The trick is one of the oldest in the books. Magician produces a coin and tells you he is going to make it disappear. He shifts the coin from one hand to the other before making a fist with the coin in it. What the audience doesn t see is that the coin never leaves the first hand. So the magician says abracadabra and poof, the coin is gone. Only to be reproduced with the first hand from behind the ear of the rube. Ever have a relative pull this one on you when you were a kid?
Jobs and the recession.
Just the other day it was proclaimed by Dean Maki, chief U.S. economist at Barclays Capital Inc. that the recession is over. I find it amazing that today the reports of jobless claims is up higher than expected while retail sales are down. We’ve heard the president proclaim that millions of jobs have been saved by the actions taken by the administration. Yet if you talk to headhunters and people who actually track this you will hear that the number being tossed out there is impossible to confirm. How do you trend jobs saved? Unemployment benefits have been extended by the government to 56 weeks. Actual statistical numbers shows that a large percentage of those currently unemployed have STOPPED looking for work. I myself was unemployed for four months and had to take a job earning me seven dollars less than what I was making. How is being forced to take a cut in pay saving jobs? Many Americans have said that they are considering or taking jobs at less than what they were making. Again, saying that you saved jobs is no proof that you actually have. In fact, the numbers show that jobless claims are still on the rise. It’s simple math. Less money in the consumers pocket means less money being pumped into the economy. To add insult to injury we have a Treasury Secretary that failed to pay his taxes on time like the rest of do. This recession started with the housing market crash. Yet nothing in the stimulus or currently being discussed mentions housing. So why are we treating the symptom and not the cause? Housing markets across the country are still in a slump, and foreclosures are on the rise again by 7%. Where was/is the bail out for Americans losing their homes? The answer is nowhere. Instead of helping Americans keep their homes nothing was done to assist the mortgage industry except a bail out of the banks that are still foreclosing on homes. Wouldn t it have been better to help people make their mortgages which in turn would have helped the banks who wrote the toxic loans in the first place? Never mind the fact that Barney Frank and those in control of Fannie and Freddie Mac have for the past 8 years insisted that more risky loans be made so that more people can afford the ‘American Dream’. Only to have that dream stripped from them when the market folded.
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