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#273636 - 5th Dec 2008 9:52pm US Job Losses Surge
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Originally Posted By: BBC News
US employers axed 533,000 jobs in November, the biggest monthly cut since 1974, the US Labor Department said.

In a dramatic indication of the worsening economic situation, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October.

Since these latest figures were compiled, further jobs losses have been announced, including big cuts at AT&T.

The grim economic data pushed Wall Street shares down by 2.5% while oil fell to a near four-year low of $40.

Recent data has fuelled fears that the world's biggest economy is set for a deep, long downturn.

Wow, that is shocking, over half a million more people out of work in a single month. My mum has just been to California for her annual US holiday, and she said it has changed beyond recognition since last year. The malls are empty, and the few people in them, don't want to spend money. Loads of businesses and shops etc are closing/downsizing, and everyone seems just generally miserable. The friends she goes and stays with, they have had to downsize from a $2 million house, because they simply could not afford the mortgage in the face of rising costs and taxes, and one of her friends works for nVidia, but even she is unsure if she will have a job come this time next year. She went to the mall a few days after the big sales, and she said the car park was almost empty, and its always packed whenever she has been before, and its the fall season for crying out loud.

They have cut back on everything public service wise, and even things like bus services etc have been slashed by 60% in the area she stayed, due to the lack of money and increased taxes.

She said if we think its bad over here, we aint seen nothing. America almost seem's like it is back in a depression, its a shadow of its former self.

The only positive thing for most people is that they are glad to have "new blood" as they say, coming in January, and can't wait to see the back of Bush.

BBC News Report

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#273640 - 5th Dec 2008 10:05pm Re: US Job Losses Surge [Re: MattLFC]
Snodvan Offline

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Registered: 19th Mar 2008
Posts: 1256
Loc: Wallasey Village
Before folk get too mega-depressed perhaps those with the time (30 mins) and inclination would like to see this lecture.

http://fora.tv/2008/10/21/Geopolitical_Consequences_of_the_Credit_Crunch

First, the guy is a superb lecturer in terms of style, presentation etc AND he does have a pedigree in terms of his technical knowledge.

While he most certainly does not say 'all is rosy' he does make a lot of positive statements that indicate the US coming out of the problems OK "if it all works and Obama does not do anything daft". What is perhaps more worrying is the way in which he points out that Europe and esp UK is in a far worse potential situation.

Snodvan
_________________________
5 Precepts of Buddhism seem appropriate. Refrain from taking life. Refrain from taking that which is not given. Refrain from misconduct. Refrain from lying. Refrain from intoxicants which lead to loss of mindfulness

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#273643 - 5th Dec 2008 10:15pm Re: US Job Losses Surge [Re: Snodvan]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Is you son still over there Snod? If so, how is he finding life?

I agree that the UK is far worse, because our economy has tried to emulate the US, without the resources. And people have spent far far far too much on credit, and that is why it is hurting us so badly on a personal level. The only UK bank left, with more assets than the value of its loans/credit, is the HSBC, and this is one of the reasons the shit is hitting the fan so hard.

We are all going to have to pay dearly. I know this sounds harsh, but the government putting stress on the banks to bail out customers who can't afford their mortgages, imho, is downright rediculous. I know people could lose their houses if they are not helped, but how about the government helps us all, not just families (people with young kids), pensioners (who are not bad off, in truth, to begin with, when my mum moved back up north, she was jobless and expected to live on £50 a week, and she got no fuel allowance etc, £250 would pay for my underfloor heatinf for an entire year lol) and home-owners (who are already priveledged enough to in that position, it's not my fault if they didnt save during the good times, or have overstretched themselves).

We need to let the recession takes it course imo, people need a GOOD HARD SHOCK to the system, they need to see what happens when we all spend spend spend, and buy into any governments dreamworld that we can have everything we want, spend irresponsibly and never have to worry. Otherwise, in 15 years time, we will be in the same position.

Funny how people are moaning and groaning that they may lose their house, their car etc, when for the past 10 years that fear hasnt worried them, and there are people who have been made bankrupt/declared themselves bankrupt during those years, and had no help from the banks or government and just had to get on with life. Why is it suddenly a priority to help those people who lose thier houses/cars or declared bankrupt now? Am I sensing vote buying? In return for doubled taxes next term?

Only when bankruptcy/lack of money comes up and kicks people in the face, will a lot of people learn that money and credit is not to be taken for granted, just like everything in this life.

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