Best of the Week
Most Popular
1.Gold Price Target of USD 2,300 - GoldCore
2.Greece Banking System Collapse Monday as ECB Pulls the Plug, Capital Controls Ahead of GrExit - Nadeem_Walayat
3.Why British Muslims Are Leaving Elysium Paradise for Syrian Hell - Nadeem_Walayat
4.Greece BANKRUPT! Financial and Economic Collapse to Follow IMF Debt Default - Nadeem_Walayat
5.Extreme Gold/Silver Shorting - Zeal_LLC
6.European Empire Strikes Back Against Greek Debt Fantasy, Counting Down to GREXIT - Nadeem_Walayat
7.Gold And Silver – Three Choices: Sell, Hold, Hold and Add. A Trading Treatise - Michael_Noonan
8.Gold and Silver Price Headed for Breakdown - Jordan_Roy_Byrne
9.Greece Crisis OXI - Raul_I_Meijer
10.Flatline Investing and Dead End Debt Schemes - Doug_Wakefield
Last 5 days
Dow Stocks Bear Market Underway - 6th July 15
Marc Faber Warns of Greece Crisis Contagion Very High Risk - 6th July 15
Greece to Print Counterfeit Euros or IOUs, Hyper-Inflation Beckons - 6th July 15
Stock Market, Investing Big Picture - 6th July 15
“Oxi!” - Greeks Defy EU As Varoufakis Resigns To Ease Tensions With “Partners” - 6th July 15
Stock Market Rally in a Downtrend? - 6th July 15
Silver Price Consolidating Ahead of Another Sharp Drop - 6th July 15
Gold Price Gravitating Lower Towards $1000 - 6th July 15
Syriza Convinces Greece to Commit Suicide, GrExit Beckons, Market Reaction - 6th July 15
Financial and Commodity Markets Become Scary: Crash Point Or Turning Point - 5th July 15
A Revolutionary Pope Calls for Rethinking the Outdated Criteria That Rule the World - 5th July 15
Forget 'Haircut', Instead Syriza Plans Beheading of Greek Bank Depositors, Theft of Deposits - 5th July 15
The Pentagon’s 2015 Strategy For Ruling the World Through Endless War - 5th July 15
United States Celebrates the Disastrous Secession From Great Britain - 5th July 15
Greece Referendum Vote Result Forecast Yes Win, But Depression Will Continue - 5th July 15
The Great Greek Economic Depression - 4th July 15
Happy 4th of July Stock Market Analysis - 4th July 15
The Most Pressing Reason Yet You Want to Avoid Investing in Retail Stocks - 4th July 15
Fed’s Full Normalization and the Stock Market - 3rd July 15
The U.S. Dollar's 2014-2015 Rally: Wave 3 in Action - 3rd July 15
Stock Market Where are we? And where are we Going? - 3rd July 15
Xi’s Anti-Corruption Campaign Is Key to China’s Prospects - 3rd July 15
How the New Iranian Nuclear Deal Will Impact Crude Oil - 3rd July 15
China's Stock Market Rollercoaster Ride Continues - 3rd July 15
Gold Stocks Cheap to Buy but Not for Long - 3rd July 15
Capital Controls and a Bank Holiday in Greece… Here’s How You Can Profit - 3rd July 15
Greece's Varoufakis: I will Resign if there's a 'Yes' Vote - 2nd July 15
The Student Loan Bubble: Gambling with America’s Future - 2nd July 15
Inflation Is Lurking, but This Asset Can Protect You - 2nd July 15
Three Total Wealth Stock Investor Tactics You’ll Need Because Greece Isn’t Over - 2nd July 15
Why This $5.6 Trillion Investor Profit Boom Is Set To Take Off - 2nd July 15
Greek Debt Crisis: "Too late to prepare now" - Video - 2nd July 15
Guaranteed US Dollar Death Dynamics - 2nd July 15
The Greek Stress Test & The Reality Of Incremental Changes - 2nd July 15
Forget Drachmas Greece Syriza Government Could Instruct Central Bank to Print Euros! - 2nd July 15
Greece Debt Crisis Trigger for Stock Market Crash or Bull Rally? Video - 1st July 15
Gold Stocks Break Below 2008 Low - 1st July 15
SPX Stock Market Retracement May be Over - 1st July 15
Silver Tunnel Vision 'Experts' - 1st July 15
Gold And Silver - Monthly, Quarterly Ending Analysis - 1st July 15
Europe’s Controlled Demolition - 1st July 15
The End of Dow 18,000; Bailouts No Longer Extended  - 1st July 15
Athens Mayor: Greek Government Should Resign - 1st July 15

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

China Stocks - Where are they going?

Flashback: Bernanke on Unemployment: ‘we don’t think it will get to 10 percent’

Economics / Recession 2008 - 2010 Nov 06, 2009 - 10:10 AM GMT

By: Mac_Slavo

Economics

Best Financial Markets Analysis ArticleToday’s unemployment report from the Bureau of Labor and Statistics is anything but a green shoot. The official U-3 unemployment number is 10.2%. The broader and more comprehensive official unemployment number, the U-6, is at 17.5%. The U-6 counts all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, and all the people who dropped off unemployment benefits because their unemployment benefits ran out. John Williams at Shadowstats.com suggests that real unemployment is actually running at 22%, which, by our calculation, is approaching Great Depression unemployment numbers.


The unemployment report may come as a surprise to those who have been following the Obama administration and mainstream economists like Paul Krugman. Here are some choice quotes from those we’ve entrusted with our economy:

“That’s a story I’m confident will be repeated at companies across the country — companies that are currently struggling to borrow money selling their products, struggling to make payroll, but could find themselves in a different position when we start implementing the plan,” Obama said. “Rather than downsizing, they may be able to start growing again. Rather than cutting jobs, they may be able to create them again.”

- President Obama (February 13, 2009)

“That’s our hope – that’s our hope. There’s no doubt that without it, that’s where we were looking: double-digit unemployment. That’s what we’re trying to forestall.”

-David Axelrod, Senior Adviser to President Obama on whether the stimulus plan will keep unemployment from reaching 10 percent (February 15, 2009)

“I’m looking for the unemployment rate. I want to see the unemployment rate stay safely below 10 percent, which is by no means a foregone conclusion. And I want to see it coming down notably next year.”

-Nobel Prize Recipient and Economist Paul Krugman on the benefits of trillion dollar deficit spending spending (January 21, 2009)

“I don’t think so. I think while we’re going to see some substantial job losses, frankly what is important about the president’s program here is that it is going to contain what would otherwise be just a vicious cycle, people spend less, therefore they earn less. We’re going to contain this problem.”

-Larry Summers, Lead Economic Adviser to President Obama (January 18, 2009)

“Currently, we don’t think it will get to 10 percent. Our current number is somewhere in the 9s.”

-Ben Bernanke, Chairman of the Federal Reserve testifying before Congress’s joint economic committee (May 5, 2009)

So far, no good. The policies recommended by Messers Krugman, Axelrod, Bernanke and Summers seem to be having the opposite of the intended effect. Tens of thousands continue to lose jobs, credit continues to contract, spending continues to contract, and personal credit & mortgage delinquencies are on the rise.

Luckily, America has a President in office who is changing the way Washington works from the inside out and is holding strong to the commitment he made in April of 2008:

“Today’s job news is the latest indicator of how badly America needs fundamental change from Bush-McCain policies that have been devastating for working families and catastrophic for our economy….”

“Our economy is struggling because the American people are struggling, and simply bailing out investment banks on Wall Street will not help Main Street.”

-Presidential Candidate Barack Obama (April 3, 2008)

Thank goodness that there’s at least one elected official in Washington that doesn’t believe in bailing out investment banks on Wall Street to help Main Street!

Recent developments in the economy suggest that the recession is over, recovery has started and for the consumer, it’s business as usual throughout America’s shopping malls.

All sarcasm aside, we ask our readers to consider recent statements from the public and private sector in regards to the economy. Are things really getting better? Given what we’ve been told so far, is it prudent to put our trust into the very officials who have gotten us to where we are today?

By Mac Slavo

http://www.shtfplan.com/

Mac Slavo is a small business owner and independent investor focusing on global strategies to protect, preserve and increase wealth during times of economic distress and uncertainty. To read our commentary, news reports and strategies, please visit www.SHTFplan.com .

© 2009 Copyright Mac Slavo - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2015 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Biggest Debt Bomb in History