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Title: Weekly Jobless Claims Post Surprise Jump, Hit 500,000 (More proof stimulus a failure)
Source: CNBC
URL Source: http://www.cnbc.com/id/38768328
Published: Aug 19, 2010
Author: NA
Post Date: 2010-08-19 09:25:45 by Nebuchadnezzar
Keywords: None
Views: 81700
Comments: 138

Weekly Jobless Claims Post Surprise Jump, Hit 500,000 Published: Thursday, 19 Aug 2010 | 9:05 AM ET Text Size By: Reuters

New U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, yet another setback to the frail economic recovery.

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said on Thursday.

Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000 in Thursday's report.

A Labor Department official said there was nothing unusual in the state level data. The data covered the survey week for the government's closely watched employment report for August, scheduled for release early next month.

"There are some technical factors out there and the seasonal factors seem to be pushing it up a little bit. But given the trend of claims it looks like the economy ran into a wall in August," said Chris Rupkey, chief financial economist at Bank of Tokyo-MitsubishI UFJ in New York.

U.S. stock index futures turned negative after the report, while Treasury debt prices pared losses. The dollar fell against the yen.

A 9.5 percent unemployment rate and weak housing market are hobbling the economy's recovery from its most brutal recession since the Great Depression.

The economy's poor health has handed President Barack Obama a tough challenge and put at risk the Democratic Party's majorities in the U.S. House of Representatives and Senate in November's mid-term elections.

Obama's approval ratings have tumbled to the mid- to lower 40 percent range and Congress' ratings are hovering at about 20 percent.

The four-week average of new jobless claims, considered a better measure of underlying labor market trends as it irons out week-to-week volatility, rose 8,000 to 482,500, the highest since early December.

Claims for unemployment benefits have been stuck at lofty levels for much of this year, which many economists say points to unemployment staying uncomfortably high for some time.

Claims have not come close to the 400,000 level that most analysts generally view as the dividing line between payrolls growth and contraction. Payrolls grew in the first five months of this year, partly due to hiring for the decennial census, and have declined in both June and July.

The economy grew at a 2.4 percent annualized rate in the second quarter, much slower than the 3.7 percent pace in the first three months of the year.

However, recent trade and business inventory data have indicated a much more sluggish pace. According to a preliminary Reuters survey, the government could lower the second-quarter growth estimate to a rate of about 1.4 percent when it publishes its first revision next Friday.

The number of people still receiving jobless benefits after an initial week of aid fell 13,000 to 4.48 million in the week ended Aug. 7 from an upwardly revised 4.49 million the prior week. Analysts polled by Reuters had forecast so-called continuing claims rising to 4.50 million from a previously reported 4.45 million.

"The drop in continued claims is an encouraging sign," said Robert Dye, senior economist at PNC Financial Services in Pittsburgh.

"When you take the life signs on the labor market, it's not all bad news, but it's not where we would like," he added.

The insured unemployment rate, which measures the percentage of the insured labor force that is jobless, was unchanged at 3.5 percent during that period.

The number of people on emergency benefits increased 260,105 to 4.75 million in the week ended July 31.

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#99. To: Nebuchadnezzar (#96)

Sorry, what is "difficult" for people like you to "know" is code for "Of course we fucked up giving loans to people who were credit risks".

FNMA does not make loans.

war  posted on  2010-08-20   9:31:28 ET  Reply   Trace   Private Reply  


#100. To: A K A Stone (#97)

On 2010-08-20 09:17:57, A K A Stone wrote:

To: mcgowanjm

he primary consequences of our fossil-fuel addiction

Oil doesn't come from fossils. If it does tell me how it got to the bottom of the ocean under all that rock.

Secondly Peak oil is a myth.

Then you're not gonna understand what's coming in the Days and weeks ahead.

The primary consequences of our fossil-fuel addiction stem from two primary phenomena: peak oil and global climate change. The former spells the end of western civilization, which might come in time to prevent the extinction of our species at the hand of the latter.

Global climate change threatens our species with extinction by mid-century is we do not terminate the industrial economy soon. Increasingly dire forecasts from extremely conservative sources keep stacking up. Governments refuse to act because they know growth of the industrial economy depends (almost solely) on consumption of fossil fuels. Global climate change and energy decline are similar in this respect: neither is characterized by a politically viable solution.

mcgowanjm  posted on  2010-08-20   9:32:44 ET  Reply   Trace   Private Reply  


#101. To: mcgowanjm (#100)

You are a loon.

There is no peak oil.

Now tell me how all those fossils ended up at the bottom of the ocean under all that rock. Go ahead make my day.

A K A Stone  posted on  2010-08-20   9:34:51 ET  Reply   Trace   Private Reply  


#102. To: A K A Stone (#101) (Edited)

jm

You are a loon.

There is no peak oil.

Now tell me how all those fossils ended up at the bottom of the ocean under all that rock. Go ahead make my day.

And you're ignorant. Convincing someone who is getting paid not to understand is well nye impossible.

Note Peak Oil happened May 2005. Marked by Katrina/Federal Flood As Housing Peaked and Fell that Summer.

"There simply is no comprehensive substitute for crude oil.

It is the overwhelming fuel of choice for transportation, and there is no way

out of the crude trap at this late juncture in the industrial era. We passed

the world oil peak in 2005, which led to near-collapse(I would've/did said 'we

plateau'd;} of the world’s industrial economy several times between September

2008 and May 2010(Again the Plateau;}. And we’re certainly not out of the

economic woods yet(Never will be. That's what the DRAGON KING of Deepwater Horizon is about. Demand will now be crushed. See Housing/Fannie

/Freddie for details)."

Crude $30 the bbl by Xmas. But more expensive than now.

mcgowanjm  posted on  2010-08-20   9:44:18 ET  Reply   Trace   Private Reply  


#103. To: no gnu taxes (#93)

but you, in your twisted logic want to blame Bush for lack of Federal oversight.

Who is the cheif law enforcement officer of the US?

war  posted on  2010-08-20   9:47:28 ET  Reply   Trace   Private Reply  


#104. To: A K A Stone (#101)

Now tell me how all those fossils ended up at the bottom of the ocean under all that rock. Go ahead make my day.

Plate Tectonics. And note where the Deepwater Horizon is.

A River Delta. And 50 million years is a very long time. 8D

mcgowanjm  posted on  2010-08-20   9:49:23 ET  Reply   Trace   Private Reply  


#105. To: war (#103)

;}

mcgowanjm  posted on  2010-08-20   9:49:58 ET  Reply   Trace   Private Reply  


#106. To: mcgowanjm (#105)

What's even more hilarious is that when he was happy Fun Ball @ LP he was pointing to numbers similar to Obama's as being GREAT for the Boy Blunder's blunder in Iraq.

war  posted on  2010-08-20   9:52:17 ET  Reply   Trace   Private Reply  


#107. To: war (#103)

Who is the cheif law enforcement officer of the US?

So I guess you are saying the Presidential motorcade has the authority to pull me over and write me a ticket for violating Ames, Iowa traffic ordinances.

no gnu taxes  posted on  2010-08-20   9:55:21 ET  Reply   Trace   Private Reply  


#108. To: war (#106)

What's even more hilarious is that when he was happy Fun Ball @ LP he was pointing to numbers similar to Obama's as being GREAT for the Boy Blunder's blunder in Iraq.

Facts are irrelevant. History was yesterday.

;}

mcgowanjm  posted on  2010-08-20   9:56:42 ET  Reply   Trace   Private Reply  


#109. To: no gnu taxes (#107) (Edited)

Speeding is a local issue. The US financial system is a federal issue.

All that niggering it up has rotted what little brain you have.

war  posted on  2010-08-20   9:58:07 ET  Reply   Trace   Private Reply  


#110. To: mcgowanjm (#108)

Paddy wanted Boy Blunder to write speeding tickets...the irony of that statement is probably lost on him.

war  posted on  2010-08-20   9:59:41 ET  Reply   Trace   Private Reply  


#111. To: Nebuchadnezzar (#0)

Recovery Summer?

Sad punchline for late night these days.

And the fact is Owe-bama asking for ANOTHER stimulus package is the closest the man child POTUS can come to admitting his 1st stimulus failed exactly as so many of us predicted.

One failed term. The only question is how badly will this idiot hurt the nation before we can fire his incompetent ass.

Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.

Badeye  posted on  2010-08-20   10:00:10 ET  Reply   Trace   Private Reply  


#112. To: war (#109)

The Federal Government has no control over State banks. If Bush had tried to intervene in State banking practices, you would have been the first to call him a fascist.

no gnu taxes  posted on  2010-08-20   10:02:43 ET  Reply   Trace   Private Reply  


#113. To: no gnu taxes (#112)

The Federal Government has no control over State banks.

Bzzzzt...

war  posted on  2010-08-20   10:11:23 ET  Reply   Trace   Private Reply  


#114. To: war (#113)

Bzzzzt... yourself.

The managing Federal authority, the OCC, has no control over State banks. They MAY be subject to Federal Reserve policy, but that is independent of any Executive control.

no gnu taxes  posted on  2010-08-20   10:25:03 ET  Reply   Trace   Private Reply  


#115. To: war (#110)

Yeah, that's right, most of the loans occurred completely outside of Federal oversight, but you, in your twisted logic want to blame Bush for lack of Federal oversight.

Sarah Palin is so excited that she can't even make up words to express how thrilled she is.” – David Letterman “

define irony in a job interview she said “Well, I can’t really define irony … but I know it when I see it.” - Winona Ryder

mcgowanjm  posted on  2010-08-20   10:37:21 ET  Reply   Trace   Private Reply  


#116. To: no gnu taxes (#93)

Yeah, that's right, most of the loans occurred completely outside of Federal oversight, but you, in your twisted logic want to blame Bush for lack of Federal oversight.

After 911 Bush pulled 500 FBI fraud investigators and reassigned them to domestic terrorism leaving fraud investigations permanently under staffed. That is a pretty effective way to ease up on oversight.

But beyond that, NONE of these loans would have occurred if not for the CRA and the GSEs establishing precedence and market momentum for them. If you think differently, point to how many occurred before those forces came into play.

Fannie Mae was created in 1938 and the CRA was passed in 1977, explain how it took 27 years after the CRA passed for the melt down to occur if they were the cause.

lucysmom  posted on  2010-08-20   10:37:23 ET  Reply   Trace   Private Reply  


#117. To: A K A Stone (#97)

Oil doesn't come from fossils. If it does tell me how it got to the bottom of the ocean under all that rock.

It would be impossible to explain to someone who doesn't think geology is a valid science.

lucysmom  posted on  2010-08-20   10:40:56 ET  Reply   Trace   Private Reply  


#118. To: lucysmom (#116)

After 911 Bush pulled 500 FBI fraud investigators and reassigned them to domestic terrorism leaving fraud investigations permanently under staffed. That is a pretty effective way to ease up on oversight.

As has been pointed out, the vast majority of the loans occurred from State controlled lending agencies which the Federal Government had no control over.

Fannie Mae was created in 1938 and the CRA was passed in 1977, explain how it took 27 years after the CRA passed for the melt down to occur if they were the cause.

Because it was not until the Clinton Administration began pressuring lending institutions in 90s to give loans to shaky borrowers that the problems began to emerge.

no gnu taxes  posted on  2010-08-20   10:42:05 ET  Reply   Trace   Private Reply  


#119. To: lucysmom (#116)

After 911 Bush pulled 500 FBI fraud investigators and reassigned them to domestic terrorism leaving fraud investigations permanently under staffed.

Irrelevant. Even when the FBI testified about the criminal conduct in the home mortgage business to congress, congress failed to act.

Being a Democratic shill means you check your humanity at the door.

Nebuchadnezzar  posted on  2010-08-20   10:53:03 ET  Reply   Trace   Private Reply  


#120. To: war (#99)

FNMA does not make loans.

They back them, they shouldn't.

Being a Democratic shill means you check your humanity at the door.

Nebuchadnezzar  posted on  2010-08-20   10:53:42 ET  Reply   Trace   Private Reply  


#121. To: Nebuchadnezzar (#119)

Irrelevant. Even when the FBI testified about the criminal conduct in the home mortgage business to congress, congress failed to act.

Just a guess, but Im betting that you're not referring to the FBI's 2004 testimony before the House subcommittee on housing and community opportunity. That would put the ball solidly back in the GOP court.

"Based on various industry reports and FBI analysis, mortgage fraud is pervasive and growing," Chris Swecker, then assistant director of the criminal investigation division, said in October 2004 before the House subcommittee on housing and community opportunity.

Then Swecker made a chillingly accurate prediction of the coming mortgage meltdown and financial collapse:

"The potential impact of mortgage fraud on financial institutions in the stock market is clear. If fraudulent practices become systemic within the mortgage industry and mortgage fraud is allowed to become unrestrained, it will ultimately place financial institutions at risk and have adverse effects on the stock market."

Swecker went on to describe the scenario that ultimately wrecked financial havoc around the world: "Often mortgage loans sold in secondary markets are used by financial institutions as collateral for other investments. ... When loans sold in the secondary market default and have fraudulent or material misrepresentation ... these loans become a nonperforming asset, and in extreme fraud cases, the mortgage-backed security is worthless. Mortgage fraud losses adversely affect loan-loss reserves, profits, liquidity levels and capitalization ratios, ultimately affecting the soundness of the financial institution itself."

www.seattlepi.com/national/397690_fbiweb28.html

According to the article, the FBI knew there was a problem in 2002, the Bush administration was briefed and chose to do nothing. I'd like to know what the justification for that decision was.

lucysmom  posted on  2010-08-20   11:37:30 ET  Reply   Trace   Private Reply  


#122. To: no gnu taxes (#114)

FDIC most certainly shares oversight responsibilities you fucking moron.

war  posted on  2010-08-20   13:04:44 ET  Reply   Trace   Private Reply  


#123. To: Nebuchadnezzar (#120)

They back them, they shouldn't.

That's what they do.

war  posted on  2010-08-20   13:09:29 ET  Reply   Trace   Private Reply  


#124. To: war (#122)

The FDIC is not an executive agency...you fucking moron.

no gnu taxes  posted on  2010-08-20   13:34:45 ET  Reply   Trace   Private Reply  


#125. To: war (#122)

Oh just let me clarify before you chime in.

More appropriately, I should have said the FDIC does not fall under an executive Department answerable to the President. The President does not direct the actions of the FDIC.

So whatever they did or did not do, it had nothing to do with Bush.

Historically I don't believe they have evr been in the practice of micromanaging the lending practices of its members.

...you fucking moron.

no gnu taxes  posted on  2010-08-20   13:58:23 ET  Reply   Trace   Private Reply  


#126. To: no gnu taxes (#124)

This is what you typed, asshole:

The managing Federal authority, the OCC, has no control over State banks.

war  posted on  2010-08-20   14:03:07 ET  Reply   Trace   Private Reply  


#127. To: war (#126)

I think we all know the point was what Bush can be legitimately blamed for.

no gnu taxes  posted on  2010-08-20   14:10:06 ET  Reply   Trace   Private Reply  


#128. To: A K A Stone (#97)

Meanwhile, back on topic...the Owe-bama/Pelosi/Reid 'stimulus bill' added a trillion to the national debt, and FAILED exactly as many of us (myself in particular) accurately predicted it would.

And thats why these particular threads will be highjacked onto any other topic BUT this one.

Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.

Badeye  posted on  2010-08-20   15:42:55 ET  Reply   Trace   Private Reply  


#129. To: no gnu taxes (#127)

According to you he's blameless.

war  posted on  2010-08-20   19:08:21 ET  Reply   Trace   Private Reply  


#130. To: war (#129)

According to you he's blameless.

Bush appointed Cox as head of the SEC.

Although well intentioned, Cox's hand's off approach to Wall Street was ultimately found to be less than beneficial to the health of the economy. However, it was hardly the cause of the crisis.

To that extent, I give blame to Bush.

no gnu taxes  posted on  2010-08-20   20:08:07 ET  Reply   Trace   Private Reply  


#131. To: lucysmom (#117)

It would be impossible to explain to someone who doesn't think geology is a valid science.

Don't be dumb. Liberalism isn't science.

A K A Stone  posted on  2010-08-20   21:09:29 ET  Reply   Trace   Private Reply  


#132. To: Fred Mertz (#89)

die .... soon.

really.....you'll still be able to vote for whatever evil trash the evil trash regressives roll out.

spit

Death to everybody who does not get outta my way. Below is positively the most hilariously BS overflowing comment from the resident obamunist spent-condom EVER:) "This is WHY I left the GOP in the mid 90's. ." Dwarf

e_type_jag  posted on  2010-08-20   21:47:49 ET  Reply   Trace   Private Reply  


#133. To: lucysmom (#121)

Just a guess, but Im betting that you're not referring to the FBI's 2004 testimony before the House subcommittee on housing and community opportunity. That would put the ball solidly back in the GOP court.

Just a guess, but you realize I"m far to the right of the past and current "Republicans".

I won't stand up for them, although they are better than the Marxist who infect D.C. and rule it now.

A pox on both their houses.

Being a Democratic shill means you check your humanity at the door.

Nebuchadnezzar  posted on  2010-08-20   22:41:48 ET  Reply   Trace   Private Reply  


#134. To: Nebuchadnezzar (#133)

I won't stand up for them, although they are better than the Marxist who infect D.C. and rule it now.

You are standing up for them when you give them a pass on responsibility for their sins.

I guess you don't know what a Marxist is.

lucysmom  posted on  2010-08-20   23:08:12 ET  Reply   Trace   Private Reply  


#135. To: lucysmom (#134)

You are standing up for them when you give them a pass on responsibility for their sins.

I guess you don't know what a Marxist is.

Obama and his ilk are Fabian socialists.

One day someone with my radical political views will shoot his way to power in this country and all debts will be paid in full, with interest.

Being a Democratic shill means you check your humanity at the door.

Nebuchadnezzar  posted on  2010-08-21   0:08:26 ET  Reply   Trace   Private Reply  


#136. To: lucysmom (#62) (Edited)

Public hospitals

We have county hospitals here too. My two sisters were born in a county hospital.

So what?

The salient point is that when we turned to socialism with Medicare and Medicaid, Singapore turned to the market with private savings accounts.

Singapore has a MUCH better outcome both in terms of cost and health.

jwpegler  posted on  2010-08-22   22:05:30 ET  Reply   Trace   Private Reply  


#137. To: jwpegler (#136)

We have county hospitals here too. My two sisters were born in a county hospital.

So what?

In Singapore private hospitals compete with public hospitals which act to keep prices down and affordable.

The salient point is that when we turned to socialism with Medicare and Medicaid, Singapore turned to the market with private savings accounts.

Health care savings accounts are a part of the picture as are significant socialist features that make up the whole of the health care system.

The "salient point" is that Singapore's approach to solving the problem of providing quality health care for all of its people is pragmatic. They do what works without fear of offending the left or the right.

healthcare-economist.com/...pores-health-care-system/

lucysmom  posted on  2010-08-23   0:56:26 ET  Reply   Trace   Private Reply  


#138. To: All (#136)

In Singapore private hospitals compete with public hospitals which act to keep prices down and affordable.

We have county hospitals too. We had them long before the federal government destroyed our healthcare financial system with Medicare and Medicaid.

Prior to Medicare and Medicaid, 55% of medical expenses where paid out of pocket, about 23% through insurance and 22% was government (like state subsidies to the aforementioned county hospitals).

Today, 50% of medical expenses are covered by government. Insurance still accounts for about 23% and only 27% is out of pocket. This is THE problem -- the government has destroyed incentives for people to use the healthcare system wisely. This is why costs are escalating.

Singapore went the other way -- turning patients into healthcare shoppers. Costs fell from an already low level.

Stubborn leftists just don't understand how markets, competition, and the price system work. That's why they are leftists -- because they just don't get it.

jwpegler  posted on  2010-08-23   12:08:47 ET  Reply   Trace   Private Reply  


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