The Geography of Jobs

[Zkribbler]

Do you realize what an arrogant ass you make yourself when you use this term, right?

On noes! Did I imply that folks might prefer one of those high-paying manufacturing jobs that we've systematically been sending overseas rather than one of the minimum-wage jobs that is left?! I am teh EVIL!

[Ben Kenobi]

The DJIA high was 14,000. The crash was under Bush, leaving Obama to take office with a plummetting market. But Obama turned in around in just six weeks when the DJIA bottomed out at 6,500. Since then, it's been up, up, up. Indeed, it's climbed 50% since the March lows.

March 9th, 2009.

The Dow was a 9300 when Obama became president. The Dow fell 30 percent under Obama.

[Zkribbler]

Right! As I said, it took Obama six weeks* to turn the economy around. Since the March low, it's gone up 50%.


____
* I said six weeks. BK figures indicate it took seven weeks. I accept his numbers.

[Ben Kenobi]

The economy still isn't turned around. If you are calling it the Bush Depression, it's still 30 percent down from where it was. If you are comparing Obama at the start to where it is now, then it's the Obama depression, and yes it's recovered. But he's still not where it was in 2007.

[Dinner]

Actually, the unemployment rate in California (and specifically San Diego) has indeed started to modestly go down in the month of September.

http://www3.signonsandiego.com/stories/2009/oct/16/bn16jobs-san-diego-unemployment/?business&zIndex=184092

The stock market rally is happening mainly because investors believe the recession has bottomed out and now things will begin recovering. The drop in the unemployment rate in California would seem to show there is some reason for that belief.

[Zkribbler]

. But he's still not where it was in 2007.

You mean at the apex of the bubble economy? Back when Ninja mortgages were being handed out like candy mints? Back when credit cards were being maxed out?

[Ben Kenobi]

You mean at the apex of the bubble economy? Back when Ninja mortgages were being handed out like candy mints? Back when credit cards were being maxed out?

Back when Unemployment was 4 percent?

All I ever heard were tales of doom, and woe back then. No, Obama has a very long way to go. And not just 14000, add another 3 percent growth on top of it. He needs about 15000 now.

Oh, btw if it was a bubble then this was a 'correction' and not a 'depression'. You can't have it both ways.

[Zkribbler]

Go to whoever it was who told you that the bursting of an economic bubble can only lead to a correction and not to a depression and kick that person in the shins very, very hard.

[Ben Kenobi]

Deflation would be a wonderful thing. I actually agree with your analysis about a bubble. The drop was a return to more sensible times. The worst part is that you are almost 2 trillion dollars poorer for trying to fight a natural process.

[Thoth]

Wow. You are one of the stupidest people I've ever come across.

Please don't breed.

[Guynemer]

I have no idea to whom you are referring, Thoth, but either way, you are probably right.

[Thoth]

That was directed at Ben.

[Zkribbler]

... The worst part is that you are almost 2 trillion dollars poorer for trying to fight a natural process.

Define "poorer."

Most of the bailouts went out in the form of loans, which will be paid back with interest, or in equity positions, which we'll recoop once the stock is sold [at a profit ]

Some money did go out in the way of grants, such as investments in renewable energy projects and in infrastructure. But, following the destruction of New Orleans and Galveston, it's hard to argue against conteracting climate change . And we badly needed to repair our bridges, levies, roads, dams, etcetera. It's financial suicide to wait for them to collapse before taking action. "A penny of prevention is worth a pound of cure."

And the plans of President Bush, President Obama and all the industrial world to provide stimulous money saved the world for a 1930's-type depression that lingered for a decade.

[Dinner]

Deflation would be a wonderful thing.

Jesus Ben. That's retarded even for you.

[Ben Kenobi]

Jesus Ben. That's retarded even for you.

Why? I have no debts. Deflation is a good thing for me. Lower prices on gas, food. Lower prices on housing, it's like having free money every week.