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Job Losses: 533,000 in November
All Reader Comments
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Michael Pickard
Dec 5, 2008 8:08 PM GMT
It all goes back to minimum wage and the CRA. When congress voted for a higher minimum wage they gave a raise to 16 year olds at McDonalds and forced the lay-offs of a million rural textile and furniture workers. When Clinton revised CRA, banks could no longer select who they gave loans to and for what properties.
Repeal CRA and minimum wage and we can start to dig ourselves out of this hole. Continue with CRA and minimum wage and we will be a third world nation in 20 years!
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Mr.optimistic
Dec 5, 2008 8:02 PM GMT
Your headlines.....Stocks get slammed...(yawn) they're down 32 points at 3 pm....gimme a break
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Hilary Smith
Dec 5, 2008 7:57 PM GMT
The economy made me do it...I'm sorry but AT&T, DuPont and the like are big enough and powerful enough to keep workers employed during this recession instead of firing 5,000 here, 20,000 there, and making the economy even weaker. Why don't the huge companies in this country show some real corporate leadership and make a pact with each other to keep workers employed. Consumers would continue spending because they'd actually have money because they'd actually have jobs. After a couple of months, people would begin to trust again and spending habits would be restored. A serious show of good-will from Corporate America would fix our economy and establish America as a civilized, genuinely compassionate 21st Century corporatocracy. There is no rule that says corporations canā??t be a source of good.
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Tom E.
Dec 5, 2008 7:51 PM GMT
You are right Logic; trickle-down does not work anymore because with globalization it has turned into trickle-out, as in out of the country. It used to be said that trade imbalances were not a problem, but this meltdown was caused by the trade imbalance bubble exploding. The excesses of the mortgage market were caused by too much money flowing in from overseas due to the trade imbalance. The economic system of Reagan era has been destroyed by globalization. It is time for something new.
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Bodz
Dec 5, 2008 6:46 PM GMT
Obama will lower taxes on the middle class and raise them on the top 5%. Middle class will have more money to spend and hopefully it will trickle up somewhat to the rich people. It is called the Trickle-Up Theory.
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logic
Dec 5, 2008 6:31 PM GMT
Hey, let's cut taxes for the rich, that should fix the problem! Because we haven't tried that before. It's not like the rich will invest in new plants overseas instead of in the U.S. Right? Someone please say I'm right...
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LAO
Dec 5, 2008 6:23 PM GMT
I never could figure out what was behind Raegan's service economy. Now I'm beginning to understand -- you can just jettison the people for instant cost reduction, instead of being stuck with nasty factories and capital equipment.
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Tangito
Dec 5, 2008 6:02 PM GMT
The sharp deline in the price of oil means we are not using as much. Thank God! We were poluting our atmospere like leamings committing suicide over a cliff!
We'll survive the economic woes by going Green. God works in wonderful ways. Thank God!
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susan
Dec 5, 2008 5:44 PM GMT
BAILOUT THE CONSUMERS!The only thing the mortgage lenders are doing with the bailout is putting homeowners late house payments & fees back on to the principal - they are not using the money to help homeowners so where is it going? This country needs a large bailout to CONSUMERS. People no longer have money to buy houses, cars, furniture, stocks, and most no longer have money for gasoline to get back and forth to work or groceries. If the consumers were given a large bailout immediately - the impact on the economy would be a major upswing. When do the American people who ultimately foot the bill for the bailouts count?If they would have split that same amount of money up between all the taxpayers - CONSUMERS could have caught up their houses and probably re-financed, purchased houses and cars for the ones that needed to, bought stock and so on and so on. It would have been an immediate jump-start to the economy (nearly overnight) and would have affected every sector that is experiencing problems including banks, automakers, retail, Wall Street and everywhere else. WHY DOESN'T ANYONE IN POWER SEE OR UNDERSTAND THIS???
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nobauilout
Dec 5, 2008 5:01 PM GMT
http://www.wtol.com/Global/story.asp?S=9463143
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return to story
Job Losses: 533,000 in November
All Reader Comments
page 2 of 4
Michael Pickard Dec 5, 2008 8:08 PM GMT It all goes back to minimum wage and the CRA. When congress voted for a higher minimum wage they gave a raise to 16 year olds at McDonalds and forced the lay-offs of a million rural textile and furniture workers. When Clinton revised CRA, banks could no longer select who they gave loans to and for what properties. Repeal CRA and minimum wage and we can start to dig ourselves out of this hole. Continue with CRA and minimum wage and we will be a third world nation in 20 years!
Link to this comment
Mr.optimistic Dec 5, 2008 8:02 PM GMT Your headlines.....Stocks get slammed...(yawn) they're down 32 points at 3 pm....gimme a break
Link to this comment
Hilary Smith Dec 5, 2008 7:57 PM GMT The economy made me do it...I'm sorry but AT&T, DuPont and the like are big enough and powerful enough to keep workers employed during this recession instead of firing 5,000 here, 20,000 there, and making the economy even weaker. Why don't the huge companies in this country show some real corporate leadership and make a pact with each other to keep workers employed. Consumers would continue spending because they'd actually have money because they'd actually have jobs. After a couple of months, people would begin to trust again and spending habits would be restored. A serious show of good-will from Corporate America would fix our economy and establish America as a civilized, genuinely compassionate 21st Century corporatocracy. There is no rule that says corporations canā??t be a source of good.
Link to this comment
Tom E. Dec 5, 2008 7:51 PM GMT You are right Logic; trickle-down does not work anymore because with globalization it has turned into trickle-out, as in out of the country. It used to be said that trade imbalances were not a problem, but this meltdown was caused by the trade imbalance bubble exploding. The excesses of the mortgage market were caused by too much money flowing in from overseas due to the trade imbalance. The economic system of Reagan era has been destroyed by globalization. It is time for something new.
Link to this comment
Bodz Dec 5, 2008 6:46 PM GMT Obama will lower taxes on the middle class and raise them on the top 5%. Middle class will have more money to spend and hopefully it will trickle up somewhat to the rich people. It is called the Trickle-Up Theory.
Link to this comment
logic Dec 5, 2008 6:31 PM GMT Hey, let's cut taxes for the rich, that should fix the problem! Because we haven't tried that before. It's not like the rich will invest in new plants overseas instead of in the U.S. Right? Someone please say I'm right...
Link to this comment
LAO Dec 5, 2008 6:23 PM GMT I never could figure out what was behind Raegan's service economy. Now I'm beginning to understand -- you can just jettison the people for instant cost reduction, instead of being stuck with nasty factories and capital equipment.
Link to this comment
Tangito Dec 5, 2008 6:02 PM GMT The sharp deline in the price of oil means we are not using as much. Thank God! We were poluting our atmospere like leamings committing suicide over a cliff! We'll survive the economic woes by going Green. God works in wonderful ways. Thank God!
Link to this comment
susan Dec 5, 2008 5:44 PM GMT BAILOUT THE CONSUMERS!The only thing the mortgage lenders are doing with the bailout is putting homeowners late house payments & fees back on to the principal - they are not using the money to help homeowners so where is it going? This country needs a large bailout to CONSUMERS. People no longer have money to buy houses, cars, furniture, stocks, and most no longer have money for gasoline to get back and forth to work or groceries. If the consumers were given a large bailout immediately - the impact on the economy would be a major upswing. When do the American people who ultimately foot the bill for the bailouts count?If they would have split that same amount of money up between all the taxpayers - CONSUMERS could have caught up their houses and probably re-financed, purchased houses and cars for the ones that needed to, bought stock and so on and so on. It would have been an immediate jump-start to the economy (nearly overnight) and would have affected every sector that is experiencing problems including banks, automakers, retail, Wall Street and everywhere else. WHY DOESN'T ANYONE IN POWER SEE OR UNDERSTAND THIS???
Link to this comment
nobauilout Dec 5, 2008 5:01 PM GMT http://www.wtol.com/Global/story.asp?S=9463143
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