"The Worst Economy since the Great Depression"

[alchemize]

Why do I keep seeing this comment on TV and hearing it on the radio. It's mostly local media, but I swear I've heard it at least ten times.

Most of these reporters had to have lived through the late 70's/early 80's?

Inflation peaked at near 15%!!!!! in 1980
Unemployment was near 10% in 1982

We're definitely in for a serious slowdown - but god how can these "journalists" and editors be such idiots?

 

[CADsortaGUY]

Originally posted by: alchemize
Why do I keep seeing this comment on TV and hearing it on the radio. It's mostly local media, but I swear I've heard it at least ten times.

Most of these reporters had to have lived through the late 70's/early 80's?

Inflation peaked at near 15%!!!!! in 1980
Unemployment was near 10% in 1982

We're definitely in for a serious slowdown - but god how can these "journalists" and editors be such idiots?

Don't worry... In a few short weeks it'll all be roses...

But seriously, I too laugh every time I hear some "reporter" state stupid shit like that.

 

[masteryoda34]

The mainstream media is all about emotions and sensationalism. Rational thought and facts need not apply.

 

[Jhhnn]

Yeh, well, the folks at the top have done a pretty fair job of concealing the effects on everyday working people, that's for sure. My wife posted an ad on Craigslist this morning at 10:15 AM for a part time receptionist at their small law firm, and have received 512 resumes as of now, 6:00 PM local time... that's more than one per minute.

Judging from that, and from my own workplace, job opportunities are increasingly scarce. Many of her applicants are strongly overqualified, and many are from people in unrelated fields just looking for A job, any job, anything that'll pay the bills...

I suspect this is only just beginning, that it's far from over, and that we probably aren't being hit as hard locally as in many other places around the country.

 

[miketheidiot]

Originally posted by: alchemize
Why do I keep seeing this comment on TV and hearing it on the radio. It's mostly local media, but I swear I've heard it at least ten times.

Most of these reporters had to have lived through the late 70's/early 80's?

Inflation peaked at near 15%!!!!! in 1980
Unemployment was near 10% in 1982

We're definitely in for a serious slowdown - but god how can these "journalists" and editors be such idiots?

its might not be there yet, i agree, but probably will be soon, or at least close to it.

 

[spidey07]

Originally posted by: CADsortaGUY

Originally posted by: alchemize
Why do I keep seeing this comment on TV and hearing it on the radio. It's mostly local media, but I swear I've heard it at least ten times.

Most of these reporters had to have lived through the late 70's/early 80's?

Inflation peaked at near 15%!!!!! in 1980
Unemployment was near 10% in 1982

We're definitely in for a serious slowdown - but god how can these "journalists" and editors be such idiots?

Don't worry... In a few short weeks it'll all be roses...

But seriously, I too laugh every time I hear some "reporter" state stupid shit like that.

Agreed. You can see it happening right before your eyes. Is there anyway to take a snapshot of negative economic reporting vs positive in the last quarter of a president and the incoming one like they did with Clinton?

Some kind of google tool we can use to make the point?

 

[RichardE]

The last job I got was after 2 months of searching and I only got it after the owner put a sign in the window and I saw him do it and walked in. Literally 2minutes after the sign was put in I was there.


Also, I don't trust the current unemployment numbers, U6 numbers are more accurate imo and they are way over 10%

 

[LegendKiller]

Originally posted by: RichardE
The last job I got was after 2 months of searching and I only got it after the owner put a sign in the window and I saw him do it and walked in. Literally 2minutes after the sign was put in I was there.


Also, I don't trust the current unemployment numbers, U6 numbers are more accurate imo and they are way over 10%

U6 numbers have their own problems, namely, there is always a % of the population looking for full time jobs. A number of other huge problems exist with the number. Neither is a better indicator, as both have pitfalls and should be analyzed independently.

 

[Farang]

Originally posted by: Jhhnn
Yeh, well, the folks at the top have done a pretty fair job of concealing the effects on everyday working people, that's for sure. My wife posted an ad on Craigslist this morning at 10:15 AM for a part time receptionist at their small law firm, and have received 512 resumes as of now, 6:00 PM local time... that's more than one per minute.

Judging from that, and from my own workplace, job opportunities are increasingly scarce. Many of her applicants are strongly overqualified, and many are from people in unrelated fields just looking for A job, any job, anything that'll pay the bills...

I suspect this is only just beginning, that it's far from over, and that we probably aren't being hit as hard locally as in many other places around the country.

Damnit don't tell me that man I'm looking for my first office job out of college and I don't have much experience outside of customer service. I was afraid this was the case.

 

[nergee]

Originally posted by: LegendKiller

Originally posted by: RichardE
The last job I got was after 2 months of searching and I only got it after the owner put a sign in the window and I saw him do it and walked in. Literally 2minutes after the sign was put in I was there.


Also, I don't trust the current unemployment numbers, U6 numbers are more accurate imo and they are way over 10%

U6 numbers have their own problems, namely, there is always a % of the population looking for full time jobs. A number of other huge problems exist with the number. Neither is a better indicator, as both have pitfalls and should be analyzed independently.

Current U-6 (Seasonally adjusted) is 12.5% and rising rapidly. I expect U-6 to hit 15-17%. Depression condition? You bet it is.....

 

[CADsortaGUY]

Originally posted by: Jhhnn
Yeh, well, the folks at the top have done a pretty fair job of concealing the effects on everyday working people, that's for sure. My wife posted an ad on Craigslist this morning at 10:15 AM for a part time receptionist at their small law firm, and have received 512 resumes as of now, 6:00 PM local time... that's more than one per minute.

Judging from that, and from my own workplace, job opportunities are increasingly scarce. Many of her applicants are strongly overqualified, and many are from people in unrelated fields just looking for A job, any job, anything that'll pay the bills...

I suspect this is only just beginning, that it's far from over, and that we probably aren't being hit as hard locally as in many other places around the country.

The company I work for has been trying to hire people for 8 years now...

 

[alien42]

lol, the pain has just begun.

 

[alchemize]

Originally posted by: CADsortaGUY

Originally posted by: Jhhnn
Yeh, well, the folks at the top have done a pretty fair job of concealing the effects on everyday working people, that's for sure. My wife posted an ad on Craigslist this morning at 10:15 AM for a part time receptionist at their small law firm, and have received 512 resumes as of now, 6:00 PM local time... that's more than one per minute.

Judging from that, and from my own workplace, job opportunities are increasingly scarce. Many of her applicants are strongly overqualified, and many are from people in unrelated fields just looking for A job, any job, anything that'll pay the bills...

I suspect this is only just beginning, that it's far from over, and that we probably aren't being hit as hard locally as in many other places around the country.

The company I work for has been trying to hire people for 8 years now...

Comrade Jhhnn can't understand why receptionists aren't given the same consideration and pay as skilled employees. Curse those at "the top"! Thank heavens we have anecdotes from sourpusses and the media to tell us those statistics are bunk. Oh well, 15 days and all will be cured.

 

[LegendKiller]

Originally posted by: nergee

Originally posted by: LegendKiller

Originally posted by: RichardE
The last job I got was after 2 months of searching and I only got it after the owner put a sign in the window and I saw him do it and walked in. Literally 2minutes after the sign was put in I was there.


Also, I don't trust the current unemployment numbers, U6 numbers are more accurate imo and they are way over 10%

U6 numbers have their own problems, namely, there is always a % of the population looking for full time jobs. A number of other huge problems exist with the number. Neither is a better indicator, as both have pitfalls and should be analyzed independently.

Current U-6 (Seasonally adjusted) is 12.5% and rising rapidly. I expect U-6 to hit 15-17%. Depression condition? You bet it is.....

LOL, so now you're arbitrarily setting a "depression condition". What's your rationale based upon historical and current contexts?

AFAIK, historically, most unemployment statistics raise sharply initially and tail off in their increases since most job losses are front-end loaded.

 

[JS80]

Originally posted by: nergee

Originally posted by: LegendKiller

Originally posted by: RichardE
The last job I got was after 2 months of searching and I only got it after the owner put a sign in the window and I saw him do it and walked in. Literally 2minutes after the sign was put in I was there.


Also, I don't trust the current unemployment numbers, U6 numbers are more accurate imo and they are way over 10%

U6 numbers have their own problems, namely, there is always a % of the population looking for full time jobs. A number of other huge problems exist with the number. Neither is a better indicator, as both have pitfalls and should be analyzed independently.

Current U-6 (Seasonally adjusted) is 12.5% and rising rapidly. I expect U-6 to hit 15-17%. Depression condition? You bet it is.....

What's your context? What's the apples to apples comparison?

 

[yllus]

I was talking to a fund manager today who said the early 70s were worse. I shrugged and said I wasn't born yet. Take that for what you will!

 

[alchemize]

Originally posted by: yllus
I was talking to a fund manager today who said the early 70s were worse. I shrugged and said I wasn't born yet. Take that for what you will!

I'm sure the old geezer appreciated your witty retort :laugh:

 

[yllus]

Originally posted by: alchemize

Originally posted by: yllus
I was talking to a fund manager today who said the early 70s were worse. I shrugged and said I wasn't born yet. Take that for what you will!

I'm sure the old geezer appreciated your witty retort :laugh:

I think he realized what a waste of time talking to me was. 😛

 

[chess9]

Originally posted by: nergee

Originally posted by: LegendKiller

Originally posted by: RichardE
The last job I got was after 2 months of searching and I only got it after the owner put a sign in the window and I saw him do it and walked in. Literally 2minutes after the sign was put in I was there.


Also, I don't trust the current unemployment numbers, U6 numbers are more accurate imo and they are way over 10%

U6 numbers have their own problems, namely, there is always a % of the population looking for full time jobs. A number of other huge problems exist with the number. Neither is a better indicator, as both have pitfalls and should be analyzed independently.

Current U-6 (Seasonally adjusted) is 12.5% and rising rapidly. I expect U-6 to hit 15-17%. Depression condition? You bet it is.....

Those are serious recession numbers for sure. Depression? Well, do we have a definition for Depression we can all agree on? 🙂

It's bad out there, very bad. My brother lost his job and when he went looking for a job (restaurant industry) he said employers told him they were getting 300-500 applicants for openings because restaurants are closing all over America. It's been a hard hit industry because people can't afford to eat out. Hell, some can't afford to eat IN.

Why do the Republicans seem to think times are fine, and the Dems think the world is coming to an end? 🙂 (Actually, the Dems are closer to right than the Republicans, IMHO.)

-Robert

 

[idiotekniQues]

Originally posted by: alchemize
Why do I keep seeing this comment on TV and hearing it on the radio. It's mostly local media, but I swear I've heard it at least ten times.

Most of these reporters had to have lived through the late 70's/early 80's?

Inflation peaked at near 15%!!!!! in 1980
Unemployment was near 10% in 1982

We're definitely in for a serious slowdown - but god how can these "journalists" and editors be such idiots?

as others have pointed out in regards to unemployment, the methodology has been fudged to hide things by the system. but regardless,


you have to also take into account the collapse of the the foundation of our financial institutions.

you seem to have completely forgotten about these momentous events. how does one make such a glaring error?

or as you put it, be such an idiot?

 

[woodie1]

Originally posted by: alchemize
Why do I keep seeing this comment on TV and hearing it on the radio. It's mostly local media, but I swear I've heard it at least ten times.

Most of these reporters had to have lived through the late 70's/early 80's?

Inflation peaked at near 15%!!!!! in 1980
Unemployment was near 10% in 1982

We're definitely in for a serious slowdown - but god how can these "journalists" and editors be such idiots?

Stock prices dropped nearly 50% from 1973-1974. Inflation during the 1973 oil crisis went from 3.6% to over 12% and unemployment rose from 5% to 9%. The yield on 10 year Treasury bonds rose from 6% to an unheard of 16% in the 1970s and the prime rate reached ... Well, you get the idea. We've been here before - that is those of us old enough. We'll get thru this one too.

 

[umrigar]

Reagan was TEH SUCK

 

[Jhhnn]

Originally posted by: alchemize

Originally posted by: CADsortaGUY

Originally posted by: Jhhnn
Yeh, well, the folks at the top have done a pretty fair job of concealing the effects on everyday working people, that's for sure. My wife posted an ad on Craigslist this morning at 10:15 AM for a part time receptionist at their small law firm, and have received 512 resumes as of now, 6:00 PM local time... that's more than one per minute.

Judging from that, and from my own workplace, job opportunities are increasingly scarce. Many of her applicants are strongly overqualified, and many are from people in unrelated fields just looking for A job, any job, anything that'll pay the bills...

I suspect this is only just beginning, that it's far from over, and that we probably aren't being hit as hard locally as in many other places around the country.

The company I work for has been trying to hire people for 8 years now...

Comrade Jhhnn can't understand why receptionists aren't given the same consideration and pay as skilled employees. Curse those at "the top"! Thank heavens we have anecdotes from sourpusses and the media to tell us those statistics are bunk. Oh well, 15 days and all will be cured.

Well, CSG, I suggest that perhaps something is wrong with your company's offer if they've been "trying" unsuccessfully for 8 years... or that you're just trying to pump a little sunshine up our collective skirts, as usual...

My wife tells me that many of her applicants are clearly overqualified, Alchemize, which is a reflection of the fact that skilled people are being laid off in large numbers all across the economy... just think how wonderful it'll be if the big 3 go under.

And it won't be over in 15 days, but there's some hope that we'll find our way out of this morass where your heroes have left us all. They ought to fly a giant banner from the front of the whitehouse on their way out-

"Thanks and goodbye, Suckers!"

 

[CADsortaGUY]

Originally posted by: Jhhnn

Originally posted by: alchemize

Originally posted by: CADsortaGUY

Originally posted by: Jhhnn
Yeh, well, the folks at the top have done a pretty fair job of concealing the effects on everyday working people, that's for sure. My wife posted an ad on Craigslist this morning at 10:15 AM for a part time receptionist at their small law firm, and have received 512 resumes as of now, 6:00 PM local time... that's more than one per minute.

Judging from that, and from my own workplace, job opportunities are increasingly scarce. Many of her applicants are strongly overqualified, and many are from people in unrelated fields just looking for A job, any job, anything that'll pay the bills...

I suspect this is only just beginning, that it's far from over, and that we probably aren't being hit as hard locally as in many other places around the country.

The company I work for has been trying to hire people for 8 years now...

Comrade Jhhnn can't understand why receptionists aren't given the same consideration and pay as skilled employees. Curse those at "the top"! Thank heavens we have anecdotes from sourpusses and the media to tell us those statistics are bunk. Oh well, 15 days and all will be cured.

Well, CSG, I suggest that perhaps something is wrong with your company's offer if they've been "trying" unsuccessfully for 8 years... or that you're just trying to pump a little sunshine up our collective skirts, as usual...

My wife tells me that many of her applicants are clearly overqualified, Alchemize, which is a reflection of the fact that skilled people are being laid off in large numbers all across the economy... just think how wonderful it'll be if the big 3 go under.

And it won't be over in 15 days, but there's some hope that we'll find our way out of this morass where your heroes have left us all. They ought to fly a giant banner from the front of the whitehouse on their way out-

"Thanks and goodbye, Suckers!"

wrong. I was #4 in our office and we now have 10 Engineers, 3 shop guys, and 3 others that work for a sister company of ours. There is nothing wrong with the company I work for and actually for this industry, our turn over is quite low. Our main office has also gone from about 15 when I started to over 30. But yeah...I guess the company sucks... :roll:

 

[RichardE]

Originally posted by: chess9

Originally posted by: nergee

Originally posted by: LegendKiller

Originally posted by: RichardE
The last job I got was after 2 months of searching and I only got it after the owner put a sign in the window and I saw him do it and walked in. Literally 2minutes after the sign was put in I was there.


Also, I don't trust the current unemployment numbers, U6 numbers are more accurate imo and they are way over 10%

U6 numbers have their own problems, namely, there is always a % of the population looking for full time jobs. A number of other huge problems exist with the number. Neither is a better indicator, as both have pitfalls and should be analyzed independently.

Current U-6 (Seasonally adjusted) is 12.5% and rising rapidly. I expect U-6 to hit 15-17%. Depression condition? You bet it is.....

Those are serious recession numbers for sure. Depression? Well, do we have a definition for Depression we can all agree on? 🙂

It's bad out there, very bad. My brother lost his job and when he went looking for a job (restaurant industry) he said employers told him they were getting 300-500 applicants for openings because restaurants are closing all over America. It's been a hard hit industry because people can't afford to eat out. Hell, some can't afford to eat IN.

Why do the Republicans seem to think times are fine, and the Dems think the world is coming to an end? 🙂 (Actually, the Dems are closer to right than the Republicans, IMHO.)

-Robert

Which is why I'm glad my current job, I have two, once at a bar I might lose, but the restaurant job caters to a lot of recession proof type clientele and the staff is extremely low turnover. I will bend over backwards to keep this job until times get better. If one things recessions do is make workers more efficient 😉