not if obama is elected ! On Oct 3, 5:30 am, Frank <[EMAIL PROTECTED]> wrote: > In 1929 US debt was 150% of GDP, today it is 300% of GDP. Once again > you forget there are other countries outside of America. British and > European Banks are going down like 9 pins, Sth American Banks have > completely frozen up. A tough year. The Democrats are as reviled as > the GOP. Forget it's all over. The fat lady is singing. This will be > the last election for the country once known as the United States of > America > > mike532 [ Republicans for Obama ] wrote: > > > > > Job Losses at 600,000 - and Counting > >http://www.truthout.org/article/job-losses-600000-and-counting > > Freeze in credit would only worsen unemployment as economic > > slowdown intensifies. > > > New York - Job losses have been mounting, and the slowing economy > > and credit crunch is likely to take an even greater toll in the coming > > months. > > > Analysts on average forecast that the monthly employment report > > expected Friday will reveal that the economy shed 105,000 jobs in > > September - the largest monthly loss in five years. The economy > > already has lost 605,000 jobs this year. > > > Unemployment is expected to remain at a relatively high 6.1%. > > > What's more troubling is that hiring trends have deteriorated even > > further in recent weeks - and that won't be reflected in government > > statistics until later this year. > > > Failing mortgages and struggling banks have made it difficult for > > businesses and consumers alike to borrow money. If businesses can't > > borrow money, the thinking goes, they can't expand stores or hire more > > people. > > > "A complete lockup of the credit markets will reverberate > > throughout the economy in a very severe fashion," said Martin Regalia, > > chief economist at the U.S. Chamber of Commerce, a business lobby > > group. "If the economy weakens further, we'll see truly dramatic > > unemployment." > > > Regalia expects unemployment to reach 6.5% by the end of the first > > quarter next year, and 7% if nothing is done by the government to free > > up the capital markets. While the economy may stop shedding jobs at > > that point, he said those stubbornly high rates of unemployment could > > persist until the end of 2009. > > > Actual job losses are more difficult to predict. Regalia said > > 150,000 to 175,000 a month could be likely, significantly higher than > > today's levels but far below the rate of 250,000 to 300,000 lost > > during the last recession in 2002. > > > The government is still negotiating a package that would enable > > the purchase of distressed assets from banks in the hopes of getting > > them to lend again. The $700 billion bailout was rejected in the House > > of Representatives on Monday, and the Senate is going to vote on a > > revised version on Wednesday night. > > > "If we don't have measures to correct the situation, we will see > > more [job] losses," said Joyce Bastoli, a vice president at Ajilon > > Finance Solutions, part of the staffing company Adecco. "If companies > > don't have access to capital, we will see it trickle down." > > > The Real Problem: Slowing Economy > > > Still, while there were some encouraging signs that the credit > > crisis is not having as devastating an impact as some fear, the > > slowing economy looms large. > > > "We're not seeing anything besides the normal tightening of credit > > you usually get at the end of an expansion," said Bill Dunkelberg, > > chief economist for the National Association of Independent > > Businesses. > > > Alan Tonelson, a research fellow at the U.S. Business and Industry > > Council, which represents smaller and mid-size manufacturers, said > > that most manufacturers are conservatively managed and have fairly low > > levels of debt. Tonelson is urging caution on any government bailout, > > saying banks should not be encouraged to resume their free-lending > > ways to consumers already overburdened with debt. > > > Even if businesses aren't yet impacted by the credit crunch, they > > are certainly planning for slowing sales as credit to consumers dries > > up. That could mean fewer orders for goods - and fewer people needed > > to manufacture, ship, stock and sell those goods. > > > "It's reasonable to expect not only job losses, but wage losses as > > well," said Tonelson. > > > Said Daniel Penrod, an industry analyst with the California Credit > > Union League, a trade association for credit unions: "We haven't > > really seen small businesses getting hurt because of access to money, > > but rather just because of the slowdown." > > > With the holiday shopping season just around the corner, the next > > sector ripe for a hit is retail, said John Challenger, chief executive > > of global outplacement firm Challenger, Gray & Christmas. A survey by > > Challenger released Wednesday said that the number of job cuts in > > September rose 7.2% to 95,094. > > > "Consumers are tapped, it's going to be a tough year," said > > Challenger. "Unemployment is going up by leaps and bounds."- Hide quoted > > text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum
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