533,000 jobs lost in November
By John Amato Friday Dec 05, 2008 3:00pmWith the economy deteriorating rapidly, the nation’s employers shed 533,000 jobs in November, the 11th consecutive monthly decline, the government reported Friday morning, and the unemployment rate rose to 6.7 percent.
The decline, the largest one-month loss since December 1974, was fresh evidence that the economic contraction accelerated in November, promising to make the current recession, already 12 months old, the longest since the Great Depression.
And as Marcy Wheeler notes in an email: Plus consumer confidence is tanking
"We have recorded the largest decline in consumer confidence in our history," said Richard T. Curtin, director of the Reuters/University of Michigan Survey of Consumers, which started its polling in the 1950s. "It is being driven down by a host of factors: falling home and stock prices, fewer work hours, smaller bonuses, less overtime and disappearing jobs."
This is going to be a tough year for everyone including Obama and don't think for a second that the GOP will be there to try and help us out of it.
And Paul Krugman says:
I’ve been ruminating over economic prospects for next year, and I’m getting scared.
--So here’s what I’m wondering: will it, in fact, even be possible to pull the economy out of its nosedive before unemployment goes into double digits? I’m starting to wonder.
But Larry Kudlow has the solution for our woes.
tax cuts!
...specifically the corporate tax rate!
I can't wait to watch my Saturday morning FOX Stock shows although they've already told us that Obama has destroyed the American dream.
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The fundamentals are strong!!!
Unemployment will absolutely break the double digit barrier. The only question is how much above 10% will it reach.
I guess that's 533,000 more new cars that won't be sold.
oh, and the 2006 congress
this is bad...really bad
and on monday, the wingnuts on hate radio will have all gotten their talking points...and these are the individuals they will blame
along with the unions and illegals
NAFTA, GLBA, FSMA, and all other neoliberal policy enacted by clinton (see, rubin) had nothing to do with this mess.
of course not.
keep telling yourself that.
Add together Rubinomics, Bill Clinton, Neo Liberalism, George W. Bush, Neo Conservatism, His Band of Merry War Profiteers, Oil Tycoons, Wall Street Racketeers and Paulson's Plunderers. Throw in->
The Best US Congress that money can buy. Add to that->
Ben Bernanke who is printing money faster than your computer can count it and we are heading for the trash heap of history.
This is deep doo doo.
I for one am tired of these ignorant republican fool, liars, cheats, child molesters, and all around greedy bastards.
I really think it is about time to do something about them.
We do out number them. I am sure that liberals are smarter then these dimwitted fools.
haliburton has already built the detention centers.
It looks pretty evident that none of the reichwingers will ever be honest enough or have enough intelligence to contribute to society.
Sounds just like something the reichwingers would say doesn't it?
Let's face it, Congress is the root cause of these problems, by forcing banks to make loans to people who were not qualified to have the loans. It's our Congress's fault, and the buck stopsthere.
from the rightwing tome
I like to think it goes a little further than congress.
congress is run by thousands of corporate/banker lobbyists.
Those lobbyists control domestic policy, foriegn policy, and monetary policy.
Mainstream media gives us politician whores to choose from...we elect one of em, ...and the banks and corporations tell em' what to do!
If you wanna know where the buck stops you gotta know where it starts and (that of course is the Federal Reserve Corporation.
Curse that Obama Recession!
Can we afford to trust the judgment of Paulson and Bernake to fix a problems that has existed for 12 months and they just found out about it this week?
Smartest people in the room, my ass.
The problem started in the Reagan administration with the trickle down theory. Make the rich richer and there would be crumbs that would fall to the peasants. It was not "trickle down" it was "tinkle on" the middle class.
and the freidrich hayek principles they foisted on the world.
look at how the IMF and the world bank changed their basic underlying ideology in the 80s, and how that shift shifted to conventional domestic policies.
"i got mine, piss on you"
randi rhodes played a clip of limpballs saying that these latest layoffs are because of the fear of what the obama administration will be... that these are, in fact, the first of the "obama layoffs"...
yeesh...
the rushpuglicans were no help when they were in office, they will be worse that ever now...
Already has affected my industry. Last two weeks, I've been knocked down to 4 days/week. Merry f*cking Christmas.
Who woulda thunk Dubya could come up with such great nihilist punk lyrics?
I think this sucker's goin' down
Faster than the speed of sound
In a death spiral round an' round
We'll punch a huge hole in the ground
I bet you wish your ass was me
Fuck all y'all I'm 43
Here are some interesting but troubling stats that distinguish Bush II from Nixon-Ford. We old farts thought we all thought we had it bad over 30 years ago. But I don't think anyone could've seen Bush coming.
You know Canada actually lost jobs too, the auto makers are also asking them for tax payer money, the conservative economic terrorist Harper suspends parliament to hang onto his position for another 2 months so he can focus his death ray on the last little tid bits of the economy up there. Looks like you gain 20 percent per dollar toward nothing if you vacation in Canada, YAY!
This past week up there was so much more interesting than boring old "rip off the Tax payer" USA.
Wonder if Wall-mart would let me sleep in my van on their lot?
had a mistake-edit
Are there more job losses now than there were under Herbert Hoover's watch?
There was a great harpers mag article I think in Feb march of 2008 that talked about how the government has maassaged the u/e numbers for the past 30 years. Most likely we are at 12% right now. I linked to it on my blog. We are so F8cked and it is getting much worse
Kudlow is a complete moron. Most corporations aren't making any money this year or next year.... if they don't make money they don't pay taxes anyway. Cutting corporate taxes only helps the mega recession proof companies like the oil companies and government subsidized, health care, insurance and banking industries... the least those assholes can do is pay their damned taxes.
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