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Thursday, February 5, 2009
626,000 Jobless Claims, the Highest in 26 Years!!!
By Christopher S. Rugaber for the Associated Press
New jobless claims jumped far more than expected last week in an already dismal labor market, and there's no relief in sight for workers as mass layoffs persist.
The Labor Department reported Thursday that the number of laid-off workers seeking jobless benefits rose last week to a seasonally adjusted 626,000, from the previous week's upwardly revised figure of 591,000. The latest total is far more than analysts' expectations of 583,000.
That's also the highest since October 1982, when the economy was in a steep recession, though the work force has grown by about half since then.
The number of people that remained on the unemployment compensation rolls increased slightly to nearly 4.8 million, the most since records began in 1967.
As a proportion of the work force, the number of people receiving unemployment benefits is at the highest level since August 1982. But that doesn't include an additional 1.7 million people receiving unemployment insurance through an extension of benefits Congress approved last year, which brings the total to about 6.5 million.
The extension provides up to 33 additional weeks of benefits, on top of the 26 weeks typically provided by states.
The numbers reflect the rapid deterioration in the labor market in recent weeks as companies from a wide range of sectors have announced tens of thousands of layoffs and displaced workers find it even more difficult to land a new job.
New jobless claims jumped far more than expected last week in an already dismal labor market, and there's no relief in sight for workers as mass layoffs persist.
The Labor Department reported Thursday that the number of laid-off workers seeking jobless benefits rose last week to a seasonally adjusted 626,000, from the previous week's upwardly revised figure of 591,000. The latest total is far more than analysts' expectations of 583,000.
That's also the highest since October 1982, when the economy was in a steep recession, though the work force has grown by about half since then.
The number of people that remained on the unemployment compensation rolls increased slightly to nearly 4.8 million, the most since records began in 1967.
As a proportion of the work force, the number of people receiving unemployment benefits is at the highest level since August 1982. But that doesn't include an additional 1.7 million people receiving unemployment insurance through an extension of benefits Congress approved last year, which brings the total to about 6.5 million.
The extension provides up to 33 additional weeks of benefits, on top of the 26 weeks typically provided by states.
The numbers reflect the rapid deterioration in the labor market in recent weeks as companies from a wide range of sectors have announced tens of thousands of layoffs and displaced workers find it even more difficult to land a new job.
Wednesday, February 4, 2009
SCHIP Gets Signed!!!
The children’s health program is critical as states begin to run out of money for children’s health care, and every time the national unemployment rate goes up one point, 700,000 more children lose their coverage. “I find it amazing that we have spent so much time debating it,” said Sen. Sanders on the Senate floor on Wednesday. “The United States of America remains the only country in the industrialized world where this debate would take place. We’re spending weeks discussing an issue that every other country in the industrialized world has long resolved.” The senator, a member of the Senate health committee, pointed out that, even after the children’s health care bill passes, 3 million kids will remain without health insurance.
SEC's Acting General Counsel Andy Vollmer Gets Drilled By Rep. Gary Ackerman, Cites Executive Privelege!!!
WHAT A JOKE!!!! They can't accept the fact that they completely screwed up!!! So now they have to hide behind executive privelege!!! The era of profound irresponsibility once again rears its ugly head!!!!
Obama Caps Exec Pay to $500,000 for Companies Accepting Federal Bailout Money
At about a minute into the story, the reporter states something extremely disturbing!!! Some critics speculate that this salary cap will deter some institutions from seeking federal bailout funds even though they know that the government is the only entity that can provide them with the levels of assistance necessary to stay afloat.
This leads me to believe that GREED is not only spelled with capital letters in this country but with extremely bold font and underlined!!! If companies stop seeking federal aid because the execs feel they should make more than $500,000 during the worst economic time since the Great Depression, then that is the essence of greed, selfishness, irresponsibility, and utter stupidity!!! And they want tax cuts on top of that??? WOW!!!!
The government is the only hope for a large portion of private corporate recovery and execs of these companies know this. When you're "too big too fail" you're also too big to run and hide. Responsibility will find you!!! And it has (in the form of the people). Institutions must now completely abandon any and all shady business practices and operate fairly and honestly, and do whatever is necessary, that includes making financial sacrifices, to once again reach stable levels.
Up to this point, ways of combatting some of the problems have been via layoffs. A significant number of these pink slips could have probably been avoided if the overall salary rates between the highest paid and lowest paid employees were more balanced. But i guess modern corporate American structure now mirrors the societal ambitions of the conservative party when it comes to the issue of destroying the middle class. Companies are paying the lowest salaries they can get away with (aside from not supplying ample benefit packages) to people performing jobs perceived to be anything less than management positions (hence middle and lower class). On the other hand, jobs viewed as top level positions (high class) accompany enormous and, in many cases, ridiculous salaries. This structure promotes the rich getting rich and a nasty game of social darwinism throughout the rest of corporate America.
In regards to the salary cap that President Obama is placing on execs whose companies accept federal financial aid, I'm sure the conservative argument is a rather telegraphed one. It is something to the effect of: "Why should the government control the salaries of private corporations. That goes completely against the fundamentals of capitalism. America is the land of the free. And therefore the sky should be the limit for everything in the private sector. BLAH BLAH BLAH..."
Don't even attempt to sling that crap!!! When the taxpayers are supporting this bailout we are your new board of directors as well as your shareholders!!! And just in case these execs forgot, WE THE PEOPLE are government!!! This has been after all the biggest robbery in the history of the world. Don't think for a minute that the American people will continue to have the wool pulled over their eyes while borderline criminal behavior takes place.
Once Again Senator Sanders Defining True Publice Service!!!!
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Tuesday, February 3, 2009
More Wasteful Spending with Taxpayer Bailout Dough!!!
By Daniel Wagner and Matt Apuzzo for the Associated Press
Wells Fargo & Co., which received $25 billion in taxpayer bailout money, is planning a series of corporate junkets to Las Vegas casinos this month.
Wells Fargo, once among the nation's top writers of subprime mortgages, has booked 12 nights at the Wynn Las Vegas and its sister hotel, the Encore Las Vegas beginning Friday, said Wynn spokeswoman Michelle Loosbrock. The hotels will host the annual conference for company's top mortgage officers.
The conference is a Wells Fargo tradition. Previous years have included all-expense-paid helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 employees and guests.
Wells Fargo & Co., which received $25 billion in taxpayer bailout money, is planning a series of corporate junkets to Las Vegas casinos this month.
Wells Fargo, once among the nation's top writers of subprime mortgages, has booked 12 nights at the Wynn Las Vegas and its sister hotel, the Encore Las Vegas beginning Friday, said Wynn spokeswoman Michelle Loosbrock. The hotels will host the annual conference for company's top mortgage officers.
The conference is a Wells Fargo tradition. Previous years have included all-expense-paid helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 employees and guests.
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