Jobless claims spike to 26-year high

[NickCole]

Obama's economic policy is all over the place and will be ineffective.

He should be concentrating on jobs, jobs, jobs.

 

[Glafna]

And for all we know, it'll make jobs jobs jobs.

 

[LilBit]

The state of North Carolina just got $466 million in stimulus money, which will eb used to fund seventy highway and bridge construction projects throughout the state. Yes, some of that money will go towards materials (but that in and of itself will stimulate the economy), but the rest of that will have to be used to pay people to build those roads and bridges.

Sounds to me like this money IS creating jobs.

 

[smelter]

Sounds to me like this money IS creating jobs.

I agree, especially if North Carolina road crews operate like those in Pennsylvania .... 1 guy working while 3 guys stand around watching him.

 

[andysayshi]

^ Ah, I thought it was just Australians who did that!

 

[LilBit]

I agree, especially if North Carolina road crews operate like those in Pennsylvania .... 1 guy working while 3 guys stand around watching him.

I see you're one of those "every silver lining has a cloud" types...

 

[NickCole]

The state of North Carolina just got $466 million in stimulus money, which will eb used to fund seventy highway and bridge construction projects throughout the state. Yes, some of that money will go towards materials (but that in and of itself will stimulate the economy), but the rest of that will have to be used to pay people to build those roads and bridges.

Sounds to me like this money IS creating jobs.

Of course it's creating some jobs.

The problem is not enough and it's not long-range enough.

Those construction projects are an excellent immediate stimulus, some of us were talking about that even before September. A no-brainer IMO. But they're finite and IMO this economic crisis is not a temporary situation, it's systemic and we need long term solutions that are bolder and comprehensive.

 

[LilBit]

I don't disagree with you. But while Congress is coming up with a long-term solution, what's wrong with taking care of the immediate needs of the nation? A comprehensive solution is one that takes into account both the long and short terms.

 

[techboywi]

I agree with LilBit. I think alot more needs to be done, but that takes time. We needed to get a plan out there quickly to get the economy going again.. Once its back up and running, then we can work on the long term fix

 

[NickCole]

I think Obama has said he's open to new ideas. I'm sure you could enlighten us all with your genius?

I could.

But clearly very few here are interested in being enlightened by what I have to say.

And I don't respond well to bait.

Your loss, Mr. Sarcasm.

And Obama is open to new ideas only if they conform to his needs, which narrows the field considerably. That's the reason the bank bailouts he's supported are so incredibly wrong, and it's the reason his economic stimulus is woefully inadequate.

 

[andysayshi]

^ Nick, I genuinely would like to hear your suggestions for economic policy and changes.

I quite genuinely would like to hear your suggestions and/or plans.

 

[jackoroe]

I'm predicting unemployment will be over 9% by years end. It's already over 10% in CA and Michigan. The pork laden spendulous plan isn't focused enough on job creation to make much of a difference.

It's just more spending for spendings sake. Basically, we're fucked.

 

[NickCole]

^ Nick, I genuinely would like to hear your suggestions for economic policy and changes.

I quite genuinely would like to hear your suggestions and/or plans.

I've already said what I think should be done. The response, basically, has been ridicule and attack that my suggestions are not enough of a plan. The disrespect on this forum, for ideas, is ridiculous. A full plan requires a lot of work and nobody's paying me to do that, and the problem that needs to be fixed keeps changing so a well-formed plan to deal with the problem three months ago would have to be changed for today. But fine, Andy, I'll tell you what I think.

As I've said ... I thought back in September when Pelosi and Obama pushed for the Bush/Paulson bailout that the banks and AIG should be left alone to sink or swim. Tossing that trillion down a hole was a big mistake, because it's going to cost taxpayers for years and because it has allowed an infested wound to continue deterioriating for many months. Outrageous. Since it's all worse today, the big banks should be nationalized; as I've said for several weeks, I don't see any other way to do it now. The capital Obama keeps throwing at them is not being used to clean up the mess or release credit -- in fact credit is being withheld more than it was a month ago, certainly more than six months ago. Meanwhile the bad debt or toxic assets or whatever you want to call them are weighing down both customers and lenders, and keeping money from flowing into the economy. This is out fucking rageous. I'm not kidding, it's a monumental failure from Obama and his gang at the center of this crisis. The economy has no chance of getting back on its feet if the mess of the parasite banks and their cohorts like AIG aren't restructured. It's doing more damage to the economy than people recognize. What Obama is doing is, put simply, making it worse.

The banks should be nationalized and the bad debt sold. Get rid of it. Sell it at, say, 20 cents on the dollar then let the investors restructure it for 23 cents on the dollar, releasing people of debt they will not be able to pay off and allowing into the goods & services economy some capital that's now going down a black hole of interest on debt backed by "assets" that have lost their value. It is mindboggling that this is being allowed to continue to fester as it has. If Obama isn't stupid then you have to wonder what his motive is for protecting the banks and bankers and letting the economy continue to sink. Fire the bank executives who are incompetent.

For economic stimulus, again as I've already suggested, Obama should have begun in November after the election (instead of vacationing and putting in place his re-election organization) to pull together a plan for government assistance to business. Day one in office, rather than showboating with his lies about banning lobbyists, he should have made the Small Business Administration a cabinet level department and instructed them to collect information from every part of the nation so planners could coordinate where to distribute government money to create real private sector jobs, not temp jobs but real jobs with growth potential. "Shovel ready" public works programs are a no-brainer, and that that's the only really potent element, in terms of jobs, of Obama's stimulus plan, is pathetic. There is no creativity or boldness in the Obama plan -- or in any of Obama's actions. All the tax cuts and education and health care stuff does not belong in stimulus legislation; it's muddying the waters and it's cheating -- if those programs can't pass Congress on their own merit they shouldn't be law.

Social Security should be dealt with, but Obama & Co have been talking about reducing benefits. Very Obama & Co. What they should do is increase benefits to people retired now and retiring in the next decade (I've reluctantly always supported a means testing for benefits, and I continue to). These are people who've been paying into SS and retirement acccounts like 401k their entire work life and now they're looking at severely diminished retirement spending. Money they get through SS will immediately feed into the economy.

As I've said many times before, a big reason we're in this mess is dishonesty, deceitfulness, lying, cheating, dishonorable behavior. Obama & Co are continuing with that through the bank & insurance bailouts (another $30 Billion to AIG today and that company is corrupt) and their economic stimulus package. On that level, in addition to the practical numbers level, they're making the problem worse. They're projecting we'll be out of this in a year or two, and probably they believe that but it's nonsense. With the worldwide mess being what it is and Obama & Co and Pelosi et al responding as incompetently as they are, we'll be lucky if we start pulling out of this in a decade. And by then the losses we'll have suffered will be more than most Americans can imagine today.

 

[smelter]

^ I would respond Nick, but it's almost impossible for me to type while curled up in the fetal position.

 

[NickCole]

^ I would respond Nick, but it's almost impossible for me to type while curled up in the fetal position.

I don't understand. What does that mean?

 

[smelter]

I don't understand. What does that mean?

It means your dire predictions for our future and Obama's plans to right the ship-of-state have me apoplectic to the point where I can no longer function.

My grave worry is you could very well be 100% correct!

 

[hermanding]

the republicans and country as a whole seem to be very much against any bank nationalization. just saying the word is anathema to both parties
ding

 

[NickCole]

the republicans and country as a whole seem to be very much against any bank nationalization. just saying the word is anathema to both parties
ding

Uh huh.

And we are in huge trouble because we have a President who, like his followers, is afraid of that.

As I've said from the beginning, Obama and his bots are a high school clique when we need principled adults with the courage of their convictions.

But hey, Obama's Hawaiian vacation and really cool super expensive Inauguration were fun weren't they? Fun fun fun.

 

[NickCole]

It means your dire predictions for our future and Obama's plans to right the ship-of-state have me apoplectic to the point where I can no longer function.

My grave worry is you could very well be 100% correct!

Sorry to be a buzz kill.

Welcome to the level of concern I've had for a year now while you and others have ignored, ridiculed or attacked me for trying to shine a light on it.

 

[smelter]

Sorry to be a buzz kill.

Welcome to the level of concern I've had for a year now while you and others have ignored, ridiculed or attacked me for trying to shine a light on it.

The truth is Nick, no one knows with any level of certainty if Obama's economic team and their plan will work or not. As far as ignoring, ridiculing or attacking you ..... I plead not guilty! There is a big difference between my benign level of satire and savage ridicule, it's all in the way you've chosen to interpret it.