Homeless and Starving in America

6 June 2009
by HRM Deborah

As the statistics came out on Friday, 5 June 2009 of US Unemployment reaching a staggering rate of 9.4%; which is about 1.4% higher then the 1930’s Great Depression and even staggering figure has came foreword of 12.4 million US children are at risk of starvation.

Some of these children are being equated of the countless photograph’s seen twenty years ago of what was occurring in Ethiopia of children so underfed that they where literally skin and bones, with the possible borderline of rickets; with some case's of fly’s embedded in some children’s eyes, as was reported by a children’s aid worker.

While some of these malnourished families are now homeless and some are living in homeless shelters; it is an ever increasing problem of not just single person’s; but whole families finding homeless on the street and the ever increasing tent cities.

While US President Barack Obama had pledged assistance by 2015, for the majority of these improvised American’s this is way to late for so many; especially with the further decrease of the American dollar and the ever rising cost of just basic necessities.

Update:

Climbing Unemployment Continues to Beat US

19 June 2009

The unemployment rate in the West jumped over 10 percent in May.

The Labor Department reported Friday that 48 states and the District of Columbia saw employment conditions deteriorate last month. The fallout from the longest ‘recession’ which the US claims in historical error as being “since World War II,” was the worst in Michigan as automakers cut tens of thousands of jobs. Its unemployment rate rose to 14.1 percent. With California at 11.5 and Nevada came in at 11.3 percent it was recorded; while Eastern states set record high's, like Vermont which claimed to be just bottomed out.

As quoted from Associated Press, “Joblessness is rising as companies lay off workers and turn to other cost-saving measures, such as trimming hours and freezing or slicing wages, to survive the recession. Housing, credit and financial problems — the worst since the 1930s — have sent the economy into a tailspin.”

“Factories, construction companies, retailers and financial companies are among the industries that have slashed the most jobs. U.S. manufacturers have suffered a double whammy: customers in the U.S. have pulled back along with foreign customers, who are dealing with their own economic troubles.”

As to US President Barack Obama’s Health Plan which with the ever increasing unemployment problems, because most American’s where covered by their employer and in some cases due to rising cost; employers in some cases dropping employee health care all together; this makes Obama’s plan a major bust, along with the fact that most American’s can not afford health care on their own; especially the elderly who have been suffering with this problem for years, with the ever increase of prescription cost. Which some elderly American’s have had to either pay for prescriptions and not buy food or buy food and do without needed medicines or health care.


The World Health Organization (WHO), in 2000, ranked the U.S. health care system as the highest in cost and it has continued to skyrocket especially in the last year due to the economic downturn, it goes without saying that the average American with the continuous economic collapse and increase, may have to forgo health care all together; which was also a critical situation in the 1930‘s, where home remedies where being more used to circumvent a doctor’s visit or in extreme only for emergency cases, which many still died over the debate of cost and some doctor‘s ill-efficiency.

As to the old argument that one on a good day in the 1930‘s, such as the instance of an American doing farm labor for a dollar a day with "luck" (because this type of employment was either temporary due to seasonal or not as common as people may think due to some US geographical locations); one need’s to remember a single loaf of bread was five cent’s and most people had to squeeze a little less money for the hope of flour to bake their own bread, because the average American even with the dollar wages could ill-afford the five cent loaf of "store-bought" bread. Which is so similar to the cost of living burdens the average American is facing today.

"Beep, Beep, Get out of the way; you road hog!"

Nevertheless, as Obama seems to thrive on his popularity or lack of with his alleged polls especially if people disagree with him; one has yet to be reminded of the promises never kept, the inept manner he has handled the variedness’ of circumstances both global and domestic in such a bumbling Mr. Magoo manner; one is yet, to wonder how he has kept from bumbling out a White House window only to find himself, face down on the lawn?

New jobless claims in the U.S. rise more than expected to 640K

23 April 2009

WASHINGTON - New jobless claims in the United States rose more than expected last week, while the number of workers continuing to filing claims for unemployment benefits topped 6.1 million.

Both figures are fresh evidence that layoffs persist and the job market remains weak. The Labour Department says initial claims for unemployment compensation rose to a seasonally adjusted 640,000, up from a revised 613,000 the previous week.

That was slightly above analysts' expectations of 635,000.

The number of people claiming benefits for more than a week rose to 6.13 million, setting a record for the 12th straight week.

This comes at a time when a US propaganda poll is claiming through US President Barack Obama, that their country is going into the right direction; even more so then it has in years, while hanging over the economic cliff with an untied rope. As to Obama's claim of confidence, he need's to rethink of how the American people are actually living from day to day or does he even taking into consideration their disgruntled voice and protesting.

US Sapping the Blood of Increase Unemployment

In this 2 January 1974 file photo, people are shown as they sell blood in an Atlanta laboratory.

Blood donors for pay have increased considerably in recent months as unemployment has risen. Economic battered employers eliminated 598,000 jobs in January 2009, the most since the end of 1974 as said by some economist and has catapulted the unemployment rate to 7.6 percent; which lacks the 2 percent margin that was considered the bench mark for the unemployment rate of the 1930’s Great Depression.

With yet more turbulent economic seas yet ahead, as the US economy continues to plummet with no end in sight and no foreseeable manner of return. Even US President Barack Obama’s underhanded moves to force his latest stimulus package, will not save the US economy from falling deeper into the economic pit.

State unemployment claim systems overwhelmed

Photograph of Unemployed Workers Marching in New Jersey During the Great Depression.

6 January 2008
By RICHARD RICHTMYER

ALBANY, N.Y. – Electronic unemployment filing systems have crashed in at least three states in recent days amid an unprecedented crush of thousands of newly jobless Americans seeking benefits, and other states were adjusting their systems to avoid being next.

About 4.5 million Americans are collecting jobless benefits, a 26-year high, so the Web sites and phone systems now commonly used to file for benefits are being tested like never before.

Even those that are holding up under the strain are in many cases leaving filers on the line for hours, or kissing them off with an "all circuits are busy" message. Agencies have been scrambling to hire hundreds more workers to handle the calls.

Systems in New York, North Carolina and Ohio were shut down completely by technical glitches and heavy volume, and labor officials in several other states are reporting higher-than-normal use.

"Regardless of when you call, be prepared to wait and just hang on. Try not to get frustrated," said Howard Cosgrove, a spokesman for the Wisconsin Department of Workforce Development, which boosted its staff of telephone operators by 25 percent last month to cope with a phone system that has been overloaded for weeks. "We sympathize, we're on their side, we're doing our best to help them out."

The nation's unemployment rate in November zoomed to 6.7 percent, a 15-year high. Economists predict it will rise to 7 percent in December, with another 500,000 jobs probably cut last month. The government releases its monthly employment report on Friday.

Some states attribute the increase in call volume in part to an extension of federal emergency unemployment compensation from 13 weeks to 20 weeks in late November. More than 54,000 Pennsylvanians had exhausted their federal benefits after 13 weeks by the time that occurred, said David Smith, a spokesman for the Pennsylvania Department of Labor and Industry.

"It really was a perfect storm," he said.

New York's phone and Internet claims system started to buckle on Monday afternoon and was out of service completely for the first half of Tuesday while as many as 10,000 people per hour tried to get in, said Leo Rosales, a state Labor Department spokesman.

Although that was an unusually high number of calls, Rosales said it was a software glitch in an authentication system used to verify filers' identities that caused the system to crash.

"It's designed to handle this volume of calls, but the authentication process didn't work as it should have," he said. Rosales said the glitch that caused the shutdown has been fixed, and the agency doesn't expect any more problems.

About 256,000 people are collecting unemployment in New York, up from about 184,000 at this time last year.

North Carolina's Web site crashed twice this week under a rush of claims as that state set one-day records for both the amount of benefits paid and the number of transactions.

On Sunday and Monday, the number of North Carolinians trying to sign up online for new or continuing benefits was about triple what it was before the economic slowdown started, according to the state Employment Security Commission. That volume, together with a phone line problem, overwhelmed the agency's computers and prevented some people from filing claims.

The system was working again by Monday afternoon after the agency added another server and demand decreased, officials said.

"Right now, everything is back to normal," agency spokesman Larry Parker said.

Mark Turner, 39, of Raleigh said Tuesday that North Carolina's site had an easy setup when he started using the site after he was laid off in November.

But on Sunday, he couldn't logon to the site. "I basically gave up for the night at 10:30 after trying and not getting through," he said Tuesday. "Once you get on the site, you can be done in half a minute. Apparently that was too much."

Turner, who's since landed a temporary job, suggested the site separate people trying to get recertified and people signing up for the first time. "I think it's going to get worse before it gets better," he said.

Thousands were unable to get through to Ohio's unemployment hot line beginning Monday because of a crush of callers and technical problems, said Dennis Evans, spokesman for the state Department of Job and Family Services. He said the phone system was running normally again Tuesday afternoon, but the section of the state's Web site that enables people to make claims online remained down.

California has seen a record number of calls to an 800 number over the last few weeks.

"During this holiday period we've been averaging a record of more than 2 million call attempts a day, and it took more than 20 times before people could get through to our UI call centers," said Employment Development Department spokeswoman Patti Roberts.

That's about twice the one-day record of call attempts set in 2004 during an earlier recession, she said.

Callers to Michigan's main phone line handling applications for jobless benefits got an "all circuits are busy now" message Tuesday afternoon. Officials in Michigan, which had the nation's highest jobless rate at 9.6 percent in November, recently began urging applicants to seek benefits through a state Internet site instead. Michigan counted about 473,000 people as unemployed in November, up from about 370,000 a year ago.

Unemployment agencies from Kentucky to Alaska also are reporting long hold times for callers and slowdowns for those filing online because of higher volume.

Several states have added staff to their call centers to handle the surge, including Ohio, Oklahoma and Washington.

Pennsylvania has hired temporary workers and expanded the hours of its unemployment benefits hot line to accommodate a surge in the number of calls, going from 600 employees to more than 800. Officials hope to eventually have 1,100 workers answering calls.

New Mexico has extended call-center hours, upgraded the phone system and added 15 workers. Even so, "We still are receiving reports of people's inability to get through," said Carrie Moritomo, a spokeswoman for the state Department of Workforce Solutions.

In Kentucky, where claims rose to 40,400 in November from 23,400 a year earlier, a flood of new filers overwhelmed the state's unemployment Web site and phone lines on Monday, when more than 8,000 people filed initial claims, said Kim Brannock, a spokeswoman for the Kentucky Education Cabinet, which oversees the state unemployment office.

"People seem to feel like they have to file first thing Monday morning," she said. "They don't have to, but they feel that way. It's just overwhelming to the system."

Commentary:

The unemployment rate was estimated at it’s highest over 7 percent, but the major consensus that it actually did not reach 8 percent during the 1930’s Great Depression; which was spoke of as such from American’s who had lived through this time and recorded by some historians.

Those seeking employment during this time, often times would form extremely long lines lasting for several blocks or could be succumbed out of desperation into violence. Especially, if workers thought their where several job’s at a particular place, when there may only have been a handful; for example of one case of five.

As the United States stand’s pass the threshold into 2009, the unemployment situation doesn’t seem to see an actual glimmer of easing; but more of a darkening repeat of the past disquietedness.

The ratio percentage of unemployed from the 1930’s to the current 2009 is quite similar and usually show’s the actual state of an economy.

Further Reading:

Continuing Jobless Claims Rise More Than Expected

Bushonomics: Jobless claims surge to 26-year high

24 December 2008

WASHINGTON– The number of U.S. workers filing new claims for jobless benefits jumped by 30,000 to a 26-year peak last week, government data on Wednesday showed, as the country's year-long recession continued to chill the labor market.

Initial claims for state unemployment insurance benefits rose to a seasonally adjusted 586,000 in the week ended Dec 20 from a revised 556,000 the prior week, the Labor Department said. It was the highest since the week ended November 27, 1982, when initial claims rose 612,000.

Analysts polled by Reuters had forecast 560,000 new claims versus a previously reported count of 554,000 the week before.

A Labor Department official said there were no special factors influencing the data and no noticeable impact from severe winter weather in northern parts of the country.

The official also said a number of states had reported increasing layoffs in the auto industry, which has been hit hard by consumers cutting back on their spending in the face of rising unemployment and scarcer credit.

The four-week average of new jobless claims, a better gauge of underlying labor trends because it irons out week-to-week volatility, increased to 558,000 from 544,250 the week before. This was the highest reading since December 1982.

This measure has mounted steadily as the U.S. economy suffers from a credit crisis sparked by the housing slump, forcing lay-offs as firms slash costs to offset weaker income.

The number of people remaining on the benefits roll after drawing an initial week of aid declined by 17,000 to a less-then-forecast 4.370 million in the week ended December 13, the most recent week for which data is available. Analysts had estimated so-called continued claims would be 4.400 million.

Video's
New unemployment claims reach 26-year high

More than half million jobs axed in November

Commentary:

Along with ever increasing unemployment, consumer spending fears of further poverty hit’s, along with threats of tax increases of what can be ill-afforded within the crumbling economy; one has the ever increasing rampant business failures across the whole spectrum of the US.

As to the problem of housing failures, it more appears many Americans are more worried if they will also be able to afford just to go to the market, with the ever increasing higher prices on just food to feed themselves and there families.

Some economist have expressed if they are further teetering on the brink of full collapse after the New Year, while other more optimist’s are saying a possible upswing maybe by 2010; while the next figure is 2015.

Bushonomics: The Eagle Wounding the Global Economy

7 November 2008

The dollar fell against the Euro and Yen in European trading on Friday ahead of key jobs data from the US, which has collapsed into a full Depression without admittance by the US.

Many investors were bracing for Friday's report on US payrolls for October to show an additional loss of 200,000 jobs following a string of downbeat economic data and earnings reports.

The strangling US economy had lost 159,000 jobs in September as the credit crunch and collapsed economy, further batters US industries.

It is becoming an increased awakening that the US collapsed economy is creating a bigger impact on the global economy then may have been first thought and some global economists’ contention that tying themselves originally with the US stock market, was a grave mistake.

Bushonomics: Teaching the Iraqi's How to Spend Money

24 October 2008

This one of those note worthy articles that is a bit interesting to the mind, apparently the Iraqi government has a little spending money and who would like to help them learn to spend, spend, spend; none other then the spend capital of the world, the United States.

After all the US has spent so much, there country is in full economic collapse, many of there people are subjected to abject poverty or just plain starving and to make matters worse the homeless population is becoming absolutely staggering between Hurricanes’ and home foreclosures, to let us not forget; the ever increasing high unemployment which continues to grow at leap and bounds.

So back to the beginning, who better to teach any one to spend; the United States.

Everybody need’s another country in full economic panic, let alone Iraq with foreign occupation and continuing genocide?

Bushonomics: Wall Street layoffs could surge past 200,000

A group of unemployed Wall Street employees perform for a crowd outside the New York Stock Exchange, on 13 October 2008.

23 October 2008
By JOE BEL BRUNO

NEW YORK – Traders and investment bankers might have more to worry about than dwindling bonus pools this year as mass firings on Wall Street are set to hit a record.

The fallout from this year's global credit crisis has claimed jobs on all corners of Wall Street, from hedge fund managers to floor traders and beyond. More than 110,000 have lost their jobs so far this year, and some industry experts forecast it could come close to 200,000 before the year is over.

Even the financial industry's biggest name isn't immune. Goldman Sachs Group Inc., the world's biggest investment bank, made plans on Thursday to cut 3,200 positions from its staff of 32,000. Barclays Capital is in the midst of purging 3,000 jobs as part of its takeover of Lehman Brothers, and Bank of America Corp.'s acquisition of Merrill Lynch & Co. is sure to add thousands more.

Major U.S. financial companies are getting rid of redundancies caused by this year's rapid-fire consolidation. They are also adapting to an environment of more regulation, less risk, and dwindling profits.

"Wall Street the way we know it is frankly gone," said Dr. Michael Williams, dean of the graduate school of business at Touro College in New York. "This was inevitable because there's just not enough money out there to support the huge staffs these banks and investment banks had before."

Williams and other analysts believe this next wave of cutbacks will be the biggest the American financial industry has faced since massive bank failures in the 1930s. He believes up to 250,000 financial workers — perhaps even more — could find themselves out of work by the second quarter of next year.

U.S. financial services companies have cut 111,201 positions through September, on top of 153,105 made last year, according to Chicago-based outplacement firm Challenger, Gray & Christmas. The Securities Industry and Financial Markets Association said there are currently 867,400 people employed by their members that include securities firms, brokerages, stock exchanges, and banks.

John Challenger, chief executive of Challenger, Gray & Christmas, said layoffs will surge in the next few months as companies begin to position themselves for 2009. In addition, cutting employees before the year's end in some cases eliminates hefty bonus payments.

"There's been heavy layoffs already, but until you see events start to slow down, we're not out of the woods," he said. "These companies, even the very best of them like Goldman, are subject to the conditions of much lower activity and much less revenue."

For the two surviving stand-alone investment banks, Golman Sachs and Morgan Stanley, the business environment might slow as they reshape themselves into companies that more closely resemble retail banks. That means they'll be more regulated, with greater limits on their ability to take risk.

There also remains uncertainty about how many banks might fail, even with the government's various bailouts. Banks that have heavy exposure to toxic mortgage investments and other risky bets might collapse or be acquired by healthier banks, in the next year.

Washington Mutual Corp., the Washington-based thrift, is in the process of unloading its retail branches to JPMorgan Chase & Co., and Wachovia Corp. is selling its retail network to Wells Fargo & Co. The number of jobs lost is still unknown from those transactions.

BofA's acquisition of Merrill Lynch could result in thousands of lost jobs, especially in areas like technology, operations and finance. Both sides are still attempting to map out where the cuts will come from, and there were reports this week that Merrill had already sent pink slips to 500 or more traders in New York.

A spokeswoman for Merrill declined to comment.

Video:

Americans Facing Job Loss: Fears of Losing it All

US Job layoffs are expected to keep climbing, according to Alan Greenspan.

Bushonomics: America Tell Bush How You Feel

Lafayette Park, also known as Presidents Park
16th & Pennsylvania Ave., NW (across from the White House), Washington, DC.

Park Description: The seven-acre park provides a prominent arena for public protests, ranger programs and special events. It was named to honor the Marquis de Lafayette, the French hero of the American Revolution. An equestrian statue of Andrew Jackson is located in the center and in the four corners are statues of Revolutionary War heroes: France's General Marquis Gilbert de Lafayette and Major General Comte Jean de Rochambeau; Poland's General Thaddeus Kosciuszko; Prussia's Major General Baron Frederich Wilhelm von Steuben. Buildings surrounding the park include the White House, the Old Executive Office Building, the Department of the Treasury, Decatur House, Renwick Gallery, The White House Historical Association, Hay-Adams Hotel and The Department of Veterans Affairs.

Open: Every day
Admission: Free
Hours: 24 Hours a day
Park Website

American’s are you feeling depressed because of Bushonomics due to you having lost your home, job, health care, retirement, loss business or the ever increasing rise in the cost of living and you just can not seem to make it on a daily basis to just your feelings against the wars in Iraq and Afghanistan to the proposals of new ones against your tax dollar, lost loved ones, to these global human rights violations; I came up with an idea of how to let US President George W. Bush know, how you feel.

Go to Washington and set up a tent in the park across the street from the White House and every time Bush appears, tell him exactly what is in your heart about the ever increasing economic collapse; as others have done in the same park throughout American history before you, most notably the old Hooverville’s from the 1930’s Depression or the 1960’s Peace protests; you may even wish to wear that flower in your hair or preference to your religious affiliations, such as thoughs who wear the Islamic hijab, Kippah, for example.

By getting together, you will have a camaraderie with other’s like yourself; to achieving united, for a common stance to make yourself heard in Washington.

Stand up for Your Human Right’s, for You can make the difference!

Updates:

Bushonomics: Bush Run's from Economic Protestors

Bushonomics: Bush Gestures to Growing Numbers of Economic Protestors

The Diminishing Refugee Camp’s

A Palestinian man carries a sack of food distributed from the United Nations Relief and Works Agency (UNRWA) in the Rafah refugee camp, on October 16, 2008.

Camps like Rafah are diminishing from Palestine’s landscape in an ever increasing scale, as employment and housing for example; are much improved and Palestine continues to grow.

Palestinian children helping to pack food aid boxes for distribution.

Bushonomics: PepsiCo to cut 3,300 jobs as profit falls 10 pct

In this 21 April 2008 file photo, a customer takes a bottle of Pepsi from a display at T & P Grocery in Hosford, Florida.

14 October 2008
By VINNEE TONG

NEW YORK -PepsiCo announced plans on Tuesday to cut 3,300 jobs and close six plants as it deals with lagging U.S. drinks sales and a surging dollar, which will hurt profits from its rapidly growing international business.

The announcement came as the global snacks and drinks maker reported a 9.5 percent drop in third-quarter profit and offered a downbeat profit outlook.

The job cuts amount to roughly 1.8 percent of PepsiCo's global work force of about 185,000 employees. The cuts will affect managerial and factory jobs both in and outside the U.S. Most will be eliminated in the coming months, Chief Financial Officer Richard Goodman said.

The nation's second-largest drink maker said it expects to generate a pretax savings of more than $1.2 billion over the next three years, with $350 million to $400 million to be saved in 2009.

"While we can't control the macro economic situation, we can enhance PepsiCo's operating agility to respond to the changing environment," Chief Executive Indra Nooyi said in a statement.

In the third quarter, company had net income of $1.58 billion, or 99 cents a share, compared with $1.74 billion, or $1.06 per share, a year ago. Revenue grew to $11.2 billion in the most recent period from $10.17 billion a year ago.

Analysts surveyed by Thomson Reuters, who typically exclude items from estimates, expected earnings of $1.08 per share on revenue of $11.2 billion.

Purchase, N.Y.-based PepsiCo Inc. also noted that the recent surge in the U.S. dollar will hurt fourth-quarter profit. At current rates, the incremental impact would be about 4 cents to 5 cents per share.

As a result, the company now expects to report 2008 earnings per share of $3.67 to $3.68, compared with prior guidance of $3.72. Analysts expected $3.74 per share for the full year.

Pepsi VS Coke-Cola Commercial

Bushonomics: Stocks decline on unemployment, factory reports

Trader Eric Schumacher, left, watches the numbers as he works on the New York Stock Exchange floor, on 2 October 2008.

2 October 2008
By JOE BEL BRUNO

NEW YORK- Stocks tumbled and credit markets remained tight Thursday after plunging factor orders and a seven-year high in jobless claims stoked fears that the government's financial rescue plan might not be enough to ward off a recession. The Dow Jones industrials fell nearly 230 points, their fourth straight triple-digit move.

Investors appeared to be pulling more money out of the market and settling in for a prolonged economic winter. The main concern is that the $700 billion bailout plan won't be enough to stimulate growth, and the latest economic reports delivered on Tuesday demonstrate that the economy continues to struggle.

The government said the number of people seeking unemployment benefits rose last week and that demand at the nation's factories has fallen by the largest amount in nearly two years. The market is interpreting the Commerce Department report on factories as a sign that tight credit conditions are hitting manufacturers.

"The economy is what's driving this weakness," said Subodh Kumar, global investment strategist at Toronto-based Subodh Kumar & Associates. "I think now what's going on is a focus on the economic weakness in a whole bunch of areas."

He said "the next couple of days are going to be pretty intense politically" as Wall Street girds for another vote on the financial bailout plan.

The bill that passed the Senate late Wednesday will be sent to the House as soon as Friday. The latest version of the bill adds $100 billion in tax breaks for businesses and the middle class and raises the limit on federal deposit insurance to $250,000 from $100,000.

Supporters are hoping the sweetened bill will be more palatable to some of the 133 House Republicans who rejected the measure in a vote Monday that took Wall Street, and many on Capitol Hill, by surprise.

Those in favor of the plan to let the government buy billions of dollars in bad mortgage debt and other now-toxic assets say it will help unclog the world's ailing credit markets. Banks are fearful of making loans, even to each other, because of worries they won't be repaid. That, in turn, is weighing on the economy, making borrowing more difficult and expensive for businesses and consumers alike.

The credit markets showed some increased strain on Thursday. The yield on the 3-month T-bill, the safest type of investment, rose to 0.80 percent from 0.79 percent late Wednesday. The historically low yields indicate investors are willing to accept the smallest of returns to safeguard their money.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.66 percent from 3.74 percent late Wednesday.

The Dow fell 226.52, or 2.09 percent, to 10,604.55. The blue chips plunged nearly 778 points Monday, logged a partial rebound Tuesday and finished moderately lower Wednesday.

Broader stock indicators also fell sharply Thursday. The Standard & Poor's 500 index fell 29.00, or 2.50 percent, to 1,132.06, and the Nasdaq composite index fell 53.08, or 2.56 percent, to 2,016.32.

___

On the Net:

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

Commentary:
While there is a huge increase of unemployed and the ever-increasing poor, it seems they are never in the picture as for as what has been said numerous times towards this bailout bill and these people are extremely important.

As far as taxes towards these people, they can not afford the cost of living now; let alone in the future.

This second run of this souring bailout bill, is just another case of it will not work, let’s think again.

As far as buying bad debt paper, the chances of recouping and paying back or slim to none and in the long-run will make matters worse; as has been mentioned previously.

I do not know about other people in America, but I do not care to see another deceased homeless person on a public park bench and what makes matters worse; knowing they are forgotten by there government or the gentleman who had a suit job yesterday, sleeping on a bench the next day without a job and lost there home.

Needless to say, these two people could not afford the bailout bill, anymore, then the ones standing in the never-ending unemployment line.

As another quick example, can US afford to build a new embassy in London?

Bushonomics: Weak economy pushes jobless claims to 7-year high

The unemployed singing the blues, Bushonomics at work.

2 October 2008

By CHRISTOPHER S. RUGABER

WASHINGTON -New applications for unemployment benefits rose slightly last week to a seven-year high due to a weakening economy and the impact of Hurricanes Ike and Gustav, the Labor Department said Thursday.

The department reported that initial claims for jobless benefits increased by 1,000 to a seasonally adjusted 497,000. That's significantly above analysts' estimate of 475,000. The total is the highest since just after the Sept. 11 terrorist attacks seven years ago.

U.S. stock futures declined on the report. Dow Jones industrial average futures dropped 102 to the 10,785 level, pointing to a lower opening for shares.

The hurricanes, which hit Texas and Louisiana earlier this month, added about 45,000 claims from the two states for the week ending Sept. 27, the department said.

The hurricanes have led to higher claims for several weeks. As a result, the four-week average of claims, which smooths out fluctuations, jumped to 474,000, up 11,500 from the previous week.

In the week ending Sept. 20, Texas reported a 22,235 jump in claims, while Louisiana said claims rose by 9,671.

The number of people continuing to receive benefits increased to 3.59 million, up 48,000 and higher than analysts' estimates. That's the highest total in five years.

Jobless claims are at elevated levels even excluding the hurricanes. Weekly claims have now topped 400,000 for 11 straight weeks, a level economists consider a sign of recession. A year ago, claims stood at 324,000.

The economy is struggling with the financial crisis and slowing consumer spending, leading to increased layoffs by the nation's employers.

Economists expect a separate Labor Department report Friday on payrolls to reflect further weakness in the labor market. They predict the report will show that the nation's employers cut 100,000 jobs last month. That's on top of 605,000 jobs that were eliminated in the first eight months of this year.

The report is expected to show that the jobless rate remains at 6.1 percent. The rate jumped above 6 percent for the first time in five years in August.

The financial crisis will likely cause greater job cuts in the coming months. Several large, troubled banks have been bought by competitors and layoffs are likely.

Citigroup Inc. on Monday purchased Wachovia Corp., which had about 120,000 employees. JPMorgan Chase & Co. last week bought Seattle-based Washington Mutual, which employed roughly 43,000.

Several companies have announced layoffs in the past week, including aluminum company Alcoa Inc., auto retailer CarMax, Inc. and chicken producer Pilgrim's Pride Corp.

US: Jobless claims pushed to 7-year high

25 September 2008

WASHINGTON -New claims for unemployment benefits jumped last week to their highest level in seven years due to the impact of a slowing economy and Hurricanes Ike and Gustav, the Labor Department reported Thursday.

The department said new requests for jobless benefits for the week ending Sept. 20 increased by 32,000 to a seasonally-adjusted 493,000, much higher than analysts' expectations of 445,000.

Wall Street was more focused on Washington, though, where lawmakers and the administration appeared to be moving closer to a $700 billion bailout package for the financial system. Stocks were headed for a moderately higher open.

The two hurricanes added about 50,000 new claims in Louisiana and Texas, the department said. The four-week moving average, which smooths out fluctuations, rose to 462,500.

Even excluding the effects of the hurricanes, jobless claims remain at elevated levels. Weekly claims have now topped 400,000 for ten straight weeks, a level economists consider a sign of recession. A year ago, claims stood at 309,000.

The number of people continuing to draw jobless benefits last week was 3.54 million, up 63,000 from the previous week and nearly a five-year high. The four-week average of continuing claims was 3.49 million.

Hurricane Gustav first had an impact on jobless claims for the week ending Sept. 13. The department said Thursday that Louisiana reported an increase in claims of 18,409 during that week, mostly due to Gustav.

The financial crisis, falling home prices and slowing consumer spending continue to apply the brakes to the U.S. economy. The unemployment rate jumped unexpectedly to 6.1 percent in August, the highest level in five years.

Last week, drug maker Schering-Plough Corp. said it plans to cut 1,000 sales jobs to reduce costs, part of a 10 percent reduction in staff announced in April. Also, the nation's largest chicken producer, Pilgrim's Pride Corp., announced it would reduce 100 jobs besides the 600 job losses it previously announced.

Airport Strike Strands Travelers

14 September 2008

A weekend strike at Ben-Gurion International Airport has stranded hundreds of Europe-bound travelers without warning, disgruntled passengers say.

Attendants who handle ground-handling and ticketing services at the Tel Aviv airport began striking against the private firm Aerohandling at 3 a.m. Saturday, Ynetnews.com reported, leaving passengers stranded with little information.

"We arrived at the airport at 3:30 a.m. and then they told us that the Aerohandling ground attendants launched a strike," one traveler identified only as Barak told the Web site.

"Since then, people have been sitting on the floor, on the conveyor belts and in every possible place. No one has come to tell us when this nightmare is going to end."

An Airport Authority spokesperson said the dispute is between Aerohandling and its employees.

"The IAA provides an operational platform and is not a commercial or consumer entity opposite the traveling public," it said in a statement. "This is an internal incident between the company and its workers. We hope that the delays are solved soon."

Commentary
When I was a about a teenage, New York City had the largest garbage strike known at that time and what made it so, was while there was so much trash to be picked-up in part due to the size of the city; New York street’s for the extension of the strike began to take on more of the look of either a skid row or a large refuge dump, until the worker’s came to an agreement to the terms of a new wage contract, if I remember correctly.

This particular strike at the Ben-Gurion International Airport makes one think of the same and while it is unfortunate for travelers, it is hoped like the NY trash strike; it will be resolved.

U.S. unemployment rate hits a five-year high

Jobless rate rose to 6.1 percent in August; employers cut 84,000 jobs

5 September 2008

WASHINGTON - The nation’s unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.

The Labor Department’s report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy.

The report rattled Wall Street again. The Dow Jones industrial average was down nearly 100 points in morning trading. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there’s growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year.

The jobless rate jumped to 6.1 percent in August, from 5.7 percent in July. And, employers cut payrolls for the eighth month in a row. Job losses in June and July turned out to be much deeper. The economy lost a whopping 100,000 jobs in June and another 60,000 in July, according to revised figures. Previously, the government reported job losses at 51,000 in each of those months.

So far this year, job losses totaled 605,000.

The latest snapshot was worse than economists were forecasting. They were predicting payrolls would drop by around 75,000 in August and the jobless rate to tick up a notch, to 5.8 percent. The grim news comes as the race for the White House kicks into high gear. The economy’s troubles are Americans’ top worry.

“With the unemployment rate over 6 percent, it is a clear warning sign that this economy is continuing to soften faster than we thought. It is a real concern,” said Joel Naroff, president of Naroff Economic Advisors. “Businesses have decided to hunker down. They are not hiring, and they are paring workers where they can. That is making things pretty tough out there.”

Wachovia Corp., Ford Motor Co., Tyson Foods Inc. and Alcoa Inc. were among the companies announcing job cuts in August. GMAC Financial Services this week said it would lay off 5,000 workers.

Job losses in August were widespread, the government report showed.

Factories cut 61,000 jobs, with housing-related manufacturers and automakers among the hardest hit. Construction firms eliminated 8,000 jobs, retailers axed 20,000 slots, professional and business services slashed 53,000 positions and leisure and hospitality got rid of 4,000. Those losses swamped employment gains in the government, education and health.

Job losses at all private employers — not including government — came to 101,000 in August.

The government said workers age 25 and older accounted for all the increase in unemployment in August.

All told, the number of unemployed rose to 9.4 million in August, compared with 7.1 million a year ago. Economists predict more job losses ahead, pushing the jobless rate to 7 percent by the fall, according to some projections.

Workers saw wage gains in August, however.

Average hourly earning rose to $18.14 in August, a 0.4 percent increase from July. Economists were forecasting a 0.3 percent gain. Over the past year, wages have grown 3.6 percent, but paychecks aren’t stretching as far because of high food and energy prices.

Caught between dueling concerns of slow growth and inflation, the Fed is expected to leave a key interest rate alone at 2 percent when it meets next on Sept. 16 and probably through the rest of this year. Concerned about inflation, the Fed at its last two meetings didn’t budge the rate. Before that, though, the Fed had aggressively cut rates to shore up the economy.

With the Fed on the sidelines, Democratic presidential nominee Barack Obama has called for a second round of government stimulus, while his GOP rival John McCain has favored free-trade and other business measures to spur the economy. Both candidates seized on the job figures Friday to take swipes at each other.

Jobless claims rise to highest since March 2002

T. J. Martin, 32, from California, talks on the cell phone with his family asking for money as he waits for work at a labor force office, Friday, Aug. 1, 2008, in Tallahassee, Fla. Martin, a construction worker, has been unemployed for several months.

7 August 2008

By JEANNINE AVERSA

WASHINGTON -The number of newly laid off people signing up for jobless benefits last week climbed to its highest point in more than six years as companies cut back given the faltering economy.

The Labor Department reported Thursday that new applications filed for unemployment insurance rose by a seasonally adjusted 7,000 to 455,000 for the week ending Aug. 2. The increase left claims at their highest level since late March 2002.

A program to locate people eligible for jobless benefits played a role in the increase, a Labor Department analyst said. However, the analyst couldn't say how much of a role.

The latest snapshot of layoff filings was worse than analysts expected. They were forecasting new claims to drop to around 430,000.

The data disappointed Wall Street. Stocks appeared headed for a lower opening with the Dow Jones industrial average futures down 99 at the 11,532 level.

The new layoff filings were distorted by the outreach program to notify people that they could qualify for additional benefits under a new law.

When people went to state claims offices to apply for these extended benefits, state officials discovered that some were eligible for — but haven't filed for — their initial unemployment benefits, the Labor Department analyst said. That accounted for some of last week's increase, he said.

Meanwhile, the four-week moving average of claims, which smooths out weekly fluctuations, rose to 419,500 last week, the highest since mid-July 2003.

The number of people continuing to collect unemployment benefits went up by 31,000 to 3.3 million for the week ending July 26, the most recent period for which that information is available. That was the highest since early December 2003.

Among the companies announcing job cuts in late July or early August were: General Motors Corp., Weyerhaeuser Co., and Starbucks Corp. Bennigan's restaurants owned by privately held Metromedia Restaurant Group, are closing, driving more people to unemployment lines.

Squeezed by high energy prices and fallout from housing and credit troubles, employers clamped down even more on hiring in July. The nation's unemployment rate jumped to a five-year high of 5.7 percent, the government reported last week. Employers cut jobs every month so far this year, driving up losses to 463,000.

Economists expect another half million jobs to be eliminated this year alone. The jobless rate could hit 6.5 percent by the middle of next year.

The country is getting pounded by many negative forces, the Federal Reserve said Tuesday.

"Labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction and elevated energy prices are likely to weigh on economic growth over the next few quarters," the Fed said.

Against that backdrop, the Fed decided to leave a key interest rate steady Tuesday. The Fed can't afford to cut rates anymore because it could aggravate inflation. On the other hand, boosting rates too soon would deal a blow to the economy and the ailing housing market.

Oil Hikes Higher for U.S. as Claims on Unemployment is Study

Car lights are seen streaking past an oil rig extracting petroleum in the Los Angeles area community of Culver City, California.

3 July 2008

Oil prices briefly soared to a record near $146 a barrel Thursday, then eased when the European Central Bank did not signal more rate hikes and a report showed unemployment in the United States has continued to climb.

On Wednesday, the contract set a new closing record for floor trade at $143.57 — a full $2.60 above the previous close.

U.S. employers cut payrolls by 62,000 in June, the sixth straight month of nationwide job losses, underscoring the economy's fragile state. The unemployment rate held steady at 5.5 percent.

The weak economy has U.S. consumers cutting back on driving and paring other energy related costs.

The nation's services sector declined unexpectedly in June after two months of growth, as new orders fell sharply and oil prices took their toll on businesses.

Some economist are speaking of saber-rattling, with the idea that the oil situation with the increases, is due to the U.S. creating further instability in the Middle East; especially towards threats of war towards Iran.

While the majority of the world believes it is still the plummeting U.S. dollar, especially the increasing instability of U.S. economy and its effect on the world market. There are even long-term predictions, that the U.S. economy is going further into full collapse.

Palestine to Have Intel Inside

Jewish Prime Minister Ehud Olmert speaks at the opening of a new Intel plant on 1 July 2008 in Kiryat Gat.

The 45nm Fab28 production facility, built at a cost of some US$3.5 billion, will employ 2,300 people, for a total of 6,500 staff in Intel's R & D, development and production centers.

For a Better Palestine

30 June 2008

by HRM Deborah

Palestine has a severe unemployment problem and a housing shortage at this time, largely due to the influx of foreign workers.

Without disrespect and with much gratitude to the foreign workers, their services are no longer required and they are asked to please return to there home countries as soon as possible; in turn all employment will be returned to the Palestinian populace in an effort to relieve not just the unemployment problem in Palestine, but hopefully the severe housing shortage situation.

For it is very important to build Palestine and making it flourish for all Palestinians for now and into the future.