Payrolls continued to get worse in September. Ironically, businesses are actually increasing workers. It is governments that are losing workers. John Maynard Keynes must be rolling over in his grave.
On the bright side, aggregate weekly hours worked is increasing. This suggests that underemployment is declining.
Also on the bright side, the mean duration of unemployment has continued to decline after reaching its all-time peak in June 2010.
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No worries, QE2 should create 2X as many jobs as QE1 so we are all set.
ReplyDeleteWhy stop at saying that just housing needs to be so cheap and almost free for everyone? I want to expand this "I want to have everything for cheap or free" passion. Can you believe that a brand new sedan costs over $20,000.00? Who can afford that? It should be less than $5.00, with used cars between $1.00 and $4.00 depending on mileage. We have a huge bubble in auto prices. Restaurant pizza prices are just absurd. A large pie with 3 toppings should not cost more than 5 cents. Pure greed and speculation has made it cost over $10.00. Everybody deserves a free gallon of milk per day, everyday. That is our birthright, and yet greedy grocery stores are charging between $3.00 and $5.00, which is unsustainable. My index of milk prices starting in 1500 A.D shows that gallon milk prices have historically been one thousandth of minimum wage, so it should be less than a cent now. I look at all the idiots buying all these goods at inflated prices and laugh...
ReplyDelete"Why stop at saying that just housing needs to be so cheap and almost free for everyone? I want to expand this "I want to have everything for cheap or free" passion...I look at all the idiots buying all these goods at inflated prices and laugh..."
ReplyDeleteSarc, your hyperbole is appreciated. Certainly things like taxes, government programs (dairy farm subsidies, cash for clunkers), taxes, and welfare programs (food stamps) also directly and indirectly affect the final cost of these goods to consumers. Beyond that, as a consumer how do I pay for any "exorbitant" good I can't pay for outright? Well, credit of course. I use a mortgage, an auto loan, or a credit card. Obviously, that doesn't mean credit is bad. Not as long as the debt itself (and resulting monthly payment)is something I can afford. But whatever the reason I can't pay back my debt (no moral judgements), my inability to pay ultimately becomes a socialized burden. Am I oversimplifying, or would tightening credit be a good thing (and keep a lid on price inflation thoughout the economy)?
On a separate note, is anyone else quietly seething (or not so quietly) as you read about foreclosed owners continuing to live "rent-free" for months, even years? The latest BoA move will make this situation even more wide-spread. Why do I feel like such a sucker for paying my mortgage? I could really use the $36K a year after tax...
http://www.nytimes.com/2010/06/01/business/01nopay.html?_r=1&pagewanted=all
Guys you need to read this!
ReplyDeleteCould Foreclosure Fraud Cause Another Banking Meltdown?
http://usawatchdog.com/could-foreclosure-fraud-cause-another-banking-meltdown/
I think it will before the end of the year.
Bill
Everybody deserves a free gallon of milk per day, everyday. That is our birthright
ReplyDeleteHaha - and a chicken in every pot!
September sales report is out. In Northern Virginia median prices are up, again, now at 395K.
ReplyDeleteJust think, 18 months ago, prices were down to 318K. At the time, everyone here said, it was "a blip" and that we were "nowhere close to the bottom". I look at those predictions now and just laugh and laugh and laugh.
"September sales report is out. In Northern Virginia median prices are up, again, now at 395K.
ReplyDeleteJust think, 18 months ago, prices were down to 318K. At the time, everyone here said, it was "a blip" and that we were "nowhere close to the bottom". I look at those predictions now and just laugh and laugh and laugh."
You know what ... You and all this real estate talk sounds so dumb.
Bill
I own in Chevy Chase DC.
ReplyDeleteI think this up and down market will continue for a while.
Back to pre-bubble?
No.
But I don't agree with the people saying that D.C.'s prices of 2008-2009 won't be seen again before this is all over.