Labor Secretary Elaine Chow putting a spin on the 640,000 persons reentering the unemploymnet ranks being viewed as positive. What world is this dreamer in?, certainly not the unemployed world. This directly effects the ability of the populace to purchase products, and effect earnings and effect dividends, work, profits, stock prices and the market. Pity, shuch a Depression Era crisis is being viewed in such glowingly positive terms, instead of the absolute diaster and horridly omminous barometer of our present conditions that it really is.
easy does it. it's not a 'depression era crisis.' unemployment was higher in the early '80's. remember what followed that? (in case you don't, it was the largest post war economic expansion in modern history).
High unemployment means... Ummm... Good??? Or are they trying to say that people are more likely to start a new business??? But 80% or more (I forgot) of the new businesses fail... Hrmm... what ever???
If i am not mistaken the 90s was the largest expansion in US history since data has been collected. Not only is this not a depression or a crisis, but the economy is growing at a slow rate. It may turn into a recession or depression but that is a bit off with 94% of american working and wages increasing year over year. and YES an increase in unemployment can signal the end of the recession. and in fact after most recession unemployment rate continues to rise for several months after the economy start growing at a health pace. Its funny on elitetrader how those that are sure they are right and know it all, and write flaming post, tend to be wrong the most.
The figures from 2002 show that 98.3% of millionaires in the U.S. own their own business. The figure used to be more like 99.5%, but the onset of the lottery has reduced the percentage. What America really needs is for more citizens to go out and take risk and start a business. Large unemployment levels do push many to start small businesses, and this is a positive from a negative. Americans of late, love to hang on to that security blanket called "Corporate America". Every day these Americans are building someone elses dream instead of their own and everyone wonders why so many people are so unhappy. My best friend just got terminated yesterday from his two year position as a Director of Food/Beverage for a large resort living community here in Austin. He has decided to start his own business and control his own destiny. I fully respect him for this choice and I will be going out of my way to support his new business. America was started by INDEPENDENT citizens that chose their own destiny through the labor of their lives. I will now be going out for the evening to celebrate this mentality and all its' accomplishments! Chris K.
Thanks for the great story of your best friend. America will stay in top of the world if we have more people like him. What can be better than being independent to celebrate the INDEPENDENCE DAY. Wish him luck.
the big, bold headlines in one of the local rags today was all unemployment doom and gloom, on this, the celebration of the birth of the home of free enterprise. overcomers will overcome, create, employ and prosper regardless of conditions (making all conditions better), regardless of the opinions of 'experts' (thinking for themselves); it's what we do. this, above all, should be cause for a great hope among the whiners, who, without the initiative of those who have learned to ignore them, would doubtless starve in the streets like road warriors. but of course, whiners will <i>always</i> 'piss in someone's cornflakes.' It's what they do. Not singling anyone out here. God bless America!
Elaine Chow is just another symptom of the ongoing disease...Nothing more, nothing less...A bureaucrat with total allegiance to the agenda...Her replies to all questions are rehearsed, flat, cold and completely devoid of any emotion...When Mark Haines pressed her last year about her ridiculous spin, week after week on the economic data, her response was "listen, I have an MBA from Harvard Business School, I know how to read the data"...It was beautiful, it brought her right out of her rehearsed self to show what a self absorbed and narrowminded bureaucrat she really is...