Also see: Tax Cut For Banks in Bailout Bill
"Pace of US job losses picks up; Analysts fear cuts could soon deepen" by Robert Gavin, Globe Staff | October 4, 2008
National job losses accelerated sharply in September, and analysts said deeper losses could follow this month as the effects of the crisis in financial and credit markets spread through the broader economy.
US employers cut 159,000 jobs last month, more than double the losses in August and the biggest monthly employment decline since March 2003, the Labor Department reported yesterday. The unemployment rate held steady at 6.1 percent.
The steep job losses should erase any lingering doubts that the US economy is in recession, economists said. But what's particularly worrisome, they added, is the dismal job figures don't reflect the full brunt of the financial crisis.
"The US economy is shrinking, and there will be many more awful [Labor Department] reports like this," said Ian Shepherdson, chief US economist at High Frequency Economics, Ltd. of Valhalla, N.Y., in a note to clients. "Payrolls were weak everywhere."
The job numbers were released just a few hours before the House approved a $700 billion plan to buy troubled mortgage-related assets from financial firms, restore confidence, and revive the flow of credit, which has slowed to a trickle.
Yeah, here is WHY: U.S. Banks Driving Credit Crunch ON PURPOSE
And the REASON? So they could SHAKE DOWN the American people to the tune of TRILLIONS!!!
Financial firms are reluctant to lend to each other, fearing their counterparts might have large holdings of mortgage-related assets, which have pulled down major firms such as Lehman and AIG.
Oh, O.K.!!
So, if the BANKS won't lend to EACH OTHER, what makes you think they are going to give money to YOU, home and business owners?
And if THEY don't want to buy MORTGAGE-RELATED ASSETS, why would YOU TAXPAYERS WANT THEM?
Oh, America, did YOU EVER TAKE an ASS RAPE YESTERDAY!!
Now, BEND OVER AGAIN!!!!!!!!!!!!!
That reluctance is creating a credit crunch for consumers and lenders. Without credit, businesses can't expand and hire, and consumers, who drive the US economy, can't buy homes, cars, and other goods.
Yup! Translation: BANKERS CONTROL the ECONOMY!!!!!!
The length of the economic downturn will likely be determined by whether the bailout eases the credit crunch, economists said.
Yeah, and if the BANKS KEEP the CASH -- as it appears they are doing -- THEN WHAT?!!!!
The national economy is almost certainly in recession, they said, even though the National Bureau of Economic Research, a Cambridge nonprofit that dates US business cycles, has yet to make it official.
Pfft! Fuck what some PROPAGANDIST BUSINESS GROUP has to say!!
I know what my EXPERIENCE TELLS ME!!!
The US has lost jobs in each of past nine months, shedding more than 750,000 since the beginning of the year. Manufacturing has contracted sharply, with activity in September plunging to its lowest level since 2001, according to a closely watched survey by the Institute for Supply Management, a professional association in Arizona. Consumer spending, which accounts for about 70 percent of US economic activity, was flat in August, the Commerce Department reported this week, and many economists expect it to decline in the quarter that ended Sept. 30.
Bush's TRUE LEGACY (aside from the torture and mass-murder)!!!!!!!
Also yesterday, the House voted to extend unemployment benefits for those who have exhausted their benefits. The vote came hours after learning of another jump in the jobless rate and after the House had approved a massive financial rescue plan for Wall Street.
Yup, CHUMP CHANGE CRAP in the palm of your hand, 'murkns -- after you just GAVE AWAY TRILLIONS to the VERY PEOPLE that MADE YOU UNEMPLOYED!!!!
And the CONGRESS thinks this will BUY US OFF?
"People are hurting with no end in sight," said Ways and Means Committee chairman Charles Rangel, Democrat from New York. "It is our responsibility as a Congress to stand up and help them weather these tough economic times."
Pfft! FUCK YOU, Charlie, you PIECE of SCUM SHIT!!!!!!
See: That Rascally Rangel
What an ASSHOLE!!!!!!! I say, LET 'EM SWING!!!!!!!!!!!
But despite the 368-28 vote in the House, chances of the bill becoming law this year are slim.
Oh, so you are NOT GOING to GET THOSE UNEMPLOYMENT BENEFITS, 'eh, Amurkns?
I REST MY FUCKING CASE!!!!
Yup, TRILLIONS for BANKS and WARS and NOTHING, NOTHING, for YOU!!!
It's called LOOTING!!!!
On Thursday, Senate opponents rejected an effort to bring the legislation to the floor, possibly dooming it for the year. The Senate is in recess for the Nov. 4 elections, and it's unclear if it will reconvene after the election.
Yeah, thanks all you RICH CRAPPERS in the Senate!!!
Time for some HANGINGS, America!!!!!!!!!!!
Just grab the FIRST ONE YOU SEE and STRING 'EM UP!!!!!!!!!!!!!!!!!
"Job losses are accelerating and the credit crunch is adding fuel to the fire," said Sung Won Sohn, an economics professor at California State University, Channel Islands. "This recession could be deeper and longer than expected." --more--"
Yup, all done ON PURPOSE by the BANKERS who CARE SO MUCH ABOUT YOU!!!
America, did you ever get a royal fucking screwing yesterday!!!
I say: "Death to the Bankers!"
