"U.S. Loses 533,000 Jobs in Biggest Drop Since 1974"
"U.S. Loses 533,000 Jobs in Biggest Drop Since 1974," see http://www.nytimes.com/2008/12/06/business/economy/06jobs.html. It's funny, but, doesn't the woman in the middle of the picture leaning over remind you of Sarah Palin? I think the girl in the picture is probably Cuban though.
This is (I heard) the longest recession since the Great Depression, and, began in December 2007 I believe. This IS a depression, the only question is, how long and severe will it be. The major world powers and central banks are probably taking enough action, and, are probably providing or will provide enough inflationary stimulus to avoid a second Great Depression. Part of the article is below.
"The government’s report of a giant job loss in November, the biggest monthly decline in a generation, puts more pressure on Congress and the administration to move quickly on a stimulus package, mortgage relief and perhaps financial aid for Detroit’s big automakers.
The nation’s employers cut 533,000 jobs in November, the Bureau of Labor Statistics reported Friday.
Not since December 1974, toward the end of a severe recession, have so many jobs disappeared in a single month — and the current recession, far from ending, appears to be just gathering steam.
“We are caught in a downward spiral in which employment, incomes and spending are collapsing together,” said Nigel Gault, chief domestic economist for IHS Global Insight. “With private spending frozen, we have no choice but to rely on a stimulus package to revive the economy.”"
.......http://www.JoeFRocks.com/
This is (I heard) the longest recession since the Great Depression, and, began in December 2007 I believe. This IS a depression, the only question is, how long and severe will it be. The major world powers and central banks are probably taking enough action, and, are probably providing or will provide enough inflationary stimulus to avoid a second Great Depression. Part of the article is below.
"The government’s report of a giant job loss in November, the biggest monthly decline in a generation, puts more pressure on Congress and the administration to move quickly on a stimulus package, mortgage relief and perhaps financial aid for Detroit’s big automakers.
The nation’s employers cut 533,000 jobs in November, the Bureau of Labor Statistics reported Friday.
Not since December 1974, toward the end of a severe recession, have so many jobs disappeared in a single month — and the current recession, far from ending, appears to be just gathering steam.
“We are caught in a downward spiral in which employment, incomes and spending are collapsing together,” said Nigel Gault, chief domestic economist for IHS Global Insight. “With private spending frozen, we have no choice but to rely on a stimulus package to revive the economy.”"
.......http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
2:16 PM
0 Comments:
Post a Comment
<< Home