The preliminary job loss number for January is “only” 20,000 but the loss for December has been revised from 85,000 up to 150,000. There were also 1.36 million more unemployed in December than previously reported using methods put in place by the Bush Crime Family. On the other hand they reported a sudden drop in the unemployment rate from 10% down to 9.7% but this wasn’t from an upturn in employment (there are those extra 1.36 million unemployed to consider) but instead the Dept. of Labor has changed their estimate of the US population. So that number doesn’t mean much.
The stock market continued its plunge this morning, down 170 points but came back to close ten points up in the final minutes on news that there is more consumer credit available. This raised the spirits of the masters of the universe; there are no jobs, no exports and the Red Chinese who own us are threatening to pull the plug over Taiwan; but consumers can go farther into debt so everything is wonderful.
Only one small bank chain failed today so far, but they sometimes don’t announce them until late in the night. The press pays them little attention anymore but they probably don’t want to take the chance of the evening news picking it up on a slow day. The average tea bagger goes to bed early and they might panic if they found out all the banks had failed. Make no mistake, all the banks have failed, the Bush Crime Family has finished off the economy although they couldn’t have achieved it without 20 years of preparation work done before them.
No country has ever sunk this low without being ravaged by war. Compare any rust belt city in the US to the bombed out cities of Germany. The “capitalist” cheerleaders used to compare the East and West of Germany to make us all afraid of “socialism”. Things like unions, social security and the EPA were equated with East Germany and we needed to get rid of them. The Reagan Democrats went eagerly along, they were all going to be “capitalists” by owning their 401k’s. East Germany has been rebuilt by the “socialist” West Germans. Will we ever rebuild the US? Probably not, China might though. www.prairie2.com