Jobless claims jump to 16-year high

[ericlp]

The number of people receiving benefits rose to 4.01 million in the week ending Nov. 8, the highest level in 26 years.

I say save the 25 Billion for the bail outs for the hand outs to the 4 + million people getting unemployment.

Stock market down another 450 points... Oil Down 50 bucks a barrel and well, the only good thing to come from all this is a buck fifty gas prices soon...

I think next week oil will be down in the low 40's a barrel.

Can't we just say we are in a recession already? When will idiot bush squeak it out?


http://tinyurl.com/6j3pvn

 

[brencat]

Originally posted by: ericlp
Can't we just say we are in a recession already? When will idiot bush squeak it out?

Hopefully you'll find a cure for BDS soon now that Obama has been elected, but in case you didn't know, it is the Business Cycle Dating Committee of the National Bureau of Economic Research that is responsible for declaring the official start and end of recessions, not the President.

 

[dmcowen674]

Originally posted by: brencat

Originally posted by: ericlp
Can't we just say we are in a recession already? When will idiot bush squeak it out?

Hopefully you'll find a cure for BDS soon now that Obama has been elected, but in case you didn't know, it is the Business Cycle Dating Committee of the National Bureau of Economic Research that is responsible for declaring the official start and end of recessions, not the President.

OMFGWTFBBQ

You guys will die apologizing for your hero.

It's unbelievable to witness

 

[ericlp]

Originally posted by: brencat

Originally posted by: ericlp
Can't we just say we are in a recession already? When will idiot bush squeak it out?

Hopefully you'll find a cure for BDS soon now that Obama has been elected, but in case you didn't know, it is the Business Cycle Dating Committee of the National Bureau of Economic Research that is responsible for declaring the official start and end of recessions, not the President.

Jeee, I wonder how much those guys get paid to come up with that data?

Oh well, bush will just tell us how great we are doing blah...blah...blah... Mean while the economy is tanking... No, I didn't know we had an official committee dedicated on letting us and bush know when we should be in a recession.

Personally, If I were the prez, I could give a shit less what this committee thinks and tell it like it is.

 

[umbrella39]

If not mistaken, this was the last time a recession was declared:

March, 2001

 

[OrByte]

You shouldn't need the gov to declare something that you can see with your own two eyes.

And its not like declaring a recession is going to make matters any better.

just deal with it.

 

[TallBill]

We wont be in a recession until January 1st, marking the end of the second straight quarter of GDP decrease.

 

[RU482]

I love how the headlines read "unemployment UNEXPECTEDLY rose to a 16yr high"

 

[Engineer]

Originally posted by: TallBill
We wont be in a recession until January 1st, marking the end of the second straight quarter of GDP decrease.

That's not the official definition of a recession, only a general "rule of thumb". The bureau (National Bureau of Economic Research ) that determines whether we are in a recession usually rules 6 to 9 months after one starts.

 

[Thump553]

Not only that, the S&P 500 (far more accurate picture of the economy than Dow Jones average today slipped below the level set at the start of the bull market in 2002, thus erasing all gains made in the longest prolonged boom cycle in US history.

Depression, recession, bad hair day-whatever label you put on it is just a matter of semantics. And wait till the effects of all the recently announced layoffs take effect-this is going to be very painful.

 

[miketheidiot]

Originally posted by: TallBill
We wont be in a recession until January 1st, marking the end of the second straight quarter of GDP decrease.

it becomes a recession by that guideline with two consecutive quarters of negative growth, however both those quarters count as being in a recession, so on jan1 we will have been in a recession for ~6 months.

 

[TheSlamma]

Originally posted by: OrByte
You shouldn't need the gov to declare something that you can see with your own two eyes.

And its not like declaring a recession is going to make matters any better.

just deal with it.

QFT

 

[Jaskalas]

Saying recession is optimistic at this point.

 

[WhipperSnapper]

I sure do hope that this is merely a bad recession, implying that the economy will improve in the future. Unfortunately, I don't think it's a mere temporary recession.

 

[miketheidiot]

Originally posted by: Jaskalas
Saying recession is optimistic at this point.

nah, people just don't know what a real recession is. 2001 was a hiccup comparatively, and 1992 was a generation ago.

 

[dmcowen674]

Originally posted by: redly1
I love how the headlines read "unemployment UNEXPECTEDLY rose to a 16yr high"

It is a surprise, McCain and Bush said a month ago the "Economy is strong".

 

[StageLeft]

Originally posted by: dmcowen674

Originally posted by: redly1
I love how the headlines read "unemployment UNEXPECTEDLY rose to a 16yr high"

It is a surprise, McCain and Bush said a month ago the "Economy is strong".

No, they didn't.

 

[dmcowen674]

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: redly1
I love how the headlines read "unemployment UNEXPECTEDLY rose to a 16yr high"

It is a surprise, McCain and Bush said a month ago the "Economy is strong".

No, they didn't.

McCain: Fundamentals of Economy Are Strong 9-15-2008


Bush: Economy Strong Enough to Handle Turmoil 10-20-2008

 

[brencat]

Originally posted by: ericlp
Oh well, bush will just tell us how great we are doing blah...blah...blah... Mean while the economy is tanking... No, I didn't know we had an official committee dedicated on letting us and bush know when we should be in a recession.

Personally, If I were the prez, I could give a shit less what this committee thinks and tell it like it is.

Well that's very noble of you, but then again if you "told it like it is" you wouldn't be a politician, much less the president. The fact is, one of the responsibilities of leader of the free world, similar to the top execs of just about every public company is to inspire people and to stay positive and hopeful, no matter what the situation.

Of course we're in a recession! And a serious one at that -- just look at plenty of my posts here in P&N over the past 3 months, believe me I have no illusions of a sound economy. That said, if you expect a blunt answer from the President without some kind of constructive message to give people some ray of hope or confidence, I'm afraid you'll be waiting a long time.