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Unemployment: 6.4% and climbing!!

Discussion in 'The OT' started by John Corn, Jul 4, 2003.

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  1. Jul 4, 2003 #1 of 47
    John Corn

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  2. Jul 4, 2003 #2 of 47
    Frapp

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    And yet every week, I hear someone remarking they are so unhappy with their job/employer, they are going to quit :confused:

    Strange, very strange indeed :shrug:
     
  3. Jul 4, 2003 #3 of 47
    Jacob S

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    I wonder just how much this interest rate drop is really helping out the economy, if it is doing more harm than good in hurting those that have money in the bank trying to live in part or whole off of their savings. Hopefully the tax cuts will help employment rates. Something tells me that the businesses that get the tax cuts may just keep the money instead of hiring a lot more people to get the unemployment down.
     
  4. Jul 4, 2003 #4 of 47
    gcutler

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    The interest rate drop is not really Priming the economy (IMHO). I could see if interest rates were at 20%, but I'm thinking that those who are looking at borrowing would borrow at 6% or less and probably would have already. Is the interest rate preventing anyone from borrowing right now? There are probably mostly people saying (I cant afford to take on any loan, no matter what the interest rate, or they already took on the loan months ago)

    I guess there is more takehome pay available on the refinanced loans but is that money being saved or spent???

    I think the only people who might take loans now is someone hoping the rate goes down just a little bit more (but those people may never borrow as the rate is never going to be acceptable to them). But most borrowers can either afford or not afford to borrow, and could probably have afforded to borrow at any of the last 5-10 rate drops. Their next step would have to be 0% interest rate in order to get more people to borrow for business/housing loans and prime the economy.
     
  5. Jul 4, 2003 #5 of 47
    Jacob S

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    If it got to 0% then there will be revolts because people are not going to accept getting no itnerest on their savings in the bank when they rely on that to pay the bills and the banks would make no money. I doubt that would happen unless the government stepped in and paid for it in which I also do not see happening. They can only get so low and thats it. They would have been better off just to have kept it where it was at a while back instead of keeping on dropping it again and again and again.
     
  6. Jul 4, 2003 #6 of 47
    gcutler

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    It might as well be that way now on a standard savings account (or even worse on Checking With Interest) I normally keep around the same amount of money in the interest checking and it has been 4-5 years since I've gotten more than $1/month in interest . But I remember my family borrowing money at like 20% in the late 70s/early 80s, so I guess there is balance in the universe...
     
  7. Jul 4, 2003 #7 of 47
    Frapp

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  8. Jul 4, 2003 #8 of 47
    Jacob S

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    So it just seems to be helping big business. The president is advertising how it is going to help out the little guy when it is only helping out the big guy.
     
  9. Jul 5, 2003 #9 of 47
    Bogy

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    George Bush is moving his lips again.
     
  10. waydwolf

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    If the economy is so bad, why are so many people in housing projects living on welfare getting full digital cable and DBS packages? If the economy is so bad, why is the number of Cadillac Escalades being seen in poor neighborhoods up? If the economy is so bad, why are people spending like there's no tomorrow at the mall every weekend?

    Nevermind. Some people would(and have) looked at the economy before the double bubble bursts of the telecom and dotcom markets when college grads with a BSCS and a CCNA and MCSE were going straight into $120K/year jobs in IT and proclaimed it the worst economy they'd ever seen. We could have 0% unemployment and people wouldn't be happy.

    For me, I'll take the low gas prices, the low interest rates, and the low prices at the store.
     
  11. Jacob S

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    One person's definition of a bad economy may be different than someone else's just as someone's definition of someone being rich and how much it takes to be considered that way.
     
  12. John Corn

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    It's summer that has an effect, of course unemployment rates are going up. You're only counted as part of the work force if you're actively seeking a job. Guess what happens in summertime? A bunch of high school kids whose parents didn't make them work during school are looking for jobs in the summer to make some extra money. And guess what. Not all of them find jobs. That is the main reason you see unemployment rising some.
     
  13. Frapp

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    [Originally Posted By waydwolf]

    Because most of them ( at least here in the southeast and I suspect most other parts ) deal drugs for a living. We see 20 something kids coming in all the time to our stores with huge rolls of $100 bills and all the other classic signs of drug dealers as well as the fact most of them brag about it and the policemen that shop with us point them out all the time :(

    I think the mall business nationwide is off quite a bit from what I have been able to read. Also, when ever I visit some huge malls here in the southeast, I ask the reps if business has been good, not one has said yes that I can remember :shrug:
     
  14. gcutler

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    Christmas sales #s usually are the major representation of how business is doing (I believe that X-mas sales often makeup a very large percentage of all year sales). And the past two years the #s have been really bad (like your rep friends said). The Malls may be full, but I think there is alot of window shopping and visiting the food court.
     
  15. RichW

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    Gee, I wish that we had 6.4% here. We hit 9% this week. The administration better start doing something to help the economy. Business is down here about 20% from last year at theis time and last year wasn't very good either.

    Wolf, the reason you see cadillacs, etc. is that some people ARE making money, but the average Joe, even with some college, is having a hard time of it. Whatever the reason you seem to think the poor are rich (drug dealing or, more likely, the "welfare cadillac" urban legend) , this country is poorer than it has been in the early 90s. And we haven't even felt the effect of the rising deficit yet. To put it in perspective, I suspect that by the end of this year two or three people on this board will be out of a job.
     
  16. Martyva

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    Does anyone now wonder why that other party's theme song is "Happy Days are here Again"?
     
  17. RichW

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    What is really scaring me is that California and New York State are usually the leading indicators of the economic future of the nation. I hope the trend is wrong is this case.
     
  18. Jacob S

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    So would some be misinterpreting the usual summer unemployment rise (if that is the case) as economy growing worse instead of the norm?
     
  19. Ray_Clum

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    I'm sorry, I just don't see how the President has any power over interest rates. In fact, I don't see how the President has any power over the economy (aside from pushing through taxes and regulatory issues). The most powerful person in government towards the economy is Alan Greenspan. If anyone feels the need to rant at the government, aim it at the right target...
     
  20. Frapp

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    Correct ! .... Although you just popped Bogy`s Bush bashing bubble with that statement :D

    Actually, was it not Greenspan who ( a few years ago ) started raising prime interest rates in a basic attempt to slow down the stock market ? It sure slowed things down alright and the 9/11 attacks put nails in the economic coffin for everyone :shrug:
     
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