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Ear to the Ground

U.S. Economy Showing Signs of Life

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Posted on Sep 9, 2009
Cash for Clunkers
Flickr / billaday

The government’s “Cash for Clunkers” initiative stimulated auto sales, but analysts don’t think that trend will continue now that the program has expired.

A report released by the Federal Reserve on Wednesday gave some indications that, for half of the districts tracked by the Fed and for certain markets, the American economy is slowly starting to revive from its near-death experience last fall.

Reuters via Google News:

“Most districts noted that the outlook for economic activity among their business contacts remained cautiously positive,” the Fed’s Beige Book survey said.

The modestly upbeat report said most regions reported some improvement in hard-hit residential real estate markets and an uptick in manufacturing.

[...] Tempering the brighter spots, Fed contacts reported that demand for commercial property remained weak and that businesspeople in some areas believed recently higher vehicle sales levels were likely not sustainable after the government’s “cash for clunkers” incentive program lapses.

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By stcfarms, September 13, 2009 at 12:32 pm Link to this comment

Inherit,

Now that you are making a living again you might want to create a ‘side’ job in
the underground economy. You will not be taking a chance like an
unemployed person would and when your real job dries up you will not miss it.

By Inherit The Wind, September 13 at 12:05 am #

I lost my old job back in the middle of April.  I was out of work until this last
week, when I began a new job.  For me, personally, the recovery has begun.
One job.  I finally got mine, and, believe me, I want to help somebody else get
one too, directly if possible.

Report this

By Inherit The Wind, September 12, 2009 at 9:05 pm Link to this comment

truedigger3, September 9 at 5:19 pm #

“The economy is improving)!!!
But listen folks. It is and will be a jobless recovery, home foreclosures will be going strong as ever and each month tens of thousands and may be hundreds of thousands will be joining the ranks of the unemployed.
Hurah! Hurah! The recession is over!!!!

***********************************************

TD3, your continual capacity for intellectual obtuseness never fails to surprise me.  To you, “jobs” are an abstraction.  To me, each job is a true concrete reality, not an abstraction.  The recovery will be built one job at a time.  I know this from personal experience.

I lost my old job back in the middle of April.  I was out of work until this last week, when I began a new job.  For me, personally, the recovery has begun.

Of course you will totally miss the point of this and say something absurd like “ITW doesn’t care about other people as long as HE is working again.”  And you would be wrong, as usual.

My point is that “jobs” aren’t an abstraction.  They are, for every unemployed man or woman, like they are for me: A very real and very individual thing that allows me and my family to live a little better, and breathe a little easier.  I’ll put more back by being able to consume a little more, and save a LOT more, each just a drop in the ocean of our economy.

There are 10 million more like me in America, but the rate our, no, now THEIR number is growing has slowed significantly, like a ship that’s still going one way but is nearly stopped and ready to turn.  Every month that ship has slowed, finally.

And each man and each woman like me that finds a new job helps slow it just a little more in 3 ways:

1) By now having a job and forcing the count down in two places a) number unemployed and b) number of jobs lost that month by off-setting one loss.

2) By increased consumption to help prime the pump. I’m not talking buying iPods for the office, but getting that new washing machine, or not buying the kids the CHEAPEST back-to-school clothes. Or maybe, just maybe, taking a real vacation.

3) Saving.  Yeah, I know everybody hates the banks for what they’ve done but that doesn’t change the facts that banks hold money and make loans to make that money work.  Loans for home-buying (hopefully now at realistic prices), loans for home improvement or home repair, loans to buy cars and motorcycles, and loans to start new businesses.  Not all loans are bad and not all banks are irredeemably evil.

One job.  I finally got mine, and, believe me, I want to help somebody else get one too, directly if possible.

Report this

By stcfarms, September 11, 2009 at 7:29 pm Link to this comment

Ah but you can, you can join the underground economy. Make your own job,
quit accepting fiat money and learn to be self sufficient. Their system runs on
you borrowing their fiat money, it makes you their slave. When you refuse to
play their game they get stuck with the fiat money (and the debt). My girlfriend
and I lived for years in a VW camper, in 1977 we moved up to a 17’ Traveleze
trailer and in 1992 we paid cash for the house we live in now. During the time
we were living in campers we were creating our own jobs. My favorite was
placing an ad in the newspaper “We tow junk cars free” I would get about ten
cars a week, eight were junk and maybe two were repairable. The junk cars
were worth about $25 each but the two repairable cars brought in a couple of
hundred dollars each. The jobs that you create would be different because
everyone has a different set of skills. If you borrow money you will lose
everything, that is their plan. If you have a garden you will have to buy less
food, there are a thousand ways to hurt the system, use them. Their fiat
money only has the value that you give it, if you do not give it any value then it
is worthless.

“You can always spot an honest politician, six feet above his
head is a large granite stone with his name on it”


By LostHills, September 9 at 9:50 pm #


You can’t have a healthy economy when 10% of the workforce is unemployed.
You can’t have a healthy economy when union membership is only 8%. You
can’t have a healthy economy when wage earners are making less than they
were in 1980 and the richest 1% of the population is making 150% more than
they were in 1980. You can’t have a healthy economy when you’ve allowed
your entire manufacturing sector to be exported over seas. You can’t have a
healthy economy when you’re shoveling billions of dollars per month into two
unwinnable foreign wars. You can’t claim to be in a recovery because of the
temporary effects of dumping trillions of dollars of borrowed money into dying
financial institutions. And you can’t tell people that things are looking up
when they’re selling every good thing they own on ebay and they’re facing
evictions, foreclosures and getting their cars repoed. It’s just more B.S. from
the profiteers.

Report this

By 'For What Its Worth', September 10, 2009 at 8:37 am Link to this comment
(Unregistered commenter)

‘released by the federal reserve’

well they should know since they are behind the collapse anyway.

Its all right here:

http://www.youtube.com/watch?v=eAaQNACwaLw&feature=channel_page

Report this
LostHills's avatar

By LostHills, September 9, 2009 at 6:50 pm Link to this comment

You can’t have a healthy economy when 10% of the workforce is unemployed. You can’t have a healthy economy when union membership is only 8%. You can’t have a healthy economy when wage earners are making less than they were in 1980 and the richest 1% of the population is making 150% more than they were in 1980. You can’t have a healthy economy when you’ve allowed your entire manufacturing sector to be exported over seas. You can’t have a healthy economy when you’re shoveling billions of dollars per month into two unwinnable foreign wars. You can’t claim to be in a recovery because of the temporary effects of dumping trillions of dollars of borrowed money into dying financial institutions. And you can’t tell people that things are looking up when they’re selling every good thing they own on ebay and they’re facing evictions, foreclosures and getting their cars repoed. It’s just more B.S. from the profiteers.

Report this

By BlueEagle, September 9, 2009 at 3:32 pm Link to this comment

We are in that moment when a heroin addict is about to die and then gets one last large hit (Fed’s multi-trillion FRN injection). He goes crazy for a while (Dow 9500) and then falls down and collapses (Dow = 1oz of gold).

Report this

By truedigger3, September 9, 2009 at 2:19 pm Link to this comment

“The economy is improving)!!!
But listen folks. It is and will be a jobless recovery, home foreclosures will be going strong as ever and each month tens of thousands and may be hundreds of thousands will be joining the ranks of the unemployed.
Hurah! Hurah! The recession is over!!!!

Report this

By doublestandards/glasshouses, September 9, 2009 at 1:46 pm Link to this comment
(Unregistered commenter)

I agree with Wendell Berry writing in the current issue
of The Progressive who says that there shouldn’t be a
recovery if it means going on with the same system.  It
can only be sustained with more schemes like the
housing bubble.  The whole system needs to be changed.

Report this
skulz fontaine's avatar

By skulz fontaine, September 9, 2009 at 1:35 pm Link to this comment

Yeah, the U.S. Economy is on “bailout support.”

Report this
 
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