Obi-Wan Kenobi
/ 178.36.44.* / 2010-03-05 18:23
A teraz troszkę dziegdziu do tej beczki miodu, co o danych piszą inwestorzy w Stanach.
The unemployment rate is not related to the number of people who work or lose their jobs. It is related to the number of people who qualify for unemployment benefits, which means the unemployment rate is set by the government and reported by the government.
Let's face it, these numbers no longer mean anything. We all know unemployment is around 10% and about 20% aren't actually working. Probably another 20% only part time. What matters now is whether anyone is spending money and if many can pay their bills.
unemployment is NOT in check. We have a great growth rate in temporary employees, especially census workers, and we have more and more people falling outside the official unemployment figures as benefits run out over the next few months. We also have a need for 125,000 new jobs per month to take care of the increase in population, and we are a few months away from graduation time for high school and college. This means that annualized we are between 2-4 million jobs per annum short of being "in check".
This so-called stock "market" will plunge 400 points next week !
3 years before that show, in 2004, Bush, Chris Cox, his SEC head, and other key Republicans pushed to eliminate the "Net Capital Rule" that limited banks leverage on derivatives to 12:1. The Republicans wanted it eliminated. They wanted leverage to be basically unlimited. This was pushed for by none other than Republican Hank Paulson, who was CEO of Goldman Sachs at the time. The rule was changed and the panel set up to watchdog this effort was scuttled by Bush's new appointees at the SEC.
Several key members resigned. This was a big story in liberal circles, but a non-story to the mainstream media. Paulson was rewarded 2 years later by being appointed as Bush's Treasury Secretary.
The entire credit crisis came into existence because of this rule change. It wasn't subprime. It wasn't Fannie and Freddie. It wasn't the repeal of Glass Steagal. Once this rule change was in, the top investment banks in the US were all wiped out within 4 years.
They went 40:1 on bad debt (including bad credit default swaps and bad derivatives based on mortgage backed securities) and they sold this junk to banks all over the US, retirement funds, private investors, and even other countries. The US lost TRILLIONS. The stock market lost HALF ITS VALUE. Job losses went as high 500,000 a MONTH!