Just a quick post to show you what the financial press is saying about yesterday’s job numbers. First from Bloomberg … what the Fed is saying:
Bernanke Says Unemployment Imposes `Heavy Costs,’ Fed Encourages Lending Federal Reserve Chairman Ben S. Bernanke said he’s concerned about the toll that joblessness is taking on Americans and that the central bank is trying encourage lending to creditworthy companies.
Lockhart Says Private Job Creation Is Too Weak for Big Cut in Unemployment Federal Reserve Bank of Atlanta President Dennis Lockhart said private job creation during the past three months has been too weak to significantly reduce the nation’s jobless rate.
The brainiacs are worried. They should be. Duration of Unemployment in U.S. Rises to Record 34.4 Weeks.
The problem with Bernanke’s headline is that, and he knows this, business isn’t borrowing because the business isn’t there, and given the way companies get whacked for wreckless spending these days, no corporation is going to extend itself, through either debt or new hiring, no matter how much “encouragement” they get, if they don’t see two things: An increase in demand for their products and a government that stops punishing success. Or as Ben Stein said a few months ago, stop stepping on the oxygen hose, Mr President.
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It’s only going to get worse before it gets better…no matter how much spin they put on this, no matter how many times they count one census worker to make things look rosier than they really are…
I thought I had lost all confidence in the U.S. gov’t years ago; didn’t think my cynicism could get any worse…Thanks to Obama, my hope has been renewed…this well of despair is much deeper than I initially thought!
Now I’m going to go grocery shopping for food I cannot afford…My challenge this week: can I get kids to eat mac & cheese for dinner for an entire week?
This is where I should be saying “thank you”, right? Pffffffft
Nothing is going to get better until some (economic) adults are back in charge. And even then, Øbama is digging a hole that will swallow generations as far as the eye can see (I would call it a black hole, but you know how some ignorant folks react to that!).
I can’t wait until “Petunia” Rohmer gets back on the news shows telling us that all is well, yadda, yadda, yadda…
The only redeeming part of this Øbamanation is watching the beads of sweat form on Baghdad Bob Gibbs’ forehead as he tries to cover for his naive boss.