Jobless claims rise to highest level in 9 months

WASHINGTON (AP) - Employers appear to be laying off workers again as the economic recovery weakens. The number of people applying for unemployment benefits reached the half-million mark last week for the first time since November.

It was the third straight week that first-time jobless claims rose. The upward trend suggests the private sector may report a net loss of jobs in August for the first time this year.

Initial claims rose by 12,000 last week to 500,000, the Labor Department said Thursday.

Construction firms are letting go of more workers as the housing sector slumps and federal stimulus spending on public works projects winds down. State and local governments are also cutting jobs to close large budget gaps.

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Jobless claims rise to highest level in 9 months

Jobless claims rise to highest level in 9 months, but we ALL know.. It’s Bush’s fault. Right?

Today, Aug. 19, 2010, the Dow Jones closed at 10,271.21.

That’s down 144.33 from yesterday, but hey, we ALL know, it’s Bush’s fault… Right?

Mexico’s peso dropped the most in a week as the U.S., the nation’s largest trading partner, said initial jobless claims rose unexpectedly. SOURCE.

I’m pretty sure that’s Bush’s fault too.

New research confirms the existence of a huge plume of dispersed oil deep in the Gulf of Mexico and suggests that it has not broken down rapidly, raising the possibility that it might pose a threat to wildlife for months or even years. SOURCE.

That’s has Bush AND Cheney written ALL over it!

The Obama family is on vacation again. “Instead of politicians and polls, the Obama’s encountered pony farms and ponds. Instead of filibusters, the Vineyard offers fishing. And the only things getting hung out to dry were beach towels.” SOURCE.

Obama must be worn out from all that golf he plays, and blaming Bush for everything has got be tiresome. So, I guess this vacation can be blamed on Bush too.

A spike in layoffs feeds fear of faltering recovery — “Layoffs are back, and that’s bad news for the fragile economic recovery.” SOURCE.

Without a doubt, yep, you guessed it, blame Bush!

And then there’s all those nasty rumors floating around saying that Barack Hussein Obama is a Muslim. The White House says Obama is a Christian, and goes on to say he prays daily. SOURCE.

Surely those wicked accusations were started by Bush and nothing at all to do with the words or deeds of Obama? Yep, it’s Bush’s fault!

Here’s MY big question; WHEN does it become Obama’s fault? When does HE start to accept the blame for the mess this nation is in?

Obama warns of dire consequences without stimulus

WASHINGTON (AP) - President-elect Barack Obama said Thursday the recession could “linger for years” unless Congress pumps unprecedented sums from Washington into the economy, making his highest-profile case yet on an issue certain to define and dominate his early presidency.

“I don’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon as possible,” Obama said in a speech set to be delivered at George Mason University in Fairfax, Va., outside Washington. Excerpts from his prepared text were released in advance by his transition team.

It was the fourth day in a row that Obama has made a pitch for a huge infusion of taxpayer dollars to revive the sinking economy he will inherit from President George W. Bush.

Obama’s events have increasingly taken on the trappings and air of the presidency, with the speech - coming a full 12 days before he takes over at the White House - a particularly showy move. Presidents-elect typically stick to naming administration appointments and otherwise staying in the background during the transition period between Election Day and Inauguration Day, but Obama has clearly made the calculation that a nation anxious about its economic outlook and eager to bid farewell to Bush needs to hear from him differently and more frequently.

“A bad situation could become dramatically worse,” Obama said, painting a dire picture - including double-digit unemployment and $1 trillion in lost economic activity - that recalled the days of the Great Depression in the 1930s.

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Obama warns of dire consequences without stimulus

I have said this several times before but I am going to repeat it one more time, just for those that may have missed it. I am NOT a FINANCE or MONEY guy. I have a finance and money guy, and I rely on him and his expertise to keep us, and our money as safe and as profitable as possible!

That said, IF Obama can pull this nation OUT of the monetary tailspin it’s in, I WILL become an Obama believer. IF he can reverse the last 8 years of mismanagement by the Bush administration, I will become a believer. IF he can bring about a renewal of American productivity, I will become a believer. IF he can overcome the effects that we are feeling after suffering through 8 years of the worst president that this nation has experienced to date, I WILL become a believer.

Given that, personally, I believe Obama is letting his mouth write checks that his ass can’t cash!

My personal economy recovery program

This idea sounds just crazy enough to possibly work, so naturally it won’t be given serious consideration. How great is our bureaucracy!!

I’m against the $85,000,000,000.00 bailout of AIG. Instead, I’m in favor of giving $85,000,000,000.00 to America in a We Deserve It Dividend.

To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens, 18+ years of age.

Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ years of age into $85 billion that equals $425,000.00.

My plan is to give $425,000 to every person age 18+ as a We Deserve It Dividend.

Of course, it would NOT be tax free. So let’s assume a tax rate of 30%. Every individual age 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam, but it means that every adult age 18+ has $297,500.00 in their pocket.

A husband and wife has $595,000.00. What would you do with $297,500.00 as an individual or $595,000.00 as a family?

Pay off your mortgage - housing crisis solved.

Repay college loans - what a great boost to new grads

Put away money for college - it’ll be there

Save in a bank - create money to loan to entrepreneurs.

Buy a new car - create jobs

Invest in the market - capital drives growth

Pay for your parent’s medical insurance - health care improves

Enable Deadbeat Dads to come clean - or else

Remember, this is for every adult U S Citizen age 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we’re going to re-distribute wealth let’s really do it…instead of trickling out a puny $1000.00 ( ‘vote buy’ ) economic incentive that is being proposed by one of our candidates for President. If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!

As for AIG - liquidate it. Sell off its parts.

Let American General go back to being American General. Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up. Here’s my rationale. We deserve it and AIG doesn’t.

Sure it’s a crazy idea that can ‘never work.’, but can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $700 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC

I got this via email from my buddy Pat at prh…a day in the life…, please pay him a visit, he’s one of the good guys. As I told Pat, this will never work of course, it can’t, it makes too much sense…

EDIT TO ADD: As a side note, I didn’t write this, I didn’t DO THE MATH, I got it in an email as is plainly stated in the above paragraph, I enjoyed it, I didn’t pick it apart in a critique, I posted it, and it’s there for you to enjoy, or not, your choice…

Yes, I DO realize the bail out is $700,000,000,000.00 dollars and not $85,000,000,000.00 as the email stated… Damn…