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Unemployment rate collapsing

By iwog   Follow   Wed, 17 Oct 2012, 7:10pm   9,706 views   94 comments
In Lafayette CA 94549   Watch (2)   Share   Quote   Permalink   Like (2)   Dislike (5)  

Obama is going to get four more years and both his stimulus bill and actions by the fed have had a lot to do with it.

For those conspiracy nuts who think either the BLS is in the pocket of the Democrats or the entire unemployment rate is a fraud to begin with, these numbers come independent from Gallup.

WASHINGTON, D.C. -- U.S. unemployment, as measured by Gallup without seasonal adjustment, is 7.3% in mid-October, down considerably from 7.9% at the end of September and at a new low since Gallup began collecting employment data in January 2010. Gallup's seasonally adjusted unemployment rate is 7.7%, also down from September. October's adjusted mid-month measure is also more than a percentage point lower than October 2011.

http://www.businessinsider.com/gallup-the-unemployment-rate-is-collapsing-2012-10

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1. bdrasin Follow Befriend 6 threads 488 comments Alameda, CA

   55   8:21am Fri 19 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   Anyone who thinks they have a lock on the winner can go to Intrade and put their money down. Last I checked Obama was a modest favorite according to bettors, but if you think the answer is obvious you can make some serious money. Or you can just troll.

2. david1 Follow Befriend (2) 8 threads 755 comments 33 male Fort Mill, SC

   56   10:15am Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   Barlowe says Markets only function best when they get correct data to work with -- and the skewed polls that have been the norm until recently isn't 'correct data' by any measure. What a unique arbitrage opportunity for you then.

3. david1 Follow Befriend (2) 8 threads 755 comments 33 male Fort Mill, SC

   57   10:16am Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   Barlowe says Sorry, but you are incorrect. I also suspect that you don't see reason so aren't interested in the slightest to educate yourself on how the world really works I'd like the education.

4. bdrasin Follow Befriend 6 threads 488 comments Alameda, CA

   58   10:26am Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   Barlowe says bdrasin says Anyone who thinks they have a lock on the winner can go to Intrade and put their money down. Last I checked Obama was a modest favorite according to bettors, but if you think the answer is obvious you can make some serious money. Or you can just troll. Markets only function best when they get correct data to work with -- and the skewed polls that have been the norm until recently isn't 'correct data' by any measure. Great, you know better so go ahead and make yourself a bank. Max out your credit cards and bet the farm. Once your superior knowledge has made you rich feel free not to invite me to the celebration.

5. iwog Follow Befriend (48) 272 threads 12,446 comments 47 male Lafayette, CA Premium

   59   10:34am Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike (2)   Barlowe says iwog says That's not econ 101, that's just some trite stupid cliche that Newscorp and the Heritage foundation like to throw around. Sorry, but you are incorrect. I also suspect that you don't see reason so aren't interested in the slightest to educate yourself on how the world really works. Null post. You had a chance to come out and prove your assertion, or at least give reasons why you believe that what you described is anything more than taxation which has been happening for thousands of years, but you decided to run.

6. bdrasin Follow Befriend 6 threads 488 comments Alameda, CA

   60   11:23am Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   Barlowe says bdrasin says Great, you know better so go ahead and make yourself a bank. Max out your credit cards and bet the farm. Once your superior knowledge has made you rich feel free not to invite me to the celebration. > What does that have to do with people getting bogus information to make decisions on? I never said anything about people getting bogus information; that was you. I said anyone who thought they know for sure (i.e. people like you) had a great opportunity to make a boatload of money. So what are you waiting for?

7. iwog Follow Befriend (48) 272 threads 12,446 comments 47 male Lafayette, CA Premium

   61   11:59am Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike (2)   Barlowe says Wealth isn't created when you just shuffle assets around under pea shells. In fact, some of it is usually lost in that process. Straw man. I nor anyone else ever said wealth was created in financial transactions. However like most supply-siders, you have the blinders on when it comes to an incentive to create wealth. You'll instantly say "Profits!" however profits are only possible if you have a customer base. You only have a customer base over the long term if money is returned to consumers at the same rate as it is concentrated to the 1%. Pure capitalism is a one way street. How can it not be when the nature of profit itself is the accumulation of more and more wealth into the hands of the capitalist? Anyway printing money is extremely stimulative in an environment where there is slow demand. So is government spending on things like food stamps and unemployment insurance. Reagan proved that when he dumped $2 trillion into the economy during the 1980s and things took off.

8. david1 Follow Befriend (2) 8 threads 755 comments 33 male Fort Mill, SC

   62   12:34pm Fri 19 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   iwog says Anyway printing money is extremely stimulative in an environment where there is slow demand. Almost never true due to liquidity traps. They only cure for slow demand is artificial demand, imho. We have burned out the bearings of the printers in the last few years but it hasn't stimulated jack shit.

9. iwog Follow Befriend (48) 272 threads 12,446 comments 47 male Lafayette, CA Premium

   63   12:56pm Fri 19 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike (2)   david1 says We have burned out the bearings of the printers in the last few years but it hasn't stimulated jack shit. Because the printed money doesn't go anywhere, it just sits in the Federal Reserve. Take those trillions and issue checks to every working American and this economy would light on fire.

10. zzyzzx Follow Befriend (9) 410 threads 4,107 comments Baltimore, MD

    64   12:57pm Fri 19 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   iwog says Take those trillions and issue checks to every working American and this economy would light on fire. I'd rather see us ban imports of things that we should be making ourselves, like cars. That would keep the economy on fire.

11. david1 Follow Befriend (2) 8 threads 755 comments 33 male Fort Mill, SC

    65   1:10pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   iwog says david1 says We have burned out the bearings of the printers in the last few years but it hasn't stimulated jack shit. Because the printed money doesn't go anywhere, it just sits in the Federal Reserve. Take those trillions and issue checks to every working American and this economy would light on fire. That's what a liquidity trap is. And I dunno if we issued those trillions to working folks if the economy would take off. Depends on how many trillions I guess. I suspect if that money was in the hands of workers most would pay of their debt given the slow economy. If it was enough Trillions to overcome that, then yes. It would be stimulative.

12. iwog Follow Befriend (48) 272 threads 12,446 comments 47 male Lafayette, CA Premium

    66   1:40pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   Barlowe says Whereas being paid AFTER someone has produced something or more of it sure does stimulate the economy. No one is going to produce anything if there isn't a profitable market for it. That is why a game of Monopoly ends. That is why depressions happen. That is what happened in 1933 and that is what happened in 2008. People who believe in supply side economics are like people who believe an airplane can fly with one wing ripped off. We had a shortage of capital in 1980 when interest rates were double digits. We have a shortage of customers now and we are swimming in an ocean of capital. Getting the remedy right is extremely important. You and Romney are trying to apply a 1980 remedy to a 1933 crisis. If the Republicans win, they will force this country into an extended depression that will make Japan's lost decade look like boomtown.

13. iwog Follow Befriend (48) 272 threads 12,446 comments 47 male Lafayette, CA Premium

    67   1:44pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   Barlowe says The Fed has done nothing but help bail out banks while monetizing government deficits (printing money). Yet, by your own recent admission, that didn't accomplish anything. Please try to get my admissions right. I say apples and you come back and quote me as saying oranges. I said printed money sits at the federal reserve instead of getting into the hands of consumers, however one positive effect of loading the fed with treasuries is that interest rates are driven down. Lower mortgage rates do indeed put the money in the hands of consumers to a better use. Instead of going to banks, the money saved on interest can create demand. The federal reserve is helping redirect money into more productive demand through interest rates, however the money printed by the fed doesn't go anywhere.

14. Quigley Follow Befriend (6) 17 threads 515 comments Huntington Beach, CA

    68   1:44pm Fri 19 Oct 2012   Share   Quote   Permalink   Like (4)   Dislike (1)   Obama platform: we will borrow our way back to prosperity! If that doesn't sound ridiculous to you, then you are likely part of the problem. We're (mostly) all here on patnet because government policy has screwed us out of being able to buy a reasonably priced home. This starts with liberal thinking: "everyone should be a homeowner, and the government should help with that!" And it ends with liberal thinking: Obama says, "Lets put a floor under real estate prices." In the meantime this administration's policies and laws have given comfort to the banks who screwed us, let home debtors squat for years in homes that we should have been able to buy by now, and paid for it all by borrowing against not only our futures, but the futures of our children. My question is this: how can anyone on this site for legitimate reasons be for the status quo?

15. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

    69   1:49pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   Right on Quigley! Don't know who you are but feel exactly the same way. Actions speak louder than words, it's not about democrat or republican anymore. Personally, finding a low end rabbit cage in the San Fernando Valley should not be this difficult!

16. rooemoore Follow Befriend 41 threads 905 comments Ross, CA

    70   2:02pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   Barlowe says Also, the rest of the world is not a Monopoly set. Only those who received the most politicized of Marxist 'education' in lieu of real economics believe so. Do you understand Marxism, or are you just spouting off against something you think you understand? The middle class that both Obama and Romney purport to love and want to save was pretty much created borrowing many Marxist principles blended with capitalist principles. Even in you totally disagree with all of Marxism, you should probably take the time to understand your "enemy". Then again, ignorance is bliss and you seem pretty happy.

17. iwog Follow Befriend (48) 272 threads 12,446 comments 47 male Lafayette, CA Premium

    71   2:14pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike (2)   Barlowe says You said that Obama will win because of the fed's actions When did I say that? Barlowe says Which punishes savers and it is savers who provide the seed capital for future investment This is complete crap. There's so much fucking capital in America today that investors are willing to accept 0% on their money just to keep it safe. Savers need to be punished since the OBJECT of saving is to eventually invest, and billions are being sat on without it being used for anything. Barlowe says Consumption is not 'productive' demand. It is the opposite of it. Total bullshit. This is so impossible to support that I'm not the least bit surprised that you didn't try.

18. bdrasin Follow Befriend 6 threads 488 comments Alameda, CA

    72   2:25pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   Barlowe says bdrasin says I never said anything about people getting bogus information; that was you. I said anyone who thought they know for sure (i.e. people like you) had a great opportunity to make a boatload of money. So what are you waiting for? And people will make said money exactly as you infer. So what? That doesn't 'prove' those markets are accurately reflecting political reality to come, it just means people will make money betting against it. On the off chance that you are not having me on, I'm wondering why YOU are not one of those people who will make money? You can get better than 3/2 odds on something you feel is a sure thing!

19. rooemoore Follow Befriend 41 threads 905 comments Ross, CA

    73   2:36pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   Barlowe says I just proved that I understand it better than you do. You didn't prove squat. Marx would have identified the mid to late 20th century American "middle-class" as the "working class". Anyway, I said that there was a blend between Marxism (also socialism) and capitalism. Heard of unions? How about Social Security?

20. iwog Follow Befriend (48) 272 threads 12,446 comments 47 male Lafayette, CA Premium

    74   2:40pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike (2)   Barlowe says The world is not a Monopoly Board. Then you should be able to list the fundamental differences between a real world economy and the board game and offer changes to make the model a more accurate representation. For example: One criticism offered is that a Monopoly game has static capital assets and is unable to grow. Assuming 2% net growth in an economy above population increase, you can accurately model this growth by adding an additional property to the board about once every 50 turns. As you see, this would make absolutely no fucking difference to the outcome and is why supply side nuts never want to talk about the game of Monopoly. It's like a religious fundamentalist denying evolution because to accept it would destroy the Bible as a literal narrative.

21. EBGuy Follow Befriend 4 threads 2,095 comments

    75   2:55pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   Quigster said: My question is this: how can anyone on this site for legitimate reasons be for the status quo? On the other hand, watching BofA or Citi go tango uniform would not be pretty. Yeah, it's burn baby, burn, in the beginning, then the money markets break the buck and everything else around you is burnt to the ground. Not sayin' it wouldn't be be fun... perhaps O can give us a controlled pre-privatization of one of the players in his next term.

22. SoftShell Follow Befriend 1 threads 452 comments Abilene, TX

    76   3:50pm Fri 19 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   the whole premise of this thread is irrelevant. the house of cards is imploding.. http://politicalticker.blogs.cnn.com/2012/10/19/cnn-poll-close-contest-for-floridas-29-electoral-votes/?hpt=hp_t1

23. gbenson Follow Befriend 16 threads 377 comments

    77   5:52pm Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   Part of me hopes Romney wins it just so we can watch them try and start deficit spending again, (but this time the Dem's will filibuster it). Then when the economy goes totally into the crapper after about year 3, working class jobs and health care all go bye bye. I can point at all those who voted for the guy with an (R) next to their names and laugh at them for now being poor and sickly and say, "Told you so. Dumbass.".

24. iwog Follow Befriend (48) 272 threads 12,446 comments 47 male Lafayette, CA Premium

    78   6:27pm Fri 19 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Yup says You only have an ocean of capital due to accounting rule changes, and banking bailouts. We have an ocean of capital because both individuals and corporates are squatting on billions of dollars in cash, and letting it devalue with inflation earning almost nothing in treasuries. We have more lazy non-performing cash, even as a percentage of GDP, than any time in history. Accounting rule changes have nothing to do with it. This is the result of 30 years worth of reckless regressive tax policy concentrating all the money in the hands of the 1%.

25. bdrasin Follow Befriend 6 threads 488 comments Alameda, CA

    79   3:14am Sun 21 Oct 2012   Share   Quote   Permalink   Like   Dislike   iwog says Yup says You only have an ocean of capital due to accounting rule changes, and banking bailouts. We have an ocean of capital because both individuals and corporates are squatting on billions of dollars in cash, and letting it devalue with inflation earning almost nothing in treasuries. We have more lazy non-performing cash, even as a percentage of GDP, than any time in history. SO true. One of the arguments Romney made in the infamous "47%" video was that if he wins the election, rich people will be elated and they (and the corporations they control) will jump back into production mode: Bishop Mittens said If it looks like I’m going to win, the markets will be happy [...] we’ll see capital come back and we’ll see — without actually doing anything — we’ll actually get a boost in the economy. This isn't logically vacuous, for all I know it may even be true. But if it is true its a terribly sad comment on the state of affairs, that the partisan sulking of a handful of bazillionairs can keep the economy in the tank.

26. taxee Follow Befriend 88 threads 457 comments El Cerrito, CA Premium

    80   5:51am Sun 21 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   iwog says Accounting rule changes have nothing to do with it. This is the result of 30 years worth of reckless regressive tax policy concentrating all the money in the hands of the 1%. Accounting rules were changed by the one percent after they purchased the government with a little bit of the money they didn't pay in taxes. If the top had been taxed at 92% like they were when the USA was a great country, maybe we wouldn't be in the mess we're in.

27. Philistine Follow Befriend 485 comments Los Angeles, CA

    81   10:33am Mon 22 Oct 2012   Share   Quote   Permalink   Like   Dislike   rooemoore says Marx would have identified the mid to late 20th century American "middle-class" as the "working class" Ding ding ding! We have a winner. . . .

28. JodyChunder Follow Befriend (3) 16 threads 1,365 comments Victorville, CA Premium

    82   12:51am Tue 23 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   iwog says Savers need to be punished since the OBJECT of saving is to eventually invest For working class savers, the object is more often to save enough to create a buffer against future hardships or penury. In the sense that they invest their savings, it's more often an investment in either their children's education or in their own retirement than in speculative gambits. Speculators and market middlemen should be punished if anyone, not savers. They add no value and they rob from everyone else.

29. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    83   9:03pm Tue 23 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   iwog says Savers need to be punished since the OBJECT of saving is to eventually invest No, iwog, I just want a place to live. You label that an investment because you are part of a criminal rentier class that wants to monetize everything from debt to air. Disgusting, really.

30. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    84   9:05pm Tue 23 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   JodyChunder says For working class savers, the object is more often to save enough to create a buffer against future hardships or penury 100% right. I save because I have 3 kids and I dont know what I'll be doing to make money in 5 years, or my time will be worth more, less or nothing. I dont know we save because no safety and kids doesnt seem like the right thing to do. And iwog says I must be punished for this. Nice guy. Real liberal.

31. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    85   9:07pm Tue 23 Oct 2012   Share   Quote   Permalink   Like   Dislike   iwog says all the money in the hands of the 1%. That would be you in my estimation.

32. robertoaribas Follow Befriend (23) 55 threads 3,759 comments Scottsdale, AZ robertoaribas's website

    86   9:10pm Tue 23 Oct 2012   Share   Quote   Permalink   Like   Dislike   zzyzzx says I'd rather see us ban imports of things that we should be making ourselves, like cars. That would keep the economy on fire. Sounds good in theory, and simple minded folks tried it to stimulate the economy during the depression. It was called the Smoot-Hawley tarrif act. google it. Funny thing is, other countries get pissed about this sort of thing, and respond with their own tarrifs. Guess who is one of the biggest exporters in the world? the USA. So, yeah, this kind of policy sounds great, if you are the kind of person who can't think a single step ahead, in reality, it leads to trade wars that make the recession turn into a depression. Similar to if Rmoney wins, and really declares China a currency manipulator. Good luck getting any cooperation on sanctions versus Iran or anything else, china can buy all of Iran's oil forever, and sell them nuclear technology if they so choose. that is what scares me, that simpletons might actually elect this idiot Rmoney, and we could really see these types of US ending mistakes made, one after another.

33. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    87   9:16pm Tue 23 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   robertoaribas says that is what scares me, that simpletons might actually elect this idiot Rmoney, and we could really see these types of US ending mistakes made, one after another. Not that rmoney is my fav, since the 2 party system is a ruse and you dont see it for whatever reason, obeezy racked up 6t in debt in 4 years, U6 is 15%, fresh grade UE is 50%, yeah more of that please, please sir, can I have some more. You must be kidding and the bernake printing press is on to let speculative criminals buy up housing and rent it back to the working middle class on money stolen in the form of taxes and given to the banks for roberto here to speculate with and call it an economy. the roberto, being the opportunist living off of rentier income, comes over and tries to be all like "democrat" and for show take these meaningless political sides to make the blue collar types think he is one of them. but he is part of the bankster gambler class who believes in profit for no work.

34. robertoaribas Follow Befriend (23) 55 threads 3,759 comments Scottsdale, AZ robertoaribas's website

    88   9:26pm Tue 23 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Mick Russom says the roberto, being the opportunist living off of rentier income, comes over and tries to be all like "democrat" and for show take these meaningless political sides to make the blue collar types think he is one of them. but he is part of the bankster gambler class who believes in profit for no work. yeah, whatever. sorry you are so bitter. Are you young? maybe you could learn from your mistakes, and not be a loser forever.... I doubt it though.

35. JodyChunder Follow Befriend (3) 16 threads 1,365 comments Victorville, CA Premium

    89   9:32pm Tue 23 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   FWIW I think the Smoot-Hawley myth has been long ago debunked, or at least its negative impact has been proven to be grossly overstated (usually by pro-globalists)... http://www.thomhartmann.com/users/unlawflcombatnt/blog/2011/03/tariffs-smoot-hawley-fairy-tale

36. iwog Follow Befriend (48) 272 threads 12,446 comments 47 male Lafayette, CA Premium

    90   2:32am Wed 24 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   Mick Russom says No, iwog, I just want a place to live. You label that an investment because you are part of a criminal rentier class that wants to monetize everything from debt to air. Disgusting, really. I work to change the system. All you do is pretend everything is corrupt and both political parties are equal and throw up your hands and whine and do nothing. Pathetic.

37. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    91   4:27am Wed 24 Oct 2012   Share   Quote   Permalink   Like   Dislike   iwog says Pathetic 'Man of the people' using Ad Hominem against a guy trying to save for a future for his kids.

38. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    92   4:27am Wed 24 Oct 2012   Share   Quote   Permalink   Like   Dislike   iwog says All you do is pretend everything is corrupt Easy for you to say the system isnt corrupt when you benefit heavily from said system.

39. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    93   4:29am Wed 24 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   robertoaribas says and not be a loser forever You might be surprised at my finances, job function and responsibilities. I read a lot of your 'stuff' here and I think you are a lucky opportunist who seems not to care what the downside is to your upside.

40. JodyChunder Follow Befriend (3) 16 threads 1,365 comments Victorville, CA Premium

    94   5:24am Wed 24 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   iwog says All you do is pretend everything is corrupt and both political parties are equal Aw, come on, IWOG -- it's barely a pretense - especially today! Hell, even glorious old nosepickers as far back as Ralph Waldo Emerson and Henry Adams recognized the farce. Henry Adams wrote following sometime in the late 1890s: "We have a single system, and in that system the only question is the price at which the proletariat is to be bought and sold, the bread and circuses."

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