by ReverseEngineer » Mon 06 Apr 2009, 02:31:33
$this->bbcode_second_pass_quote('', 'W')ASHINGTON – In the coming weeks and months, hundreds of thousands of jobless Americans will exhaust their unemployment benefits, just when it's never been harder to find a job.
Congress extended unemployment aid twice last year, allowing people to draw a total of up to 59 weeks of benefits. Now, as the recession drags on, a rolling wave of people who were laid off early last year will lose them.
Bye Bye UnemploymentThis should really get the social unrest revved up by summertime. Its one thing to be unemployed but still get a Goobermint Welfare Check every month, its yet another to have ZERO money coming in to even buy gas to look for work.
If you figure we have been working our way upward to about 600,000 new jobless very month since the collapse began, each month now you should see a similar number of people losing their benefits.
Now of course, many of them are going to shack up with relatives, but in many communities everybody in your Tribe is Unemployed. How about that town in Indiana a few months back that had the DHL plant close down, putting about 90% of the town population out of work? How many months is it now since all the Lehman secretaries and stockbrokers walked out of Lehman with their office possessions in a cardboard box?
The MSM is now stating we have "turned the corner", "investor confidence is up" based on rising Stock Market prices, while we still have GM on the verge of Bankruptcy and a year's backlog of unresold foreclosed McMansions. The commercial Real Estate market is a time bomb about to go off, and Fannie Mae reports PRIME mortgages now in default are upticking, at double the rate they were last year at this time. The official Unemployment figures are set to jump into Double Digits by June at the latest, even Geithner is warning of increasing unemployment coming down the pipe here. But not to worry, Unemployment is a lagging indicator, and investor confidence is UP! Right.
The stock market is going up because all the Toilet Paper Ben Bernanke dished out to the banks has to go SOMEWHERE, and they aren't loaning it out, so where else would it go but into the stock market? So now we just need to wait for "investor confidence" to drop here with the next bombshell, and all the recently printed trillions will again burn up as the stock prices drop.
I'm sorry, there has to be a disconnect here soon. You can't have another million people out of work and now out of bennies every couple of months without SOMETHING happening. The Clock is Ticking, I can hear it all the way up here on the Last Great Frontier. Its drumming loudly, along with those hoofbeats I hear coming right behind. The Four Horsemen are on their way to a Theatre Near You.
Reverse Engineer