Senate to pass unemployment benefits up to 99 weeks

I know a few people who were unemployed and what they were telling me that makes no sense is that if you are on unemployment and get a job you have to file a new claim once your benefit year has ended. Now those who have been laid off since mid to late 2008 early 2009 are getting the best of this extension because they continue to collect as long as they are in the system showing that they haven't even worked one day since they started collecting unemployment. So anytime the government extends benefits those who have not found a job are the ones who just keep collecting. If you find a job for a few months and are let go you have to re apply, those who are being laid off in 2010 are only receiving the maximum 26 weeks as opposed to those who were laid off in 2008 that are still collecting for over 2 years.

So let more free handouts begin again once more, seems so many are relying on these benefits that they continue to extend them.

By the way if they are extending the unemployment benefits they will extend the $8000 tax credit for first time home buyers come April when that is "suppose" to end.
 
Quote from achilles28:

There's not much Government should do except end moral hazard and let free markets work.

Small business are getting screwed by small banks who won't lend because huge, insolvent banks that should have gone under, haven't, and that uncertainty around diffused counter-party risk has had a chilling effect on national credit.

Until the shit banks go under, all banks - regardless of size - will not lend.

There's also a big problem of the Fed loaning to banks under the rate/12-month yeild, and banks just loan to Government or Fed to recapitalize. This is just more Government largess to insolvent banks and should be dealt with responsibly = Jack rates by 300 basis points across the board. That would clear everything out. Of course, we'd also go into a Depression. But that's coming regardless. See, we're already done. Everything is just conjecture, at this point. All those mom and pops geared up to the tits praying for recovery just over the horizon, well, they're not gonna make it. Maybe we'll get a brief 18 month reprieve if Bernacke monetizes. Then, it'll get ugly.
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Achilles, thank you for your response to my post.

I agree with your assessment - especially the ugly part. Here is another reason why employment is not going to happen any time soon ….

Mar 08, 2010 12:55pm EST Yahoo Tech Ticker interview with Richard Suttmeier
Forget the unemployment rate, durable goods orders or the Baltic Freight Index. Veteran market watcher Richard Suttmeier says the FDIC quarterly banking profile is "the single most important leading indicator for the U.S. economy."
Released about 55 days after the end of each quarter, the FDIC report offers a bird's eye view of lending activity in America, especially among smaller Main Street lenders and small businesses. "It's a balance sheet of our economy," says Suttmeier, chief market strategist at Niagara International Capital and ValueEngine.com.
Based on the latest quarterly profile, for fourth-quarter 2009, the state of the banking system is "not as good as Wall Street is saying. Particularly when you get beyond the 'too big to fail' banks," Suttmeier tells Aaron in the accompanying clip.
Bad Banks Can't Lend As was widely reported, the most recent report showed the number of "problem" banks rose 27% in 2009 to 702 -- the highest level since 1993.
Less widely discussed is Suttmeier's concern that more than half of the nation's roughly 8,000 banks "can't lend anymore" because of rising levels of bad loans on their books. The problems are especially acute in construction & development and commercial real estate loans, he says, citing the FDIC quarterly report. Because so many of these loans are delinquent, banks don't have the capital coming in to lend out and thus are content to mostly sit on deposits, he explains.
"We can't sustain positive GDP growth without the construction market turning around [and] banks getting rid of these bad loans so that they can lend again," Suttmeier says. "When you have light demand for loans and loans on the books deteriorating while the economy's going up -- something's not right."
 
Welcome to the Welfair State!....IL, CA, FL, OH, MI, MA, and the list goes on and on and on and on....


FUCKEN AMEN achilles28 !!!!!!
 
It is amazing to me that many still live in the states that are doomed. However, there is a capital and Brain Drain going on. More and more producers, thinkers, and workers are moving into the Dallas, Houston, Austin and San Antonio areas.

More and more Companies are relocating to the region.

Those who see the writting on the wall are getting the hell out.

A good friend just open one of his Trading rooms in El Paso...not much going on but at least he will survive.

The sheep still stay together huddled.....soon, no more sheep.

I have become a Texan, it was a strange trasformation at first but after seeing the last two years unfold....Give me my Guns, GOLD, Ranchland, Rights, and FUCK OFF to the FED GOV..
 
Congrats to these states who just hit higher unemployment this week:

AL, NC, IL, FL, DC, CA, SC, RI, MI,

don't you think its about time to get the Socialist idiots you call DemRats and Lame Ass Republicans who do nothing for you, outa office? Or are you gona sit there and watch the State House tax you even more.....????
 
Passing unemployment benefits is perhaps more effective than tax cuts because unemployment benefits get spent more quickly (turning into economic activity). If I am mid-income, with a job, and receive a tax cut, I just may save that money. If the banks are not going to lend it out, then the stimulus becomes quite ineffective.

Regardless, the problem here is too much debt is constraining economic activity. The easiest way to remove debt is to print money. If that doesn't result in more economic production, then you get inflation.

An aggressive long term energy infrastructure buildout (err 500B on nuke plants) would be a proper way to invest, decreasing cost curves and increasing production all while we enact this debt destructing fiscal policy.
 
you have spent way to many hours in the text book ...and I congrats you on your old school economic philosophy. However, just as the Black Shole Model was proven to be in-effective, so are those "idology's" you just posted.

Name of the game has changed son. These are uncharted waters and I hate to be the one with bad news....what you say isn't so.

Sit back, watch the show and you will learn.
 
Quote from Rabbitone:

I lost my job a few years back. I could have used the extended period of unemployment back then to find work. However, no one showed me any compassion at the time because there was no major crisis. I was forced to reinvent the wheel.

But I got lucky. Instead I decided to do what I really love – trading. I don’t regret it one bit. It has worked out so well I was finally able to retire and trade when I want to or go off and play. But if I had not persevered with trading I might have ended up in the poor house like so many are today. Believe me it came close.

My problem with congress is not with them helping unemployment but the lack of effort in creating permanent jobs. The democrat congress has failed to fix the problems in regional banks that lend to small business who create jobs in recoveries. A good example is a food store I frequented just pulled the plug and sold everything to the bare walls. This was the business of the year 2 years ago that everybody was going to.

The owner of this gold mine told me there was nothing he could do. His local bank refused to extend his line of credit he had used for the last 7 years to run his business. The bank told him the continuing high foreclose rate had sucked up all of their available credit lines and they were unable to help him. It was out of their control they told him. Same story with all the other local and regional banks – they also had maxed out lines of credit or were not taking on new customers. Thus he was forced out of business and required to let go 7 people go. People are still shaking heads. How could this happen to a going concern. For these people I have great compassion.
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Same here. Had to have been I think now about 5-6 years ago this happened. Just managed to find something at the end of things. Would have loved it now back then. But to no avail. It was further away and better pay, yet that pay I think mostly got eaten in the extra commute.

Most people aren't even going to look for a job on unemployment, or be very careful/casual about it. Usually you're capped at a maximum, so any work obtained either counts toward what you're collecting, or forces a re-file. If you're collecting near that cap already, who wants to work something for 5-15 hours a week (much less probably would get hired for such)? Otherwise you either lose the checks or they get reduced!

In any event, I'm wondering if that small business didn't try to think outside the box for lines of credit. Angel investors, etc. to help raise funding and keep in operation. Sadly I doubt it. Most everyone thinks "banks." Banks are not the answer.
 
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