[email protected]
Choir Loft
Great Depression... Unemployment was what, 25%?
We aren't anywhere near that.
I won't call this a Depression yet. The government is artificially preventing it from being so. But as with all houses of cards, they fall down. We'll sail right by the Great Depression and we will see the Great Destruction in a couple years in my opinion.
2011 will start the downslide. The question is how fast the rest of the world and the people react to it, the question is if other countries do anything to keep the world economy afloat (And again- this only delays it). So the Great Destruction might happen overnight or it could take another year or two- but there's just nothing I see that will keep the economy afloat.
I think your quote of GD unemployment rate of 25% is pretty close.
The official definition of a depression is when a recession lasts two or more years. It has nothing to do with unemployment rates. The media simply will not report our present financial condition as a depression even though we are in it up to our necks.
My unoffical definition included bankers and profiteers in the ranks of the unemployed.
The oligarchs will not be added to the rolls of the umemployed as they were in the 1930's because tax payer money is being used to reward them for their dishonesty.
According to charts I've looked up recently the national unemployment rate as of 1/12/11 was hovering around 9% or so.
The problem with this figure is that it tracks all those who are on benefits. When a person stops getting benefits they are not generally reported as being unemployed even though they may be. Here on the west central coast of Florida the unemployment rate is way over 12%, but again the figure only tracks those on the dole.
An accounting professor of mine once said, "figures don't lie, but liars can figure." Truer words were never spoken. The media and the government will use manipulated figures to justify their claims that things are improving or that things aren't really that bad. Tell that to people that line up at the unemployment office every morning. The parking lot, a mere three blocks from my home, is PACKED every day. That doesn't tell me that things are improving.
It tells me that we are in a depression.