[wpFWNoIt]

US economy on verge of ‘Great Great Depression’?



US economy on verge of ‘Great Great Depression’?

World markets fall after the US economy suffered its worst day of the year on June 1 with all signs pointing to more declines over the summer.
“We’re on the verge of a great, great depression,” opined a market strategist Peter Yastrow.
The US market was hit by falls in job growth and manufacturing which in turn abolished quarter of the Dow Jones industrial average's gains for the year thus far. As the markets opened back up on June 2 investors were reluctant to take risks as more bad news regarding the US economy is expected to be released June 3.
The Dow dropped 30 points within the first 15 minutes of open trading as market watchers anxiously await the release of US government job numbers. Thus far reports indicate claims for unemployment benefits did not shrink as much as expected, causing many people to fear a labor market recover simply is not taking place.
“We've been through a couple-week period here where basically every piece of economic data has just been awful,” John Canally of LPL Financial in Boston told the Daily Mail.
Yastrow said he has witnessed “near panic” by investors unwilling to take risks in the volatile markets.
“Interest rates are amazingly low,” he told CNBC. “We’re on the verge of a great, great depression. The [Federal Reserve] knows it.”
“Almost every bit of data about the health of the US economy has disappointed expectations recently,” noted Mike Riddell of M&G Investments.
Home prices are down, foreclosures are up. Commodity prices are rising and many Americans remain unemployed, some have even exasperated their allotted unemployment benefits, leaving them with nearly no options.
A recent report by Capital Economics found drops in first quarter home prices indicated the prices had fallen by more than they did during the Great Depression.
US Treasury Bonds have now fallen to their lowest levels since December 2010. Overall doubts about Americans economic recovery have begun to surface from more analysts as new reports compound one another with dire news.
“It looks like this recovery has hit its second ‘soft patch’, which for a recovery that is less than two years old is troubling,” pointed out Paul Ashworth of Capital Economics.
Meanwhile, Moody’s Investors Service said if America’s two political parties fail to make progress on economic growth and a solution to the debt ceiling debate, it would place the US credit rating under review for a possible downgrade.
“If there is no progress on increasing the statutory debt limit in coming weeks, it expects to place the US government’s rating under review for possible downgrade,” Moody’s said.
This threat follows similar threats by Standards and Poor.
Erica Payne, the founder of The Agenda Project explained the threat may not change the debate however. Republicans are dedicated to their Tea Party agenda of not raising the debt ceiling.
“It’s hard to negotiate with a crazy person,” she said. “They fundamentally don’t understand this.”
The Tea Party has taken over the Republican agenda, they are calling on the Republicans to do the irresponsible and illogical thing, and that is to default on debt. Defaulting is not good for anyone – America or the rest of the world.
“Since the risk of continuing stalemate has grown, if progress in negotiations is not evident by the middle of July, such a rating action is likely,” Moody’s added.
The responsible thing to do is raise the ceiling, Payne argued, failing to do so will damage the economic recovery.
She said she hoped the Moody’s warning pushed for Congress to act more quickly and reach a compromise to raise the ceiling and tackle US debt concerns. Whether they will or not remains unclear.
The US government hit its $14.3 trillion borrowing limit on May 16 and now has until August 1 to solve the problem or risk defaulting on its debts.

[wooclosmercob]

Keynesian Progressivism.

Obama kept the same taxes that were in place and will have run up the national debt by the end of his only term by 6 trillion. What did you call that?

[oraltyrap]

Summer job bummer: Teen unemployment 24 percent

CBS News) The latest numbers show the unemployment rate stands at 9.1 percent, with the pace of job growth slowing. When it comes to new jobs, 70 percent of those are coming from small businesses, but many of them are struggling just to hang on.

Small businesses are often responsible for filling the summer job needs of America's teenagers. CBS News correspondent Bill Whitaker reports that many 16- to 19-year-olds are finding the going rough when it comes to finding work once school is out.

Nearly 14 million Americans are looking for work

Summer job bummer: Teen unemployment 24 percent - CBS Evening News - CBS News

[oraltyrap]

Don't these people understand they are making the anointed one look bad?

WTF, these companies better start hiring or the recovery may be in jeapody...



News Headlines

New U.S. claims for unemployment benefits unexpectedly climbed to 424,000 last week from a revised 414,000 in the prior week, pointing to a painfully slow improvement in the nation's job markets.



The Labor Department on Thursday revised the prior week's claims number up from an originally reported 409,000.

Economists surveyed by Reuters had forecast that claims last week would decline to 400,000, rather than rise.

The four-week moving average of unemployment claims, considered a better measure of trends since it smoothes out weekly variations, eased slightly to 438,500 from a revised 440,250.

Last week marked the seventh straight week in which claims topped the 400,000 level, indicating that payroll growth is soft and may continue to be so for some time. A department official said there were no exceptional factors to account for the rise in last week's claims.

[Adimonnna]

Bush's fault?

[oraltyrap]

Bush's fault?

definatly... if Obama wins a second term and unemployment remains this high in 2016 Biden will be running blaming Bush...

[eskimosik]

Hopey changey...

[Crilosajsamq]

Bush's fault?

Whose else would it be?

Are you trying to blame Obama for something that started before he was president?????

You ConReps are too much.

[MatueHarton]

Whose else would it be?

Are you trying to blame Obama for something that started before he was president?????

You ConReps are too much.

In their reality, Obama created the recession and Bush got Bin Laden.

So when you look at their "tax cuts create jobs and solve deficits" mantra, it furthers the insight into their bizarro world.

[KimLinbert]

In their reality, Obama created the recession and Bush got Bin Laden.

So when you look at their "tax cuts create jobs and solve deficits" mantra, it furthers the insight into their bizarro world.

No, I think most of us just recognize the idea that one POTUS can't actually affect the world the way you seem to think he can.

The idea that Pres. Bush waved a wand and ruined the economy is idiotic but if you choose to believe it, why hasn't Pres. Obama waved his and saved it? The reality is our economy, the wars, etc. is the sum of the efforts of billions of people, factors, etc.

[Crilosajsamq]

In their reality, Obama created the recession and Bush got Bin Laden.

So when you look at their "tax cuts create jobs and solve deficits" mantra, it furthers the insight into their bizarro world.

Their not even worth talking to. All the hillbillies do on campus is shout tax cuts but its tax cuts that killed our economy. Our economy was great before Shrub cut them.

[Licacivelip]

Whose else would it be?

Are you trying to blame Obama for something that started before he was president?????

You ConReps are too much.

So your saying that Bush should, not only be blamed for the problems caused on his watch (which I fully blame him for), but also for the fact that Obama has refused to fix those problems?

That makes a certain kind of sense that's not.

[Almolfuncomma]

In their reality, Obama created the recession and Bush got Bin Laden.

So when you look at their "tax cuts create jobs and solve deficits" mantra, it furthers the insight into their bizarro world.

You mean Obama's tax cuts, did he not sign a bill extending the tax cuts?

Further I remember he campaigned to fix problems not make them worse, and he specifically ran on fixing the economy. Remember "if we pass this trillion dollar stimulus right now the unemployment will not go above 8%". He spent a trillion and what did we get, unemployment of 10% and holding at 9%. In Obama's only four year term, he will have raised the national debt by 6 trillion. This guy is a fucking joke.

[Centurnion]

Whose else would it be?

Are you trying to blame Obama for something that started before he was president?????

You ConReps are too much.

Once Obama threw [B]787 BILLION taxpayer dollars/B]at it--when he first entered office--with the PROMISE that it would keep unemployment from rising above 8.2%--and promising a full recovery by the summer--HE THEN OWNED IT. Therefore--this is on Obama's watch--Bush hasn't been around for 3 years now.

[Centurnion]

So your saying that Bush should, not only be blamed for the problems caused on his watch (which I fully blame him for), but also for the fact that Obama has refused to fix those problems?

That makes a certain kind of sense that's not.

Obama--"never waste a crisis" President tried and failed MISERABLY at trying to fix the problem He threw 787 BILLION taxpayer dollars at this problem and it only got worse. We are now at 14.3 trillion dollars in debt--unemployment in this country remains high--and underemployment is around 25%.

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[Almolfuncomma]

In their reality, Obama created the recession and Bush got Bin Laden.

So when you look at their "tax cuts create jobs and solve deficits" mantra, it furthers the insight into their bizarro world.

Obama kept the same taxes that were in place and will have run up the national debt by the end of his only term by 6 trillion. What did you call that?

[Adimonnna]

Whose else would it be?

Are you trying to blame Obama for something that started before he was president?????

You ConReps are too much.

Well it's been 2 years and change since he was inaugurated, and 4 years since the Democrats grabbed the purse strings.

So yup, I'd say you need a new scapegoat.

[Almolfuncomma]

Their not even worth talking to. All the hillbillies do on campus is shout tax cuts but its tax cuts that killed our economy. Our economy was great before Shrub cut them.

Boy, do you really hate Obama that much for not raising taxes and in fact keeping the Bush tax cuts in place, that has killed Obama's economy?

[Zaebal]

Their[sic] not even worth talking to. All the hillbillies do on campus is shout tax cuts but its[sic] tax cuts that killed our economy. Our economy was great before Shrub cut them.

Maybe it was the grammar and usage of the average collegiate liberal that killed the economy.

[Centurnion]

Boy, do you really hate Obama that much for not raising taxes and in fact keeping the Bush tax cuts in place, that has killed Obama's economy?

So then according to your litl' Einstein economic policy --taking MORE money out of Americans pockets actually stimulates the economy?---

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