American Economc Collapse — The Road to World War 3 — After America Collapses — What Comes Next? — Videos

Posted on April 5, 2013. Filed under: American History, Banking, Blogroll, Business, Communications, Computers, Crime, Drug Cartels, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government spending, Health Care, history, Inflation, Investments, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Private Sector, Psychology, Public Sector, Raves, Regulations, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , |

collapse

American Economic Collapse, martial law

U.S. Government Preparing for Collapse (and Not in a Nice Way)

Total Collapse – The Build up to World War III 

The Road to World War 3

After America Collapses, What Comes Next?

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The Growth Gap Widens As U.S. Heads Into Another Recession: Real Gross Domestic Product Down From 3.1% in Third Quarter to .1% in Fourth Quarter 2012! — Videos

Posted on February 28, 2013. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Demographics, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, history, Inflation, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Quotations, Raves, Regulations, Reviews, Tax Policy, Taxes, Unemployment, Video, Wealth | Tags: , , , , , , , , , , , , , , , , , , , , , , , |

us-economy-2012

GDP-10-recoveries-10-2012

gdp_large

US-GDP-dec232010013013gdp-600x445

gdp-components-since-2007 (1)

debt-and-gdp-main6

US_jobs_January_2013_Jan312013

gdpoilprice

Gerald Celente Predicts Economic Recession

Gerald Celente – Yahoo!’s The Daily Ticker – February 20, 2013

Gerald Celente: World Bank, Banksters, Coming Collapse.

Peter Schiff – Economic Collapse 2013

Peter Schiff: It’s Going To Hit The Fan During Obama’s Second Term – Fox Business

Peter Schiff: Wall Street’s rising back thanks to the taxpayers

Jim Rogers Asks Whether Obama Is ‘Delusional’ Or ‘Lying’

Chairman Kevin Brady presents his Opening Statement During JEC Hearing

Congressman Paulsen questions witnesses during Hearing on State of US Economy

Rep, Campbell during Joint Economic Committee Hearing on State of US Economy

Bill Gross Warns of Fed Easing ‘Irrational Exuberance Has Unduly Escalated Asset V

Harvey Golub on Fed Monetary Policy: We’re Creating a Series of Bubbles

Marc Faber Odds of World Heading Into Global Recession By 2013 Is 100% Certainty

JIM ROGERS – ‘If You Are Not Worried About 2013, Please – Get Worried’

Jim Rogers author of “Street Smarts” sits down w Glenn Beck on The Blaze TV re.

US to go into recession: Danielle Park

fiscal policy & automatic stabilizers

Austrian Economics versus Mainstream Economics | Mark Thornton

Econ Crisis 2 – Recessions

Old School Macro

Fiscal Policy

Deficits & The Debt

How Do Banks Work?

Central Bank & Monetary Policy

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, FEBRUARY 28, 2013
BEA 13-06

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa S. Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Recorded message: (202) 606-5306
Ralph Stewart: (202) 606-2649 (News Media)
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product, 4th quarter and annual 2012 (second estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 0.1 percent in the fourth quarter of 2012
(that is, from the third quarter to the fourth quarter), according to the "second" estimate released by the
Bureau of Economic Analysis.  In the third quarter, real GDP increased 3.1 percent.

      The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month.  In the advance estimate, real GDP declined 0.1 percent.  The
upward revision to the percent change in real GDP is smaller than the average revision from the advance
to second estimate of 0.5 percentage point.  While today’s release has revised the direction of change in
real GDP, the general picture of the economy for the fourth quarter remains largely the same as what
was presented last month (for more information, see "Revisions" on page 3).

      The increase in real GDP in the fourth quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed
investment that were partly offset by negative contributions from private inventory investment, federal
government spending, exports, and state and local government spending.  Imports, which are a
subtraction in the calculation of GDP, decreased.

	The deceleration in real GDP in the fourth quarter primarily reflected downturns in private
inventory investment, in federal government spending, in exports, and in state and local government
spending that were partly offset by an upturn in nonresidential fixed investment, a larger decrease in
imports, and an acceleration in PCE.

_______

FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and are annualized.  "Real" estimates are in chained (2005)
dollars.  Price indexes are chain-type measures.

      This news release is available on BEA’s Web site along with the Technical Note and Highlights
 related to this release.  For information on revisions, see "Revisions to GDP, GDI, and Their Major
 Components".
_______

      Final sales of computers added 0.10 percentage point to the fourth-quarter change in real GDP
after adding 0.11 percentage point to the third-quarter change.  Motor vehicle output added 0.19
percentage point to the fourth-quarter change in real GDP after subtracting 0.25 percentage point from
the third-quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.5 percent in the fourth quarter, 0.2 percentage point more than in the advance estimate; this
index increased 1.4 percent in the third quarter.  Excluding food and energy prices, the price index for
gross domestic purchases increased 1.1 percent in the fourth quarter, compared with an increase of 1.2
percent in the third.

      Real personal consumption expenditures increased 2.1 percent in the fourth quarter, compared
with an increase of 1.6 percent in the third.  Durable goods increased 13.8 percent, compared with an
increase of 8.9 percent.  Nondurable goods increased 0.1 percent, compared with an increase of 1.2
percent.  Services increased 0.9 percent, compared with an increase of 0.6 percent.

      Real nonresidential fixed investment increased 9.7 percent in the fourth quarter, in contrast to a
decrease of 1.8 percent in the third.  Nonresidential structures increased 5.8 percent; it was unchanged in
the third quarter.  Equipment and software increased 11.3 percent in the fourth quarter, in contrast to a
decrease of 2.6 percent in the third.  Real residential fixed investment increased 17.5 percent, compared
with an increase of 13.5 percent.

      Real exports of goods and services decreased 3.9 percent in the fourth quarter, in contrast to an
increase of 1.9 percent in the third.  Real imports of goods and services decreased 4.5 percent, compared
with a decrease of 0.6 percent.

      Real federal government consumption expenditures and gross investment decreased 14.8 percent
in the fourth quarter, in contrast to an increase of 9.5 percent in the third.  National defense decreased
22.0 percent, in contrast to an increase of 12.9 percent.  Nondefense increased 1.8 percent, compared
with an increase of 3.0 percent.  Real state and local government consumption expenditures and gross
investment decreased 1.3 percent, in contrast to an increase of 0.3 percent.

      The change in real private inventories subtracted 1.55 percentage points from the fourth-quarter
change in real GDP, after adding 0.73 percentage point to the third-quarter change.  Private businesses
increased inventories $12.0 billion in the fourth quarter, following increases of $60.3 billion in the third
and $41.4 billion in the second.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 1.7
percent in the fourth quarter, compared with an increase of 2.4 percent in the third.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- decreased 0.1 percent in the fourth quarter, in contrast to an increase of 2.6 percent in the
third.
Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
1.0 percent, or $40.2 billion, in the fourth quarter to a level of $15,851.2 billion.  In the third quarter,
current-dollar GDP increased 5.9 percent, or $225.4 billion.

Revisions

      The "second" estimate of the fourth-quarter percent change in GDP is 0.2 percentage point, or
$9.2 billion, more than the advance estimate issued last month, primarily reflecting an upward revision
to exports, a downward revision to imports, and an upward revision to nonresidential fixed investment
that were partly offset by a downward revision to private inventory investment.

                                                                     Advance Estimate             Second Estimate
                                                                       (Percent change from preceding quarter)

Real GDP.......................................                            -0.1                         0.1
Current-dollar GDP.............................                             0.5                         1.0
Gross domestic purchases price index...........                             1.3                         1.5

2012 GDP

      Real GDP increased 2.2 percent in 2012 (that is, from the 2011 annual level to the 2012 annual
level), compared with an increase of 1.8 percent in 2011.

      The increase in real GDP in 2012 primarily reflected positive contributions from personal
consumption expenditures (PCE), nonresidential fixed investment, exports, residential fixed investment,
and private inventory investment that were partly offset by negative contributions from federal
government spending and from state and local government spending. Imports, which are a subtraction in
the calculation of GDP, increased.

      The acceleration in real GDP in 2012 primarily reflected a deceleration in imports, upturns in
residential fixed investment and in private inventory investment and smaller decreases in state and local
government spending and in federal government spending that were partly offset by decelerations in
PCE, exports, and nonresidential fixed investment.

      The price index for gross domestic purchases increased 1.7 percent in 2012, compared with an
increase of 2.5 percent in 2011.

      Current-dollar GDP increased 4.0 percent, or $605.8 billion, in 2012 to a level of $15,681.5
billion, compared with an increase of 4.0 percent, or $576.8 billion, in 2011.

	During 2012 (that is, measured from the fourth quarter of 2011 to the fourth quarter of 2012),
real GDP increased 1.6 percent.  Real GDP increased 2.0 percent during 2011.  The price index for gross
domestic purchases increased 1.5 percent during 2012, compared with an increase of 2.5 percent during
2011.

                                            *          *          *

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                           *          *          *

                             Next release -- March 28, 2013 at 8:30 A.M. EDT for:
                Gross Domestic Product:  Fourth Quarter and Annual 2012 (Third Estimate)
                              Corporate Profits:  Fourth Quarter and Annual 2012

gdp_large

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“I Will Be Held Accountable” –Obama’s Economic Policies Result In Longest Period of Unemployment Since The Great Depression–End The Loafing–Videos

Posted on February 17, 2012. Filed under: American History, Blogroll, Business, Communications, Economics, Employment, Federal Government Budget, Fiscal Policy, government, government spending, history, Homes, Law, liberty, Life, Links, media, People, Philosophy, Politics, Public Sector, Raves, Tax Policy, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , |

Obama One Term Proposition: “I Will Be Held Accountable”

Abbot & Costello Explain Obama’s Stimulus Plan For Workers

3 Years is Up, Mr. President. We Can’t Afford Another 4

Unemployment and Obama’s re-election 

Preview: Trapped in Unemployment

Great Depression key figures

Rick Santelli: Here’s What’s Wrong With the Jobs Number

The Unemployment Game Show: Are You *Really* Unemployed?

Unemployment Rate Primer 

Mark Levin Talks About Obama Cooking The Books On The Unemployment Rate

ShadowStats’ John Williams Explains Why It’s All Been Downhill Since 1973

Bureau of Labor Statistics

Labor Force Statistics from the Current Population Survey

http://data.bls.gov

Unemployment Level In Thousands

Unemployment Rate Percent U-3

Total Unemployment Rate Percent U-6

Series Id:  LNS13327709

Seasonally Adjusted Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers

Labor force status:  Aggregated totals unemployed

Type of data:        Percent or rate

Age:  16 years and over

Percent/rates:  Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

 

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1994 11.8 11.4 11.4 11.2 10.8 10.9 10.7 10.5 10.4 10.3 10.1 10.0  
1995 10.2 9.9 9.9 10.0 10.0 10.1 10.1 10.0 10.1 9.9 10.0 10.0  
1996 9.8 10.0 9.8 9.9 9.7 9.6 9.7 9.3 9.4 9.4 9.3 9.5  
1997 9.4 9.4 9.1 9.2 8.8 8.8 8.6 8.6 8.7 8.4 8.3 8.4  
1998 8.4 8.4 8.4 7.9 7.9 8.0 8.1 7.9 7.9 7.8 7.6 7.6  
1999 7.7 7.7 7.6 7.6 7.4 7.5 7.5 7.3 7.4 7.2 7.1 7.1  
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9  
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6  
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8  
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8  
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2  
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6  
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9  
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8  
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.1 11.8 12.7 13.5  
2009 14.2 15.1 15.7 15.8 16.4 16.5 16.5 16.7 16.8 17.2 17.1 17.1  
2010 16.7 16.9 16.9 17.0 16.6 16.5 16.5 16.6 16.9 16.8 16.9 16.6  
2011 16.1 15.9 15.7 15.9 15.8 16.2 16.1 16.2 16.4 16.0 15.6 15.2  
2012 15.1                        

 

High Unemployment  No Future Employment

 

Price discusses CBO Annual Report on CNBC’s The Kudlow Report

President Obama should be held accountable for economic policies not working.

The price for failure to deliver on his promises of hope and change should be defeat in the next election.

Vote for Ron Paul.

Stop the Budget Bandits

Ending Spending: Budget Bandits 

Ron Paul Ad – Believe 

Ron Paul Ad – Secure

Ron Paul Ad – Plan

Ron Paul  – “The one who can beat Obama” 

Background Articles and Videos

The United States is Experiencing the Longest Stretch of High Unemployment Since the Great Depression

“…The rate of unemployment in the United States has exceeded 8 percent since February 2009, making the past three years the longest stretch of high unemployment in this country since the Great Depression. CBO projects that the unemployment rate will remain above 8 percent until 2014. The share of unemployed people who have been looking for work for more than six months—referred to as the long-term unemployed—topped 40 percent in December 2009 and has remained above that level ever since. …”

“…What Are the Consequences of Unemployment?

Households with unemployed workers are adversely affected by joblessness in many ways. For workers who have been displaced through no fault of their own—for example, those who lost or left a job because their plant or company closed or moved—the drop in earnings associated with losing a job during a recession may persist for many years, even when these workers eventually find a new job. Older workers and those with long tenure in their previous job are especially vulnerable because new jobs for those workers typically pay less and offer less potential for earnings growth.

Other types of unemployed workers—for example, people entering the labor market for the first time (typically after completing school)—are also adversely affected by a weak economy. People who start their career in times of high unemployment tend to have persistently lower earnings than their counterparts who begin seeking work under better economic circumstances. In addition to its immediate and lasting effects on earnings and family finances, unemployment is also correlated with deteriorating mental and physical health and with increased mortality. ….”

http://cboblog.cbo.gov/?p=3333

CBO: Longest Period of High Unemployment Since Great Depression

CBO: U.S. enduring the longest period of high unemployment since the Great Depression

      By  Alex M. Parker

“…After three years with unemployment topping 8 percent, the U.S. has seen the longest period of high unemployment since the Great Depression, the Congressional Budget Office noted in a report issued today.

And, despite some recent good news on the economic front, the CBO is still predicting that unemployment will remain above 8 percent until 2014. The report also notes that, including those who haven’t sought work in the past four weeks and those who are working part-time but seeking full-time employment, the unemployment rate would be 15 percent.

The CBO made its comments in a report examining the long-term effects of joblessness, and possible policy options to boost employment, including unemployment insurance reforms and job training programs. The report came at the request of Democratic Michigan Rep. Sander Levin, but Republicans quickly jumped on the chance to bash President Obama’s stimulus program, which is also reaching its three-year anniversary today.

“The stimulus is a stark reminder of how the president got the policies he wanted, and how those policies have failed the American people and are making things worse,” said Texas Republican Rep. Jeb Hensarling. …”

http://www.usnews.com/news/articles/2012/02/16/cbo-longest-period-of-high-unemployment-since-great-depression

 

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Consumer Confidence Craters–Net Monthly Jobs Created In August–0% Change!–Where Are The Jobs?–Videos

Posted on September 2, 2011. Filed under: Agriculture, American History, Blogroll, Communications, Demographics, Diasters, Economics, Employment, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Money, People, Philosophy, Politics, Raves, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , |

http://www.tradingeconomics.com/united-states/unemployment-rate

Employers Added No Net Jobs in August, Unemployment Rate Unchanged at 9.1%

August 30th 2011 CNBC Stock Market (Consumer Confidence)

Spector Says Consumer Confidence Reflects Leadership

Mike Ryan, SVP of Madison Performance Group Discusses August Unemployment Rate on Fox News Live

September 2nd 2011 CNBC Stock Market Squawk Box (August Jobs Report) Part 1 of 2

Unemployment Rate Unchanged at 9.1% — September 2, 2011

Where are the Jobs? The Parallels between Today and the Great Depression

US to face long-term crisis if unemployment rate continues around 9 percent

Edwards Says New U.S. Budget Data to Be `Depressing’

Lew Rockwell – “Politicians Are Just Bank Employees! We Need To Overthrow The Banks!”

Milton Friedman – The Great Depression Myth

Milton Friedman – Socialism vs. Capitalism

Background Articles and Videos

Ron Paul on Future of Unemployment

US economy created no job growth in August, data show

First time since 1945 that government has reported net monthly job change of zero

“…Nonfarm payrolls were unchanged last month, the Labor Department said Friday. It was the first time since 1945 that the government has reported a net monthly job change of zero. The August payrolls report was the worst since September 2010, while nonfarm employment for June and July was revised to show 58,000 fewer jobs. …”

http://www.msnbc.msn.com/id/44370462/ns/business/

Employers Add No Net Jobs in Aug.; Rate Unchanged

“…Employers stopped adding jobs in August, an alarming setback for an economy that has struggled to grow and might be at risk of another recession.

It was the weakest jobs report since September 2010. The unemployment rate remained at 9.1 percent.

Stock futures plunged on the news. In the 15 minutes after the report was released, Dow futures fell 94 points, from 11,401 to 11,318.

A strike by 45,000 Verizon workers lowered the job totals. Those workers are now back on the job.

The weakness in employment was underscored by revisions to the jobs data for June and July. Collectively, those figures were lowered to show 57,000 fewer jobs added. The downward revisions were all in government jobs.

The average work week also declined and hourly earnings fell by 3 cents to $23.09. …”

http://abcnews.go.com/Business/wireStory?id=14432646

Unemployment Level

Series Id: LNS13000000
Seasonally Adjusted
Series title: (Seas) Unemployment Level
Labor force status: Unemployed
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7100 6900 6721 6836 6766 6980 7149 7085 7191 7272 7261 7664
2008 7653 7441 7781 7606 8398 8590 8953 9489 9557 10176 10552 11344
2009 11984 12737 13278 13734 14512 14776 14663 14953 15149 15628 15206 15212
2010 14842 14860 14943 15138 14884 14593 14637 14849 14746 14876 15041 14485
2011 13863 13673 13542 13747 13914 14087 13931 13967

Official Unemployment Rate U-3

Series Id: LNS14000000
Seasonally Adjusted
Series title: (Seas) Unemployment Rate
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.8 5.1 4.9 5.4 5.6 5.8 6.1 6.2 6.6 6.8 7.3
2009 7.8 8.2 8.6 8.9 9.4 9.5 9.5 9.7 9.8 10.1 9.9 9.9
2010 9.7 9.7 9.7 9.8 9.6 9.5 9.5 9.6 9.6 9.7 9.8 9.4
2011 9.0 8.9 8.8 9.0 9.1 9.2 9.1 9.1

Labor Force Participation Rate

Series Id: LNS11300000
Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.0 66.1 66.0 66.0 65.8 65.8
2009 65.7 65.7 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.1 65.0 64.7
2010 64.8 64.8 64.9 65.1 64.9 64.7 64.6 64.7 64.7 64.5 64.5 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.1 63.9 64.0

Total Unemployment Rate U-6

Series Id: LNS13327709
Seasonally Adjusted
Series title: (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status: Aggregated totals unemployed
Type of data: Percent or rate
Age: 16 years and over
Percent/rates: Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.1 8.0 8.2 8.2 8.3 8.4 8.5 8.4 8.4 8.5 8.8
2008 9.1 8.9 9.0 9.2 9.7 10.1 10.5 10.9 11.2 11.9 12.7 13.6
2009 14.1 15.0 15.6 15.8 16.4 16.6 16.5 16.8 17.0 17.4 17.1 17.2
2010 16.5 16.8 16.8 17.0 16.5 16.5 16.5 16.7 17.1 17.0 17.0 16.7
2011 16.1 15.9 15.7 15.9 15.8 16.2 16.1 16.2

Unemployment Rate For 16-19 Years of Age

Series Id: LNS14000012
Seasonally Adjusted
Series title: (Seas) Unemployment Rate – 16-19 yrs.
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 to 19 years

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9
2006 15.1 15.3 16.1 14.6 14.0 15.8 15.9 16.0 16.3 15.2 14.8 14.6
2007 14.8 14.9 14.9 15.8 15.9 16.3 15.3 15.9 16.0 15.4 16.2 16.8
2008 17.8 16.5 16.0 15.8 19.0 19.2 20.8 18.7 19.2 20.0 20.3 20.6
2009 20.8 21.9 22.1 22.1 23.3 24.6 24.4 25.4 26.1 27.1 26.9 26.8
2010 26.2 25.0 26.0 25.4 26.4 25.8 26.1 26.2 26.0 27.1 24.5 25.4
2011 25.7 23.9 24.5 24.9 24.2 24.5 25.0 25.4

Employment Situation Summary

Transmission of material in this release is embargoed         	     USDL-11-1277
until 8:30 a.m. (EDT) Friday, September 2, 2011

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                         THE EMPLOYMENT SITUATION -- AUGUST 2011

Nonfarm payroll employment was unchanged (0) in August, and the unemployment
rate held at 9.1 percent, the U.S. Bureau of Labor Statistics reported today.
Employment in most major industries changed little over the month. Health
care continued to add jobs, and a decline in information employment reflected
a strike. Government employment continued to trend down, despite the return
of workers from a partial government shutdown in Minnesota.

Household Survey Data

The number of unemployed persons, at 14.0 million, was essentially unchanged
in August, and the unemployment rate held at 9.1 percent. The rate has shown
little change since April. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (8.9
percent), adult women (8.0 percent), teenagers (25.4 percent), whites
(8.0 percent), blacks (16.7 percent), and Hispanics (11.3 percent) showed
little or no change in August. The jobless rate for Asians was 7.1 percent,
not seasonally adjusted. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks and over) was
about unchanged at 6.0 million in August and accounted for 42.9 percent of the
unemployed. (See table A-12.)

The labor force rose to 153.6 million in August. Both the civilian labor force
participation rate, at 64.0 percent, and the employment-population ratio, at
58.2 percent, were little changed. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes
referred to as involuntary part-time workers) rose from 8.4 million to 8.8
million in August. These individuals were working part time because their
hours had been cut back or because they were unable to find a full-time job.
(See table A-8.)

About 2.6 million persons were marginally attached to the labor force in
August, up from 2.4 million a year earlier. (The data are not seasonally
adjusted.) These individuals were not in the labor force, wanted and were
available for work, and had looked for a job sometime in the prior 12 months.
They were not counted as unemployed because they had not searched for work
in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 977,000 discouraged workers in
August, down by 133,000 from a year earlier. (The data are not seasonally
adjusted.) Discouraged workers are persons not currently looking for work
because they believe no jobs are available for them. The remaining 1.6
million persons marginally attached to the labor force in August had not
searched for work in the 4 weeks preceding the survey for reasons such as
school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment, at 131.1 million, was unchanged (0) in
August. Employment changed little in most major private-sector industries.
(See table B-1.)

Health care employment rose by 30,000 in August. Ambulatory health care
services and hospitals added 18,000 and 8,000 jobs, respectively. Over the
past 12 months, health care employment has grown by 306,000.

Employment in mining continued to trend up in August (+6,000). Since reaching
a trough in October 2009, employment in mining has risen by 144,000, with
mining support activities accounting for most of the gain.

Within professional and business services, computer systems design and related
services added 8,000 jobs in August. Employment in temporary help services
changed little over the month (+5,000) and has shown little movement on net so
far this year.

Employment in the information industry declined by 48,000 in August. About
45,000 workers in the telecommunications industry were on strike and thus off
company payrolls during the survey reference period.

Manufacturing employment was essentially unchanged in August (-3,000),
following a gain of 36,000 in July. For the past 4 months, manufacturing has
added an average of 14,000 jobs per month, compared with an average of 35,000
jobs per month in the first 4 months of the year.

Elsewhere in the private sector, employment in construction; trade,
transportation, and utilities; financial activities; and leisure and
hospitality changed little over the month. 

Government employment continued to trend down over the month (-17,000).
Despite the return of about 22,000 workers from a partial government shutdown
in Minnesota, employment in state government changed little in August (+5,000).
Employment in local government continued to decline. Since employment peaked
in September 2008, local government has lost 550,000 jobs.

The average workweek for all employees on private nonfarm payrolls edged
down by 0.1 hour over the month to 34.2 hours. The manufacturing workweek
was 40.3 hours for the third consecutive month; factory overtime increased
by 0.1 hour over the month to 3.2 hours. The average workweek for production
and nonsupervisory employees on private nonfarm payrolls edged down to 33.5
hours in August, after holding at 33.6 hours for the prior 6 months. (See
tables B-2 and B-7.)

In August, average hourly earnings for all employees on private nonfarm
payrolls decreased by 3 cents, or 0.1 percent, to $23.09. This decline
followed an 11-cent gain in July. Over the past 12 months, average hourly
earnings have increased by 1.9 percent. In August, average hourly earnings
of private-sector production and nonsupervisory employees decreased by
2 cents, or 0.1 percent, to $19.47. (See tables B-3 and B-8.) 

The change in total nonfarm payroll employment for June was revised from
+46,000 to +20,000, and the change for July was revised from +117,000 to
+85,000.

_____________
The Employment Situation for September is scheduled to be released on Friday,
October 7, 2011, at 8:30 a.m. (EDT).
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Joseph T. Salerno–Lectures On The History and Theory of the Austrian School of Economics–Videos

Posted on January 10, 2011. Filed under: Uncategorized | Tags: , , , , , , , |

Forerunners of the Austrian School: French Liberal School | by Joseph T. Salerno (Lecture 1 of 10)

 

The Origin and Decline of the Austrian School | by Joseph T. Salerno (Lecture 2 of 10)

 

The Revival of the Austrian School: Mises and Rothbard | by Joseph T. Salerno (Lecture 3 of 10)

 

The Theory of Monopoly Price: From Menger to Rothbard | by Joseph T. Salerno (Lecture 4 of 10)

 

Modern Monetary Theory: The Austrian Contribution | by Joseph T. Salerno (Lecture 5 of 10)

 

Keynes and the “New Economics” of Fascism | by Joseph T. Salerno [Lecture 6 of 10]

The Chicago School: Libertarian or Jacobin? | by Joseph T. Salerno (Lecture 7 of 10)

The Debate on the Socialist Calculation Debate | by Joseph T. Salerno (Lecture 8 of 10)

 

Money and Gold in the 1920s and 1930s | by Joseph T. Salerno (Lecture 9 of 10)

 

The Gold Standard in Theory and Myth | by Joseph T. Salerno (Lecture 10 of 10)

 

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Posted on January 8, 2011. Filed under: Banking, Blogroll, Business, Communications, Culture, Demographics, Economics, Education, Employment, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Language, Law, liberty, Life, Links, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Regulations, Taxes, Technology, Video, War, Wealth, Wisdom | Tags: , , , , , , , , |

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Posted on January 8, 2011. Filed under: Agriculture, Banking, Blogroll, Books, Communications, Culture, Economics, Education, Employment, Energy, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Regulations, Taxes, Technology, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , |

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John Stossel On Ayn Rand’s Atlas Shrugged

Daniel Suarez–Daemon and Freedom TM–Videos

Peter Robinson–Conversations With Authors–Videos

Murry Rothbard–For A New Liberty: The Libertarian Manifesto–Audio Book

Murray Rothbard– What Has Government Done to Our Money?–Videos

Michael Scheuer–Through Our Enemies’ Eyes–Videos

Amity Shlaes–The Forgotten Man–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell–Black Rednecks and White Liberals–The Missing Nobel Laureates–Videos

Thomas Sowell–Intellectuals and Society–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Gillian Tett–Fool’s Gold–Videos

Marc Thiessen’s Courting Disaster–A Clear and Present Danger To The American People–President Barack Obama!

R. Christopher Whalen–Inflated: How Money and Debt Built the American Dream–Videos

David Wessel–In Fed We Trust: Ben Bernanke’s War On The Great Panic–Videos

Thomas E. Woods Jr.–Meltdown–Videos

Thomas E. Woods Jr.–We Who Dared to Say No to War–Videos

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Calvin Coolidge–Videos

Posted on August 12, 2010. Filed under: Blogroll, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Raves, Resources, Security, Taxes, Video, War, Wisdom | Tags: , , , , , , , , , , , |

“Knowledge comes, but wisdom lingers. It may not be difficult to store up in the mind a vast quantity of face within a comparatively short time, but the ability to form judgments requires the severe discipline of hard work and the tempering heat of experience and maturity. “

“Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. “

“Industry, thrift and self-control are not sought because they create wealth, but because they create character.”

“The business of America is business.”

~Calvin Coolidge

BookTV: David Pietrusza, “Silent Cal’s Almanack”

http://www.youtube.com/watch?v=JkX3YN41_Yw&feature=player_embedded

Glenn Beck A Closer Look At The Progressive Movement

Coolidge and the Roaring 20’s

Calvin Coolidge Memorial Foundation

An outstanding and must view Calvin Coolidge Video  and Website

http://www.calvin-coolidge.org/

Calvin Coolidge on Republican Principles, 1924

VermontTV.net – Mr. President, Calvin Coolidge

The Autobiography of Calvin Coolidge, Part I

The Autobiography of Calvin Coolidge, Part II

President Harding and Calvin Coolidge [1]

President Coolidge’s Inauguration (1925)

President Coolidge, 1st Presidential Film (1924)

Plymouth Notch, Vermont and the Calvin Coolidge Homestead

Richard Norton Smith on Calvin Coolidge (1 of 8)

Richard Norton Smith on Calvin Coolidge (2 of 8)

Richard Norton Smith on Calvin Coolidge (3 of 8)

Richard Norton Smith on Calvin Coolidge (4 of 8)

Richard Norton Smith on Calvin Coolidge (5 of 8)

Richard Norton Smith on Calvin Coolidge (6 of 8)

Richard Norton Smith on Calvin Coolidge (7 of 8)

Richard Norton Smith on Calvin Coolidge (8 of 8)

 “…Robert Sobel, in the first full-scale biography of Calvin Coolidge within a generation, shatters the caricature of our thirtieth president as a silent, do-nothing leader. He exposes the real Coolidge as the most Jeffersonian of all twentieth-century presidents — he cut taxes four times, had a budget surplus every year in office, and cut the national debt by a third during a period of unprecedented growth. He won 17 of the 19 elections in which he ran. Although a Republican, he reversed the Republican centrist policies. There were Coolidge Democrats three-quarters of a century before there were Reagan Democrats. A statistician once computed that Coolidge’s sentences averaged 18 words compared with Lincoln’s 27, Wilson’s 32, and Teddy Roosevelt’s 41 — Coolidge was direct. …”

http://www.jpands.org/hacienda/sobel.html

Calvin Coolidge

“The nation which forgets its defenders will be itself forgotten. “

“Collecting more taxes than is absolutely necessary is legalized robbery. “

“Perhaps one of the most important accomplishments of my administration has been minding my own business.”

“To live under the American Constitution is the greatest political privilege that was ever accorded to the human race.”

~Calvin Coolidge

The American people long for the days of Calvin Coolidge where 98% of Americans paid no income taxes and all government expenditures, local, state, and Federal  were less than 12% of the nation’s gross domestic product.

The days of peace, prosperity and principles, those were the days.

Calvin Coolidge was and knew he was not a great man, but Coolidge was a man of character, principle and achievement, a man of great virtue.

Coolidge was the probably the last President who truly believed in Constitutional government as set forth in the United States Constitution.

Coolidge was a tax reformer who cut the extremely high tax rates for the simple reason that they were morally wrong and did not raise much tax revenue.

Top U.S. Federal marginal income tax rate from 1913 to 2009

http://en.wikipedia.org/wiki/Income_tax_in_the_United_States

Coolidge cut the national debt by one-third by slashing government spending.

The combination of tax rate reductions and prudent limited Federal Government spending produced a period of economic growth called the decade of prosperity, Coolidge prosperity or the roaring twenties.

1920’s

Gov. Coolidge for Vice-President (1920)

One Republican that comes closest to Calvin Coolidge is Ron Paul, another classical liberal or libertarian.

Ron Paul: A New Hope

MSNBC’s Hardball (4-22-2010): Chris Matthews Interviews Ron Paul

Ron Paul : Don’t tread on me

Yes, the American would like to go back to Calvin Coolidge and Thomas Jefferson by downsizing the Federal Government and reforming the out-of-control government spending and confiscatory system of Federal income taxation.

Both Barry Goldwater and Calvin Coolidge are heroes to many of conservatives and libertarians.

I have been a classical liberal for many years and would like to see a limited government classical liberal as President of the United States that put faith, families and freedom first.

Both the Democratic and Republican parties have deeply penetrated at the local, county, state and Federal level by Progressive Radical Socialists that want the American people to be dependent upon government.

Both political parties have ignored the will and sovereignty of the American people on Federal government spending, taxation, deficits, illegal immigration and health care.

H. L. Menchen who was critical of Coolidge while he lived, wrote of Coolidge after he died:

 “He begins to seem, in retrospect, an extremely comfortable and even praiseworthy citizen. His failings are forgotten; the country remembers only the grateful fact that he let it alone. Well, there are worse epitaphs for a statesman. If the day ever comes when Jefferson’s warnings are heeded at last, and we reduce government to its simplest terms, it may very well happen that Cal’s bones now resting inconspicuously   in the Vermont granite will come to be revered as those of a man who really did the nation some service.”  

America needs a new political party dedicated to  replacing the mixed economy welfare state with free market capitalism and a representative republic limited constitutional government.

America needs a President that will leave the American people alone and minds his own business.

America needs a President that will slash the Federal Government by closing ten Federal Departments and replaces all Federal income, payroll, capital gains, estate and gift taxes with the FairTax, a national consumption sales tax.

America needs a modern-day Calvin Coolidge noted for the clarity and directness of his message to the American people.

Join millions of Americans in Washington D.C. on August 28, 2010 at the Lincoln Memorial.

The American People March on Washington D.C.–August 28, 2010–At The Lincoln Memorial! Mark Your Calendar–Be There–Three Million Minimum–Join The Second American Revolution

A wise old owl lived in an oak
The more he saw the less he spoke
The less he spoke the more he heard.
Why can’t we all be like that wise old bird?
 

Why indeed.

Silent Cal would be smiling.

Background Articles and Videos 

Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.

Uncommon Knowledge: The Great Depression with Amity Shlaes

The Presidency of Calvin Coolidge

Robert H. Ferrell

“…Ferrell’s analysis of the Coolidge years shows how the president represented the essence of 1920s Republicanism. A believer in laissez-faire economics and the separation of powers, he was committed to small government, and he and his predecessors reduced the national debt by a third. More a manager than a leader, he coped successfully with the Teapot Dome scandal and crises in Mexico, Nicaragua, and China, but ignored an overheating economy. Ferrell makes a persuasive case for not blaming Coolidge for the failures of his party’s foreign policy; he does maintain that the president should have warned Wall Street about the dangers of overspeculating but lacked sufficient knowledge of economics to do so.

Drawing on the most recent literature on the Coolidge era, Ferrell has constructed a meticulous and highly readable account of the president’s domestic and foreign policy. His book illuminates this pre-Depression administration for historians and reveals to general readers a president who was stern in temperament and dedicated to public service. …”

http://www.kansaspress.ku.edu/fercoo.html

Calvin Coolidge

“…John Calvin Coolidge, Jr. (July 4, 1872 – January 5, 1933) was the 30th President of the United States (1923–1929). A Republican lawyer from Vermont, Coolidge worked his way up the ladder of Massachusetts state politics, eventually becoming governor of that state. His actions during the Boston Police Strike of 1919 thrust him into the national spotlight. Soon after, he was elected as the 29th Vice President in 1920 and succeeded to the Presidency upon the sudden death of Warren G. Harding in 1923. Elected in his own right in 1924, he gained a reputation as a small-government conservative.

Coolidge restored public confidence in the White House after the scandals of his predecessor’s administration, and left office with considerable popularity.[2] As a Coolidge biographer put it, “He embodied the spirit and hopes of the middle class, could interpret their longings and express their opinions. That he did represent the genius of the average is the most convincing proof of his strength.”[3] Many later criticized Coolidge as part of a general criticism of laissez-faire government.[4] His reputation underwent a renaissance during the Ronald Reagan Administration,[5] but the ultimate assessment of his presidency is still divided between those who approve of his reduction of the size of government programs and those who believe the federal government should be more involved in regulating and controlling the economy.[6] …”

“…Coolidge’s taxation policy was that of his Secretary of the Treasury, Andrew Mellon: taxes should be lower and fewer people should have to pay them.[113] Congress agreed, and the taxes were reduced in Coolidge’s term.[113] In addition to these tax cuts, Coolidge proposed reductions in federal expenditures and retiring some of the federal debt.[113] Coolidge’s ideas were shared by the Republicans in Congress, and in 1924 Congress passed the Revenue Act of 1924, which reduced income tax rates and eliminated all income taxation for some two million people.[113] They reduced taxes again by passing the Revenue Acts of 1926 and 1928, all the while continuing to keep spending down so as to reduce the overall federal debt.[114] By 1927, only the richest 2% of taxpayers paid any income tax.[114] Although federal spending remained flat during Coolidge’s administration, allowing one-fourth of the federal debt to be retired, state and local governments saw considerable growth, surpassing the federal budget in 1927.[115] …”

“Civil Rights

Coolidge spoke out in favor of the civil rights of African Americans and Catholics.[127] He appointed no known members of Ku Klux Klan to office; indeed the Klan lost most of its influence during his term.[128]

In 1924, Coolidge responded to a letter that claimed the United States was a “white man’s country”:

“….I was amazed to receive such a letter. During the war 500,000 colored men and boys were called up under the draft, not one of whom sought to evade it. [As president, I am] one who feels a responsibility for living up to the traditions and maintaining the principles of the Republican Party. Our Constitution guarantees equal rights to all our citizens, without discrimination on account of race or color. I have taken my oath to support that Constitution….[129]

On June 2, 1924, Coolidge signed the Indian Citizenship Act, which granted full U.S. citizenship to all American Indians, while permitting them to retain tribal land and cultural rights. However, the act was not clear whether the federal government or the tribal leaders retained tribal sovereignty.[130] Coolidge repeatedly called for anti-lynching laws to be enacted, but most Congressional attempts to pass this legislation were filibustered by Southern Democrats. …”

“…Despite his reputation as a quiet and even reclusive politician, Coolidge made use of the new medium of radio and made radio history several times while President. He made himself available to reporters, giving 529 press conferences, meeting with reporters more regularly than any President before or since.[149]

Coolidge’s inauguration was the first presidential inauguration broadcast on radio. On December 6, 1923, he was the first President whose address to Congress was broadcast on radio.[150] On February 22, 1924, he became the first President of the United States to deliver a political speech on radio.[151] Coolidge signed the Radio Act of 1927, which assigned regulation of radio to the newly created Federal Radio Commission.

On August 11, 1924, Lee De Forest filmed Coolidge on the White House lawn with DeForest’s Phonofilm sound-on-film process, becoming the first President to appear in a sound film. The title of the DeForest film was President Coolidge, Taken on the White House Lawn.[152] …”

http://en.wikipedia.org/wiki/Calvin_Coolidge

Calvin Coolidge

30th President of the United States
(August 3, 1923 to March 3, 1929)

Nickname: “Silent Cal”

Born: July 4, 1872, in Plymouth, Vermont
Died: January 5, 1933, in Northampton, Massachusetts

Father: John Calvin Coolidge
Mother: Victoria Josephine Moor Coolidge
Married: Grace Anna Goodhue (1879-1957), on October 4, 1905
Children: John Coolidge (1906-2000); Calvin Coolidge, Jr. (1908-24)

Religion: Congregationalist
Education: Graduated from Amherst College (1895)
Occupation: Lawyer
Political Party: Republican
Other Government Positions:

  • Northampton, MA City Councilman, 1899
  • City Solicitor, 1900-01
  • Clerk of Courts, 1904
  • Member of Massachusetts Legislature, 1907-08
  • Mayor of Northampton, MA, 1910-11
  • Member of Massachusetts Legislature, 1912-15
  • Lieutenant-Governor of Massachusetts, 1916-18
  • Governor of Massachusetts, 1919-20
  • Vice President, 1921-23 (under tiny U.S. flag Harding)

Presidential Salary: $75,000/year

Presidential Election Results:
Year Popular Votes Electoral Votes
1924 Calvin Coolidge 15,718,211 382
John W. Davis 8,385,283 136
Robert M. LaFollette 4,831,289 13

http://www.potus.com/ccoolidge.html

 http://en.wikipedia.org/wiki/File:ElectoralCollege1924.svg

Partial History of
U.S. Federal Marginal Income Tax Rates
Since 1913
Applicable
Year
Income
brackets
First
bracket
Top
bracket
Source
1913-1915 - 1% 7% IRS
1916 - 2% 15% IRS
1917 - 2% 67% IRS
1918 - 6% 77% IRS
1919-1920 - 4% 73% IRS
1921 - 4% 73% IRS
1922 - 4% 56% IRS
1923 - 3% 56% IRS
1924 - 1.5% 46% IRS
1925-1928 - 1.5% 25% IRS
1929 - 0.375% 24% IRS
1930-1931 - 1.125% 25% IRS
1932-1933 - 4% 63% IRS
1934-1935 - 4% 63% IRS
1936-1939 - 4% 79% IRS
1940 - 4.4% 81.1% IRS
1941 - 10% 81% IRS
1942-1943 - 19% 88% IRS
1944-1945 - 23% 94% IRS
1946-1947 - 19% 86.45% IRS
1948-1949 - 16.6% 82.13% IRS
1950 - 17.4% 84.36% IRS
1951 - 20.4% 91% IRS
1952-1953 - 22.2% 92% IRS
1954-1963 - 20% 91% IRS
1964 - 16% 77% IRS
1965-1967 - 14% 70% IRS
1968 - 14% 75.25% IRS
1969 - 14% 77% IRS
1970 - 14% 71.75% IRS
1971-1981 15 brackets 14% 70% IRS
1982-1986 12 brackets 12% 50% IRS
1987 5 brackets 11% 38.5% IRS
1988-1990 3 brackets 15% 28% IRS
1991-1992 3 brackets 15% 31% IRS
1993-2000 5 brackets 15% 39.6% IRS
2001 5 brackets 15% 39.1% IRS
2002 6 brackets 10% 38.6% IRS
2003-2009 6 brackets 10% 35% Tax Foundation
http://en.wikipedia.org/wiki/Income_tax_in_the_United_States US Government Spending As Percent Of GDP
Fiscal Years 1903 to 2010
Year GDP-US
$ billion
Total Spending -total
pct GDP
1903 25.9 6.80 i
1904 25.7 7.28 i
1905 28.8 6.89 i
1906 31 6.81 i
1907 33.9 6.61 i
1908 30.1 7.90 i
1909 32.2 7.84 i
1910 33.4 8.03 i
1911 34.3 8.31 i
1912 37.4 8.09 i
1913 39.1 8.22 a
1914 36.5 9.55 i
1915 38.7 9.80 i
1916 49.6 8.22 i
1917 59.7 9.49 i
1918 75.8 22.12 i
1919 78.3 29.38 i
1920 88.4 12.81 i
1921 73.6 14.31 i
1922 73.4 12.67 a
1923 85.4 11.27 i
1924 86.9 11.49 i
1925 90.6 11.44 i
1926 96.9 11.12 i
1927 95.5 11.75 a
1928 97.4 11.75 i
1929 103.6 11.27 i
1930 91.2 13.07 i
1931 76.5 15.92 i
1932 58.7 21.19 a
1933 56.4 22.38 i
1934 66 19.40 a
1935 73.3 20.17 i
1936 83.8 20.00 a
1937 91.9 18.74 i
1938 86.1 20.53 a
1939 92.2 20.66 i
1940 101.4 20.14 a
1941 126.7 19.22 i
1942 161.9 28.15 a
1943 198.6 46.68 i
1944 219.8 50.02 a
1945 223 52.99 i
1946 222.2 35.87 a
1947 244.1 23.65 i
1948 269.1 20.47 a
1949 267.2 23.47 i
1950 293.7 23.95 a
1951 339.3 22.38 i
1952 358.3 27.88 a
1953 379.3 29.02 a
1954 380.4 29.27 a
1955 414.7 26.70 a
1956 437.4 26.47 a
1957 461.1 27.21 a
1958 467.2 28.84 a
1959 506.6 28.77 a
1960 526.4 28.74 a
1961 544.8 30.25 a
1962 585.7 28.94 i
1963 617.8 28.71 i
1964 663.6 28.50 i
1965 719.1 26.96 i
1966 787.7 27.45 i
1967 832.4 29.80 i
1968 909.8 30.47 i
1969 984.4 30.08 i
1970 1038.3 31.00 i
1971 1126.8 31.49 i
1972 1237.9 31.36 i
1973 1382.3 29.78 i
1974 1499.5 30.23 i
1975 1637.7 33.62 i
1976 1824.6 34.00 i
1977 2030.1 32.91 i
1978 2293.8 32.02 i
1979 2562.2 31.58 i
1980 2788.1 33.72 i
1981 3126.8 33.64 i
1982 3253.2 36.25 i
1983 3534.6 36.31 i
1984 3930.9 34.44 i
1985 4217.5 35.48 i
1986 4460.1 35.71 i
1987 4736.4 35.09 i
1988 5100.4 34.73 i
1989 5482.1 34.94 i
1990 5800.5 36.01 i
1991 5992.1 37.22 i
1992 6342.3 37.04 a
1993 6667.4 36.31 a
1994 7085.2 35.38 a
1995 7414.7 35.54 a
1996 7838.5 34.69 a
1997 8332.4 33.77 a
1998 8793.5 33.24 a
1999 9353.5 32.65 a
2000 9951.5 32.56 a
2001 10286.2 33.38 a
2002 10642.3 34.75 a
2003 11142.1 35.28 a
2004 11867.8 34.78 a
2005 12638.4 34.79 a
2006 13398.9 35.06 a
2007 14077.6 34.98 a
2008 14441.4 36.94 a
2009 14258.2 42.32 g
2010 14623.9 43.85 g
Legend:
i – interpolated between actual reported values
a – actual reported
g – ‘guesstimated’ projection by usgovernmentspending.com
b – budgeted estimate in US fy11 budget

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The Great Depression and The Obama Depression–Videos

Posted on April 14, 2010. Filed under: Blogroll, College, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Monetary Policy, Video, Wisdom | Tags: , , , , , , , , , |

 

Obama’s New New Deal: As bad as the old new deal?

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“Robert Higgs is an American economist of the Austrian School and a libertarian anarchist. He currently serves as a Senior Fellow in Political Economy at the Independent Institute and is an adjunct faculty member of the Ludwig von Mises Institute and is an adjunct scholar at the Cato Institute. He received his Ph.D. in economics from Johns Hopkins University, and has taught at the University of Washington, Lafayette College, Seattle University, and the University of Economics, Prague. He has been a visiting scholar at Oxford University and Stanford University, and a fellow for the Hoover Institution and the National Science Foundation. Mr. Higgs is also a regular contributor to LewRockwell.com.

His writings in economics and economic history have most often focused on the causes, means, and effects of government growth. Some of the books he has authored include, Crisis and Leviathan: Critical Episodes in the Growth of American Government; Resurgence of the Warfare State: The Crisis Since 9/11, and Depression, War and Cold War: Studies in Political Economy. He is also the editor of the collections, Re-Thinking Green: Alternatives to Environmental Bureaucracy; The Challenge of Liberty: Classical Liberalism Today; and Opposing the Crusader State: Alternatives to Global Interventionism.”

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President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

The Progressive Radical Socialist Family Tree–ACORN & AmeriCorps–Time To Chop It Down

It Is Official–America On The Obama Road To Fascism–Thomas Sowell!

President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Walter Block–Videos

Walter Block–Introduction To Libertarianism–Videos

Yaron Brook–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

David Gordon–Five Best Books on the Current Crisis–Video

David Gordon–The Confused Literature of Globalization–Videos

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Liberal Fascism–Jonah Goldberg–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

Gary North–Keynes and His Influence–Take The North Challenge–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Murray Rothbard–Videos

Murray Rothbard–Libertarianism–Video

Rothbard On Keynes–Videos

Murray Rothbard– What Has Government Done to Our Money?–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Julian Simon–The Ultimate Resource II: People, Materials, and Environment–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Tom Woods–Lectures On Liberty–Videos

Tom Woods On Personal Rights and Property Ownership

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Tom Woods–Who Killed The Constitution

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Read Full Post | Make a Comment ( None so far )

President Barack Obama’s Role Model–President Franklin D. Roosevelt–The Worse President For The U.S. and World Economies and The American People–With The Same Results–High Unemployment Rates–Over 25 Million American Citizens Seeking Full Time Jobs Today–Worse Than The Over 13 Million Seeking Jobs During The Worse of The Great Depression!

Posted on January 6, 2010. Filed under: Blogroll, Communications, Economics, Employment, Fiscal Policy, government spending, Investments, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Raves, Regulations, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , |

 “The comparatively greater prosperity of the United States is an outcome of the fact that the New Deal did not come in 1900 or 1910, but only in 1933.”

~Ludwig von Mises, Planning for Freedom, page 136.

Great Depression vs. Today – New Deal or Raw Deal? – Rooseveltism vs. Obamaism

Glenn Beck – Road to Socialism: Yaron Brook, Ayn Rand Center

Tom Woods on Glenn Beck “Meltdown” 02/09/2009

Book TV: Burton Folsom “New Deal or Raw Deal?”

http://www.youtube.com/watch?v=Zis7sxCfooM

Jim Powell Parses the New Deal on C-SPAN (1 of 2)

Jim Powell Parses the New Deal on C-SPAN (2 of 2)

Why You’ve Never Heard of the Great Depression of 1920

A Recipe for the Next Great Depression

Unemployment: The 1930s and Today

Uncommon Knowledge: The Great Depression with Amity Shlaes

Amity Shlaes’ “The Forgotten Man” 1

Amity Shlaes’ “The Forgotten Man” 2

Amity Shlaes’ “The Forgotten Man” 3

Amity Shlaes’ “The Forgotten Man” 4

Amity Shlaes’ “The Forgotten Man” 5

Amity Shlaes’ “The Forgotten Man” 6

Amity Shlaes’ “The Forgotten Man” 7

The Great Depression and the Current Recession (Part 1 of 9)

The Great Depression and the Current Recession (Part 2 of 9)

The Great Depression and the Current Recession (Part 3 of 9)

The Great Depression and the Current Recession (Part 4 of 9)

The Great Depression and the Current Recession (Part 5 of 9)

The Great Depression and the Current Recession (Part 6 of 9)

The Great Depression and the Current Recession (Part 7 of 9)

The Great Depression and the Current Recession (Part 8 of 9)

The Great Depression and the Current Recession (Part 9 of 9)

“The cyclical fluctuations of business are not an occurrence originating in the sphere of the unhampered market, but a product of government interference with business conditions designed to lower the rate of interest below the height at which the free market would have fixed it.”

~Ludwig von Mises, Human Action, pages 562 and 565.

Among liberal and progressive radical socialists the late President Franklin D. Roosevelt was and is now considered one of the top three greatest Presidents that ever lived in the same class as George Washington and Abraham Lincoln.

Read American historians, who also are mostly liberals and progressives and whose knowledge of economics is as limited or even more limited than President Roosevelt, they too believe in the greatness of FDR.

This legend is the biggest myth or more precisely lie ever told and endless repeated.

Franklin D. Roosevelt was simply the worse President the United States has ever had in terms of the impact his economic policies had on the American economy and American people.

If you doubt this, I strongly recommend you read all of the above books.

What is so disturbing and very dangerous is that one of Barack Obama Presidential role models is Franklin Roosevelt.

President Obama  has surrounded himself with economic and political advisors who are progressive radical socialists that actually believe that repeating FDR’s economic policies would be a good for the country.

Thus the massive bailouts, stimulus packages, massive budget deficits, huge increases in the national debt, proposed new tax increases including the Cap and Trade Energy Tax,  letting the Bush tax cuts expire in 2010, and the new health care bill forcing people to buy health insurance or pay a tax fine.

Barack Obama and Franklin D. Roosevelt have many characteristics in common.

Both were educated at Harvard and Columbia Universities.

Both were excellent readers of prepared speeches.

Both were habitual liars.

Both were great believers in class warfare on businesses and the rich with very high progressive  income tax rates while at the same time imposing  hidden very regressive excise taxes on low and middle income Americans.

Both were ignorant of economics. job and wealth creation

Both destroyed jobs and wrecked the U.S. economy.

Good intentions are not enough.

Results count.

President Obama is intentionally repeating the economic mistakes of President Roosevelt that will destroy both free market capitalism and democracy and lead to a totalitarian command and control socialist economy.

I hope President Obama fails early and often and is a one term President that in the process destroys the Democratic Party of progressive radical socialists.

With over 25,000,000 Americans seeking fully time employment, repeating the mistakes of Keynesian government interventist economic policies that have repeatedly failed in country after country will only prolong the duration of the  Obama Depression.

Republican and Democratic Presidents, in the past and present, Hoover and Roosevelt, and Bush and Obama, have failed the American people by implementing massive government intervention in the free market capitalist economy.

Read and listen to economist Thomas Sowell on President Obama’s economic policies using Roosevelt as a model:

Thomas Sowell on the Housing Boom and Bust

Thomas Sowell – Obama’s Economic Policy

“Those who do not remember the past are condemned to repeat it.”

~George Santayana

Background Articles and Videos

Glen Beck with Thomas Sowell Part 1

Glenn Beck with Thomas Sowell Part 2

The Myth of War Prosperity [Robert Higgs]

 

Monetary Lessons from America’s Past

Does Bernanke Have an Exit Strategy?

Tom Woods at UNH 110609

Scholar survey results

Green backgrounds indicate top quartile. Red backgrounds indicate bottom quartile.

No  ↓ President  ↓ Schlesinger 1948 poll rank  ↓ Schlesinger 1962 poll rank  ↓ 1982 Murray-Blessing survey  ↓ Chicago Tribune 1982 poll rank  ↓ Siena 1982 poll rank  ↓ Siena 1990 poll rank  ↓ Siena 1994 poll rank  ↓ Ridings- McIver 1996 poll rank  ↓ CSPAN 1999 poll rank  ↓ Wall Street Journal 2000 poll rank  ↓ Siena 2002 poll rank  ↓ Wall Street Journal 2005 poll rank  ↓ CSPAN 2009 poll rank  ↓
Total in survey 29 31 36 38 39 40 41 41 41 39 42 40 42
01 Washington George Washington 02 02 03 03 04 04 04 03 03 01 04 01 02
02 Adams, John John Adams 09 10 09 14 (tie) 10 14 12 14 16 13 12 13 17
03 Jeff Thomas Jefferson 05 05 04 05 02 03 05 04 07 04 05 04 07
04 Mad James Madison 14 12 14 17 09 08 09 10 18 15 09 17 20
05 Mon James Monroe 12 18 15 16 15 11 15 13 14 16 08 16 14
06 Adams, John Q John Quincy Adams 11 13 16 19 17 16 17 18 19 20 17 25 19
07 Jack Andrew Jackson 06 06 07 06 13 09 11 08 13 06 13 10 13
08 Van B Martin Van Buren 15 17 20 18 21 21 22 21 30 23 24 27 31
09 Harrison, W William Henry Harrison  –  –  – 38 26 35 28 35 37  – 36  – 39
10 Tyle John Tyler 22 25 28 29 34 33 34 34 36 34 37 35 35
11 Polk James K. Polk 10 08 12 11 12 13 14 11 12 10 11 09 12
12 Tay Zachary Taylor 25 24 27 28 29 34 33 29 28 31 34 33 29
13 Fil Millard Fillmore 24 26 29 31 32 32 35 36 35 35 38 36 37
14 Pier Franklin Pierce 27 28 31 35 35 36 37 37 39 37 39 38 40
15 Buc James Buchanan 26 29 33 36 37 38 39 40 41 39 41 40 42
16 Linc Abraham Lincoln 01 01 01 01 03 02 02 01 01 02 02 02 01
17 Johnson, A Andrew Johnson 19 23 32 32 38 39 40 39 40 36 42 37 41
18 Gran Ulysses S. Grant 28 30 35 30 36 37 38 38 33 32 35 29 23
19 Hay Rutherford B. Hayes 13 14 22 22 22 23 24 25 26 22 27 24 33
20 Gar James Garfield  –  –  – 33 25 30 26 30 29  – 33  – 28
21 Art Chester A. Arthur 17 21 26 24 24 26 27 28 32 26 30 26 32
22/24 Cle Grover Cleveland 08 11 17 13 18 17 19 16 17 12 20 12 21
23 Harrison, B Benjamin Harrison 21 20 23 25 31 29 30 31 31 27 32 30 30
25 McK William McKinley 18 15 18 10 19 19 18 17 15 14 19 14 16
26 Roosevelt, T Theodore Roosevelt 07 07 05 04 05 05 03 05 04 05 03 05 04
27 Taf William Howard Taft 16 16 19 20 20 20 21 20 24 19 21 20 24
28 Wilson Woodrow Wilson 04 04 06 07 06 06 06 06 06 11 06 11 09
29 Harding Warren G. Harding 29 31 36 37 39 40 41 41 38 37 40 39 38
30 Cool Calvin Coolidge 23 27 30 27 30 31 36 33 27 25 29 23 26
31 Hoov Herbert Hoover 20 19 21 21 27 28 29 24 34 29 31 31 34
32 Roosevelt, F Franklin D. Roosevelt 03 03 02 02 01 01 01 02 02 03 01 03 03
33 Truman Harry S. Truman  – 09 08 08 07 07 07 07 05 07 07 07 05
34 Eisen Dwight D. Eisenhower  – 22 11 09 11 12 08 09 09 09 10 08 08
35 Kennedy, J John F. Kennedy  –  – 13 14 (tie) 08 10 10 15 08 18 14 15 06
36 Johnson, L Lyndon B. Johnson  –  – 10 12 14 15 13 12 11 17 15 18 11
37 Nix Richard Nixon  –  – 34 34 28 25 23 32 25 33 26 32 27
38 Ford, G Gerald R. Ford  –  – 24 23 23 27 32 27 23 28 28 28 22
39 Carter Jimmy Carter  –  – 25 26 33 24 25 19 22 30 25 34 25
40 Reagan Ronald Reagan  –  –  –  – 16 22 20 26 10 08 16 06 10
41 Bush, George H George H. W. Bush  –  –  –  –  – 18 31 22 20 21 22 21 18
42 Clinton, B Bill Clinton  –  –  –  –  –  – 16 23 21 24 18 22 15
43 Bush, George W George W. Bush  –  –  –  –  –  –  –  –  –  – 23 19 36
44 Obama Barack Obama  –  –  –  –  –  –  –  –  –  –  –  –  –

 http://en.wikipedia.org/wiki/Historical_rankings_of_United_States_Presidents

Related Posts On Pronk Palisades

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Yaron Brook–Videos

David Gordon–Five Best Books on the Current Crisis–Video

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Murray Rothbard–Videos

Rothbard On Keynes–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Read Full Post | Make a Comment ( None so far )

The Great Wall Street Crash & Depression–Videos

Posted on December 5, 2009. Filed under: Blogroll, Communications, Demographics, Employment, Fiscal Policy, Foreign Policy, government spending, history, Immigration, Investments, Language, Law, liberty, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Security, Taxes, Video, Wisdom | Tags: , , , , , |

1929 – The Great Wall Street Crash & Depression: Part 1 of 6

1929 – The Great Wall Street Crash & Depression: Part 2 of 6

1929 – The Great Wall Street Crash & Depression: Part 3 of 6

1929 – The Great Wall Street Crash & Depression: Part 4 of 6

1929 – The Great Wall Street Crash & Depression: Part 5 of 6

1929 – The Great Wall Street Crash & Depression: Part 6 of 6

Background Articles and Videos

Wall Street Crash of 1929

“…The crash followed a speculative boom that had taken hold in the late 1920s, which had led hundreds of thousands of Americans to invest heavily in the stock market, a significant number even borrowing money to buy more stocks. By August 1929, brokers were routinely lending small investors more than ⅔ of the face value of the stocks they were buying. Over $8.5 billion was out on loan,[20] more than the entire amount of currency circulating in the U.S. at the time.[21]The rising share prices encouraged more people to invest; people hoped the share prices would rise further. Speculation thus fueled further rises and created an economic bubble. The average P/E (price to earnings) ratio of S&P Composite stocks was 32.6 in September 1929,[22] clearly above historical norms. Most economists view this event as the most dramatic in modern economic history.

On October 24, 1929 (with the Dow just past its September 3 peak of 381.17), the market finally turned down, and panic selling started. In 1931, the Pecora Commission was established by the U.S. Senate to study the causes of the crash. The U.S. Congress passed the Glass-Steagall Act in 1933, which mandated a separation between commercial banks, which take deposits and extend loans, and investment banks, which underwrite, issue, and distribute stocks, bonds, and other securities.

After the experience of the 1929 crash, stock markets around the world instituted measures to temporarily suspend trading in the event of rapid declines, claiming that they would prevent such panic sales. The one-day crash of Black Monday, October 19, 1987, however, was even more severe than the crash of 1929, when the Dow Jones Industrial Average fell a full 22.6%.[13] (The markets quickly recovered, posting the largest one-day increase since 1933 only two days later.) …”

http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929

Related Posts On Pronk Palisades

The Great Wall Street Crash & Depression–Videos

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Yaron Brook–Videos

Friedrich Hayek–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Murray Rothbard–Videos

Rothbard On Keynes–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas E. Woods, Jr.–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

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The Great Depression–Videos

Posted on November 13, 2009. Filed under: Blogroll, Communications, Economics, Education, Employment, Fiscal Policy, Foreign Policy, government spending, Health Care, Immigration, Investments, Language, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , |

Milton Friedman Debunking Myth Of The Great Depression part 1

Milton Friedman Debunking Myth Of The Great Depression part 2

Milton Friedman Debunking Myth Of The Great Depression part 3

1929 – The Great Wall Street Crash & Depression: Part 1 of 6

1929 – The Great Wall Street Crash & Depression: Part 2 of 6

1929 – The Great Wall Street Crash & Depression: Part 3 of 6

1929 – The Great Wall Street Crash & Depression: Part 4 of 6

1929 – The Great Wall Street Crash & Depression: Part 5 of 6

1929 – The Great Wall Street Crash & Depression: Part 6 of 6

Lessons from the Great Depression

What Caused the Great Depression?

The Great Depression 1929-1940

Ford During the Slide into the Great Depression

A Recipe for the Next Great Depression

Why You’ve Never Heard of the Great Depression of 1920

80 Years Later: Parallels Between 1929 and 2009

Jim Powell Parses the New Deal on C-SPAN (1 of 2)

Jim Powell Parses the New Deal on C-SPAN (2 of 2)

Ending the Monetary Fiasco and Returning to Sound Money

Unemployment: The 1930s and Today

Background Articles and Videos

Opposing ‘Stimulus’ — Hundreds of Economists Sign on to Cato Institute Ad

 

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

 

Eight Reasons Why Big Government Hurts Economic Growth

 

The Empirical Evidence Against Big Government

 

Keynesian Economics: The Beast That Won’t Die

Related Posts On Pronk Palisades

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Yaron Brook–Videos

Friedrich Hayek–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas E. Woods, Jr.–Videos

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Barack Obama What Do You Want To Be When You Grow Up? When I Grow Up I Want To Be President, Increase The Minimum Wage And The Unemployment Rate and Spread The Wealth Around!

Posted on July 24, 2009. Filed under: Blogroll, Communications, Economics, Employment, Fiscal Policy, government spending, Links, People, Philosophy, Politics, Quotations, Rants, Raves, Video | Tags: , , , , , , , , , |

 What Do You Want To Be When You Grow Up?

When I Grow Up

Barack Obama on Minimum Wage

 

 Obama tells Joe the plumber that he wants to “spread the wealth around”

 

Obama’s Horrible Plan to Raise Minimum Wage

 

Pay Rises For Minimum Wage Earners – Bloomberg

 
 

Min. Wage Increases Today. Unemployment For Teens= 24%

Labor Force Statistics from the Current Population Survey

Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS14000012
Seasonal Adjusted
Series title:        (Seas) Unemployment Rate - 16-19 yrs.
Labor force status:  Unemployment rate
Type of data:        Percent
Age:                 16 to 19 years
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 15.2 13.9 14.2 14.2 13.3 13.9 13.4 13.3 14.8 13.8 13.9 13.4  
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2  
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0  
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9  
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2  
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6  
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.2 17.0 14.9  
2006 15.1 15.3 16.0 14.5 14.0 15.7 15.8 16.2 16.4 15.4 14.9 14.7  
2007 14.8 14.9 14.8 15.5 15.8 16.1 15.1 16.2 16.1 15.8 16.3 16.9  
2008 17.8 16.5 15.8 15.4 18.9 18.8 20.5 19.2 19.4 20.7 20.4 20.8  
2009 20.8 21.6 21.7 21.5 22.7 24.0              

http://data.bls.gov/cgi-bin/surveymost 

Power of the Market – Minimum Wage

 

Milton Friedman on Minimum Wage

 

Walter Williams Good Intentions 1 of 3 Introduction and Public Schools

 

Good Intentions 3of3 The Welfare System and Conclusions with Walter Williams

 

Walter Williams Good Intentions 3 of3 Minimum Wage, Licensing, and Labor Laws

Thomas Sowell On Minimum Wage

With today’s increase in the U.S. minimum wage from $6.55 to $7.25, small to medium size businesses will be laying off people and cutting the number of hours their employees work each week.

This will result in at least hundreds of thousands more unemployed starting in July and continuing as the Obama Depression (OD) gets worse and the economy takes longer to recover.

The July unemployment rate is expected to increase from 9.5% to 9.9% in July with another 600,000 more unemployed many of them low-skilled and young workers who previously earned the minimum wage and now are unemployed.

Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS13000000
Seasonal Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 5976 6111 5783 6004 5796 5951 6025 5838 5915 5778 5716 5653  
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634  
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258  
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640  
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317  
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934  
2005 7759 7972 7740 7683 7672 7551 7415 7360 7570 7457 7541 7219  
2006 7020 7176 7080 7142 7028 7039 7167 7118 6874 6738 6837 6688  
2007 7029 6887 6737 6874 6844 7028 7128 7123 7221 7295 7212 7541  
2008 7555 7423 7820 7675 8536 8662 8910 9550 9592 10221 10476 11108  
2009 11616 12467 13161 13724 14511 14729              

 


 

Series Id:           LNS14000000
Seasonal Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0  
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9  
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7  
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0  
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7  
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4  
2005 5.2 5.4 5.2 5.2 5.1 5.1 5.0 4.9 5.0 5.0 5.0 4.8  
2006 4.7 4.8 4.7 4.7 4.7 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 4.9  
2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2  
2009 7.6 8.1 8.5 8.9 9.4 9.5              

Yet President Obama would like to increase the minimum wage even more as would the majority of progressive radical socialist of the Democratic Party.

One might think that when it comes to basic economics, the progressive radical socialist are not very intelligent.

Far from it.

All of them know that raising the minimum wage will increase the unemployment rates of low-skilled workers primarily young teenage workers.

Then why do they persist in this folly especially during the Obama Depression when over 15,000,000 people are searching for a full time job!

Simple.

Who are the largest campaign contributors to the Democratic Party?

Yes, the unions.

Who benefits the most from a higher minimum wage?

The unions–both the leadership of the unions and its members.

How?

When the minimum wage goes up so does the wage scale of most union members.

If you are an employee and an union member, your pay check goes up.

So, does your union dues.

Just hope you are not laid off.

The progressive radical socialist of the Democratic Party may feel you pain, just do not fall for their good intentions if you value your job.

Ever wonder why the Democrats are big supporters for open borders with over 20,000,000 to 30,000,000 illegal aliens living and working in the US.

Simple.

The progressive radical socialists of the Democratic Party see them as future voters and union members once they pass “comprehensive immigration reform” with its “pathway to citizenship”–a code word for amnesty for illegal aliens.

Sure the progressive radical socialist feel your pain.

They simply do not give a damn that between 15,000,000 to 25,000,000 American citizens are unemployed.

The total civilian labor force is about 155 million of which about 16.5% are looking for a full time employment.

This means there are over 25,000,000 American citizens looking for full time employment.

There are now nearly twice the number of American citizens  seeking a full time job than the 13,000,000 unemployed during the worse year of the Great Depression in 1933!

Illegal aliens number between 20,000,000 to 30,000,000 in the United States.

Roughly 15,000,000 to 20,000,000 million illegal aliens are now working in the United States of which a large percentage work at or below the Federal Minimum Wage.

 

 Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS11000000
Seasonal Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 139003 138967 138730 138959 139107 139329 139439 139430 139622 139771 140025 140177  
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248  
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305  
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066  
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729  
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059  
2005 148005(1) 148349 148366 148926 149273 149262 149445 149794 149977 150007 150095 150002  
2006 150148(1) 150600 150793 150906 151120 151398 151414 151762 151680 152027 152425 152677  
2007 153012(1) 152879 153004 152522 152759 153085 153101 152855 153424 153162 153877 153836  
2008 153873(1) 153498 153843 153932 154510 154400 154506 154823 154621 154878 154620 154447  
2009 153716(1) 154214 154048 154731 155081 154926              
1 : Data affected by changes in population controls.
Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS13327709
Seasonal Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 7.7 7.7 7.6 7.6 7.4 7.5 7.5 7.3 7.4 7.2 7.1 7.1  
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9  
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6  
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8  
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8  
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2  
2005 9.3 9.3 9.2 9.0 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.5  
2006 8.4 8.5 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.0 7.9  
2007 8.3 8.1 8.0 8.2 8.3 8.3 8.3 8.5 8.4 8.5 8.4 8.7  
2008 9.0 9.0 9.1 9.2 9.8 10.1 10.4 10.9 11.2 12.0 12.6 13.5  
2009 13.9 14.8 15.6 15.8 16.4 16.5              

http://data.bls.gov/cgi-bin/surveymost

By not enforcing immigration laws, millions of American citizens are now unemployed.

The reason why the unemployment rates among young unskilled and minority workers is so high is that illegal aliens are being hired to do the jobs once performed by young unskilled American citizens.

Unemployment in the United States could be reduced by over 15 million by simply enforcing immigration laws and requiring all employers to use E-Verify to determine the legal status of their employees to work in the United States.

Yet both political parties have repeatedly delayed even requiring Government contractors to use E-verify.

E-Verify finally mandatory to federal contractors

 

CNN Lou Dobbs on E-Verify

 

 

Lou Dobbs – 2-2-9 – Obama Admin wants to kill E-Verify

Again the political elites do not give a damn about American citizens as long as they are in power and receive campaign contributins from companies and unions that benefit from the mass hiring of illegal aliens or more accurately criminal aliens.

Time to wake up America and join the Second American Revolution.

Give pink slips to the political elites of both political parties who support open borders, amnesty for illegal aliens, and minimum wage laws.

illegal immigration and my tough job as united states minimum wage dude worker

  

Background Articles and Videos

What Causes Unemployment?

by Thomas Sowell

“…Prior to the decade of the 1930s, the wages of inexperienced and unskilled labor were determined by supply and demand. There was no federal minimum wage law and labor unions did not usually organize inexperienced and unskilled workers. That is why such workers were able to find jobs, just like everyone else, even when these were black workers in an era of open discrimination.

The first federal minimum wage law, the Davis-Bacon Act of 1931, was passed in part explicitly to prevent black construction workers from “taking jobs” from white construction workers by working for lower wages. It was not meant to protect black workers from “exploitation” but to protect white workers from competition.

Even aside from a racial context, minimum wage laws in countries around the world protect higher-paid workers from the competition of lower paid workers.

Often the higher-paid workers are older, more experienced, more skilled or more unionized. But many goods and services can be produced with either many lower skilled workers or fewer higher skilled workers, as well as with more capital and less labor or vice-versa. Employers’ choices depend on the relative costs.

The net economic effect of minimum wage laws is to make less skilled, less experienced, or otherwise less desired workers more expensive — thereby pricing many of them out of jobs. Large disparities in unemployment rates between the young and the mature, the skilled and the unskilled, and between different racial groups have been common consequences of minimum wage laws.

That is their effect whether the particular minimum wage law applies to one sector of the economy like the Davis-Bacon Act, to the whole economy like the Fair Labor Standards Act of 1938 or to particular local communities like so-called “living wage” laws and policies today.

The full effect of the Fair Labor Standards Act of 1938 was postponed by the wartime inflation of the 1940s, which raised wages above the level specified in the Act. Amendments to raise the minimum wage began in 1950 — and so did the widening racial differential in unemployment, especially for young black men.

Where minimum wage rates are higher and accompanied by other worker benefits mandated by government to be paid by employers, as in France, unemployment rates are higher and differences in unemployment rates between the young and the mature, or between different racial or ethnic groups, are greater. …”

http://www.capmag.com/article.asp?ID=4472

Minimum Wage

“…A minimum wage is the lowest hourly, daily or monthly wage that employers may legally pay to employees or workers. Equivalently, it is the lowest wage at which workers may sell their labor. Although minimum wage laws are in effect in a great many jurisdictions, there are differences of opinion about the benefits and drawbacks of a minimum wage. Supporters of the minimum wage say that it increases the standard of living of workers and reduces poverty.[1] Opponents say that if it is high enough to be effective, it increases unemployment, particularly among workers with very low productivity due to inexperience or handicap, thereby harming lesser skilled workers to the benefit of better skilled workers.[2] …”

“…Until the 1990s, economists generally agreed that raising the minimum wage reduced employment. This consensus was weakened when some well-publicized empirical studies showed the opposite, but others consistently confirmed the original view. Today’s consensus, if one exists, is that increasing the minimum wage has, at worst, minor negative effects.[64]

According to a 1978 article in the American Economic Review, 90 percent of the economists surveyed agreed that the minimum wage increases unemployment among low-skilled workers.[65]

A 2000 survey by Dan Fuller and Doris Geide-Stevenson reports that of a sample of 308 American Economic Association economists, 45.6% fully agreed with the statement, “a minimum wage increases unemployment among young and unskilled workers”, 27.9% agreed with provisos, and 26.5% disagreed. The authors of this study also reweighted data from a 1990 sample to show that at that time 62.4% of academic economists agreed with the statement above, while 19.5% agreed with provisos and 17.5% disagreed. They state that the reduction on consensus on this question is “likely” due to the Card and Krueger research and subsequent debate.[66]

A similar survey in 2006 by Robert Whaples polled PhD members of the American Economic Association. Whaples found that 37.7% of respondents supported an increase in the minimum wage, 14.3% wanted it kept at the current level, 1.3% wanted it decreased, and 46.8% wanted it completely eliminated.[67]

Surveys of labor economists have found a sharp split on the minimum wage. Fuchs et al. (1998) polled labor economists at the top 40 research universities in the United States on a variety of questions in the summer of 1996. Their 65 respondents split exactly 50-50 when asked if the minimum wage should be increased. They argued that the different policy views were not related to views on whether raising the minimum wage would reduce teen employment (the median economist said there would be a reduction of 1%), but on value differences such as income redistribution.[68] Klein and Dompe conclude, on the basis of previous surveys, “the average level of support for the minimum wage is somewhat higher among labor economists than among AEA members.”[69]

In 2007, Daniel B. Klein and Stewart Dompe conducted a non-anonymous survey of supporters of the minimum wage who had signed the “Raise the Minimum Wage” statement published by the Economic Policy Institute. They found that a majority signed on the grounds that it transferred income from employers to workers, or equalized bargaining power between them in the labor market. In addition, a majority considered disemployment to be a moderate potential drawback to the increase they supported.[70]

…”

http://en.wikipedia.org/wiki/Minimum_wage

Head & Shoulders top, second stimulus & minimum wage hike

Glenn Beck – Minimum Wage – Feb 12, 2007

 

Pelosi’s Double Standard on the Minimum Wage

Minimum wage – How it works in REAL TERMS 1/2

Minimum wage – How it works in REAL TERMS 2/2

Ted Kennedy on Republicans and Minimum wage

YouTube Debate: Would you work for minimum wage?

History of the Federal Minimum Wage

The U.S. Federal Minimum Wage, originally created by the Fair Labor Standards Act in 1938, has risen in nominal terms over time. Originally $0.25 per hour, the federal minimum hourly wage for nonfarm workers rose accordingly:

Year  ↓ Level  ↓ Notes
1939 30 cents
1945 40 cents
1950 75 cents
1956 $1.00
1965 $1.25
1967 $1.00 Fell back to 1956 levels
1968 $1.15
1969 $1.30
1970 $1.45
1971 $1.60
1974 $1.90
1975 $2.00
1976 $2.20
1977 $2.30
1978 $2.65
1979 $2.90
1980 $3.10
1981 $3.35
1990 $3.80
1991 $4.25
1996 $4.75
1997 $5.15
2007 $5.85
2008 $6.55
2009 $7.25

 http://en.wikipedia.org/wiki/List_of_U.S._minimum_wages

 

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The Obama Depression (OD) Starts July 4, 2009–30 Million Americans March To Tea Parties In Washington D.C. and Over 1,000 Cities and Towns Across America!

United States Economic Depressions–The Good, The Bad, and The Ugly–Obama’s Depression–Over 15,000,000 Americans Seek Full Time Job!

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Read Full Post | Make a Comment ( 1 so far )

President Barack Obama Beats It–President Franklin Roosevelt Record–Worse Unemployment Numbers Since 1933–14,700,000 Unemployed Americans Greater than 13,000,000 in 1933!

Posted on July 2, 2009. Filed under: Blogroll, Communications, Economics, Education, Employment, Investments, Life, Links, Music, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Talk Radio, Taxes, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , |

obama_stink_eye

Beat It

 

http://www.youtube.com/watch?v=Uqxo1SKB0z8

 

UPDATED

 

Unemployment Numbers Higher Than Published.

 

Unemployment Skyrockets to 9.5 Percent

http://www.youtube.com/watch?v=ILBqeuIjRWk

 

Economic Expectations – Unemployment Rate May Reach 15% – Bloomberg

 

VP Joe Biden: Sorry America but “we misread how bad the economy was”

Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS13000000
Seasonal Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 5976 6111 5783 6004 5796 5951 6025 5838 5915 5778 5716 5653  
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634  
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258  
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640  
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317  
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934  
2005 7759 7972 7740 7683 7672 7551 7415 7360 7570 7457 7541 7219  
2006 7020 7176 7080 7142 7028 7039 7167 7118 6874 6738 6837 6688  
2007 7029 6887 6737 6874 6844 7028 7128 7123 7221 7295 7212 7541  
2008 7555 7423 7820 7675 8536 8662 8910 9550 9592 10221 10476 11108  
2009 11616 12467 13161 13724 14511 14729              

 

Series Id:           LNS14000000
Seasonal Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0  
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9  
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7  
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0  
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7  
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4  
2005 5.2 5.4 5.2 5.2 5.1 5.1 5.0 4.9 5.0 5.0 5.0 4.8  
2006 4.7 4.8 4.7 4.7 4.7 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 4.9  
2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2  
2009 7.6 8.1 8.5 8.9 9.4 9.5  

 

“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government. “

~Thomas Jefferson
 

AP Interview: Obama on the Economy

 

In-Depth Look – Jobless Claims – Bloomberg

 

Unemployment Will Rise – Bloomberg

 

Two Guys in a Newsroom (July 2, 2009)

 

The US Government’s Bureau of Labor Statistics publishes several measures of the unemployment rates.

U-3 Total unemployed, as a percent of the civilian labor force is the rate most often cited on newscasts and articles.

In June the U-3 unemployment rate hit 9.5% with the total civialian labor force of about 155 million.

This means that there were about 14,700,000 unemployed Americans in June.

Unfortunately, U-3 actually understates the number of unemployed and those seeking a full time job.

A more meaningful number is U-6 for it includes the so-called marginally attached workers and those working part-time that want a full time job.

U-6 Total unemployed, plus all marginally attached workers and total employed part time for economic reason as a percent of the labor force hit 16.5%

This means that there were over 25 million Americans seeking a full time job from the total civilian labor force of just under 155 million.

This means that there are now over 12,000,000  more Americans seeking full time jobs that the worst year of The Great Depression, 1933, when there were about 13 million Americans unemployed.

Looks like President Obama will soon almost double FDR’s record of  13 million with over 26 million unemployed measured by the U-6.

Expect the number of uemployed measured by U-3 to exceed 15,000,000 in July with an unemployment rate at or near 10%.

I fully expect the U-3 unemployment rate to hit 13% by December  and the U-6 unemployment rate to go over 20%.

The recession will last at least another year based on the failed economic polices of President Obama.

President Obama–the Green President–will have a record of total failure surpassed only by President Franklin D. Roosevelt.

President Obama now owns the recession, soon to become a Depression when it should be rightfully named the Obama Depression or OD for short.

This will be shortly followed by rising inflation or price levels that should start by late 2010  or early 2011 at the latest.

The time is now to stop the failed irresponsible fiscal economic policies of  massive Government  spending and deficits to stimulate the economy.

President Obama’s economic policies are resulting in ten of millions of Americans being unemployed for a much longer time due to massive Government intervention into the economy that does not inspire business and consumer cofidence but fear of runnaway spending, taxes and inflation.

These policies did not work in Japan in the 1990s, Great Britain in the 1970s and the United States during the 1920s during the Great Depression.

 

Turning Japanese – Is the US Creating Its Own Lost Decade?

 

Milton Friedman explains role of gold in Great Depression

 

President Obama  has also proposed largest “hidden” tax increase in the history of the United States in a middle of a recession–the Cap and Trade Energy Tax that would wreck the US economy, destroy even more jobs and kill the American dream.

Time To Sound The Alarm: Call Your Representative and Senators–Cap and Trade Bill to be Voted in U.S. House on Friday–Kill The Cap and Trade Energy Tax Today! UPDATED

Only fools and Green Presidents do not learn from the mistakes of others.

The American people do not suffer fools and Presidents gladly when Presidential economic policies and Congressional laws are hurting their families, friends and community.

History will once again repeat itself when President Obama like Presidents  Herbert Hoover and Jimmy Carter before him becomes a one-term President for ignoring the will of the people.

Thank God for small miracles and the opportunity to vote out of office both Democrats and Republicans that voted for the massive bailouts, stimulus bills, and the largest tax increase in US history the Cap and Trade Energy tax. 

Our Economic Crisis — History Repeated?

 

federal_spending

 Stop Spending Our Future – The Crisis

 

Stop The Spending and Deficits

US Federal Government Deficits

defcits

 

Join the Second American Revolution

we_the_people

 

The Meaning of Independence Day

 

All Americans, especially those that are currently unemployed, are invited to attend an Ice Tea Party this Saturday to Celebrate Independence Day!

 

tea_parties

AFA Registered TEA Parties on July 4 now in 1425 Cities!

 

“The America’s Independence Day Tea Party Movement is a nationwide demonstration forum for any and all groups and individuals dissatisfied with the current governance of the United States, regardless of ideology, partisan identity, or political affiliation. On July 4th, 2009, we are asking Americans everywhere to re-declare our inalienable rights to Life, Liberty, and the Pursuit of Happiness.” 

 

Tea Party Movement

 

Find An Indpendence Day Tea Party Nearest You

http://www.teapartyday.com/Locations.aspx

http://www.reteaparty.com/teaparties/

 

The American People Celebrate Independence Day–Saturday, July 4, 2009–By Marching in 1000 Cities and Towns and Attending Ice Tea Parties To Freeze Federal Government Spending, Taxes and Deficits–30 Million Expected Nationally–1 Million In Washington D.C.!

 

The long countdown to launch continues–all cities are ready to go–no holds expected–1 day and counting…get ready for the  relaunch of the Second American Revolution:

 

Liberty Launch Countdown to The Celebration of Independence Day–Saturday, July 4, 2009–Ice Tea Party Time To Freeze Government Expenditures, Deficits, Debts and Taxes–Expect 30 Million Nationally in 1,000 Cities and Towns and 1 Million in Washington D.C.!

 

 Tea Party, Fourth of July, Washington DC

http://teapartywdc.ning.com/events/tea-party-fourth-of-july

http://teapartywdc.ning.com/

 

Independence Day Tea Party, Lansing, Michigan, 2009

 

Tea Party Patriots Invite Janeane Garofalo for America’s Tea Party on July 4, 2009!

 

Katrina Pierson – Dallas Tea Party – April 15, 2009

 

Independence Day Tea Party July 4th, 2009 @ White River State Park

 

We Will Rock You 

 

“I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. “

~Thomas Jefferson

 

Background Articles and Videos

Find an Independence Day Tea Party

By Michelle Malkin 

“…If you’re looking to celebrate Independence Day with other freedom-loving, limited-government activists, go to Tea Party Patriots for a list of more than 600 Tea Parties scheduled this weekend and beyond.

I will be at the Dallas Tea Party at Southfork Ranch on Saturday for a huge shindig. More info here. …”

http://michellemalkin.com/2009/07/02/find-an-independence-day-tea-party/

 

THE EMPLOYMENT SITUATION:  JUNE 2009
                                  
   Nonfarm payroll employment continued to decline in June (-467,000),
and the unemployment rate was little changed at 9.5 percent, the Bureau
of Labor Statistics of the U.S. Department of Labor reported today. 
Job losses were widespread across the major industry sectors, with
large declines occurring in manufacturing, professional and business
services, and construction.

Unemployment (Household Survey Data)

   The number of unemployed persons (14.7 million) and the unemployment
rate (9.5 percent) were little changed in June.  Since the start of the
recession in December 2007, the number of unemployed persons has increas-
ed by 7.2 million, and the unemployment rate has risen by 4.6 percentage
points.  (See table A-1.)
  
   In June, unemployment rates for the major worker groups–adult men
(10.0 percent), adult women (7.6 percent), teenagers (24.0 percent),
whites (8.7 percent), blacks (14.7 percent), and Hispanics (12.2 per-
cent)–showed little change.  The unemployment rate for Asians was
8.2 percent, not seasonally adjusted.  (See tables A-1, A-2, and A-3.)
  
   Among the unemployed, the number of job losers and persons who com-
pleted temporary jobs (9.6 million) was little changed in June after
increasing by an average of 615,000 per month during the first 5 months
of this year.  (See table A-8.)
  
   The number of long-term unemployed (those jobless for 27 weeks or
more) increased by 433,000 over the month to 4.4 million.  In June, 3
in 10 unemployed persons were jobless for 27 weeks or more.  (See
table A-9.)

Table A-12. Alternative measures of labor underutilization

(Percent)

Not seasonally adjusted Seasonally adjusted

Measure

June May June June Feb. Mar. Apr. May June
2008 2009 2009 2008 2009 2009 2009 2009 2009

U-1 Persons unemployed 15 weeks or longer, as a percent
of the civilian labor force………………….. 1.8 4.6 4.8 1.9 3.4 3.7 4.0 4.5 5.1

U-2 Job losers and persons who completed temporary
jobs, as a percent of the civilian labor force…. 2.7 5.8 5.9 2.9 5.0 5.4 5.7 6.2 6.2

U-3 Total unemployed, as a percent of the civilian
labor force (official unemployment rate)………. 5.7 9.1 9.7 5.6 8.1 8.5 8.9 9.4 9.5

U-4 Total unemployed plus discouraged workers, as a
percent of the civilian labor force plus
discouraged workers…………………………. 6.0 9.5 10.1 5.9 8.5 8.9 9.3 9.8 10.0

U-5 Total unemployed, plus discouraged workers, plus
all other marginally attached workers, as a
percent of the civilian labor force plus all
marginally attached workers………………….. 6.7 10.3 10.9 6.6 9.3 9.8 10.1 10.6 10.8

U-6 Total unemployed, plus all marginally attached
workers, plus total employed part time for
economic reasons, as a percent of the civilian
labor force plus all marginally attached workers.. 10.3 15.9 16.8 10.1 14.8 15.6 15.8 16.4 16.5

NOTE: Marginally attached workers are persons who currently are neither working nor looking for work but indicate that they want and
are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached,
have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those
who want and are available for full-time work but have had to settle for a part-time schedule. For more information, see “BLS
introduces new range of alternative unemployment measures,” in the October 1995 issue of the Monthly Labor Review. Updated population
controls are introduced annually with the release of January data.

http://www.bls.gov/news.release/empsit.t12.htm

Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS11000000
Seasonal Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 139003 138967 138730 138959 139107 139329 139439 139430 139622 139771 140025 140177  
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248  
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305  
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066  
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729  
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059  
2005 148005(1) 148349 148366 148926 149273 149262 149445 149794 149977 150007 150095 150002  
2006 150148(1) 150600 150793 150906 151120 151398 151414 151762 151680 152027 152425 152677  
2007 153012(1) 152879 153004 152522 152759 153085 153101 152855 153424 153162 153877 153836  
2008 153873(1) 153498 153843 153932 154510 154400 154506 154823 154621 154878 154620 154447  
2009 153716(1) 154214 154048 154731 155081 154926              
1 : Data affected by changes in population controls.
Labor Force Statistics from the Current Population Survey

 http://data.bls.gov/cgi-bin/surveymost

Series Id:           LNS12000000
Seasonal Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 133027 132856 132947 132955 133311 133378 133414 133591 133707 133993 134309 134523  
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614  
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047  
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426  
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411  
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125  
2005 140246(1) 140377 140626 141243 141600 141711 142029 142434 142407 142551 142555 142783  
2006 143129(1) 143424 143713 143763 144092 144358 144247 144644 144806 145289 145587 145989  
2007 145983(1) 145992 146267 145647 145915 146057 145972 145732 146203 145867 146665 146294  
2008 146317(1) 146075 146023 146257 145974 145738 145596 145273 145029 144657 144144 143338  
2009 142099(1) 141748 140887 141007 140570 140196              
1 : Data affected by changes in population controls.

http://data.bls.gov/cgi-bin/surveymost 

 

Seasonal Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 7.7 7.7 7.6 7.6 7.4 7.5 7.5 7.3 7.4 7.2 7.1 7.1  
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9  
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6  
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8  
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8  
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2  
2005 9.3 9.3 9.2 9.0 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.5  
2006 8.4 8.5 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.0 7.9  
2007 8.3 8.1 8.0 8.2 8.3 8.3 8.3 8.5 8.4 8.5 8.4 8.7  
2008 9.0 9.0 9.1 9.2 9.8 10.1 10.4 10.9 11.2 12.0 12.6 13.5  
2009 13.9 14.8 15.6 15.8 16.4 16.5              

 

Measures of labor underutilization from the Current Population Survey

Working Paper 424,  March 2009

Steven E. Haugen, U.S. Bureau of Labor Statistics

“…It is estimated that in 1933, at the depth of the Great Depression, about 13 million
persons in the U.S. were unemployed, which translates into an unemployment rate of
about 25 percent.1 However, those estimates were not available at the time. Throughout
the Great Depression, there was little information on the extent of unemployment in the
country. More important, there was no good way to assess whether the situation was
getting better or worse. The wealth of timely statistical information on the labor market
that we now take for granted simply didn’t exist.”  …”

http://www.bls.gov/osmr/pdf/ec090020.pdf

 

Great Depression
by Gene Smiley

“…A worldwide depression struck countries with market economies at the end of the 1920s. Although the Great Depression was relatively mild in some countries, it was severe in others, particularly in the United States, where, at its nadir in 1933, 25 percent of all workers and 37 percent of all nonfarm workers were completely out of work. Some people starved; many others lost their farms and homes. Homeless vagabonds sneaked aboard the freight trains that crossed the nation. Dispossessed cotton farmers, the “Okies,” stuffed their possessions into dilapidated Model Ts and migrated to California in the false hope that the posters about plentiful jobs were true. Although the U.S. economy began to recover in the second quarter of 1933, the recovery largely stalled for most of 1934 and 1935. A more vigorous recovery commenced in late 1935 and continued into 1937, when a new depression occurred. The American economy had yet to fully recover from the Great Depression when the United States was drawn into World War II in December 1941. Because of this agonizingly slow recovery, the entire decade of the 1930s in the United States is often referred to as the Great Depression. …”

“…It is commonly argued that World War II provided the stimulus that brought the American economy out of the Great Depression. The number of unemployed workers declined by 7,050,000 between 1940 and 1943, but the number in military service rose by 8,590,000. The reduction in unemployment can be explained by the draft, not by the economic recovery. The rise in real GNP presents similar problems. Most estimates show declines in real consumption spending, which means that consumers were worse off during the war. Business investment fell during the war. Government spending on the war effort exceeded the expansion in real GNP. These figures are suspect, however, because we know that government estimates of the value of munitions spending, to name one major area, were increasingly exaggerated as the war progressed. In fact, the extensive price controls, rationing, and government control of production render data on GNP, consumption, investment, and the price level less meaningful. How can we establish a consistent price index when government mandates eliminated the production of most consumer durable goods? What does the price of, say, gasoline mean when it is arbitrarily held at a low level and gasoline purchases are rationed to address the shortage created by the price controls? What does the price of new tires mean when no new tires are produced for consumers? For consumers, the recovery came with the war’s end, when they could again buy products that were unavailable during the war and unaffordable during the 1930s. …”

http://www.econlib.org/library/Enc/GreatDepression.html

 

Bureau of Labor Statistics

  1. How the Government Measures Unemployment (PDF)
  2. Why does the Government collect statistics on the unemployed?
  3. Where do the statistics come from?
  4. What are the basic concepts of employment and unemployment?
  5. Who is counted as employed?
  6. Who is counted as unemployed?
  7. Who is not in the labor force?
  8. What about cases of overlap?
  9. Where can people find the data?
  10. How are seasonal fluctuations taken into account?
  11. Is there only one official definition of unemployment?
  12. What other information is collected in the CPS?
  13. How is unemployment measured for States and local areas?
  14. Where can people get more information?
  15. What do the unemployment insurance (UI) figures measure?

http://www.bls.gov/cps/cps_htgm.htm

 

The Great De[ression

The Great Depression was a worldwide economic downturn starting in most places in 1929 and ending at different times in the 1930s or early 1940s for different countries.[2] It was the largest and most important economic depression in the 20th century, and is used in the 21st century as an example of how far the world’s economy can fall.[3] The Great Depression originated in the United States; historians most often use as a starting date the stock market crash on October 29, 1929, known as Black Tuesday.

The depression had devastating effects in virtually every country, rich or poor. International trade plunged by half to two-thirds, as did personal income, tax revenue, prices and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by roughly 60 percent.[4][5][6] Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as farming, mining and logging suffered the most.[7] However, even shortly after the Wall Street Crash of 1929, optimism persisted; John D. Rockefeller said that “These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again.”[8]

The Great Depression ended at different times in different countries; for subsequent history see Home front during World War II.[9] The majority of countries set up relief programs, and most underwent some sort of political upheaval, pushing them to the left or right. In some states, the desperate citizens turned toward nationalist demagogues—the most infamous being Adolf Hitler—setting the stage for World War II in 1939.

The Great Depression was triggered by a sudden, total collapse in the stock market. The stock market turned upward in early 1930, returning to early 1929 levels by April, though still almost 30 percent below the peak of September 1929.[10] Together, government and business actually spent more in the first half of 1930 than in the corresponding period of the previous year. But consumers, many of whom had suffered severe losses in the stock market the previous year, cut back their expenditures by ten percent, and a severe drought ravaged the agricultural heartland of the USA beginning in the summer of 1930.

In early 1930, credit was ample and available at low rates, but people were reluctant to add new debt by borrowing.[citation needed] By May 1930, auto sales had declined to below the levels of 1928. Prices in general began to decline, but wages held steady in 1930, then began to drop in 1931. Conditions were worse in farming areas, where commodity prices plunged, and in mining and logging areas, where unemployment was high and there were few other jobs. The decline in the US economy was the factor that pulled down most other countries at first, then internal weaknesses or strengths in each country made conditions worse or better. Frantic attempts to shore up the economies of individual nations through protectionist policies, such as the 1930 U.S. Smoot-Hawley Tariff Act and retaliatory tariffs in other countries, exacerbated the collapse in global trade. By late in 1930, a steady decline set in which reached bottom by March 1933. …”

http://en.wikipedia.org/wiki/Great_Depression

 

467K jobs cut in June; jobless rate at 9.5 percent

“…WASHINGTON – Employers cut a larger-than-expected 467,000 jobs in June and the unemployment rate climbed to a 26-year high of 9.5 percent. Workers also saw weekly wages fall, suggesting Americans will have little appetite to spend and the economy’s road to recovery will be bumpy.

The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground.

President Barack Obama, in an interview with The Associated Press, said he is “deeply concerned” about unemployment and conceded that too many families are worried about “whether they will be next” to suffer an economic blow. He also expressed disappointment over the weak employment figures, acknowledging that “what we are still seeing is too many jobs lost.”

June’s payroll reductions were deeper than the 363,000 that economists expected and average weekly earnings dropped to the lowest level in nearly a year.

However, the rise in the unemployment rate from 9.4 percent in May wasn’t as sharp as the expected 9.6 percent. Still, many economists predict the jobless rate will hit 10 percent this year, and keep rising into next year, before falling back.

All told, 14.7 million people were unemployed in June.

If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994. …”

http://news.yahoo.com/s/ap/us_economy

 

New unemployment numbers: Quick, blame Bush!
By Michelle Malkin

“…Waiting for “we inherited this” spin from the White House…

Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy’s road to recovery will be bumpy.
The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground.

June’s payroll reductions were deeper than the 363,000 that economists expected.

However, the rise in the unemployment rate from 9.4 percent in May wasn’t as sharp as the expected 9.6 percent. Still, many economists predict the jobless rate will hit 10 percent this year, and keep rising into next year, before falling back.

All told, 14.7 million people were unemployed in June.
Via AP. …”

http://michellemalkin.com/2009/07/02/new-unemployment-numbers-quick-blame-bush/

 

Leonard Silk Nov 1985 Air date You Tube Compression

 

 

US Unemployment Rise Pauses

 

In-Depth Look – Wall Street Job Picture – Bloomberg

 

Obama’s Far-Left Calling People to Arms—Glenn Beck’s ‘One Thing’

 

STS-115 Atlantis long countdown to launch

 

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Yaron Brook–Videos

Friedrich Hayek–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Liberal Fascism–Jonah Goldberg–Videos

Ludwig von Mises–Videos

Peter Schiff–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas E. Woods, Jr.–Videos

The American People Celebrate Independence Day–Saturday, July 4, 2009–By Marching in 1000 Cities and Towns and Attending Ice Tea Parties To Freeze Federal Government Spending, Taxes and Deficits–30 Million Expected Nationally–1 Million In Washington D.C.!

Independents Lead The The Second American Revolution Surge–Independence Day–Saturday July 4, 2009 In Washington D.C.–Tea Party Time–On To Washington–Dare You To Move!

Glenn Beck Listens To Tea Party Americans–Videos 

President Obama’s Cloward-Piven Strategy of Controlled Crisis Creation Crippling Capitalism–Coup D-Etat On America

United States Economic Depressions–The Good, The Bad, and The Ugly–Obama’s Depression–Over 15,000,000 Americans Seek Full Time Job!

The Obama Depression (OD) Starts July 4, 2009–30 Million Americans March To Tea Parties In Washington D.C. and Over 1,000 Cities and Towns Across America!

Operation Family Freedom (OFF): Millions Celebrate Washington Fair, Saturday, July 4, 2009–The Second American Revolution

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Amity Shlaes–The Forgotten Man–Videos

Posted on March 31, 2009. Filed under: Blogroll, Books, Communications, Economics, Employment, Energy, Foreign Policy, Homes, Investments, Links, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Reviews, Security, Taxes, Technology, Video, War | Tags: , , , , , , |

Uncommon Knowledge: The Great Depression with Amity Shlaes

Amity Shlaes author of “The Forgotten Man” on The Alcove 

Amity Shlaes speaks at ALEC. Part 1

Amity Shlaes speaks at ALEC. Part 2

Amity Shlaes speaks at ALEC. Part 3

Book TV: After Words with Amity Shlaes

http://www.youtube.com/watch?v=p4F3lR3vkd0&feature=related

 

The Great Depression then 1929, & now 2008/09. PART 1:

The Great Depression then 1929, & now 2008/09. PART 2:

The Great Depression then 1929, & now 2008/09. PART 3:

The Great Depression then 1929, & now 2008/09. PART 4:

The Great Depression then 1929, & now 2008/09. PART 5:

The Great Depression then 1929, & now 2008/09. PART 6:

The Great Depression then 1929, & now 2008/09. PART 7:

The Great Depression then 1929, & now 2008/09. PART 8:

The Great Depression then 1929, & now 2008/09. PART 9:

The Great Depression then 1929, & now 2008/09. PART 10:

The Great Depression then 1929, & now 2008/09. PART 11:

The Great Depression then 1929, & now 2008/09. PART 12:

Background Articles and Videos

Amity Shlaes

“…Amity Shlaes (born 1960) is an American author and columnist from New York, who writes about politics and economics.

“…Shlaes graduated from Jonathan Edwards College, Yale University magna cum laude[1] with a bachelor’s degree in English in 1982.[2]

Shlaes writes a syndicated column for Bloomberg News.[3] She is a senior fellow in economic history at the Council on Foreign Relations. Her many appearances on television and radio include commentary on public radio for Marketplace.

She wrote columns for the Financial Times for five years, for which she won the International Policy Network’s Bastiat Prize for Journalism in 2002.[1] Earlier, she worked at the Wall Street Journal, where she was a member of the editorial board. She has written for The New Yorker, The American Spectator, Commentary Magazine, Foreign Affairs, National Review, and The New Republic, among others. Her obituary of Milton Friedman appeared[2] in The New York Sun.

She was awarded the 2007 Deadline Club award for Opinion writing.[3], and the Newswomen’s Club of New York’s Front Page Award for her Bloomberg columns.[4]

Her first book was Germany: The Empire Within (ISBN 0-224-02700-X), about Germany at the time of reunification. She followed it with The Greedy Hand: How Taxes Drive Americans Crazy and What to Do About It (ISBN 0-375-50132-0). Her most recent national best-seller is The Forgotten Man: A New History of The Great Depression (ISBN 0-0609-3642-8) devoted to the study of the Great Depression in the United States and the New Deal. This book advances a thesis that both Presidents Herbert Hoover and Franklin Delano Roosevelt promoted economic policies that were counterproductive and prolonged The Great Depression, in part because of the uncertainty created by inconsistent policymaking.[4] …”

http://en.wikipedia.org/wiki/Amity_Shlaes

Amity Shlaes Web Site

http://www.amityshlaes.com/

“…Synopsis

It’s difficult today to imagine how America survived the Great Depression. Only through the stories of the common people who struggled during that era can we really understand how the nation endured. These are the people at the heart of Amity Shlaes’s insightful and inspiring history of one of the most crucial events of the twentieth century. 

In The Forgotten Man, Amity Shlaes, one of the nation’s most respected economic commentators, offers a striking reinterpretation of the Great Depression. Rejecting the old emphasis on the New Deal, she turns to the neglected and moving stories of individual Americans, and shows how through brave leadership they helped establish the steadfast character we developed as a nation. Some of those figures were well known, at least in their day—Andrew Mellon, the Greenspan of the era; Sam Insull of Chicago, hounded as a scapegoat. But there were also unknowns: the Schechters, a family of butchers in Brooklyn who dealt a stunning blow to the New Deal; Bill W., who founded Alcoholics Anonymous in the name of showing that small communities could help themselves; and Father Divine, a black charismatic who steered his thousands of followers through the Depression by preaching a Gospel of Plenty. 

Shlaes also traces the mounting agony of the New Dealers themselves as they discovered their errors. She shows how both Presidents Hoover and Roosevelt failed to understand the prosperity of the 1920s and heaped massive burdens on the country that more than offset the benefit of New Deal programs. The real question about the Depression, she argues, is not whether Roosevelt ended it with World War II. It is why the Depression lasted so long. From 1929 to 1940, federal intervention helped to make the Depression great—in part by forgetting the men and women who sought to help one another. 

Authoritative, original, and utterly engrossing, The Forgotten Man offers an entirely new look at one of the most important periods in our history. Only when we know this history can we understand the strength of American character today. …”

 

Biography

Amity Shlaes is a senior fellow in economic history at the Council on Foreign Relations and a syndicated columnist at Bloomberg. She has written for The Financial Times and The Wall Street Journal, where she was an editorial board member, as well as for The New Yorker, Fortune, National Review, The New Republic, and Foreign Affairs. Shlaes is the author of The Greedy Hand. She lives in New York. …”

http://search.barnesandnoble.com/The-Forgotten-Man/Amity-Shlaes/e/9780066211701

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The Second Breaking Wave of Mortgage Defaults–Alt+A and Option Arm Mortgages–Crashes US Economy!–Videos

Posted on February 23, 2009. Filed under: Blogroll, Economics, Education, Employment, Homes, Investments, Law, Links, People, Quotations, Regulations, Security, Taxes, Video | Tags: , , , , , |

The American people have as the song goes “Ain’t Seen Nothing Yet”!

Cash is king or more precisely hard assets or commodities are especially gold, silver, etc.

Buy guns and safes to protect them.

Unfortunately the third wave of mortgage defaults will be in commercial real estate and will shortly follow the second wave.

The greedy, arrogant, stupid bastards that got us into this mess are really beginning to make me mad including the political class in Washington who were their pals.

No more bailouts–on strike–shut it down.

A phrase even the radical socialists might even be able to understand.

Result: 18 month to 24 month recession, unemployment rate peaks at 15% in next 12 months.

Hang on to your job if you have one.

Great investment buying opportunity in real estate and eventually equities over the next 12 to 18 months.

For the long run buy commodities or raw materials.

Just wait awhile.

You ain’t seen nothing yet.

Jim Rogers has it completely right. My favorite video–three cheers!

Jim Rogers about Tim Geithner testimony 2009.02.11

 

When it comes to economics President Obama is an economic illiterate advised by a group of arrogant big government economists who think government intervention is the answer to the world’s economic problems–living in the 1930s with the same results.
 

Tom Woods on Glenn Beck “Meltdown” 02/09/2009

 

History of Housing Prices Chart – *SHOCKING* You Need To See This!

Count me out.

Join the second American Revolution and march on Washington July 4, 2009:

 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

 

This may be you last chance for a some time.

Time to take care of business and get out of Dodge.

Learn Chinese!

 

Bachman Turner Overdrive – You Ain’t Seen Nothing Yet

 

Alt+A and Option Arm Mortage Crises Yet to Come – MORE BANKER FRAUD (1 of 2)

 

Alt+A and Option Arm Mortage Crises Yet to Come – MORE BANKER FRAUD (2 of 2)

 

 Deconstructing the Subprime Crisis

 

Mr Mortgage – HERE COMES THE ALT-A CRISIS

 

Mr Mortgage on the Pay Option ARM Implosion

 

Mark Zandi on the Risky Loans Behind the Meltdown

 

Jeremy Siegel on the Resilience of American Finance

 

Franklin Allen on Lessons from the Subprime Crisis

 

Richard Herring on What’s Next for Investment Banks

 

Wall Streets Day of Reckoning: Turmoil in the Global Market

 

John Berlau on Obama’s Mortgage Rescue Plan

 

1/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

2/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

3/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

Bachman Turner Overdrive “Takin Care Of Business” Live ’74

 

 Background Articles and Videos

Jim Rogers on the Asian Financial Forum pt 1/2 Jan 21 2009

 

Jim Rogers on the Asian Financial Forum pt 2/2 Jan 21 2009

 

Investment guru Jim Rogers

 

Jim Rogers : Teach your children Chinese !!!!!!!!

 

Richard Herring on Mortgage-backed Securities

 

Angry renters, unite!

By Michelle Malkin  

“…I want you to look at this chart, via AngryRenter.com. While ACORN and the housing entitlement mob get all the press, look who’s not getting attention.

Now, here’s some feedback in response to my appearance on FNC’s Neil Cavuto show this afternoon in support of renters (self included) who are getting the shaft from the housing entitlement-mongers: …”

http://michellemalkin.com/2009/02/19/angry-renters-unite/

 

Neil Cavuto shout down

 

 

The Federal Response to Home Mortgage Distress:

Lessons from the Great Depression

David C. Wheelock

“…The sharp increase in mortgage delinquencies and foreclosures during 2007 prompted numerous calls for government intervention in housing and mortgage markets, including the creation of an HOLC-like agency to purchase delinquent mortgages. The right of lenders to foreclose on collateral is themain reason why the interest rates on secured loans, such as home mortgages, are typically much lower than those on unsecured loans, such as credit card debt. Ordinarily, mortgage foreclosures receive little notice from the public because they have little impact on parties other than the delinquent borrower. However, when the number of foreclosures is high or concentrated geographically, they can lower property values, destabilize neighborhoods, and impose other social costs. Such “externalities” can justify government intervention to reduce the number of foreclosures. …”

 

 

 

 

http://research.stlouisfed.org/publications/review/08/05/Wheelock.pdf

 

 

 

 

New data analysis helps identify future foreclosure trouble spots

“…First, some background on the data we used. This background discussion includes a brief overview of two recent and related changes in the mortgage market: namely, mortgage securitization and the use of risk-based pricing for mortgage loans.

In the past, lenders originated, serviced, and owned their mortgages. However, in recent years, it has become more common to separate these functions. Typically, mortgages are now pooled and sold to secondary market investors, while the rights to service the loans are sold to a servicer, a firm that specializes in conducting this activity for a fee. The share of U.S. residential mortgage debt in a mortgage pool or trust has grown in the past decade. As of the second quarter of 2007, it accounted for 57 percent of total mortgage debt.1/

As the use of securitization expanded, lenders found that investors had a ready appetite for securities backed by nonprime (that is, subprime and alt-A) loans. By 2006, the number of nonprime mortgage originations increased substantially, accounting for 40 percent of all newly securitized mortgages, compared to only 9 percent in 2001.2/

In retrospect, it appears as though the chain of securitization failed to align the interests of mortgage originators, who earned fees by making loans, and investors in mortgage-backed securities, who ultimately bore the credit risk of the loans. Why investors did not exert sufficient oversight to ensure the quality of securitized mortgages is beyond the scope of this article.

The data used in our analysis capture a good deal of information about the simultaneous growth in and fusion of nonprime lending and mortgage securitization. In particular, the data include a sizable proportion of all loans sold into subprime or alt-A securities. As noted above, alt-A and subprime loans are considered riskier than prime loans and more prone to default. The risk is due mainly to quality and size considerations that make these loans “nonconforming” in the eyes of Fannie Mae and Freddie Mac.3/

Our understanding is that LP captures about 70 percent of subprime securities and 95 percent of alt-A securities. Still, it is important to remember that these data do not include any loans held on a bank’s books. The data used in this article are from October 2007. …”

http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=2453

 

The Rise in Mortgage Defaults

Chris Mayer, Karen Pence, and Shane M. Sherlund

“…The mortgage market began suffering serious problems in mid-2005. According to data from the Mortgage Bankers Association, the share of mortgage loans that were “seriously delinquent” (90 days or more past due or in the process of foreclosure) averaged 1.7 percent from 1979 to 2006, with a low of about 0.7 percent (in 1979) and a high of about 2.4 percent (in 2002). But by the second quarter of 2008, the share of seriously delinquent mortgages had surged to 4.5 percent. These delinquencies foreshadowed a sharp rise in foreclosures: roughly 1.2 million foreclosures were started in the first half of 2008, an increase of 79 percent from the 650,000 in the first half of 2007 (Federal Reserve estimates based on data from the Mortgage Bankers Association). No precise national data exist on what share of foreclosures that start are actually completed, but anecdotal evidence suggests that historically the proportion has been somewhat less than half (Cordell et al., 2008).

Mortgage defaults and delinquencies are particularly concentrated among borrowers whose mortgages are classified as “subprime” or “near-prime.” Some key players in the mortgage market group these two into a single category, which we will call “nonprime” lending. Although the categories are not rigidly defined, subprime loans are generally targeted to borrowers who have tarnished credit histories and little savings available for down payments. Near-prime mortgages are made to borrowers with more minor credit quality issues or borrowers who are unable or unwilling to provide full documentation of assets or income; some of these borrowers are investing in real estate rather than occupying the properties they purchase. Near-prime mortgages are often bundled into securities marketed as “Alt-A.” Since our data are based on the loans underlying such securities, we use the term “Alt-A” to refer to near-prime loans in the remainder of this paper. …”

“…Conclusions and Future Research

Slackened underwriting standards–manifested most dramatically by lenders allowing borrowers to forego downpayments entirely–combined with stagnant to falling house prices in many parts of the country appear to be the most immediate contributors to the rise in mortgage defaults. The surge in early payment defaults and the rise in the share of mortgages with low or no documentation suggest that underwriting also deteriorated along other dimensions. Because downpayments were so small, when house prices declined many borrowers had little or no equity in their properties and thus less incentive to repay their mortgages. In the industrial Midwest, economic distress was also a factor in the heightened defaults. Unorthodox mortgage features such as rate resets, prepayment penalties, or negative amortization provisions do not appear to be significant contributors to date to the defaults because borrowers who experienced problems with these provisions could refinance into other mortgages. However, as markets realized the extent of the poor underwriting and house prices began to fall, refinancing opportunites became more limited. Borrowers may not be able to resolve their problems with these products through refinancing going forward and thus may be forced to default. Our conclusions are consistent with other studies (Sherlund, 2008, Gerardi, Lehnert, Sherlund, and Willen, 2008, Gerardi, Shapiro, and Willen, 2007, Haughwout, Peach, and Tracy, 2008).

Our conclusions run counter to the popular perception that unorthodox mortgage features are responsible for the surge in defaults. At first glance, the fact that the most common subprime mortgage was a confusing and complicated product–a short-term hybrid with a prepayment penalty–and that delinquency rates were highest on these products suggest that the mortgage type itself must be to blame. We suggest instead that default rates were highest on these products because they were originated to the borrowers with the lowest credit scores and highest loan-to-value ratios. This interpretation raises the questions of why the riskiest borrowers were matched with the most complicated products, and whether it was borrowers, lenders, or both who misjudged the likelihood that borrowers would default. Did borrowers seek out this product because it offered the lowest initial payment and they were focused on short-term affordability? Or did lenders offer this product to borrowers because they thought that this combination of features allowed them to manage the risks of lending to borrowers with high probabilities of default?

News accounts often suggested that borrowers were steered into subprime adjustable-rate mortgages when they could have qualified for fixed-rate or prime mortgages (Brooks and Simon, 2007). Given the poor credit profiles of these borrowers and the high price of housing relative to their incomes, however, it seems more likely that in the absence of subprime adjustable-rate mortgages these borrowers would not have gotten credit at all. If so, several more questions spring to mind. First, were these borrowers better off for having the opportunity of home ownership when the possibility of failure was so high? Second, were the associated gains in the homeownership rate illusory, or will some of these gains be sustained? Finally, to what extent were house prices pushed up by the entrance of these new buyers into the market?

Alt-A mortgages pose a similar set of questions and issues. As with subprime mortgages, the complicated provisions of these mortgages do not appear to be responsible for the sharp rise in delinquencies. Very few of these mortgages are scheduled to “recast” before 2010, when their payments could potentially increase dramatically. But even more than subprime mortgages, these mortgages were originated to borrowers who may have been speculating on future house price appreciation. As these borrowers were somewhat better credit risks than borrowers with subprime mortgages, they tended to have lower combined loan-to-value ratios at origination and better credit scores. However, the areas where investors speculated most heavily on house price appreciation were also the areas that experienced the most severe house price declines. Although the initial equity cushion kept Alt-A mortgages from defaulting as quickly as subprime mortgages, default rates on Alt-A loans, and on option adjustable-rate mortgages in particular, began to skyrocket in 2007, about twelve months after the surge in subprime delinquencies. Going forward, the key question is whether house prices will decline enough so that borrowers with prime mortgages are also left with little or no equity and thus a higher chance of default.

Any government response to mortgage distress would entail some cost. For example, a government purchase of delinquent mortgages, or expanded federal mortgage guarantees or insurance, could impose a substantial monetary cost on taxpayers. Some policies, including a government bailout of delinquent loans or expanded loan guarantees, could also encourage increased financial risk-taking and thereby lead to further instability in the future. Other actions, such as a government-imposedmoratoriumon loan foreclosures, could simply delay inevitable adjustments that are necessary to restore the functioning of mortgage and housing markets. Such direct government intervention could also increase the cost of loans for future borrowers by encouraging lenders to add a premium to loan interest rates to compensate for the risk that government officials might re-write the terms of loan contracts.

34 …” 

http://www.federalreserve.gov/Pubs/feds/2008/200859/index.html

 

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