The Scariest Unemployment Graph I've Seen Yet

[uscitizen]

Are "the jobs" coming back?
How and where will they come back?

Looks like we will have to create new jobs.

An astute but very vague reply.
Create what new jobs in what area?

 

[uscitizen]

No but then I am not to big to let fail.

Isn't loaning money to people who could not repay the loan, the reason we got into this mess in the first place?

Part of the reason, yes.

 

[bigrebnc1775]

Are "the jobs" coming back?
How and where will they come back?

Looks like we will have to create new jobs.

An astute but very vague reply.
Create what new jobs in what area?

Not sure, it seems like during every rescession we have had, the thing that brought us out was soimeone creating something new from a need. During WW II materials made for use by the military was was picked up by the civillian market.

 

[bigrebnc1775]

No but then I am not to big to let fail.

Isn't loaning money to people who could not repay the loan, the reason we got into this mess in the first place?

Part of the reason, yes.

I would say more like 75 percent of the reason.

 

[loosecannon]

Isn't loaning money to people who could not repay the loan, the reason we got into this mess in the first place?

Part of the reason, yes.

I would say more like 75 percent of the reason.

IMO more like 25% of the reason. Defaults began long after credit had seized and numerous big banks either failed or watched their stock prices drop to near zero.

I think 80% of this recession was caused between the biggest banks, Fannie and Freddie guaranteeing them, the derivatives (CDS) web and the Federal Reserve.

The economy boomed while the bubble was rising. If that hadn't occurred this recession would have begun in 2001 or 2002 and been long over by now.

 

[william the wie]

This country needs to pull an Iceland and when the dust settles we would be in much better shape.

 

[loosecannon]

we will. but the politicos are gonna put it off as long as possible.

They still have money to steal.

Look at the tax "compromise" they are hammering out. It's like they have been fully divorced from reality and all talk of deficit reduction is pure BS, no matter which party says it.

I bet the deficit reduction sub committee is puking blood.

 

[william the wie]

IMO more like 25% of the reason. Defaults began long after credit had seized and numerous big banks either failed or watched their stock prices drop to near zero.

I think 80% of this recession was caused between the biggest banks, Fannie and Freddie guaranteeing them, the derivatives (CDS) web and the Federal Reserve.

The economy boomed while the bubble was rising. If that hadn't occurred this recession would have begun in 2001 or 2002 and been long over by now.

Not exactly. The 2005 vintage subprime 2 year ARMs blew up the two Bear Sterns mortgage hedge funds in the summer of 2007 and that set the credit freeze in motion. That was not the way it was reported. Bear Stearns, Lehman Brothers, Merril Lynch, BofA and several other firms could not finance their CDOs because everyone now knew they were holding trash paper. The reason everyone knew the paper was trash was that ACA, a CDS issuer, went belly up at the end of 2007 and at that point collateral issues made meltdown inevitable.