US loses 131,000 overall jobs in July. June revised way down

JMC wrote:

Joe wrote: Rumor is that Obama is going to go around Congress and have Fanny/Freddie forgive all underwater mortgages. Just a rumor I heard.

Remember, there are both Chicken littles, and there are Ostriches with their heads in the sand.

If they do this I want a cash payment from the Feds on the savings interest I lost, as well as the drop in market value of my paid off home.

http://online.barrons.com/article/SB500 ... ws_barrons

"The latest trial balloon would have Fannie Mae (FNMA) and Freddie Mac (FMCC), the mortgage giants operating under Treasury conservatorship, forgive the portion of loans that exceed the now-deflated value of the properties to which they're attached."

That will never fly Joe. The political fallout would be enormous. Politicians (of both parties) are not going to let that happen.

Yes but I don't think Obama cares about the political fallout at this point and if he goes around Congress, then everyone in Congress including the Dems can say they were against it so it wouldn't hurt their elections this year.

I heard that too. You know, I think I am going to start taking the handouts. Why fight it? Everyone else is taking part of it. I might as well too. Otherwise I will be the one getting screwed.

Thats why liberalism and socialism eventually fail. People begin to calculate how "little" they should make to get free bennies, not think of ways to succeed and improve. Don't assume that people are not doing this calculation.

I don't understand why you aren't cheering the fact that so many government jobs were lost....aren't you all about smaller government?

Cheers! :thedrink:

Oh don't worry, they will get 2 years of unemployment to tide them over.

archer wrote: I don't understand why you aren't cheering the fact that so many government jobs were lost....aren't you all about smaller government?

Absolutely I am, but I will never cheer for someone losing a job. And we all knew these governement job loses were coming anyway. The Census worker jobs were only for a few months.

I have to agree with the other poster. No double dip recession, but I do see a long period of stagnation. Our population is getting older, people consume less as they age, plus the current batch of young people don't have the money nor credit to go crazy like people did a few years ago.
Surprised to see China recover so quickly since they are so dependent on us, but maybe people are choosing to save money and buying cheaper Chinese goods instead of domestic manufactured wares.

SS109 wrote: Surprised to see China recover so quickly since they are so dependent on us, but maybe people are choosing to save money and buying cheaper Chinese goods instead of domestic manufactured wares.

China recovering? I think not. They are sitting on an even bigger bubble in their real estate than we are, and when that puppy blows, it's going to take a lot down with it.

And they're shipping less goods overseas. Try Google News "Baltic Dry Index China" for some interesting insights on what is happening with Chinese exports.

AV,
True, you can't trust China's numbers, they aren't very transparent, but looking at the labor shortages, strikes, increasing wages, I would think their unemployment issues are the opposite of ours.

All this great news from the White House, plugged oil spill, plugged job market, plugged economy, and plugged streets in Spain for shopping.

The Viking wrote:

Wayne Harrison wrote: Vike, I was referring to your daily gloom and doom posts. Not this once piece in the giant puzzle of the economy.

It is just the daily news. I can't help it that Obama's policies have made out news and outlook so gloomy. I would love if there were something positive to post. But if there were positive, then why don't you post it? You can't because there really isn't much if any. And you guys still will not tell us anything that he has done that the majority of Americans are happy with.

First off, it's not my job to defend the President to you. Do your own homework.

Second, I made my comment because you almost seem to be gleeful in finding something gloomy to post every day.