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Last month unemployment hit 8.1%. Of course, the figure was not uniform across the country. Seven states posted double-digit figures. But, in Wyoming, less than 4% of the population is out of work. The February number was based on 651,000 people being pushed out of their jobs during the month. With the March jobs report only a few days away, the debate is whether the rate at which the economy is causing people to lose work will stay on a 600,000 to 700,000 pace or whether the job loss is slowing and whether the U.S. will...
...Administration's stimulus package will catch hold before the end of the year. It is not a good sign that Congress is still fighting over the federal budget which is also part of the grand plan to get the economy out of recession. But, hope springs eternal. If the number of jobs lost in March is under 600,000, economists can begin to make a case that pessimists are wrong. Unemployment will not hit 10% early next year. If the figure is less than 550,000 jobs lost some overly enthusiastic analysts may say the recession has already ended...
...chances are at least as good that the number of Americans who lost jobs in March is closer to 700,000 than 650,000, and that opens the door to the possibility that the government's plan to save or create 3.5 million jobs in the next two years is wholly inadequate. It means that the number of people who are out of work could go up by six million or better before the end of 2009. The government has no remedy for that. Even $1 trillion deficit due to money spent largely to save the economy will be inadequate...
...loss the PPIP would create is still the question, and few analysts are willing to put a number on that the figure. Goldman Sachs estimates that on average banks value mortgage loans on their books at $0.91 on the dollar. That means they agree those loans are worth 9% less than their original value. The market, though, thinks many of those loans are worth much less. Some highly rated mortgage bonds based on subprime loans recently traded for as little...
Have people stopped pampering their pets now that we're in a recession? There are two things going on right now. First, when it comes to decisions about money and pets, the number of people who don't have a choice increases. People's houses get foreclosed and they have to rent somewhere and the landlord doesn't take pets - well, they don't have a choice anymore. Similarly, at vet hospitals when the vet says, "Listen we can do this procedure that might save your animal but it will cost $8,000." More people are saying, "Well...