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Old 08-14-2010, 09:45 AM
Franc Tireur Franc Tireur is offline
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Foreclosures and Mounting Unemployment

Signs of Slowdown in US Economy, Jobless benefits claims at six-month high

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Reports released this week on initial applications for jobless benefits, bank seizures of foreclosed homes and retail sales all reflect a dramatic decline in US economic growth and growing social distress.

On Thursday, the Labor Department reported that first-time jobless claims rose by 2,000 last week to 484,000, the third weekly rise in the past month and the highest level in six months. As has been the case with virtually all US economic data in recent weeks, the figures defied the more optimistic forecasts of economists. They had predicted jobless filings would fall by 14,000.

The four-week moving average of unemployment benefits claims also rose, increasing by 14,250 to 473,500. Most economists believe that weekly initial claims above 400,000 reflect an unhealthy economy that is generating too few jobs to keep pace with the normal growth of the labor force.

According to the Financial Times, Joshua Shapiro, chief US economist at MFR, noted that the current level of claims is consistent with an economy that is shedding 200,000 jobs a month. Last week, the Labor Department reported that US payrolls shrank by 131,000 in July.

The jobless claims figures suggest that the jobless rate will likely rise above the current official level of 9.5 percent.

The Associated Press reported that Pierre Ellis, an economist at Decision Economics, wrote in a note to clients that Thursday’s unemployment claims report “represents a very adverse turn in the labor market, threatening income growth and consumer spending.”

The social impact of the worsening jobs crisis was indicated by Thursday’s report on home foreclosures. The real estate data firm RealtyTrac reported that lenders seized 92,858 homes in July, up 9 percent from June and 6 percent from July of 2009. The July figure was the second highest monthly total since RealtyTrac began compiling records in January of 2005.

The company noted that foreclosures and home repossessions are rising particularly rapidly in the Northwest and Midwest. The number of homes seized by lenders doubled in 19 states and more than tripled in 7 of them.

In Idaho, home seizures soared 822 percent in the second quarter of this year. The staggering impact of the economic crisis in that state is reflected as well in its jobless figures. The official unemployment rate in Idaho in July was 8.2 percent. In July of 2007 it was 2.9 percent.

Michael Ferguson, Idaho’s chief economist, told Bloomberg News, “This is an off-the-chart financial event. I wasn’t around for the Depression, but in the last half century there has been nothing like this.”

Rick Sharga, vice president of marketing at RealtyTrac, said of the rate of home foreclosures and repossessions, “The numbers are exploding due to unemployment and economic displacement. We will see them get a lot worse unless we see some job creation.”

On Friday, the Commerce Department released its report on retail sales for July, confirming that consumer spending has fallen back over the past several months and is likely to remain stagnant. Overall, retail sales rose by 0.4 percent from the June level. While this was the first rise in three months, it was lower than economists’ projections and considered a bad sign for the back-to-school shopping period.

Most retailers reported declining sales. They were down 1 percent at department stores and also dropped at specialty clothing stores, furniture outlets, hardware stores and appliance stores. The overall figure rose only due to relatively strong auto and gasoline sales.

According to the Associated Press, Jennifer Lee, senior economist at BMO Capital Markets, said of the retail sales report: “There is only one thing for sure—economic momentum has slowed.” AFP quoted analyst Aneta Markowska of Societe Generale as saying the retail sales trend “underscores the loss of momentum in consumer spending, with no signs of a turnaround to speak of.”

The jobless claim, home seizure and retail sales reports followed similarly grim economic data released earlier in the week. That included a Commerce Department report showing a decline in personal income in all but 5 of 52 US metropolitan regions and another Commerce report showing a drop in wholesale inventories and sales.

Last week, the American Bankruptcy Institute reported a 9 percent rise in personal bankruptcies in July as compared to June, and noted that one in every 125 American households has filed for bankruptcy.
http://www.globalresearch.ca/index.p...t=va&aid=20616

In your opinion what will fix the US economy at this point?
 
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Old 08-14-2010, 02:22 PM
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rabble rabble is offline
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My personal opinion is the government sunk the ship
in November 2008 with TARP, which was only the tip of the financial resources which were diverted to save Wall Street.
All totalled 12-17 trillion dollars were dumped into that bottomless pit
of greed and deception.

If one does not believe what I say, ask yourself one question:
"Where did the money go?" That much money should have caused
inflation unless it simply disappeared.

Somebody has taken the cake and run.
Now they are coming back for the crumbs.
 
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Old 08-14-2010, 02:31 PM
Franc Tireur Franc Tireur is offline
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I agree with you Rabble

My impression is that ship is staying in the middle of the storm with all navigation instruments broken.

The real problem is how to fix it or can we fix it?

Is the actual system need to be overhauled or do we need to wait that is complety broken before to create a new one?
 
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Old 08-14-2010, 04:24 PM
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devonshire devonshire is offline
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It would be ashame to wait for the system to completely break.
What if all incumbents were voted out of office in November and the people sent a clear message to all politicians, clean up this mess, cut fraud, waste, abuse, downsize the government, balance the budget, pay down the debt, retrieve the taxpayers money from the corporate welfare crew and invest in industry, small business and jobs.
 
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Old 08-14-2010, 04:41 PM
Franc Tireur Franc Tireur is offline
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I still beleive and from what I have seen in many years in the US policy, you can have a different Commander right or left the fundamental policy is still driven from the shipowners club.

So you can change the policy flavor, the system will work fundamentally as same as usual, unfortunately.
 
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Old 08-14-2010, 07:35 PM
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Quote:
Originally Posted by Natural Elements View Post
I still beleive and from what I have seen in many years in the US policy, you can have a different Commander right or left the fundamental policy is still driven from the shipowners club.

So you can change the policy flavor, the system will work fundamentally as same as usual, unfortunately.
Sadly, I think the economy will have to collapse around us before
we get a change and I don't even know if it will be a good change.

What I stick with is the drive to self-sufficiency.
Hope in oneself has the highest probability of successful outcome.

Last edited by rabble; 08-14-2010 at 07:38 PM.
 
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Old 08-16-2010, 12:03 PM
GenEquis GenEquis is offline
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I do find that I can blame the government to keeping the economy down. Throwing dollar after dollar at things that benefit few, keeping tax cuts for people making more than $250k per year, and spend $11B a year just for troops Afghanistan, yet when it comes to extending unemployment benefits for those who are really down on their luck, all there is in Washington is fighting and blaming each other... Kick out all the imcumbants this November!!!!
 
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Old 08-16-2010, 12:19 PM
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Quote:
Originally Posted by GenEquis View Post
I do find that I can blame the government to keeping the economy down. Throwing dollar after dollar at things that benefit few, keeping tax cuts for people making more than $250k per year, and spend $11B a year just for troops Afghanistan, yet when it comes to extending unemployment benefits for those who are really down on their luck, all there is in Washington is fighting and blaming each other... Kick out all the imcumbants this November!!!!
I agree...all the incumbents need to be voted out in November!!!
 
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