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Old 12-15-2009, 04:50 AM   #26
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Join Date: Sep 2008
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Default Re: GOOD NEWS??? Bernanke says recession 'very likely over' LOL

SOURCE: http://www.realityzone.com/currentperiod.html

Obama Economic Aide: All Agree Recession Is Over

POSTED: Sunday, December 13, 2009

WASHINGTON -- The top White House economic adviser says "everybody agrees the recession is over" even though many experts predict unemployment could climb higher.

Larry Summers says key indicators have shown that the economy is beginning to expand again and that job creation probably will follow. The jobless rate stands at 10 percent.

He acknowledges it will take "substantial time" before the economy recovers entirely. But he says that "what we can take satisfaction from is we've walked back from the brink."

Summers, who appeared Sunday on ABC's "This Week," spoke days after the House passed a major financial overhaul bill despite GOP objections that it would add to the deficit and hurt businesses.

Source: http://www.news4jax.com/politics/21953879/detail.html

Steve LIESman Gets Skewered

Friday, December 11. 2009
Posted by Karl Denninger

Do you watch CNBC for "economic" information?

If you do - or if you read any of the other so-called "mainstream" sources - you need to watch this exchange between Steve LIESman and Rick Santelli. It's a classic, and puts into stark relief exactly what you, the consumer and ordinary man, are dealing with when you listen or read the "mainstream" media:

"Don't worry folks, they tell us there's no inflation." Santelli

VIDEO (5:05): http://www.cnbc.com/id/15840232?video=1356136457&play=1

Steve's claim - that there is no such thing as "emergency" unemployment benefits - is just plain BS.

Rick Santelli is exactly correct: http://www.dol.gov/opa/media/press/eta/ui/current.htm
States reported 4,178,780 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending Nov. 21, an increase of 327,729 from the prior week. There were 729,256 claimants in the comparable week in 2008. EUC weekly claims include first, second, and third tier activity.
No such thing as "Emergency Unemployment Compensation" eh Steve?

Nice try.

Oh, and it is likely worse than it appears, because we are now far enough into this that people who were on extended compensation (the "emergency programs") are starting to roll off. As I have pointed out when the monthly employment situation reports are issued we get some color on this, but even there, not as much as we'd like.

The government, of course, has no interest in delineating exactly how many people fall off the rolls as a consequence of long-term unemployment. If they were to do that then we would have a reasonably accurate count of the actual unemployed in this country, but if they did that we would also likely have to deduce - and report - that our employment situation today is, in fact, not much different than it was during the depths of the Depression in the 1930s.

That just will not do, and as a consequence the government slices and dices the numbers, making it difficult or even impossible to determine exactly what is going on, and the so-called "senior economics reporters" who allegedly have read hundreds of these reports claim that the emergency program - which showed significant gains in the number of people collecting benefits under it (remember, this is a seasonally strong period for Christmas, right?) - simply doesn't exist.

Is that ignorance, willful ignorance, a mistake - or orders from superiors at the network?

Does it matter, if you're the one who is misled into thinking that the economy is doing better than it really is, and thus make a poor business or personal economic decision?

One final thought: There are anecdotal reports of many seasonally-hired workers being laid off already, before Christmas, as expected sales gains (promoted no doubt by all this media pumping) have failed to materialize. These people will not show up in the initial jobless claims: they either won't have worked enough to qualify to file a new claim, or if they were previously receiving benefits they won't be an "initial" claim. They will, however, show up in the household survey either in December or January.

Continues: http://market-ticker.denninger.net/a...-Skewered.html

Last edited by peaceandlove; 12-15-2009 at 06:37 AM.
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