Tweet
http://www.telegraph.co.uk/finance/c...like-1932.html
Here's a fairly depressing article.
Here's the most depressing part: "The share of the US working-age population with jobs in June actually fell from 58.7pc to 58.5pc. This is the real stress indicator. The ratio was 63pc three years ago. Eight million jobs have been lost."
And this: "Legions of individuals have been left with stale skills, and little prospect of finding meaningful work, and benefits that are being exhausted. By our math the crop of people who are unemployed but not receiving a check amounts to 9.2m."
It seemed to me that the economy was turning around this past April and May. Then some time in late May or early June, it seemed like things turned for the worse. I'm not sure if it was the employment numbers or the 30% decline in home sales. But I went from thinking that this economy would turn around when housing inventory got burned through to thinking that at best we're going to have something like the 1970s or a Japanese-esque lost decade.
It was obvious to me that the economy we had in 2005 had a lot of excess fat to trim off. Just think about all the guys you knew that were directly connected to the real estate bubble. It dwarfs what was going on in 1999 with the Internet bubble. A huge portion of that sector has been wiped out. As it turns out, there were probably enough homes built between 2002-2006 to last us until the middle of this new decade.
Here's a fairly depressing article.
Here's the most depressing part: "The share of the US working-age population with jobs in June actually fell from 58.7pc to 58.5pc. This is the real stress indicator. The ratio was 63pc three years ago. Eight million jobs have been lost."
And this: "Legions of individuals have been left with stale skills, and little prospect of finding meaningful work, and benefits that are being exhausted. By our math the crop of people who are unemployed but not receiving a check amounts to 9.2m."
It seemed to me that the economy was turning around this past April and May. Then some time in late May or early June, it seemed like things turned for the worse. I'm not sure if it was the employment numbers or the 30% decline in home sales. But I went from thinking that this economy would turn around when housing inventory got burned through to thinking that at best we're going to have something like the 1970s or a Japanese-esque lost decade.
It was obvious to me that the economy we had in 2005 had a lot of excess fat to trim off. Just think about all the guys you knew that were directly connected to the real estate bubble. It dwarfs what was going on in 1999 with the Internet bubble. A huge portion of that sector has been wiped out. As it turns out, there were probably enough homes built between 2002-2006 to last us until the middle of this new decade.
Comment