My former employer shut down the factory and shifted production to a newly built plant in Mexico. The production workers at this plant were making 25 dollars an hour. A total of 750 people lost these jobs. They will never find a job paying that kind of money without significant retraining. Most of them will not be able to retrain due to the financial obligations they piled on to themselves. (yes, quite a few just had to have new cars every year & houses they could barely afford)
I think we have a greater than 50/50 chance that Obama will end up having to do something just as dramatic within 12 months..... It will be some form of devaluation ...the question is how and what with?
Obama, Fed and Treas. have done a very good job devaluing our dollar. I guess they could do more, and probably will. Then we'll see how deep the abyss really is.
We can reasonably say, the $USD has been devalued 100:1 since the creation of the Fed. It has taken nearly 100 years, so has been slow enough to cope with it. The big problems start to occur when the remaining 1% gets devalued by the next 100:1. At some point, the devaluation gets out of control and goes parabolic... and we'll end up like other 3rd world countries and their currencies.
The Fed buying Treasuries is working so well, why don't we just have them buy them all from now on? US gummint needs a few tens of trillions? Just call Ben.
Thanks for reminding me, wt - nearly half of Americans who "own" their home would have to come out of pocket and pay money at closing to sell it, assuming they could find a buyer. Green shoots!
if you lay off 20%of 100.000 workers,thats 20 out of 100,if you lay off another 20%of 80k remaing,16k,thats 64k left, the unemployment #,s are less, but that doesnt mean good manure for the economy
There won't be. Stop being such a tedious loser with your zillions of posts. Try and get a life, for Gods sake. Start trading successfully. And stop wanking around wasting your time. Just end all your boring bullshitting for once and all.:eek: