Unemployment - The worst is yet to come, says Roubini

[ruth]

we just had thousands show up for only 30 positions at a sizzler restaurant that is opening up.Me and my brother drove down to fill out an app but, when I saw the lines I turned around and left.I also stood in line for two hours to be interviewed for a new subway sandwich shop opening up in town.The line was massive!I just cannot find a job any where.:tsk

[harvey]

im in utah now,theres a few jobs but everytime i go for an interview,theres 30+ pple competing wit me

[cocopea9052]

we just had thousands show up for only 30 positions at a sizzler restaurant that is opening up.Me and my brother drove down to fill out an app but, when I saw the lines I turned around and left.I also stood in line for two hours to be interviewed for a new subway sandwich shop opening up in town.The line was massive!I just cannot find a job any where.:tsk

Oh Ruth I feel for you. I see a lot of businesses closing, but then when a new one does open, so many people come to apply. They just closed another BlockBusters near us, and a Chase bank that never opened is now some type of discount diamond outlet....Who can afford to buy diamonds now???

On one corner is a closed Mervyns, a closed Target (they moved down the street) and a closed Cosco they moved also down the street. But this did not add jobs, they just moved the people over. We have a Staples and a Office Depot directly across from each other, and I just wonder how long two of the exact same businesses can last before one cancels the other out.

[BigMoose]

Roubini is one smart man!

If the repubs get power in 2010/2012 they will need to usher in significant budget cuts. IMHO ~15 to 20% of the entire federal budget including entitlements. This will obviously not be popular to all who are making it/thriving on the public dime...

Someone wiser than I needs to figure out how to repatriate jobs to the mainland USA.

As an aside, I am now an entrepreneur after 35 years in the military industrial complex... When contemplating a new initiative with other investors, within an hour, the decision was reached to not build new capability in the USA; but to source from China because of US tort liability, environmental restrictions, and over regulation. I am not talking about unscriptural pillaging of the environment, or the unscriptural exploitation of labor... (all investors are born again) but this is our current climate for new manufacturing/production. The end decision was just to market, install and service... not MAKE the product. IMHO we as a nation, cannot long prosper with these groundrules.

[JY11]

Don't you just love Hope and Change.

You mean Rope and Chains?

[ron4Jesus]

Another Jimmy Carter economy on steroids. I remember those days and it took a Republican to fix the mess. This time it maybe too much of a mess to fix.

[jb777]

Another Jimmy Carter economy on steroids. I remember those days and it took a Republican to fix the mess. This time it maybe too much of a mess to fix.

That is a real possibility. Anyhow, if we are blessed with a conservative president elected in 2012, I pray he (or she) has the wisdom and ability of a Reagan....that is EXACTLY what will be needed to get us on track again.

[ron4Jesus]

That is a real possibility. Anyhow, if we are blessed with a conservative president elected in 2012, I pray he (or she) has the wisdom and ability of a Reagan....that is EXACTLY what will be needed to get us on track again.

If GOD allows us another President I totally agree with you . :thumb:thumb

[SumSam]

Oh Ruth I feel for you. I see a lot of businesses closing, but then when a new one does open, so many people come to apply. They just closed another BlockBusters near us, and a Chase bank that never opened is now some type of discount diamond outlet....Who can afford to buy diamonds now???

On one corner is a closed Mervyns, a closed Target (they moved down the street) and a closed Cosco they moved also down the street. But this did not add jobs, they just moved the people over. We have a Staples and a Office Depot directly across from each other, and I just wonder how long two of the exact same businesses can last before one cancels the other out.

Retail, retail, retail...folks selling stuff to folks.

What happened to making stuff as opposed to selling it? Manufacturing? Or even IT?

I found the answer in the next post from BigMoose.

:ohno Back in the 90s, there were a series of gloomy articles lamenting the "hollowing out" of American industry. Nobody cared because they thought the Internet was going to change everything.

Yep. They supposed Amazon, Twitter and Facebook would substitute for American manufacturing. :doh

[republic74]

You mean Rope and Chains?

Yes I stand corrected.