Jobless rate top 10 percent

[Natural Elements]

New data show terrible toll of the recession, now in second year:

http://www.msnbc.msn.com/id/29914902/

[suraja]

This is nigtmare!!

[t-wins]

More layouts and job losses are to come. We may be in this for the long haul. There is no magic bullet for the economy. It took a long time to get where we are and we can't fix it overnight.

[webcosmo]

Economic recessions are happening quite often these days. Around 1999 we had another!

May be something is not right, the way economy works. Its probably time for economists re-evaluate whats really wrong.

[astounded123]

Depressing stats.

[entrabnetworks]

Oh that not good

[Jenie0109]

I think this will serve as an eye opener.
People who took their job for granted should be thankful they found one.

[dvduval]

Hopefully, people are realizing the old ways don't work, and a new economy will emerge. It's unfortunate that a few greedy people were allowed to create these credit default swap products making it appear as if we had more money than we actually did.

[Natural Elements]

Originally Posted by dvduval

Hopefully, people are realizing the old ways don't work, and a new economy will emerge. It's unfortunate that a few greedy people were allowed to create these credit default swap products making it appear as if we had more money than we actually did.

Yep, a few greedy companies/people like banks or financial establisments can destroy an entire economy, we are living and suffer everyday, that's what they did, and that's what they are doing now.

Governement needs to be tougher with them, because it can degenerate in chaos. Fair trade going wild is the result of this mess.

[Cars-blog]

Originally Posted by Natural Elements

Yep, a few greedy companies/people like banks or financial establisments can destroy an entire economy, we are living and suffer everyday, that's what they did, and that's what they are doing now.

Governement needs to be tougher with them, because it can degenerate in chaos. Fair trade going wild is the result of this mess.

Well, it's not just their fault; it's everyone that bought into it by spending money they didn't have.

Back to the unemployment rate; that's only the measured unemployment, i.e. those seeking employment. It doesn't include the disheartened who've given up trying to find employment, which some estimate to be about 4-5%

[Natural Elements]

It is still mostly their fault for encouraging people to spend more than they could afford and I will give you a few examples:

1) Home mortgages without income documentation
2) Home mortgages ARM based on the minimum percentage interest (when it goes up, people cannot afford that, banking and financial systems are responsible for misleading their calculations on incomes/minimum interest based mortgages) just to make more money without thinking of consequences.
3) Hedge funds (high risk product created by financial system to speculate on failures) putting a huge pressure on financial market with their financial loss.
4) Bail outs requested by financial and industrial via Federal bank, destroying the dollar value
5) Banks and financial establishments doubling interest rates and fees on businesses to make more money without reasonable reasons. (What is shocking me in this country is that the banks choose the amout of your credit cards, NOT YOU) I remember asking for a couple of thousand from my bank and they refused because they ONLY offer limits in incriments of $5000
6) Crude and oil refinery speculations (not by the producers)
7) Freight and delivery companies rising their rates a few times per year putting pressure on businesses
9) Companies increasing their prices more than 10% to 20% (food, etc)
10) Utility bills skyrocketing
11) Now employers are forced to pay their employees less (sometimes they laid off and re-employ other people a 50% less). Either it is a good situation for them to pay less or it is because the economic crisis has hit them hard.

Basically with the examples I provided you, I cannot see how the situation can get better if nobody makes any sacrifices to help the system get out of this mess. Like I said, some people are suffering and for some others it is a way to make more money.

That is just indecency, selfishness, egoism, shameful and extreme greed.

[Hahh]

This is nothing compared with the rest of world,

http://www.associatedcontent.com/art..._compared.html

[Natural Elements]

I can imagine the unemployment rates in the world, but the US is world economic leader.

If the US economy is not doing well, you bet that the others countries are not doing better.

[blazintech]

That's really scary. Imagine if one day you will just lose your job because of recession and you dont have any savings... with the market condition today, it's hard to look for a new job.

[Natural Elements]

That's what a governement is made for: To Protect, help and serve the people

[Natural Elements]

It's about time "Credit card crackdown": http://money.cnn.com/2009/04/07/news...ion=2009041310

I hope our politicians will have the courage to better protect the people/consumers against the abuses of credit card companies.