The unemployment number when up to 9.5% and the stock market is down because of it.
Now, here's why the WTF part, they act like their surprised, they are the one's laying people off,lol Hello, did they believe the unemployment number were going down after they just laid off 200,000 workers last quarter.
The stock market is just a big shell game with a new excuse everyday for how they just screwed the American public.
Let's see, they out source all of our jobs, then they have the balls to cry wolf when the unemployment numbers here goes up.
WTF did you think would happen.
That's like a kid screaming they are an orphan right after the child kills his parents.
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read more blogs!
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Naraku
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Jul 2 @ 10:24AM
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This is just the first few domino's being knocked over.
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dizzydoll
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Jul 2 @ 10:27AM
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WTF
well you see, they sell the shares to the public and that inflates the value of the share... the more shares sold the higher the value... but its an illusion, its not based on real sales its based shareholders money. and so, only after the auditors have done the job does the real share value show on balance sheets. and then to make it worse, shareholders bail out in a bear market.
thats business... capitalism
its best to learn to tighten the belts real fast.
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lovestobake
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Jul 2 @ 10:37AM
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luneib
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Jul 2 @ 10:51AM
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I try not to think of the bad economy but each day I see more companies laying people off.
I know...the unemployment rate is so high. I just heard yesterday that they are closing a Walmart store that is just a few towns from where we live. I never would have thought Walmart would close. There are approximately 160 workers who will lose their jobs. Now....how in the world do they think everyone is going to live if no one is hiring and once their unemployment runs out, then what? Does everyone go on welfare, do we all lose our homes, how do we eat, at soup kitchens? Then they want people to purchase items in stores to keep the economy going, but if you're unemployed, you don't have money for any extras, makes no sense to me.
That does irk me too, they are like huh? I wonder why the unemployment rate is so high, duh.  It's obvious. 
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edthepoet
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Jul 2 @ 11:05AM
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Hi Dizzy, your comment is right on.
Through this whole financial mess, no one has gone after the auditors.
In my mind, the Auditors are the one's to blame, right after the people who did the misdeeds. Their only job is to check and make sure the data they have is correct and look for any misleading financial issues.
How can anyone not know that there's five billion missing,geez
I own a business and I can tell when every penny is.
This where both parties are guilty, both when ignored the greed that was happening right in front of their eyes.
If any care to know when this mess fell off the cliff, Aug of 2004, that when the banker were allowed to go from 12 to 1 lending of their depositors to 42 to 1.
From there both parties, let the financial world get away with murder, especially the dems in the housing area, the rep over looked that so they could sell bs financial products.
Remember when our contry was allowing firms to sell junk bonds?
Every state and city were buying and selling this crap.
Hmmm, where was the clue, maybe the word Junk,geez
The biggest mistake Bush and Obama made was giving the money to the same banks who screwed things up in the first place instead giving to the very sound run banks.
Then to make things worst, Both allowed large sum of this money to pay for banks outside this country.
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Josuha
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Jul 2 @ 11:05AM
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I would call 9.5% a conservative 'official number'.
That figure I believe is just for unemployment claims.
It is my understanding that they do not count 'chronic unemployment', that is, people who's unemployment benefits have run out.
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burnslikethesun
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Jul 2 @ 11:13AM
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Good Morning Mr. Poet.
Thanks for this blog. Ya notice though whats not in the news? Surprise and unrest of the American mass. We knew this was coming, this almost 10% last year before the 11/11 elections. Kind of the reason behind, not only McBushes defeat, but that of a lot of reds turning blue.
Stocks are gonna dip. In every recessions there are min recessions. A double or triple dip. This is a historical fact. Facts, something the republicans don't seem to have had a handle on since '94. You're right surprise here, just failed attempt at a spin by the spin masters. They done and got them selves overly dizzy.
Keep that belt tight, and together we all will get through this, and come out better then we were going in.
Once again thanks for your blog. I completely agree.
Kudos.
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phantom53
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Jul 2 @ 11:35AM
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That is correct Joshua. That is the only consolidated number they have. My guess would be it is closer to 13% at the present time.
This is a hard time, indeed for many people. We aren't in too bad of shape here. I think the regional rate is about 6%. But that is VERY HIGH for this area, historically speaking.
Fear not, things will get better! I learned to "read" the market at a very early age. I have seen every blimp and burp coming before it hit, I have seen every recession before it got here and I had a good idea how bad it would get. If this sounds like bragging, well, it is. But I am bragging on my mother, she taught me well!
So, my prediction is this. Unemployment will continue to rise through next spring. The market will founder through the summer and begin to pick back up in Sept-Oct and through a slow but steady climb we will see progress on that front. Major employers will resume hiring and expansion next summer, although it will be cautious and slow through 2010.
When we see GM sales come back up to match Ford sales, that will be the signal that all is well and the economy will take off after that.
Foreclosures are going to continue as people run out of savings. This in turn will cause many small businesses to fail and that effect will cascade to a larger medium size businesses and retailers. The next fallout will be commercial real estate.
The best side effect of all of this is that we are starting to see people save more than they spend. While it is not good for economic growth, it is great for a long term health of our economy...if the trend continues. No matter how great you think things are, if you don't have three years of total livings expenses saved, you're in trouble and have been but you didn't know it...until now.
It will get better, the trick is how long you can tread water waiting. For those that can afford to let their money work for them, get in the market after Labor Day, stay in it until just before Memorial Day and then bail and put your money in safe 90 day CD's...Then after Labor Day, cash out and jump back in the market. Do this every year and you will avoid the summer doldrums of the market. You will be selling high and buying low. You can do this by using a Roth IRA or some other vehicle that will allow you to change plans at will without incurring capital gains taxes.
When you pick your funds to get into, stick with those companies that gain customers by birth. Every time another person is born, oil consumption goes up, electricity usage goes up. Give this some thought. What goes up more than it comes down...Population....follow the growth.
That my predictions and best advice...hope it helps some of you...and for those that doubt my mothers teachings, I have been in the markets since 1970 and I have never lost one single penny. God Bless my Mama! 
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iglooo101
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Jul 2 @ 11:36AM
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Consumer Confidence Average
But, the question that pops-up, what cause the consumer to lose Confidence?
Or is it a temporary thing?
Notice when the Consumer Confidence Average started to slip?
The highest 2007
The lowest 2008
Will it rebound?
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dizzydoll
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Jul 2 @ 12:13PM
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Will it rebound?
I dont know, like i said on my blog: Creating Abundance from Scarcity, to add fuel to the fire everything is becoming automotive too. Its just a matter of time before there are riots, with less and less jobs available due to technological progress.
Somethings got to give!
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luneib
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Jul 2 @ 12:41PM
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Quoting Josuha I would call 9.5% a conservative 'official number'.
That figure I believe is just for unemployment claims.
It is my understanding that they do not count 'chronic unemployment', that is, people who's unemployment benefits have run out.
I do agree with that statement.
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edthepoet
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Jul 2 @ 1:27PM
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Now, don't get me wrong, we will rebound, that is a historical fact.
Here's some reasons why.
1. People saving are going up big time, that eases the pressure on the banks to lend.
2. Housing prices falling means later people will be able to buy home they truly can afford.
3. Illegal immigrants are returning home because of the jobless problem, which discourage others from coming. This also helps lower all the cost related to them overall.
4. Americans are learning a major lessons on how to conserve on many level, which also help the children to understand it's about the needs first and the wants can only come when you actually have it.
5. The new consumer credit card law will help many people.
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dizzydoll
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Jul 2 @ 2:06PM
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Ed, from your lips to Gods ears!
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Cynbaby
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Jul 2 @ 2:09PM
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This hits home, I just got this enthusiastic call just a few hours ago from a women who received my resume and couldn't wait to interview me right away......good thing we got the salary business over and done with over the phone....she was offering me half of what I had made 
I politely told her I didn't want to waste her time or mine, she was disappointed as was I 
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Josuha
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Jul 2 @ 2:20PM
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Now, don't get me wrong, we will rebound, that is a historical fact.
I have to disagree.
This is not just a 'nation' problem, but a 'global' meltdown.
The last two recessions, we were not engaged so deeply in the 'One World Economy'..
Both of our parties now have embraced this entirely.
You have to remember, that all of their decisions is based on this philosophy.
It's simply flawed.
Paramount to putting a round peg ina a square hole.
Especially for a 'former' industrialized nation as the United States.
Even after the last depression of the 30's, we still had a manufacturing base to go back to.
We have allowed that to go overseas by both parties.
There are many more elements vastly different from the past than what you are seeing now.
What is happening in this country is a 'dominoe' effect..
Stocks, housing, now commercial properties.
This is going to cascade through other job sectors.
As government becomes more and more broke, they wil attemt to tax an already strapped middle class, forcing a more downward spiral.
I'm afraid this is going to get ugly.
I'm sorry if I sound pessimistic, but I'm just looking at the numbers and the facts.
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justme836
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Jul 2 @ 2:24PM
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1 - I know few people who can save.
2 - falling home values with high priced loans are forcing many to sell their homes, loose all equity and also pay in just to get the loan off their back. How will they ever purchase again?
3 -Illegals may be returning home but how can we afford to support a family on that income? It's not like the Govt. is going to give the US citizens a cut.
4 - I have lived this way for years and now it is what needs to come first are now forgotten wishes. I am talking needs of Dr. visits, healthy foods, etc.
5 - I don't use credit cards so I don't know about this law.
I do know that my home value has dropped drastically. Retirement funds took a HUGE dive and I still have a mortgage that can't be refinanced because of no job. The last of my retirement is being used now to support my 4 minor children.
Sorry, I can't see any rebound for me as I don't qualify for any bail out. I still have some hope for survival thanks to prayer. I still volunteer and give to others. It takes more than money to make a person and it will take more than a lack of it to break me.
"That's like a kid screaming they are an orphan right after the child kills his parents." FUNNY!!! 
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dizzydoll
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Jul 2 @ 2:32PM
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its so sad to hear everyones difficulties
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edthepoet
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Jul 2 @ 2:42PM
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Hi just, I am sorry to hear your under great stress like many other people are at this moment,big hug
Yes, sadly some people are going to fall through the cracks before things return to somewhat normal.
Josuha, yes it's wasn't or isn't just a US problem.
Remember this, when coffee plants get ruin, tea or other related goods go up to fill that void.
Yes, this country will have to make more adjustments to a new way of doing business.
The US has always been able to reach deep and make a comeback, history has proven that.
We are going too and if we haven't already lost our right to be called a super power economy carrying the crazy about of debt we hold.
Now, One bit of good news is other countries still choose to place and buy our debt, which means they still believe we are a safe bet.
One good side-effect of this recession is how friends and families are getting closer and helping each other which I have personally done and seen by other people.
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ragtopcookie
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Jul 2 @ 6:11PM
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Its funny...i just read on line at work today...if you really counted those that have exhausted their unemployment and those that just quit looking.......they say the true unemployement numbers are up to 16-17%......but i guess we are not suppose to know such numbers......it makes everybody in power look bad......i keep hearing things are getting better...and i would like to believe it....but everywhere around me tells me diffrent.......cookie
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