Nearly 7 Million Jobless Claims In U.S.A. - Next Memorial Day? Look for 11 Million+

pupu · May 21, 2009

'The only solution to the raising unemployment is to bring in more foreigners and outsource more jobs.'

It works well for the financial services industry and now US taxpayers is helping these companies hire more Indians and Chinese here and abroad.
Love that slave mentality!

TraderJoe08 · May 21, 2009

Quote from Scataphagos:

That's optimism we Americans want to have, but likely not correct.

1. Greater "productivity" is actually bad for employment. What is to be done with displaced workers?

2. Innovations make money for the innovator mostly, not employees. Any innovation which is going to make a lot of money will have to be distributed widely... and it's likely to be made where labor is cheap.

3. When the full reality of this credit bubble deflation is felt, we're likely to find we have a permanent, structural problem of high unemployment.

Unfortunaltey you are right in some parts but not on the productivity side. I'm not an expert so please don't quote me but i believe the constitution has in it a short period of patent protection/copyrights then the information is released publicly to benefit the masses.

Legislation since the constitution has protected the industrialists then capitalists, a great example of the patent and copyright is Disney and obviously the drug companies.

Well i see structural unemployment as a good thing in the long run but obviously devastating in the short to the individual. As i can feel it here in Detroit. However, if something can be produced cheaper in China, companies here in the U.S. or Europe will move there to compete on the global market, they too must innovate or die. However, the tricky part as u point out is what do these displaced workers go into next.
Well they go into whatever area the United States has a comparative advantage in. This is fancy academic speak but in the long run it is true. Just in the short run it puts people out of a job and back into school to learn how to stay relevant.

Again, we are resourceful species and i believe we will march on to a higher standard of living every generation.

Jacob Fries · May 21, 2009

Quote from Scataphagos:

We'll innovate something all right, but it won't be manufactured in the USA.

Can't imagine what would restore full employment.

Nothing short of re-industrializing the nation, which won't happen with our current breed of politicians writing checks, repuke or democrap. NAFTA and GATT weren't accidents.

Ghostdog · May 21, 2009

I would agree. The one thing we need to put the nail in the coffin of this "jobless recovery" (uh. .yeah) is for the current adminstration to do something really stupid which will prop the market up for 3 months and mortgage the future for 10 years.

Call Barny "Rubble" Frank. He knows a little about Mortgages... perhaps in Bedrock where we might just be headed economically. Anyone know what a Brontosaurus Burger is going for?

http://www.youtube.com/watch?v=cMnSp4qEXNM

GD

Quote from Scataphagos:

That's optimism we Americans want to have, but likely not correct.

1. Greater "productivity" is actually bad for employment. What is to be done with displaced workers?

2. Innovations make money for the innovator mostly, not employees. Any innovation which is going to make a lot of money will have to be distributed widely... and it's likely to be made where labor is cheap.

3. When the full reality of this credit bubble deflation is felt, we're likely to find we have a permanent, structural problem of high unemployment.

ByLoSellHi · May 21, 2009

Quote from Jacob Fries:

Nothing short of re-industrializing the nation, which won't happen with our current breed of politicians writing checks, repuke or democrap. NAFTA and GATT weren't accidents.

Thank you, Mr. Jacob Fries.

You know the score.

El Guapo · May 21, 2009

Quote from noob_trad3r:

bird flu? War?

I read that when a country becomes overpopulated with men, you need some kind of war or disaster to thin the herd, return the job market to normal?

I read about this somewhere once.

Yeah, it'll be the first War televised in HD. and...don't worry, you can DVR and re-live the action all you wish.

Eliot Hosewater · May 21, 2009

Anyone know the total number of employed?

As more people continue to be unemployed, the number of new claims becomes a higher percentage. For example, last year if there were 50 million employed, then 600,000 was 1.2% of the total. If there are now 42 million employed then 600,000 is 1.4%.

Mike Morrison · May 21, 2009

The greatest acts of mankind have come from desperation not inspiration.

Betting against man and for the end of the world has never paid well.

Afterall, how many times have we had an end of the world situation in just the last 100 years?

Things will get better and at some point this will all be just a memory and hopefully a lesson learned.

Btw, the riches will go to those who solve problems. Spotting problems is easy and within the means of pretty much everyone.

libertad · May 21, 2009

So far the dollar enjoys being the best of the worst....

Jack Welch....ex CEO GE pegged the Obama recovery model accurately as being a fake on the back end....

Re-industrialization will only occur when buying elsewhere becomes too expensive....such that it has to be made at home....

Maybe when the dollar becomes one of the worst of the worst....