Unemployment falls in 37 states in May

[one...two...tree 2,762]

Economists warn about second wave of crisis

At a recent industry conference, Pippa Malmgren, an economist who specializes in political effects on the financial market, described how Phase II of the financial crisis is on its way, although the timing remains a mystery. Malmgren was followed by Benn Steil, a fellow at the Council of Foreign Relations, who also offered a bleak outlook. Phase II is expected to start when the government starts working to pay for stimulus programs.

http://wallstreetdiary.blogspot.com/2010/03/economists-warn-about-second-wave-of.html

[Hilarious Clinton 452]

So printing more money is the solution? A retard would disagree.

[Pooky 3,795]

Economists warn about second wave of crisis

At a recent industry conference, Pippa Malmgren, an economist who specializes in political effects on the financial market, described how Phase II of the financial crisis is on its way, although the timing remains a mystery. Malmgren was followed by Benn Steil, a fellow at the Council of Foreign Relations, who also offered a bleak outlook. Phase II is expected to start when the government starts working to pay for stimulus programs.

http://wallstreetdiary.blogspot.com/2010/03/economists-warn-about-second-wave-of.html

So, basically, what they're saying is that the stimulus package put off the full effect of the crash, but didn't avoid it and made its oncoming effects that much worse?

And you want ANOTHER stimulus package?

[evli1966 88]

Do not worry.

Not only Stimulus package but we need to buy everyone their own home and make sure they have free health care.

We will also legalize the 12+million illegals that are living in the USA and they will need all the above.

This will surely stimulate the economy.

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

[one...two...tree 2,762]

So, basically, what they're saying is that the stimulus package put off the full effect of the crash, but didn't avoid it and made its oncoming effects that much worse?

And you want ANOTHER stimulus package?

If you've been following what economists have said all along...

President Obama's stimulus package saved jobs — but the government still needs to do more to breathe life into the economy, according to USA TODAY's quarterly survey of 50 economists. Unemployment would have hit 10.8% — higher than December's 10% rate — without Obama's $787 billion stimulus program, according to the economists' median estimate. The difference would translate into another 1.2 million lost jobs.

But almost two-thirds of the economists said the government should do more to spur job growth. Suggestions included suspending payroll taxes for Social Security and Medicare, increasing spending on infrastructure, enacting a flat tax on income and extending jobless benefits.

The economists expect the jobless rate to remain in double digits until the third quarter.

David Berson, chief economist at PMI Group, worries that the housing market and the economy will suffer when the government's tax credit to first-time home buyers expires in April and the Fed stops supporting the housing market by purchasing mortgage-backed securities by March 31.

Bill Cheney, chief economist at John Hancock Financial Services, is relatively optimistic. He sees unemployment falling to 8.9% by the fourth quarter of this year. Cheney says other economists are "nervous Nellies," shell-shocked by the length and depth of this downturn. They've forgotten that "the deeper the recession, the faster you come out of it."

But Diane Swonk, chief economist at Mesirow Financial, says creating jobs is tougher than it was the last time unemployment passed 10% in the early '80s. The reason: The 1981-82 recession was engineered by the Federal Reserve to tame inflation through high interest rates. The Fed brought the economy back simply by reversing course and cutting rates.

http://www.usatoday.com/money/economy/2010-01-25-usa-today-economic-survey-obama-stimulus_N.htm

[Heracles 417]

I am stilling waiting to know how illegal aliens help this in any way. Well beyond the usual they pay taxes too rubbish. And yes, illegal immigration plays a huge part in an economy. It's no coincidence that in 2010, the countries with low unemployment, also have non-existent levels of it.

Edited June 20, 2010 by Booyah!

[Pooky 3,795]

If you've been following what economists have said all along...

I was working from the piece you quoted.

And Obama is going to face reality at the upcoming G20 summit, when he will find himself alone in urging further stimulus packages. The EU nations will not go down that road again.

[Heracles 417]

I was working from the piece you quoted.

And Obama is going to face reality at the upcoming G20 summit, when he will find himself alone in urging further stimulus packages. The EU nations will not go down that road again.

The problem is not the stimulus, it's the type of stimulus and what it's used for. China and Australia have warded off much of the global recession using a stimulus; however, that money has gone into huge infrastructure projects and improvements, which improve their quality of life and created jobs in sectors that cannot be exported - like construction.

Then again, they also do not have or use illegal aliens to do the work, therefore, the money earned is spent and stays in their country. Thus, the money earned is reinvested back into their economy. It's no different to the thousands of Americans who built the hoover dam. The money earned was spent back in America and certainly wasn't sent - by the truckload - abroad.

Edited June 20, 2010 by Booyah!

[one...two...tree 2,762]

I was working from the piece you quoted.

And Obama is going to face reality at the upcoming G20 summit, when he will find himself alone in urging further stimulus packages. The EU nations will not go down that road again.

The EU was not hit as hard as we were here, for one. Second, their unemployment numbers were less significant and have dropped more quickly than ours. The EU also has had in place, much more aggressive social safety nets. For example, my sister-in-law who is an RN in Ireland, had I believe 6 months of maternity leave. Something that is unheard of here in the states.

[Pinocchio Liberal 268]

yup, let's just throw more money at it and hope it sticks this time!

What money? The only thing Obama will be stimulating is Rahm Emanual.

[tmma 467]

We need another stimulus package......

You're not serious are you?

edit-I better get back to work....damn...and shuffle Ryan ( my son) out the door to the fields or something and get paying off the debt that's already fallen on to him and every single one of our children.

Edited June 20, 2010 by tmma

[Hilarious Clinton 452]

We need another stimulus package......

You're not serious are you?

edit-I better get back to work....damn...and shuffle Ryan ( my son) out the door to the fields or something and get paying off the debt that's already fallen on to him and every single one of our children.

He is. He just doesn't comprehend the amount of debt this country is in.

[Trumplestiltskin 5,791]

The EU was not hit as hard as we were here, for one. Second, their unemployment numbers were less significant and have dropped more quickly than ours. The EU also has had in place, much more aggressive social safety nets. For example, my sister-in-law who is an RN in Ireland, had I believe 6 months of maternity leave. Something that is unheard of here in the states.

The UK has an emergency budget next week, I can tell you that stimulus will not be a part of it - they're talking about massive cuts.

[one...two...tree 2,762]

The UK has an emergency budget next week, I can tell you that stimulus will not be a part of it - they're talking about massive cuts.

from the BBC today:

...amid continuing speculation about large scale spending cuts, Labour leadership hopeful Ed Balls warned that the government was on course to "repeat the mistakes of the 1930s". He said the cuts and tax rises set to be announced in Tuesday's Budget - which he expected to include VAT increases - showed the "unfairness" of the Conservative-Liberal Democrat government's policies.

Fellow Labour leadership contender Andy Burnham said the Lib Dems had "sold their souls" for jobs in government.

Shadow chancellor Alistair Darling said the Conservatives were "using the current circumstances" as an excuse to make "ideologically driven" cuts they had planned anyway and were "using" the Lib Dems "as cover".

http://news.bbc.co.uk/2/hi/politics/10359045.stm

[Trumplestiltskin 5,791]

from the BBC today:

http://news.bbc.co.uk/2/hi/politics/10359045.stm

That doesn't really prove anything - might also say that the Labour opposition is just trying to defend 13 years of dodgy economic policy that are a big part of the reason for the current situation (certainly the pensions crisis) and that their party has lost the public trust.