Unemployment Falls To 9.0%

Should we start looking for unexperienced people to be selected for treasury secretaries of the largest economy on the planet. This is just ridiculous. Do you allow for a rookie to manage your money as well?

Ironically, both can't speak spanish and Obama speaks a different language.

You are so lose with reality that your words can't be taken seriously. It is very easy to complain. It is another story to actually do something. Selecting someone who has no experience dealing with monetary issues in the USA is a crazy idea.

 

I disagree that it was the Federal Reserve that was the direct cause of the recession. I would say that the FED is partially to blame for the current economic conditions we face, but it's not completely the reason for why we're getting out of the hole we're in. I blame it mostly on Bush's policies in the past.

 

Prominent economist and academic Nouriel Roubini predicted the GFC in very explicit terms before 2006.

He outlined the exact passage of events in specific and gory detail.

In short, he explained that the fed allowed interest rates to steadily decrease from the early-mid 1980's. This was combined with a high influx of foreign capital. It created an uncontrolled buoyancy in the market and formed the conditions for a housing/construction mega-boom. Of course, this boom and subsequent appearances of more rapid growth was fuelled by plenty of consumer debt.

Woops, the house of cards came crashing down. A systemic global crisis was caused by the resulting liquidity crisis in the US Banking system. It's general outline can be read about in books as early as the late 1970's.

Of course, bankers lined their pockets even as it became increasingly obvious the train was not braking and headed for major collision. I'm sure we will soon find some of their behaviour was seriously illegal, even more than what we know.

The fed generated the initial climate for a systemic crisis. Of course, US attempts to regulate market growth so this wouldn't happen are widely viewed for some crazy reason as reds-under-the-bed communist crap. Politicians continued to benefit from that mad associate.

Presto, you have people in whats supposed to be the leader of the rest of us living in tents. Hmm. What the fuck? It's like, something seriously wrong here! Every average Joe is saying wait, the American dream told me if I work hard, pull up and provide for my family I'll have a good life. But I'm working 45 hrs a week in some average job or some good job and I STILL became homeless. Hmm.

Consider the outcome of the Australian economy from the GFC. It has been a model performer for recovery, unlike many countries. Unemployment currently less than 6% and (depending on which economist you ask) there was no recession or if so, it was very marginal. Widely attributed to the additional regulation in the Aus banking system and more prudent federal reserve.

 

Blah, I explained much of this elsewhere weeks ago in another thread, and there were several economists who "predicted" the financial meltdown.

Economists are always pulling predictions out of their asses; this time those who erred on the side of catastrophe took home the Nostradamus prize.

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Australia, Canada, Germany, and France have all done relatively well in wake of this financial mess. All for reasons that may align with varying degrees of greater internal regulation. France currently has an unemployment rate of 9%, so that relationship is not always present.

Australia is resource-rich with China and India eager to purchase coal, phosphate, and other goods to service their energy and agricultural needs. The drawback is that those resources are finite, which means that Australia will have to eventually become more of what it currently is not. A nation of innovators.

 

Damn. You two are really smart good posts guys

 

Sorry, I don't read regularly. You are right, I picked Roubini but when talking about previous texts etc only alluded that he was one of many. I just like his writing style.

You are right about the resources and innovation too. I got a little overly patriotic there. Of course, there are many criticisms of our 'two speed' economy that has been heavily reliant on resources. I'd say innovation requires support rather than being non-existent though.

The regulation is what I am talking about. Fair call on the unemployment to, I was sneakily pulling random stats to beat a drum and while the relationship is usually concurrent its not really as important when temporarily high as the politicians like to make out.

 

Where has it "fallen" to that number?
The Dakotas? LOL

 

Dear God...Thomas Jefferson would have been lynched in his wife's night gown if he had BANKER as his treasury sec...

A WALL STREET BANKER as Treasury Sec is a conflict of interest.....damn fool...

What happened to people in this Country???

Mofos can't even grasp the simplest shit.

 

Thinking is hard and men and women in this country will pick easy and destructive over hard and informative everytime.

 

Sad but true.

That's why so many educated people walked into gas chambers in WWII.