In an ideal world... Be prepared to axe spending if you wanna cut. The only thing keeping this joke of an economy upright is deficit spending. Sure, we can pile another 2 Trillion a year, until the Greek bond vigilantes fly right over the pond. We're not getting out of this one, folks. It's a great depression, no matter which way it's sliced - Zimbabwe or brokers jumping from buildings.
I lost my job a few years back. I could have used the extended period of unemployment back then to find work. However, no one showed me any compassion at the time because there was no major crisis. I was forced to reinvent the wheel. But I got lucky. Instead I decided to do what I really love â trading. I donât regret it one bit. It has worked out so well I was finally able to retire and trade when I want to or go off and play. But if I had not persevered with trading I might have ended up in the poor house like so many are today. Believe me it came close. My problem with congress is not with them helping unemployment but the lack of effort in creating permanent jobs. The democrat congress has failed to fix the problems in regional banks that lend to small business who create jobs in recoveries. A good example is a food store I frequented just pulled the plug and sold everything to the bare walls. This was the business of the year 2 years ago that everybody was going to. The owner of this gold mine told me there was nothing he could do. His local bank refused to extend his line of credit he had used for the last 7 years to run his business. The bank told him the continuing high foreclose rate had sucked up all of their available credit lines and they were unable to help him. It was out of their control they told him. Same story with all the other local and regional banks â they also had maxed out lines of credit or were not taking on new customers. Thus he was forced out of business and required to let go 7 people go. People are still shaking heads. How could this happen to a going concern. For these people I have great compassion.
Senate to pass unemployment benefits up to 99 weeks Reminds me of our so called national debt ceiling. Every time we approach it they simply increase it again.
Job creation is definitely better than UI. But, people paid into UI for their entire careers, so they deserve at least what they paid into it plus interest. UI isn't a handout or bailout.
The one where the lazy, deadbeats get to keep their plamas tv's and squat in homes the bank can't foreclose on. Thanks Obama!! LOL
There's not much Government should do except end moral hazard and let free markets work. Small business are getting screwed by small banks who won't lend because huge, insolvent banks that should have gone under, haven't, and that uncertainty around diffused counter-party risk has had a chilling effect on national credit. Until the shit banks go under, all banks - regardless of size - will not lend. There's also a big problem of the Fed loaning to banks under the rate/12-month yeild, and banks just loan to Government or Fed to recapitalize. This is just more Government largess to insolvent banks and should be dealt with responsibly = Jack rates by 300 basis points across the board. That would clear everything out. Of course, we'd also go into a Depression. But that's coming regardless. See, we're already done. Everything is just conjecture, at this point. All those mom and pops geared up to the tits praying for recovery just over the horizon, well, they're not gonna make it. Maybe we'll get a brief 18 month reprieve if Bernacke monetizes. Then, it'll get ugly.
No one should have to work. We should all be given $1 million for doing nothing and then we can just move to other countries and retire on that money.
The day we come out of this mess is when Uncle Sam stabs the back of Goldman Sachs and mutters "For the benefit of this country and the world, you MOFO must die!"