Obama's home with the SS (Secret Service), Chicago, IL
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Job Loss, Highest in 16 Years
This is bad news. What next?
With the number of new claims for U.S. jobless benefits hitting a 16-year high, some economists warn of further waves of layoffs in the months ahead.
Even already battered industries such as construction and manufacturing are expected to see more job cuts. Layoffs also are likely to spread to relatively unscathed areas such as retail, transportation and hotels and restaurants.
"I don't think any of these sectors have reached the bottom," said Carl Riccadonna, senior U.S. economist at Deutsche Bank.
The Labor Department said Thursday that new claims for jobless benefits rose last week to a seasonally adjusted 542,000 from a downwardly revised figure of 515,000 in the previous week, much higher than Wall Street economists expected.
That is also the highest level of claims since July 1992, the department said, when the U.S. economy was emerging from a recession. The four-week average of claims, which smooths out fluctuations, was even worse: It rose to 506,500, highest in more than 25 years. continue
And Michigan? 9.3% Unemployment.
Folks, this is not good.
And for a holiday treat??? Fannie and Freddie suspending foreclosures during the holiday season. Does that mean after January 1, 2009 it is business as usual?
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The Big 3 Automakers, A Travesty
Today, all I heard was this, "Did you see the senate committee question the Big 3 Automakers and how they arrived in D.C.?"
If the Big 3 Automakers need money so gravely, why are they flying around in private jets?
For me, it does not mean much, but for the average person who are watching the daily "Bailout News" while jobs are disappearing, it does mean something.
This is why our Speaker, Nancy Pelosi said this, "Until they show us the plan, we cannot show them the money". And my further question is this, "Why did you not ask this of Hank Paulson of Treasury, who has given out money to these financial institutions and they have not spread the wealth?" In fact they are sitting on the money and paying themselves nice, fat bonuses.
I understand what needs to be done. It is obvious, that we as a country can not allow the Big 3 Automakers go under, but we can be angry about this.
The Big 3 Automakers are behind the eight ball on every turn. They allowed themselves to be in bed with the oil kings, created some of the largest gas guzzlers ever, ignored oil prices, turned deaf on energy efficient automobiles, and don't understand what the word "environment" means. Now when things are bad, to the brink that they may not be able to meet payroll or pension payments in the coming months, they get in their private jets and fly in exclusively to Washington, D.C. with their hands out.
I am sick of it. Do they deserve bailout money? No. But in all practicality, they must survive.
Barack Obama has a big problem with many moving parts when we talk "economy". The next two years will be challenging. People voted for change and expect it, starting with taming the "Bailout Money", because it is the average voter who is barely making it that needs help the most.
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Memory Lane: Performing 3 pullups in Missoula, Montana
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Markos, kos, on Lieberman
h/t jedreport
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and......
Governor Napolitano (D-AZ) rumored the next Homeland Security Secretary
Looking for an Obama Job? Request Application Here
Rumors for Commerce Secretary, here
Rumours for National Security Team, here
Michelle picks her Chief of Staff
Early Voting and Absentee Ballots Swings Florida for Obama
And still recounting for the Senate seat in Minnesota
While the leaks on Clinton continues, so does the spin:
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