Unemployment - The worst is yet to come, says Roubini

[jetway777]

The worst is yet to come: Unemployed Americans should hunker down for more job losses

BY Nouriel Roubini

Sunday, November 15th 2009, 4:00 AM

Read more: http://www.nydailynews.com/opinions/...#ixzz0X2lIVWQS

http://www.nydailynews.com/opinions/...re_job_lo.html

[drjoshua]

Glenn Beck said on his morning talk show today that the current unemployment rate is the baseline for what's to come. He added that he expects high unemployment to be an issue for a long time.

[4timedad]

Roubini and Beck predicted the current Great Recession a few years back. And they were ignored. I think they're both right on. The little bit of "recovery" that I saw a month or so ago seems to be leveling off and downright stopping short. I think the worst is yet to come.

[republic74]

Don't you just love Hope and Change.

[logosone]

This has been in progress for 20 years.
Remember Perot? "giant sucking sound"
We're just now beginning to clearly see
and feel how bad these global agreements
have been for the U.S.

[PaulG]

Roubinin'a right until he gets to the part for perscription, which is more stimulus reading between the lines in what he is saying.

once the mid-terms are finished look for stimulus part 2
(another pork filled plan to help the newly elected politicians creditors)

[drjoshua]

Roubinin'a right until he gets to the part for perscription, which is more stimulus reading between the lines in what he is saying.

once the mid-terms are finished look for stimulus part 2
(another pork filled plan to help the newly elected politicians creditors)

I'm afraid you're correct regarding the 2nd stimulus. When everything begins failing it will be interesting to see how the gov't will prioritize its bailouts. One thing you can bank on is individuals and private/small businesses will NEVER be considered.

[jetway777]

Video: Gerald Celente – American public losing everything to fascist oligarchs
Nov 13, 2009

[SummerSailing81]

Don't you just love Hope and Change.

At this point, we'll be lucky if we have any change left...in our pockets!

[cocopea9052]

Jetway777,

Yes, I do believe this. I know a lot of companies are preparing to hand out pink slips next month. Why? Because companies like to close out the books and it just so happens to coincide nicely with laying people off the week before Christmas.

I'll never forget at least two Christmas parties we had and being in HR, knowing who was not coming back. It is very sad to know that in advance while your sitting there exchanging gifts and listening to how much money they spent on gifts...

And what about those that found temp work just for the Holiday season...companies won't be able to keep them on...by mid January or sooner the unemployment line will be longer....

[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.

[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.

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 .

[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.

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.

[republic74]

You mean Rope and Chains?

Yes I stand corrected.