Jobless rate hits 8.1%, 651K jobs lost in February
posted at 2:16 pm on March 6, 2009 by Ed Morrissey
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The Bureau of Labor Statistics announced the latest jobless numbers, and they’re bleak. Unemployment jumped a half percentage point to 8.1% as over 650,000 jobs were lost last month:
The nation’s unemployment rate rose to 8.1 percent in February, the Labor Department reported this morning, adding another grim indicator to an economic picture already darkened this week.
More than 650,000 people lost their jobs last month, pushing the unemployment rate up from 7.6 percent in January.
The jobless rate stood at its highest point since 1983.
The expectation of another reported increase in unemployment already was sending stock futures lower this morning in advance of trading on the final day of a week in which key indices had reached their lowest levels in more than a decade.
Oddly, though, by mid-day, the markets returned to just about their opening numbers. Wall Street obviously expected bad news, and didn’t seem shocked by it. Why should they be? The job losses matched those in January and December almost exactly, which is consistency of a most unpleasant sort. Plus, the Obama administration has busied itself by mostly talking about the crisis in panicked terms, which has the effect of keeping capital out of the market — and with it the engine of job creation.
The Obama administration appears to have belatedly recognized the problem. However, their plan to address it consists of the hair of the dog:
The government is seeking to resuscitate the nation’s crippled financial system by forging an alliance with the very outfits that most benefited from the bonanza preceding the collapse of the credit markets: hedge funds and private-equity firms.
The initiative to revive the consumer lending business, outlined by officials this week, offers these wealthy investors a new chance to make sizable profits — but, thanks to the government, without the risk of massive losses.
The idea is to entice them to put their huge cash piles to work to stimulate the financial system. They would be invited to buy up recently issued, highly rated securities. These securities finance consumer lending, such as credit cards and student and auto loans.
The program, which could involve the government lending nearly $1 trillion to these investors, exceeds the size of every other federal effort to address the crisis so far. The initiative’s approach could be the model for future federal efforts to aid the credit markets, sources familiar with government planning said. Officials call this strategy a “public-private partnership,” but in essence the government is offering good deals to private investors to draw them into its rescue efforts.
Basically, Obama plans to get investors to buy up securities with the promise that the government won’t let them suffer losses on bad bets. Say, doesn’t that sound awfully familiar?
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neuquenguy on March 6, 2009 at 2:46 PM
Yes, you can buy our debt like China.
getalife on March 6, 2009 at 2:48 PM
Norwegian, I did a search for Pelosi DOW drop and easily found this:
January, 2001 – Dow 11,722.98 New record high for the Dow as President Bush takes office.
September 11, 2001 – The Dow falls to 8920.70 after the 9-11 terrorist attacks.
October 9, 2002 – The Dow has fallen steadily since 9-11 and is now at 7286.27.
November 3, 2004 – The Dow is at 10,137.05 in spite of the fact that John Kerry has spent an entire campaign attacking President Bush as bad for the economy, the Dow goes UP 101.32 after President Bush defeats John Kerry.
January 20, 2005 – The Dow at 10,471.47 has continued to get better since George Bush defeated John Kerry and is inaugurated a second time.
November 8, 2006 – The Dow is at 12,176.54 as the Democrats take control of the House and Senate.
January 3, 2007 – The Dow is at 12,474.52 as the Democrats are sworn in and take office. Nancy Pelosi and Harry Ried make it clear they are taking control of the Government from George W. Bush.
July 19, 2007 – The Dow hits 14,000.41, the first time in history the Dow has reached this high. So far during President Bush’s term in office, despite having suffered the worst terrorist attack in the history of the world, the Dow has gained 2277.43 points during what Democrats call a bad economy.
January 3, 2008 – The Dow is at 13,056.72. The Democrats have been in control of Congress for one year and during that time they managed to take a growing stock market that had enjoyed an all time high and bring it down by 943.69.
November 5, 2008 – The Dow is at an abysmal 9139.27. This is a loss of 997.78 points since the Democrats were elected to Congress in November of 2006.
January 3, 2009 – The Dow is at 9034.69. The Democrats have been in control of both the House and Senate for two solid years and during that time the Dow has lost 3439.83 points from the moment they took office. It is also down from it’s high of 14,164.53 by 5129.84 points.
January 20, 2009 – The Dow is down to 8519.77. Obama is sworn in as the President and the Dow is now 400.93 points LOWER than it was on September 11th!
March 4, 2009 DJIA is at 6,875.84, that’s 7166 points lost since Democrats took back the House and Senate.
INC on March 6, 2009 at 2:48 PM
All I heard about it was the one review from a local radio station. The thing the talked about the most were several appearances of giant blue dong. I’m not sure why that would be there, but it made quite an impression on them. That was the first time I heard of the movie. I’ve looked it up since then and am not really impressed with it. Of course, I don’t care much for going to the theater anymore anyway.
Kelligan on March 6, 2009 at 2:50 PM
Can we make money in some kind of negative futures market?
neuquenguy on March 6, 2009 at 2:46 PM
Why yes, you can. Invest in ammunition because it will not only protect you after the fall but is also a useful barter currency.
Bishop on March 6, 2009 at 2:51 PM
Wait…what was The Obama saying about Wall Street greed and .. ..and
memory fails me…
perhaps a re-posting of the George Orwell “DoubleThink” quotation for those who missed that thread.
Skandia Recluse on March 6, 2009 at 2:51 PM
INC on March 6, 2009 at 2:48 PM
Hey INC, thanks for the post, that’s interesting.
Otis B on March 6, 2009 at 2:51 PM
Other statistics from Gateway Pundit:
INC on March 6, 2009 at 2:52 PM
Man, that pic looks like Nazi Germany. Is it only conservatives out of work?
faraway on March 6, 2009 at 2:53 PM
Cool, thanks.
So the DOW is down 48% since Pelosi took over in 2007.
And it is down 29% since Obama won the election in November of 2008.
“Hope & Change” apperantly means “Doom & Gloom”
Norwegian on March 6, 2009 at 2:54 PM
You’re welcome. I’d seen some stats on the difference since Pelosi became Speaker, but that was the most comprehensive list I’d found.
It was especially interesting to see the DOW go up after Bush won re-election and to see that when Obama was sworn in the DOW went lower than it was after 9-11.
INC on March 6, 2009 at 2:54 PM
INC on March 6, 2009 at 2:52 PM
Nope, doesn’t count, any of it. Everything bad that happens until Ogabe is finally driven from office will be Bush’s fault, period. You don’t expect the first black POTUS to actually take responsibility, do you?
Bishop on March 6, 2009 at 2:54 PM
I think we just need to man up to the reality of the bush depression, it will get better annd go from there.
Move on, if you will.
getalife on March 6, 2009 at 2:40 PM
We are not in a Depression, moron. Nor were we ever in Bush’s terms. We could get there though, as the *ssclown doesn’t know one thing about economics. Just like you…
JAM on March 6, 2009 at 2:54 PM
Why would ANYONE want to be in the Market, if you did actualy make any money, Obama would confiscate it…
Huge raise in Capitol Gains, remember…
Dow will fall below, BY DESIGN OF OBAMA, 1200 by Summer!
Banks will fail, “National Banks” will emerge and any monies in your 401k’s will be absorbed by the Messiah and placed under Government control…
Health Care is NOT a “right”.
Mark Garnett on March 6, 2009 at 2:54 PM
If we had only known what papers Palin reads.
faraway on March 6, 2009 at 2:54 PM
China’s selling our debt- about half a trillion the last 4 months.
Where’s Barry going to borrow 2-3 trillion a year so we can keep getting free rubbers?
Chuck Schick on March 6, 2009 at 2:55 PM
No, not yet. I work for an evil oil company so until the zombies get here I’m OK. I was told on another thread they drive electric cars.
Limerick on March 6, 2009 at 2:55 PM
You got it.
INC on March 6, 2009 at 2:55 PM
The higher the unemployment rate, the higher Rush’s ratings. Who else listens to AM radio during the middle of the day???
capitulus on March 6, 2009 at 2:55 PM
But, don’t you know, the “Profits and Earnings Ratio” is really good right now!
/sarc
Norwegian on March 6, 2009 at 2:55 PM
The higher the unemployment rate, the higher Rush’s ratings. Who else listens to AM radio during the middle of the day???
capitulus on March 6, 2009 at 2:55 PM
Apparently only you; most of Rush’s stations are FM.
Bishop on March 6, 2009 at 2:57 PM
Maybe signing the contract to get paid in RMB instead of USD wasn’t as dumb as it seemed at the time. I’m revealed a surprised genius.
DarkCurrent on March 6, 2009 at 2:57 PM
Smith & Wesson Holdings Company (SWHC) up 12.93% today.
The two for one retirement holding.
WashJeff on March 6, 2009 at 2:58 PM
Great deflection blaming a President in office forty days for the inherited bush depression.
Of course, it is intellectually dishonest.
getalife on March 6, 2009 at 2:58 PM
Heh. As has been pointed out, O needs to do some work on finance and math.
But then maybe my math teachers were wrong when they taught me to use the word and for a sum and the word to for a ratio!
INC on March 6, 2009 at 2:58 PM
But, don’t you know, the “Profits and Earnings Ratio” is really good right now!
Not only that but according to Ogabe, the state of 401Q’s are also looking good.
Bishop on March 6, 2009 at 2:59 PM
Part of the definition of fascism is a government alliance with business.
jgapinoy on March 6, 2009 at 3:00 PM
As of now, Dow has punched thru 6500 and is heading south.
james23 on March 6, 2009 at 3:00 PM
And with every lost job another pair of ears turn deaf to your messiah.
Too bad the ‘boss’ can’t make the deaf hear.
Limerick on March 6, 2009 at 3:00 PM
Smith & Wesson Holdings Company (SWHC) up 12.93% today.
The two for one retirement holding.
WashJeff on March 6, 2009 at 2:58 PM
A few weeks ago, Cabela’s stock jumped because of a one-day gun clearance sale.
The signs are there.
Bishop on March 6, 2009 at 3:01 PM
Tarp 1 = FAIL
Tarp 2 = FAIL
Porkulous = FAIL
Bailouts = FAIL
Budget = FAIL
The Messiah = FAIL
*** Stock Market collapses by end of Summer and 12% to 15% unemployment…
Mark Garnett on March 6, 2009 at 3:01 PM
Really? The two conservative stations in the PHX area are both AM. No fair.
jgapinoy on March 6, 2009 at 3:02 PM
Quickly, find all the sub-contractors of The US Bureau of Engraving and Printing and start buying their stock.
neuquenguy on March 6, 2009 at 3:02 PM
At what point do sane people start to seriously consider a forceful removal of both Obama and his administration, then turning the napalm on Congress?
At what point do we concede that THIS IS LUNACY and start to behave like people that desire to control their future?
LimeyGeek on March 6, 2009 at 3:03 PM
You mean what we’ve experienced isn’t already defined as a collapse?
jgapinoy on March 6, 2009 at 3:03 PM
Ok, I’m a pessimist and even I don’t think it’ll get that bad that quickly. Double digit unemployment could happen a year from now. But it would take the collapse of a lot of major corporations(GE, GM, etc.) to drive the economy that deep into the crapper by the summer.
Doughboy on March 6, 2009 at 3:03 PM
This may be an unpopular observation, but I think that perhaps one of the reasons (not the only one) that unemployment figures are so high is that young people these days have little or no shame in collecting their dole checks. (Heck, they can even do it BY PHONE!, no bothersome standing in line.) Couple this with the entitlement mentality brainwashed into our coddled “Generation Y Not Me?” and you have a prescription for soaring unemployment figures.
In other words, kids won’t work at jobs they feel are beneath them. Sorry, I see this every day….
max1 on March 6, 2009 at 3:03 PM
No, not yet. I work for an evil oil company so until the zombies get here I’m OK. I was told on another thread they drive electric cars.
Limerick on March 6, 2009 at 2:55 PM
Oil’s creeping back up. (And I own a small independent oil producer, so I notice such things).
With Obammy and Geithner not thinking that oil and gas, coal and nuclear are important to this country and inherently evil, those dumb useless bastards are going to find out just how important they are.
Add the coming hyperinflation and the destruction and depletion of domestic energy production – what a glorious future, this nation is going to pass on to our kids!
And to the “63% approval” schmucks, I say: go push your Prius to your fabulous government job!
TexasJew on March 6, 2009 at 3:03 PM
Invest in wheelbarrow companies too…gotta carry your wages home in something…
LimeyGeek on March 6, 2009 at 3:03 PM
Every good economist, money, manager, or otherwise half-way intelligent person, will tell you that you CAN NOT BUY YOUR WAY OUT OF DEBT.
So, what dose our illustrious new president do to fix our economy…. ??? anyone? … buy our nation out of debt with 4 trillion dollars of new national debt?
Umm… Hello!
Lawrence on March 6, 2009 at 3:03 PM
Hope & Change
=
Epic & Failure
=
Doom & Gloom
=
2nd Reagan Revolution
=
Jindal/Palin or yet unknow fiscal & social Conservatives…
=
End of RINO’s & far left radical Liberals!
Mark Garnett on March 6, 2009 at 3:04 PM
Oh sweet Jesus!
. . .
(If those private investors already have the money why does the government have to give them more
Doublethink
To know and not to know, to be conscious of complete truthfulness while telling carefully constructed lies, to hold simultaneously two opinions which canceled out, knowing them to be contradictory and believing in both of them, to use logic against logic, to repudiate morality while laying claim to it, to believe that democracy was impossible and the the Party was the guardian of democracy, to forget whatever it was necessary to forget, to draw it back into memory again at the moment when it was needed, and then promptly to forget it again, and above all, to apply the process to the process itself– that was the ultimate subtlety: consciously to induce unconsciousness, and then, once again, to be come unconscious of the act of hypnosis you had just preformed. Even to understand the word “doublethink” involved the use of doublethink.
George Orwell “1984″ page 120 © 1949, 1977
Skandia Recluse on March 6, 2009 at 3:04 PM
…and Obama will have a wagyu beef party to celebrate his success in bringing about the ultimate crisis that is not to be squandered.
WashJeff on March 6, 2009 at 3:04 PM
Mark Garnett on March 6, 2009 at 3:01 PM
Hold on now, Ogabe took credit for saving 25 jobs in Ohio today, 25 cop jobs which have been paid for by the feds for one whole year. That’s right, a trillion dollars spent and 25 jobs created.
Bishop on March 6, 2009 at 3:04 PM
DJIA just went under 6500
Limerick on March 6, 2009 at 3:05 PM
and the government is hiring like gang-busters.
WashJeff on March 6, 2009 at 3:05 PM
The DOW will be renamed the POW – Pennystocks Of the Week
faraway on March 6, 2009 at 3:05 PM
According to the news this last wee, GM is in fact collapsing as we speak.
Lawrence on March 6, 2009 at 3:05 PM
We’re doomed, it’s as simple as that. Obama and the Democrats have no idea how the economy works, and the Republicans really aren’t that much better. As long as the government keeps attempting to “solve” these problems private capital will keep drying up because no one wants to invest in a market where the government picks the winners and losers, as there’s no way of predicting who the government will pick.
I thought it was funny when Obama was referencing favorable P/E ratios, considering that that means nothing if the market isn’t allowed to play itself out. A P/E ratio is only a favorable indicator if running your business well, making money in the private market, etc. are the determinants of whether you fail or succeed. When the government is spending HUGE chunks of money in the market with no regard for quality or price, you can have the best P/E ratio in the world and it still doesn’t indicate that you’re necessarily undervalued.
The people in the government on both sides of the aisle have given up on the market at the exact worst possible time for them to do so. And I have no confidence in their ability to figure out how stupid they are, and so things will just keep getting worse.
And it sucks cause I’m graduating from college in like 2 weeks. I’ll be lucky if I can find a job as a janitor!
galenrox on March 6, 2009 at 3:06 PM
Yep that’s right, Bamby told America that everything is being fixed by the oneness cause he saved 25 jobs today in Ohio…
For some real truth, read this:
http://www.freedomalliance.org/fa/index.php?option=com_content&task=view&id=2466&Itemid=53
Keemo on March 6, 2009 at 3:06 PM
According to the news this last [week], GM is in fact collapsing as we speak.
Lawrence on March 6, 2009 at 3:07 PM
-108 now.
Under 6,000 next week, meanwhile President Moron will be busy raising taxes and printing money by the boatload. I’ve thought about draining my checking account, but if the actual cash isn’t worth jack, what’s the use?
Bishop on March 6, 2009 at 3:07 PM
OBAMA/ ALINSKY RULE 10: “If you push a negative hard enough, it will push through and become a positive.”
faraway on March 6, 2009 at 3:07 PM
Some friendly advice for your future job prospects – stop, like, using the word “like” so much….like, y’know? ;)
LimeyGeek on March 6, 2009 at 3:08 PM
GM down 22% since the opening bell. Thirty nine more cents and she gets the boot.
Limerick on March 6, 2009 at 3:08 PM
Apples. Wanna buy some apples?
faraway on March 6, 2009 at 3:08 PM
S&P close to 666.
faraway on March 6, 2009 at 3:09 PM
The criteria for “beneath them” is quickly changing as their parents’ wealth evaporates.
dedalus on March 6, 2009 at 3:09 PM
Was talking with a supervisor yesterday. Her new instruction from HR….if an applicant fails to fill out any information on an application, or fills out incorrect information, including today’s date….roundfile it.
Limerick on March 6, 2009 at 3:10 PM
I don’t think we’re doomed… We will tighten up the boot straps and find a way through this.
I do think the Democrat Party will be doomed for at least a generation if Democrats don’t find a way to stop this radical thug from the destruction he is raining down on our country. Americans don’t forget pain easily or quickly.
Keemo on March 6, 2009 at 3:10 PM
So basically, The Obama is going to give George Soros a couple trillion dollars so Soros can buy up all the stock in all US corporations when said stock gets down to less than a buck a share?
Sounds like a plan.
Skandia Recluse on March 6, 2009 at 3:10 PM
Not to worry. Lots of “green” jobs to be had.
Also start practicing leaning on a shovel.
neuquenguy on March 6, 2009 at 3:10 PM
At least you’d be willing to work, even as a Janitor. It’s the womb to tomb, cradle to grave, welfare queens and freeloaders that are killing working Americans…
It’s the nanny state on steroids…
The radicals are in command, we must STOP the Messiah!
Mark Garnett on March 6, 2009 at 3:11 PM
Maybe I can get a job as a Teleprompter Repair Man…….
Seven Percent Solution on March 6, 2009 at 3:11 PM
Smart guy. I wish I could get paid in rmb going forward.
genso on March 6, 2009 at 3:12 PM
I’m unemployed.
I’ve been unemployed.
I have no leads. I have no prospects.
But I’m not asking for a handout either.
(No. I don’t have any savings.)
madmonkphotog on March 6, 2009 at 3:13 PM
Maybe I can get a job as a Teleprompter Repair Man…….
Seven Percent Solution on March 6, 2009 at 3:11 PM
Dead end. Eventually Dear Leader will simply disappear from public appearances and will run his shadow government from his throne.
Hannity is talking about new tax rules which will bring the amount of non-tax paying citizens close to 50%. We are close to a tipping point here and then the balloon goes up.
Bishop on March 6, 2009 at 3:14 PM
I know. That’s what in part drove the market down yesterday. But I just meant that it would take several major corporations like GM filing for bankruptcy to send ripple effects through the economy and driving unemployment into double figures so quickly.
Doughboy on March 6, 2009 at 3:15 PM
My money is alread out… With the FDIC in trouble a run on Banks is just a matter of time… Paper money is worthless, better get gold and fast… More then 2/3 of ALL of my capital is now in secured gold…
Just so everyone knows… Hidden in Obama’s Budget is a clause that will make OVER 50% of the population NOT PAYING A DIME in tax… Creating a simple majority that has NO stake in the game, no worries about paying the “bill”…
CALL YOUR CONGRESSMEN AND SENATORS!!! CALL NOW!!!
Call Liberals, call RINO’s, call Conservatives…
CALL THEM ALL!!! Act now or pay the piper…
Mark Garnett on March 6, 2009 at 3:15 PM
Yes, well, the “giant blue dong”, as you state so eloquently, left an impression on me as well. However, it’s all in the context. And it was on a giant blue guy, after all.
CarolynM on March 6, 2009 at 3:16 PM
To keep adding to the cheerfulness, are most of the baby-boomers retired yet?
neuquenguy on March 6, 2009 at 3:16 PM
Went through it for awhile (between closing down our business and finding another). Be prepared to hit the wall. I hate like hell to say it but from there to here has been quite a ride.
Good luck. Just be prepared for “I am sorry, we only take applications on-line.” Good old foot work has gone the way of the dinosaur.
Limerick on March 6, 2009 at 3:16 PM
On the other hand. Given the wedge that Hussein has driven between the haves and have nots, I can blame him. This week alone, the blogosphere has been buzzing with how businesses are searching for tax loopholes, people trying not to have their salaries increase, businesses freezing hiring, etc.
All in the name of redistribution.
Thanks, Obama. Thanks for keeping me unemployed.
madmonkphotog on March 6, 2009 at 3:17 PM
Super stats, depressing and sad, but super.
And now it has broken below 6500…we are heading for the 5’s.
right2bright on March 6, 2009 at 3:18 PM
Told ya, I have contacts… 12% to 15% will be the LOW side of unemployment…
This is THE PLAN, this is not happening because Obama does not know what he’s doing, he knows EXACTLY what he and his radical pals are doing…
Watch for riots then Marshal Law… All a part of the PLAN!
I don’t see anyone calling me a radical nut job anymore, people are SEEING this happen right before their eyes!!!
Wright, Ayers, Soros, Farakhan… ring a bell anyone???
Mark Garnett on March 6, 2009 at 3:20 PM
The psychology of the market indicates a bear-market rally soon. Not to say that it won’t get into the 5’s before then, but there will be an upside before another breakdown…IMHO.
genso on March 6, 2009 at 3:21 PM
Just this morning, on FOX Business, their was a fella saying that the DOW will close at 7400 before it ever reaches 6000.
I wonder if his resume is in order.
Limerick on March 6, 2009 at 3:22 PM
now this is CHANGE YOU CAN BELIEVE IN!!
on our way to 2’s…
right4life on March 6, 2009 at 3:22 PM
Comming up next………..
………. there is no money left to hold an election.
Seven Percent Solution on March 6, 2009 at 3:22 PM
Zero is living up to his name
faraway on March 6, 2009 at 3:23 PM
Zero….great name for a new GM car.
Limerick on March 6, 2009 at 3:23 PM
can I trade a few pencils for them??
right4life on March 6, 2009 at 3:23 PM
Disagree, because noone knows where the bottom is yet…
Can’t turn…
Where’s the positive news?
Oh wait, I forgot, 25 cops jobs “saved” today in PA. because of Porkulous… That should cause the rally!
/sarc
Mark Garnett on March 6, 2009 at 3:24 PM
Hey, a guy just offered me some Citi stock for some of my apples. Should I do it?
faraway on March 6, 2009 at 3:24 PM
Check for worms first…
America should have done that before electing Obama…
See what that got us…
Mark Garnett on March 6, 2009 at 3:25 PM
-122, awesome.
Go**am.
Bishop on March 6, 2009 at 3:26 PM
To follow what you said earlier, it would be to O’s advantage to let the market breathe a bit before total destruction. First, it will give some cover for all of the criticism he is taking and bolster his support. Secondly, a sharp rally followed by a selloff will ultimately destroy even more capital. There’s a lot of money sitting on the sideline that is currently resistant to his policies.
genso on March 6, 2009 at 3:27 PM
Zero….great name for a new GM car.
Limerick on March 6, 2009 at 3:23 PM
It’s a car that gets “Zero” miles to the gallon, since it’s just a Yugo frame without an engine.
But you can live in it. Kind of like the cars in Albania..
TexasJew on March 6, 2009 at 3:28 PM
Since when do pundits need an accuracy record?
neuquenguy on March 6, 2009 at 3:29 PM
good points
Mark Garnett on March 6, 2009 at 3:29 PM
I wonder what party is planned for the White House this weekend………..?
Seven Percent Solution on March 6, 2009 at 3:29 PM
Friday the 13th just a week away.
(is that a drum roll I hear?)
Limerick on March 6, 2009 at 3:30 PM
An Obama supporter said earlier this week on CNBC that the bottom to the S&P will be found this week.
genso on March 6, 2009 at 3:30 PM
What’s truly pathetic is those jobs are only funded for one year. After that, it’s up to Ohio to come up with the funds to keep paying the cops. Anyone see now why Jindal refused some of the porkulus money?
Doughboy on March 6, 2009 at 3:30 PM
When will they start printing the Wall Street Journal on pink paper?
TexasJew on March 6, 2009 at 3:31 PM
Hey, a guy just offered me some Citi stock for some of my apples. Should I do it?
faraway on March 6, 2009 at 3:24 PM
Only the ones that have had a bite out of them..
TexasJew on March 6, 2009 at 3:32 PM
There is no bottom to the stock market as the stock market reflects only the confidence of investors that tomorrow any particular stock will be worth more than today. Since no one can be confident of such a thing, the bottom does not exist.
The only thing keeping the stock market from going to 0 is the reality that many investors have lost so much money, they have decided to stay put in the hope that one day they can sell their stocks for something as selling now would be pointless. The other thing that will prevent the DJIA from going to 0 is the energy sector which will do very well as oil prices rise. Of course, as we see $4/gal gas again, that will just decimate what is left of the economy, so even the energy sector won’t save the day.
keep the change on March 6, 2009 at 3:35 PM
Gimme five brother. I’m with you all the way. The few places around that even say ‘now hiring’…don’t. They collect applications and sit on them. 20 y/o and I can’t even get out of my parents’ basement.
My choices are rapidly boiling down to either learning Chinese or meeting a scythe-wielding entity sooner than I’d hoped.
Dark-Star on March 6, 2009 at 3:36 PM
Yes, do it, shoot now, before he gets away.
LimeyGeek on March 6, 2009 at 3:36 PM
Can’t let the peeps decide to do what with their money.
My town recently took code enforcement officers and turned over routine police reporting to them. You know…car burglary reports, lost property, event traffic control, that kind of thing. It was that or hire more officers. People working on our own problems without looking for Uncle Sugar’s magic wad.
Limerick on March 6, 2009 at 3:36 PM
Learn Chinese and move to the last capitalist country on the planet. ;)
genso on March 6, 2009 at 3:37 PM
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