"White House Foresees 10 Percent Unemployment Before Year End"

Discussion in 'Economics' started by Clubber Lang, Jul 3, 2009.

  1. Green shoots everywhere!!! LOL.



    "Press Secretary Robert Gibbs said that although the President's economic stimulus and recovery package is working to slow the rate of job loss, unemployment was likely to hit 10 percent in the next few months.

    "In the next two to three months I think it's quite clear that we'll hit that number," Gibbs said. "You've got to create about 150,000 jobs a month simply to have the rate stay at the level that it was the previous month."

    He added, "So, yes, I think . we're definitely headed toward 10 percent."


    Sadly, we were at 10% unemployment more than 6 months ago. By the time this lying bullshit administration admits to 10%, we should be nearing the high teens or worse.


    Correct me if I'm wrong, but weren't the bank stress tests conducted with a "worst case scenario" of 8.5% unemployment?
  2. If I'm recalling their bullshit correctly, I do believe you're absolutely correct - 8.5%.

    I forgot who it was, and I really should know, because they have general credibility, but a renowned economist has stated the true rate of unemployment in the United States is currently 18.3%.

    I will try and find the article and link, but he went into great detail analyzing just how abysmal the BLS's methodology is for calculating unemployment.

    The BLS has been converted into a propagandist arm of the U.S. Government.
  3. cstfx


    Banks May Need New Stress Tests, Panel Says

    The federal government should repeat its stress tests of the nation's largest banks if its assumptions about the severity of the economic downturn prove too rosy, according to a congressional oversight report to be released today.

    The Congressional Oversight Panel, which oversees the $700 billion government bailout of the financial industry, generally praised the bank evaluations, which assessed the firms' financial health, and lauded regulators for using a reasonable model to conduct the tests.

    But the panel, headed by Harvard Law School professor Elizabeth Warren, noted that the stress tests assumed an average unemployment rate of 8.9 percent this year under the worst-case scenario. The unemployment rate for last month, however, climbed to 9.4 percent, meaning the assumptions by regulators might have been too optimistic.

    Federal Reserve Chairman Ben S. Bernanke, whose agency conducted the stress tests, has previously defended the rigor of those evaluations against criticism from economists and other skeptics, who questioned the underlying assumptions.

    While the oversight panel praised the Fed for releasing an unprecedented amount of information about banks, the report criticized the regulators who performed the tests for not releasing enough information about how the evaluations were conducted, saying the lack of transparency raised "serious concerns" and left "unanswered questions."

    "Without this information, it is not possible for anyone to replicate the tests to determine how robust they are or to vary the assumptions to see whether different projections might yield very different results," the report says. "It may fail to capture substantial risks further out on the horizon."

  4. Good to see some of you guys dealing in reality unlike others
    on this site who have an agenda and mock the facts. You know
    who I am talking about.
  5. Agree 100%.

    This has been evolving over the past ... oh, twenty years (at least) and is pretty much proof that America does not have nearly as freedom (of speech) as they would like us to believe.

    I don't know where to start (and can't be bothered on this lovely pre-4 of July holiday anyway), but our whole economy is built on a house of cards, and they're desperately trying to palm a few Aces to cheat their way out of this latest fiasco.
  6. Unemployment will be over 10% by year end, billions will have been wasted and god forbid we get nationalized health and the cap and trade system.

    Obama is a disaster of epic proportions and I would prepare accordingly.

    Obama will do down as the worst president the country has ever seen and we won't have money to defend ourselves either.
  7. SNAFU, I'm sure at one time or another we've been in a room full of peers and the messenger has dropped a pile of "facts" on the table. Everyone looks at each other and the elephant in the room is bullshit. There is no choice except to work "with the assumption". Everyone has a boss.
  8. I think Barry said that he was going to CREATE jobs before he said that he was going to SAVE jobs.

    Obviously, the economy is DISPOSING of jobs faster than this fast talker can SAVE jobs, or faster than he change verbs for a better SPIN JOB.
  9. The unemployed are going to stay that way for awhile, end then under employed is the best that most will attain.
    Hiring never takes place as quickly as firing, so it will take years to see any real upswing and they will never hire back 100% of those that they kicked to the curb. Just like the auto industry will never sell 17 million vehicles again, the employment numbers will never see 4% unemployed again...ever.
  10. I thought it was Obama that was saying with the stimulus we wont have more than 8.5% unemployment.

    The fact that they are saying its going over 10% now means its probably going to be much worse.
    #10     Jul 3, 2009