Black People : What is the real Deal with the Economy?

Discussion in 'Black People Open Forum' started by Ankhur, Aug 15, 2010.

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  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    Foreclosures and Mounting Unemployment: Signs of Slowdown in US Economy
    Jobless benefits claims at six-month high

    By Barry Grey

    Global Research, August 14, 2010
    World Socialist Web Site

    Reports released this week on initial applications for jobless benefits, bank seizures of foreclosed homes and retail sales all reflect a dramatic decline in US economic growth and growing social distress.



    On Thursday, the Labor Department reported that first-time jobless claims rose by 2,000 last week to 484,000, the third weekly rise in the past month and the highest level in six months. As has been the case with virtually all US economic data in recent weeks, the figures defied the more optimistic forecasts of economists. They had predicted jobless filings would fall by 14,000.



    The four-week moving average of unemployment benefits claims also rose, increasing by 14,250 to 473,500. Most economists believe that weekly initial claims above 400,000 reflect an unhealthy economy that is generating too few jobs to keep pace with the normal growth of the labor force.



    According to the Financial Times, Joshua Shapiro, chief US economist at MFR, noted that the current level of claims is consistent with an economy that is shedding 200,000 jobs a month. Last week, the Labor Department reported that US payrolls shrank by 131,000 in July.



    The jobless claims figures suggest that the jobless rate will likely rise above the current official level of 9.5 percent.



    The Associated Press reported that Pierre Ellis, an economist at Decision Economics, wrote in a note to clients that Thursday’s unemployment claims report “represents a very adverse turn in the labor market, threatening income growth and consumer spending.”



    The social impact of the worsening jobs crisis was indicated by Thursday’s report on home foreclosures. The real estate data firm RealtyTrac reported that lenders seized 92,858 homes in July, up 9 percent from June and 6 percent from July of 2009. The July figure was the second highest monthly total since RealtyTrac began compiling records in January of 2005.



    The company noted that foreclosures and home repossessions are rising particularly rapidly in the Northwest and Midwest. The number of homes seized by lenders doubled in 19 states and more than tripled in 7 of them.



    In Idaho, home seizures soared 822 percent in the second quarter of this year. The staggering impact of the economic crisis in that state is reflected as well in its jobless figures. The official unemployment rate in Idaho in July was 8.2 percent. In July of 2007 it was 2.9 percent.



    Michael Ferguson, Idaho’s chief economist, told Bloomberg News, “This is an off-the-chart financial event. I wasn’t around for the Depression, but in the last half century there has been nothing like this.”

    http://www.globalresearch.ca/index.php?context=va&aid=20616
     
  2. Ankhur

    Ankhur Well-Known Member MEMBER

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    Will Quantitative Easing By The Federal Reserve Unleash Economic Hell?

    Prior to the financial crisis of 2007 and 2008, the Federal Reserve could always count on being able to stimulate the U.S. economy with a quick cut to interest rates. But now with interest rates just barely above zero, the Federal Reserve is searching for other ways to pump life into a U.S. economy that is staggering about like a drunken college student. One of the ways that the Federal Reserve can do this is through something called "quantitative easing". In essence, what happens is that the Federal Reserve creates money out of thin air and starts buying things like U.S. Treasuries, mortgage-backed securities and corporate debt. But many economic analysts are now warning that further rounds of quantitative easing by the Federal Reserve could end up setting off a series of events that could ultimately unleash economic hell. In fact, there are quite a few high profile commentators who now believe that hyperinflation in the United States is absolutely inevitable.

    For those not familiar with quantitative easing, Wikipedia has a pretty good definition....

    The term quantitative easing (QE) describes a form of monetary policy used by central banks to increase the supply of money in an economy when the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.[citation needed] A central bank does this by first crediting its own account with money it has created ex nihilo ("out of nothing").[1] It then purchases financial assets, including government bonds, mortgage-backed securities and corporate bonds, from banks and other financial institutions in a process referred to as open market operations.

    But is it really a good idea for a privately-owned central bank to have the power to create money out of nothing and to do whatever it wants with it outside of U.S. government control?

    Of course not, but we dealt with those issues in another article.

    What we will concern ourselves with in this article are the negative effects that could be unleashed as the Federal Reserve further abuses this power.

    Now keep in mind that disasters don't usually happen overnight. They usually build over time. When the Federal Reserve begins new rounds of quantitative easing, it will take time for the effects to be felt.

    And so far, the new quantitative easing measures that the Federal Reserve has implemented have been relatively mild....

    *The Federal Reserve has announced that it will "continue to roll over the Federal Reserve’s holdings of Treasury securities as they mature".

    *The Federal Reserve has also announced that it has decided to reinvest principal payments on mortgage holdings into U.S. Treasury securities.

    *The Federal Reserve Bank of New York announced on Wednesday that it will purchase $18 billion in U.S. Treasury securities between now and mid-September.

    But most analysts are expecting quantitative easing by the Fed to accelerate - especially if the U.S. economy continues to flounder.

    So is there a reason we should be concerned about all of this?

    Well, yes there is.

    Marc Faber, the author of "The Gloom, Boom and Doom Report", recently warned CNBC that all of this intervention by the Federal Reserve is going to create a "final crisis" that will destroy the U.S. financial system....

    "Investors should have listened to me already six months ago when I wrote that the Fed will continue to monetize … they will print and print and print until the final crisis wipes out the whole system."

    In a recent article, Bob Chapman of the International Forecaster described some of the financial gymnastics that our "financial authorities" go through just to keep the current shell game going....

    But first, we ignore things like monthly hundred billion plus mathematical discrepancies between the amount of the government's deficits and the amount of treasury bonds being sold. Then we give the proceeds from the bogus excess treasury sales to foreign countries, foreign central banks and sovereign wealth funds as well as Cayman Island hedge funds so they can do what with it? Why, so they can buy US treasury paper and agency paper, among other things. Yep, we set up the straw men, fund them with counterfeit money illegally created out of thin air beyond what is needed to fund the ever-increasing deficit being created by the drunken sailors running the US government, and we then magically create categories of new mega-buyers in our financial reports to show everyone how our treasury paper is just as "beloved" as in the old days. Why, even the totally bankrupt UK has magically created $180 billion for the express purpose of buying up those treasuries to keep the whole rip-off party going.

    What a mess they have created.

    Things have gotten so bad that even CNN is publishing articles that openly acknowledge the crisis. In a recent article on CNN entitled "Is This Finally The Economic Collapse?", Keith R. McCullough warned that the Federal Reserve openly buying large amounts of U.S. government debt is a very dangerous threshold to cross....

    http://theeconomiccollapseblog.com/...-by-the-federal-reserve-unleash-economic-hell
     
  3. Ankhur

    Ankhur Well-Known Member MEMBER

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    what is there to hide or play games with?

    There are many Black fam,ilies who now have not been bailed out from subprimes and will have a broke and desperate Kwanzaa this Sunday.

    Perhaps if Obama was white some folks would see what is

    relay going on
     
  4. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    So what do you feel is a solution too it all ?
    what can be done to bring relief ?

    If you was in the same place as Obama what would you have done to asure the Black race
    which you high for what would be your thinkable solution ???

    let's hear your answers........
     
  5. Ankhur

    Ankhur Well-Known Member MEMBER

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    what is your point do you have a fear of the facts?

    When your cousin that you love wrecks your car in repairing it, and you tell him that does that mean you hate im, or does that mean you personaly must go to mechanic school?

    what kind of question is that?


    Wehave heard 8 years of that every time someone spoke out about Bush

    This still is a democracy and there still is freedom of speech now as a moderator does freedom of speech exist here?

    Or does each and every poster on Destee.com have to be an expert in the field to speak out about anything?
     
  6. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    No fear and not at all do experts needed just common answers beyond questions
    as stated

    This Thread is Closed !

    Destee.com community
    Admin.
    $$RICH$$

     
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