Friday, October 2, 2009
Job Losses "Far Worse Than Expected" in September
I don't want to be the jerk who makes a pessimistic prediction and then gloats when it comes true, so I'll just give you a link and not say anything more about it.
I don't get into all the "leading and lagging indicators," consumer sentiment, and all that jazz. All I know is that if the Fed sets the price of short-term borrowing to just about zero, and the feds take over the financial sector, and the government takes $1.5 trillion out of the private capital markets, etc. etc., that the economy is going to be awful for a long time.
The really annoying thing is that a year from now, if and when unemployment is still above 8% and consumer spending "is surprisingly sluggish," it's not as if Krugman et al. are going to say, "Whoa, we were wrong! I guess half-socialism gives you an economy half as robust as the Soviet Union's!"
I don't get into all the "leading and lagging indicators," consumer sentiment, and all that jazz. All I know is that if the Fed sets the price of short-term borrowing to just about zero, and the feds take over the financial sector, and the government takes $1.5 trillion out of the private capital markets, etc. etc., that the economy is going to be awful for a long time.
The really annoying thing is that a year from now, if and when unemployment is still above 8% and consumer spending "is surprisingly sluggish," it's not as if Krugman et al. are going to say, "Whoa, we were wrong! I guess half-socialism gives you an economy half as robust as the Soviet Union's!"
Comments:
The thing that sucks is, I'm 22 just discovered Austrian Economics, and now I'm scared shitless as to what's going on in America, granted I'm in Iraq lol. I just wish I knew what to do in order to stay "ok" once the dollar crashes, guess I better stock up on guns and ammo hehe
Who are these morons that are constantly surprised by rising unemployment #s?
It seems like just about every employment announcement is followed by the same idiotic headlines: "UNEMPLOYMENT RISES UNEXPECTEDLY."
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It seems like just about every employment announcement is followed by the same idiotic headlines: "UNEMPLOYMENT RISES UNEXPECTEDLY."
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