!

‘Glitch’ could cut jobless benefits for a million
By Erik Eckholm New York Times

About one million laid-off workers will see their unemployment benefits end in January unless Congress acts quickly to renew existing federally paid extensions, according to a new report and legislators and state officials.

The record-long extension of emergency benefits that was hastily signed into law on Nov. 6 was widely praised as an essential lifeline for the hundreds of thousands of Americans who had spent a year or more in fruitless searches for jobs.

The new law provided up to 14 weeks of federally paid aid to unemployed people who had exhausted existing state and federal limits, benefits that already ranged up to 79 weeks in many states. And for the majority of states with particularly high unemployment, it added on an additional six weeks of payments, bring the potential total to 99 weeks.


Caseworkers Fear For Their Safety
UPDATED: 5:56 pm EST November 16, 2009 ClickOnDetroit.com

LANSING, Mich. — Michigan caseworkers who deal with food stamps and other aid programs say they have never been so overwhelmed — or so worried about their safety.

Some clients have begun taking their anger out on the very people who are offering help.

One frustrated client hurled a piece of concrete through the window of a welfare agency. Another threw her car keys at a worker before being escorted away.

The dismal economy has caused record demand for food assistance and public health care, forcing impoverished clients to wait hours for help in crowded office buildings. To make matters worse, a troublesome new computer system is also causing delays.

The state says it is short 700 full-time field workers. It will be tough to bring in reinforcements given Michigan’s budget problems.

Related posts:

  1. More than 1 Million Jobless lose benefits March 1 2010“Right now, the 1.2 million workers who will lose benefits in March are being held hostage by partisan attempts to delay and block this critical legislation,” said Christine Owens, executive...
  2. Update: Jobless benefits denied to 1+ million AmericansThey did it! The government of your nation did it! They just turned their backs on over a million people on unemployment and denied the extensions! Congress, in the most...
  3. Jobless rate reaches 9.8 percent in SeptemberCHRISTOPHER S. RUGABER (AP) The U.S. unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected. The report shows...
  4. Unemployment benefits are opium for masses“The length of these benefits is unprecedented, they are already over three times longer than the longest previous extension of benefits. The benefits are also larger, with health insurance also...
  5. 1.5 Million Californian workers lose unemployment benefits“Some 200,000 jobless Californians have already lost their unemployment benefits, and that figure is expected to rise to 1.5 million by the end of the year without an extension from...
  6. 23 states report higher unemployment for SeptemberMeasuring unemployment is an art which can lead to highly variable rates. Unsurprisingly, the U.S. government uses a method that excludes millions of Americans who seek employment. The lower rate...

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