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The Jehoshua Novels


Every time I turn on mainstream news, which is less and less often, (I tire of lies), I hear how things are turning around. Tell me, why do I suddenly have lines of people willing to pick Goddamned blackeyed peas for $60/day? Brutal, back-breaking work no one–not even wet-backs–would do two years ago.

Charles Hugh Smith has answers. 26.5 million unemployed or underemployed with prospects of another 10 million job losses on the way. Green shoots, my ass.

PS. Blackeyed peas turn into Goddamned blackeyed peas after about the fourth hour stooped over a bucket. You get to the end of a very long row and try to stand up. A minute or so later, when you’ve finally rejoined the world of upright primates you make the mistake of looking at how many rows remain to be picked…

8 comments to Unemployment

  • yogi-one

    Down is the new up.
    War is peace.
    Ignorance is strength.
    Unemployment is recovery.
    Drought is climate progress.

    It’s easy, Don. You just need to watch more TV!

  • Don

    New York Post

    The unemployment rate for young Americans has exploded to 52.2 percent — a post-World War II high, according to the Labor Dept. — meaning millions of Americans are staring at the likelihood that their lifetime earning potential will be diminished and, combined with the predicted slow economic recovery, their transition into productive members of society could be put on hold for an extended period of time.

    more at the link

    I did inhale.

  • Scott R.

    is housing starts. The housing industry has been the go to guy for a decade in the U.S. Probably longer than that. When the auto, steel, and textile industries moved jobs to low cost overseas countries the only industry left in here was the housing industry. It was propped up with stimulus in the form of ever easier mortgages. The glut of houses on the market now are taking jobs because few new houses are being built.

    Last week I noted the uptick in the housing start numbers and equated it to more stimulus. Over at The Automatic Earth there are several stories relating to the housing industry…, this snip caught my eye.

    “Housing starts” are another leading indicator. However, as I have repeated again and again, there is something seriously wrong with this number – as for nearly two years, “housing starts” have exceeded “new home sales” by anywhere from 50% to 100% every month. There are only two possibilities here: either this number has been grossly inflated (and thus is meaningless) or U.S. home-builders are simply accumulating more and more unsold inventory. Either way, this “leading indicator” has no merit.,

    Not much hope for the employment picture to improve if this is the case. Working off the glut of existing houses generated by increased foreclosures is going to take a long time…, and doesn’t generate any new jobs along the way.

  • Don

    I heard a poster from Florida say he hadn’t made a payment on his mortgage for two years. He has the house rented out, collects rent each month and sends the bank nothing. The bank won’t foreclose because he owes them $300,000 but the house is worth only $100,000 in today’s market.

    If the bank forecloses, it’ll be forced to list the property at its true value.

    Makes me wonder how many like that are out there.

    I did inhale.

  • Joaquin

    Where I live. The property that they did foreclose, over a billion dollars in our town, Bend, of 65,000 is priced too high to sell.

    We need a NATION WIDE STRIKE for Real healthcare reform

  • Scott R.

    Not all homeowners in foreclosure are “underwater” on their mortgages. Recently heared from a guy who lost his high paying job…, he is still working…, but at a much lower wage. He can’t afford the high payments any longer. He says he has lots of equity in the place and the bank is clamoring to foreclose. The bank isn’t interested in refinancing…, not much money in that…, but there would be if they can foreclose and resell the place. If my friend can’t stem the foreclosure proceeding and sell his place…, well, you get the picture.

    Given the current unemployment situation…, I expect to be hearing more stories like this.

  • Don

    The bank is much more likely to forclose if our property is worth more than you owe on it.

    The same thing happened to my grandfather on some farm land he had during the Depression of the 30′s. Those with equity got forclosed on. Those horribly underwater were allowed to stay on the land and the bank milked them for what they could.

    My grandfather produced crops that weren’t worth the cost of harvest.

    I did inhale.

  • Raja

    Greenspan: I Expect Jobless Rate To Top 10 Percent

    TPM, By Ben Frumin, October 4

    Former Fed Chairman Alan Greenspan said on ABC’s This Week this morning that he expects the unemployment rate — which has already climbed to 9.8 percent — to top 10 percent before it starts trending downward.

    “My own suspicion is that we’re gonna penetrate the 10 percent barrier and stay there for awhile before we start down,” Greenspan said.

    In the meantime, Greenspan said that he thinks the U.S. should extend unemployment benefits and give tax credits to make sure the unemployed are able to keep their health insurance coverage.

    “This is an extraordinary period,” Greenspan said. “And temporary actions must be taken.”

    What Greenspan doesn’t support is another stimulus package.

    “In trying to do too much, you can actually be counterproductive,” Greenspan said.

    They sicken of the calm, who knew the storm.

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