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19 Very Surprising Facts About The Messed Up State Of The U.S. Economy

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19 - Public DomainBarack Obama and the Federal Reserve are lying to you.  The “economic recovery” that we all keep hearing about is mostly just a mirage.  The percentage of Americans that are employed has barely budged since the depths of the last recession, the labor force participation rate is at a 36 year low, the overall rate of homeownership is the lowest that it has been in nearly 20 years and approximately 49 percent of all Americans are financially dependent on the government at this point.  In a recent article, I shared 12 charts that clearly demonstrate the permanent damage that has been done to our economy over the last decade.  The response to that article was very strong.  Many people were quite upset to learn that they were not being told the truth by our politicians and by the mainstream media.  Sadly, the vast majority of Americans still have absolutely no idea what is being done to our economy.  For those out there that still believe that we are doing “just fine”, here are 19 more facts about the messed up state of the U.S. economy…

#1 After accounting for inflation, median household income in the United States is 8 percent lower than it was when the last recession started in 2007.

#2 The number of part-time workers in America has increased by 54 percent since the last recession began in December 2007.  Meanwhile, the number of full-time jobs has dropped by more than a million over that same time period.

#3 More than 7 million Americans that are currently working part-time jobs would actually like to have full-time jobs.

#4 The jobs gained during this “recovery” pay an average of 23 percent less than the jobs that were lost during the last recession.

#5 The number of unemployed workers that have completely given up looking for work is twice as high now as it was when the last recession began in December 2007.

#6 When the last recession began, about 17 percent of all unemployed workers had been out of work for six months or longer.  Today, that number sits at just above 34 percent.

#7 Due to a lack of decent jobs, half of all college graduates are still relying on their parents financially when they are two years out of school.

#8 According to a new method of calculating poverty devised by the U.S. Census Bureau, the state of California currently has a poverty rate of 23.4 percent.

#9 According to the New York Times, the “typical American household” is now worth 36 percent less than it was worth a decade ago.

#10 In 2007, the average household in the top 5 percent had 16.5 times as much wealth as the average household overall.  But now the average household in the top 5 percent has 24 times as much wealth as the average household overall.

#11 In an absolutely stunning development, the rate of small business ownership in the United States has plunged to an all-time low.

#12 Subprime loans now make up 31 percent of all auto loans in America.  Didn’t that end up really badly when the housing industry tried the same thing?

#13 The average cost of producing a barrel of shale oil in the United States is approximately 85 dollars.  Now that the price of oil is starting to slip under that number, the “shale boom” in America could turn into a bust very rapidly.

#14 On a purchasing power basis, China now actually has a larger economy than the United States does.

#15 It is hard to believe, but there are 49 million people that are dealing with food insecurity in America today.

#16 There are six banks in the United States that pretty much everyone agrees fit into the “too big to fail” category.  Five of them have more than 40 trillion dollars of exposure to derivatives.

#17 The 113 top earning employees at the Federal Reserve headquarters in Washington D.C. make an average of $246,506 a year.  It turns out that ruining the U.S. economy is a very lucrative profession.

#18 We are told that the federal deficit is under control, but the truth is that the U.S. national debt increased by more than a trillion dollars during fiscal year 2014.

#19 An astounding 40 million dollars has been spent just on vacations for Barack Obama and his family.  Perhaps he figures that if we are going down as a nation anyway, he might as well enjoy the ride.

If our economy truly was “recovering”, there would be lots of good paying middle class jobs available.

But that is not the case at all.

I know so many people in their prime working years that spend day after day searching for a job.  Most of them never seem to get anywhere.  It isn’t because they don’t have anything to offer.  It is just that the labor market is absolutely saturated with qualified job seekers.

For example, USA Today recently shared the story of 42-year-old Alex Gomez…

“I’ve had to seriously downgrade my living situation,” said Alex Gomez, a 42-year-old with a master’s degree in entrepreneurship. Gomez lost his last full-time job in 2009 and has been looking for work since a short-term contract position ended in 2012.

Gomez’s home was foreclosed on, so the Tampa resident lives with three roommates in a college neighborhood. He drained his 401(k) trying to save his house, and he has around $150,000 in student loans. His mother is tapping her 401(k) to pay his rent. Gomez subsists on that and about $200 a month in food stamps.

“I have been applying and looking for pretty much anything at this stage,” he said. Although he’s looking for work in engineering or data management, “I applied to a supermarket as a deli clerk because I used to be a deli clerk as a teenager,” he said. He was told he was overqualified and turned down.

Does Alex Gomez have gifts and abilities to share with our society?

Of course he does.

So why can’t he find a job?

It is because we have a broken economy.

We are in the midst of a long-term economic decline and the system simply does not work properly anymore.

And thanks to decades of very foolish decisions, this is only the start of our problems.

Things are only going to get worse from here.

  • Mike Smithy

    I hear rumors of QE4 on the horizon despite the overwhelming failures of QE1-QE3. The schmucks at the Federal Reserve just can’t admit that Keynesian economic theory never creates long term economic growth and stability.

    • MIchael in Chicago

      QE does nothing for the economy of Japan, Germany, France, Greece or the rest of the countries currently in a recession or depression. So keeping the flow of easy money going for the sake of US banks and corporations will just make things much more worse later. Peter Schiff has been saying all year that QE will never end and I think he will be proven correct.

      • tayronachan

        Schiff has been right so far.

      • Tom_F

        You do know EU and Japan have their own QE programs, right?

        • Jane the Plummer

          It’s called a printing press. Germany printing marks behind closed doors for years.

          • Tom_F

            @Jane, you do know the German Mark has been out of circulation since 2002, right? You do know the EU and Japan have formal QE programs just like the U.S., right? Worth trillions? You did know all this, right?

    • Don’t bash Keynes. Keynes said that government should increase spending and stimulate market activity in recessionary periods but contain it in times of prosperity in order to smooth out the business cycle. However, the US has undergone a secular decline in the federal funds rate since the 1950s, with the cyclicalism of Keynes nothing more than blips compared to the overall trend. Had we followed Keynes’s words about constraining spending in boom times we would have been far better off.

      • Peter

        Keynes Really?
        Just name me a time when we actually lived in prosperity?. A time when we were not running a deficit.People had good jobs didn’t even need to borrow from banks to buy homes. As they had savings in their own families, that they could rely on. I know we have to go back to a time when we had sound money. Not a fiat debt based system, that Keynes is responsible for.

        • Swagato Barman Roy

          Not nearly enough people recognise the dangers of politician controlled money supply. Keynes was a rank and file politician and perhaps the purest embodiment of economic devil right after Marx.

          • GSOB

            Agree

            When a man spends his own money to buy something for himself, he is very careful about how much he spends and how he spends it.

            When a man spends his own money to buy something for someone else, he is still very careful about how much he spends, but somewhat less what he spends it on.

            When a man spends someone else’s money to buy something for himself, he is very careful about what he buys, but doesn’t care at all how much he spends.

            And when a man spends someone else’s money on someone else, he does’t care how much he spends or what he spends it on. And that’s government for you.

            –Milton Friedman

      • Drud

        Ultimately, our problems are not about policy–fiscal, monetary, or otherwise–they are real problems, namely limits to growth and human nature and they are intertwined. Human nature is to desire a bigger, better tomorrow, to continually desire growth, and Keynesian economics actually works very well for growing economies. The issue is NOTHING can grow forever. The US economy hasn’t really grown in years, probably since 2000, definitely not since 2007–all reported growth has come from accounting tricks. Now, we have the largest generation in history retiring and cutting their spending–this hampers growth more and more each day. Now, if we had sound, debt-free money, we might be able to contract somewhat peacefully and orderly, but with debt-based, credit-fueled money, contractions are sudden and violent. This is not the fault of the current Congress or sitting president, this has been going on for decades and we are simply living through the end of a generations-long cycle that started before almost all of us were born. These cycles have been going on for centuries and are a natural progression of human societies. the differences this time around is technology and globalism, the world is smaller and much more explosive (literally and figuratively) than every before.

        • True indeed. I address these points in my post above.

      • Mondobeyondo

        I prefer the Ludwig von Mises financial model myself. Not that Keynes was wrong… just my opinion.

    • You are looking from the wrong end of the telescope. QE’s so far have been fantastic for Wall Street and the 1%!

      They are gonna QE until WW3!

      • alan

        +100 for Chu! The policies made and decisions are not for the people but for the rich bankers and wall street goons.

        • mensa141

          60% or so of the QE money is being channeled into mortgage backed securities. That is a nice way to say that our federal government is using your money to buy houses so you can pay rent to them in the future.

        • David Mowers

          Never does anyone ever think about policies that benefit the majority and the poor economically.

          How can you have a democracy that does nothing for the majority and works solely for a wealth-class?

      • Eric Lopez

        Gives us more time to stack. We know it goes down anyways; may as well put it off for as long as possible. When mom & pop are paying $20 for a loaf of bread, MAYBE they’ll say enough is enough? It’s anybody’s guess.

        • Richard O. Mann

          It will be too late to care then.

      • tayronachan

        “They are gonna QE until WW3!” Are you a poet? Sounds like the start of some song.

        • Firstgarden

          I think he meant, don’t bite off more than you can Chu.

        • Mondobeyondo

          I like it!
          Whoopee! QE3 until WW3!

      • Lt

        Another surprising fact from looking thru the telescope is that 1/3 of the American work force support 2/3 of all Americans. That is a sick statistic but true. 1.) 319 million total Americans; 2.) 92 million not in work force – can work but not looking; 3.) 69 million cannot work – mainly children; 4.) 32 million Government workers or Government contractors – Government workers/contractors paid by taxes; 5.) 107 million private sector worker/producers who pay the taxes that support the 193 million in categories 2,3,&4 above. The problem is the private sector does not pay enough taxes to support such a large number of Americans, therefore the Government thru the Fed has to print over a trillion dollars of new debt each year to cover the shortfall.

        • Bella_Fantasia

          We’d have massive inflation if any of the QE money actually came into the economy, but it doesn’t. It’s all for the Gambling Class to play with.

    • Firstgarden

      Or dumping cash on ISIS positions. That would be more in keeping with current policies.

      • alan

        LOL! Suffocating under tons of dollars.

        • Firstgarden

          Well, we already dumped tanks, humvees & training on them. Might as well just dump the money. It’s all from the Fed’s magick ATM anyway.

        • Mondobeyondo

          Nothing like drowning in a sea of money!

    • Dave Jenkins

      QE-4-ever !

    • Wrench

      And the EU is poised to start a $1.7 trillion QE program over the next 2 years. If everything is so rosey, why the money dump. Liars. All if them.

  • MIchael in Chicago

    How about putting together an article about inflation over the past 5 years for us? I know my electric and natural gas rates have at least doubled (tripled for gas in the winter, electric in the summer), gasoline is still $3 here in DuPage County Illinois, health insurance, food prices, food packaging being reduce while the prices go up (one of my three jobs is at a grocery store so I know) and so on and so on. Wal-Mart, America’s second largest employer has either ended or reduced 401k contributions, reduced employee hours, ended or reduced or increased health care costs. How is that a sign of an improving economy?

    • Mike Smithy

      Shadow stats suggest that the real unemployment rate is approximately 23% and the real rate of inflation to include food and energy is well over 10% per year for the past 6 years.

      • Fannie

        Mike, I would agree with you. Just look at the price changes for groceries, even at Walmart! Way high!

        • MIchael in Chicago

          Yes Wal-Mart has been raising prices. My part-time job is with Frito-Lay and I service 2 Wal-Marts and listen to customers complain all the time about prices and lack of product on the shelves. Sometimes I ignore them, sometimes I tell them to buy more now as it will cost more when you come back. Few listen or understand why packaging is getting smaller while prices rise. Whatever.

  • MIchael in Chicago

    I wrote about my co-worker Rick in one of these threads awhile ago. He is married with 3 kids, early 50’s, 3 Master’s degrees currently working part-time at a grocery store. His wife finally had enough of his lack of income and served him with divorce papers last week. His mom is 80 and his dad is having stints put in this week. Anyway, that is one thing maybe you could bring up at a later date. The increase in divorce in America, people getting married later, younger people not wanting to get married, and so forth. All signs of a collapsing economy (Japan and Russia come to mind).

    • Fannie

      Wow, MIchael! Sorry to hear about your friend. We have gotten rid of the house, for now. We are downsizing to a small apartment.. And, lucky for us, they pay the utilities! Woo-hoo! I know this next year is going to be a bad one. I am retired and have my pension. I have taken up making silicone molds for my friends who are into candles and soap making. It’s good for me. China has over priced themselves and their offerings are not good. I found a niche. So, my 37 year old son is changing his occupation, too. He’s learning the mold making business. It’s something for now.

      • Jane the Plummer

        It is imperative to be self sustaining. Keep a low profile. Envy is dangerous. A change in mindset is the key for survival.

        • TimeHasCome

          Very wise words Jane . I own a small farm and I have divested myself from all community activities in the past two years . My goal is to keep a very low profile. There is a great change coming .

      • MIchael in Chicago

        Yes people I know are losing everything but they do not want to downsize to a smaller home. Home values are down so much that they do not want to walk away but are going to be forced to in time.

    • MichaelfromTheEconomicCollapse

      She divorced him just because he wasn’t making enough money?

      Michael

      • Daddyotis

        Sorry, but that wifey was not worth a plugged nickel. Rick is better off
        without her. Unfortunately, most people do not see that the most important things in life are absolutely free! Love and allegiance to God, Family, and one’s fellow man (last one via charity…not govt transference) are what counts. Blessings & good luck to Rick.

      • MIchael in Chicago

        He is over qualified for just about every job he has applied for. For whatever reason he is unable to get back into the teaching profession he was in. Yes, it is all about money. I keep seeing the same pattern where I live.

    • Eric Lopez

      3 Master’s degrees? She divorced him more likely of narcissism. LOL Sorry, just a pot shot.

      • K2

        Narcissism ? why didnt she divorce him when he had a full time job then? He had masters degrees then too.

    • Firstgarden

      A woman’s instinct to have a child is as strong as ever. She needs but a sperm donor & child support to get by. Relationship is optional.

      In truth she needs love, but it’s meaning has been entirely obscured in this late day.

    • Kent Harris

      There is a girl in my Friday home group Bible study whose cousin has told her husband that when he is transferred to Germany she is going to keep their kids with her in South Korea because of the money she makes as an ESL instructor. He is in the Army and it killing him to know that his wife cares more about money than him.

      • nohomehere

        Real love is (L)-earned over time, the relationship! but thats just me sayin ! It was that way from the begining , I believe joseph worked seven years and seven more for the two wives ,cattle increase his ability to support a wife thus each wife seven years cause cows take about 2 years and nine months to multiply so he had twice as many cows after 14 years and then that was stability ! they didnt tax cow farts then!

      • MIchael in Chicago

        Money = security.

  • Rufus T Firefly

    Price of oil and Michael is whining about shale bust? When prices go down it is a GOOD THING!

    • MichaelfromTheEconomicCollapse

      Not for the shale oil industry.

      Michael

      • Rebel

        But it is for the working class, so they can actually afford to buy something.

    • Mondobeyondo

      Prices going down isn’t necessarily a good thing. That’s called “deflation”. The consequences could be horrific in the long term. The Great Depression was a deflationary era. Everything was cheap – if you had the money to buy anything, which nobody had.

  • DJohn1

    The foundation of this country was the wage earning individuals. No one has been defending them. That is what is wrong with the Congress and the President. They are all about the inherited wealth of the people who rule this country.
    The people that earned that money for them are long dead.
    These people for the most part have never worked for a living in their lives.
    So they are all for trade agreements that destroy the American Working People.
    The Corporate managers out there cannot do the job of the people that they are supervising. They make decisions and if they are wrong, they do not get the blame.
    The economists out there are not in touch with the average man that is the foundation that makes everytning work. They do know how to spend massive amounts of money in an attempt to make things right. That is the worst way to solve problems with your national economy.
    The people that knew how to solve problems in the last great depression were people that recognized that working people have to have negotiations, contracts, rights and rules, and wage increases to compensate for inflation.
    That no longer exists.
    So, yes, you are in the midst of a depresson worst than the great depression of the 30s.
    Playing on a field with people that are extremely poor, too many to count, and on the edge of being starved with no social insurance against going broke and starving is not fair. Never has been. That is why protective tariffs worked.
    There are a bunch of economists out there that disagree.
    They are not part of that work force that supports this nation financially. They are all for cheap foreign goods at the expense of the factories and workers here.
    This country is run on the public income tax. If you kill the work, then there are no taxes to collect.
    In the meantime the current government is trying to bring in Obamacare and health insurance for the masses. Only it is taking 40% or more of the discretionary income of the average family out there.
    Then they wonder why all the retail stores are not having a great Christmas season.
    Until the get off their high horses and start figuring out what makes this country run financially, they are doomed to repeat the mistakes of the 20s.
    We have to be self-sufficient. That means we have to produce quality goods at a decent price. It means that there has to be natural competition between products here.
    It means having an equal and even playing field for the economy which is not very fair right now.
    It means if all these foreign competitors are not playing by the same rules our people have to play by then it is not fair trade at all.
    Our companies cannot even talk about competing with Japan for instance. Same with other countries. They are governed by antique rules designed with protective tariffs in place. Ford and Chrysler cannot design a car together. Neither can GM. That is the rules.
    But the Congress ignorantly decides to let other countries bypass the rules and compete here against our people.
    That is not right and they know it.
    The only chance this country has that I see is we have to put people in place that have worked for a living and know what it is like to struggle each week to make ends meet. As long as Daddy Warbucks and his ilk are in the Congress the working man is nothing more than a peasant being ruled by Rich People that could care less if they work or starve.

  • “I’ve had to seriously downgrade my living situation,” said Alex Gomez, a 42-year-old with a MASTER’S DEGREE IN ENTREPRENEURSHIP. . .”

    That says it about all! Colleges and universities don’t teach entrepreneurship! The School of Hard Knocks does!

    • Jodie Lynn Gaeta

      If I had children I would suggest that they learn a trade: carpentry, plumbing or something like that . They could work for a contractor, or join a union. Then if they wanted to go into business for themselves the option would be there.

      • You got it. Real skills are what’s necessary to survive GD2 & WW3!

      • Jaxon64

        agreed…the contractor who just installed my new well water tank ( I bought the tank myself and saved the $400 mark up) made appx $300 an hour from me–that’s the way to go.
        People will always have plumbing issues, need roofs, gutters and carpenters to turn that basement into a small apartment for those returning college kids….

        • David Mowers

          That, “$300.00,” an hour is not three hundred dollars an hour in income when you consider that they do not stay constantly employed year round and often times go weeks without a contract.

      • K2

        Dont do that to all of them. First ask the smartest/hardest working ones what they want to do, if they say college… ask them what degree they would want to major in. If they say arts or psychology or law degrees or something like that of alex gomez/MBA’s…suggest them trades instead.. If they say CSE,MD etc send them to college.

        Trades too are suffering, so its important to keep an eye on both college dependant jobs and trade dependant jobs.

        • K2

          or even something like pharmacy along with CSE/medical.

    • Swagato Barman Roy

      He has what he calls a master’s degree in entrepreneurship (for which he paid $150K) and is looking for a job. Am I reading it right? I bet he aced his class.

      • K2

        Exactly what i was thinkiing, its a joke degree.

      • Frack You 2 !

        Was it donald Trump’s business school?
        That would explain it then.

      • David Mowers

        Money is not available in loans to ordinary people to start businesses.

    • Mondobeyondo

      You need a master’s degree in just about anything to get a job these days. Yes, that includes McDonald’s. “Master of Big Macs” will take you quite far in the world.

      • That’s because both the sheeple worker and the sheeple employer are STUPID!

        The worker has been so dumbed down that s/he has no more initiative. Most Yankees are too fat to work! I am been very broadstroke and general of course.

        The employer has been so brainwashed that s/he believes s/he needs to hire a person with a Masters or PhD degree!

        Such is the reality aboard the U.S.S. Titanic!

    • Bella_Fantasia

      All the people who want college to become “job training” have skewed the purpose of college, unfortunately. In the US people are increasingly un-intellectual, and seemingly proud of it, which is an invitation to buy anything the corporate state is selling.

      That’s not say there isn’t room for job training of the essential services we all need. People are paying enormous amounts for car repairs or plumbing fixes here, and often the repairs are failures.

      The whole place is falling apart : (

      • I saw the handwriting on the wall in 2003 and left the good old United States, after living and working there for 19 years, in 2008.

        I choose Argentina because the people here are SURVIVORS in the truest sense of that word. They had to survive many crisesm especially that big one in 2001/2002.

        My calculations was that there is no other direction to go except UP! And my almost 6 years of living in Northern Patagonia has proven my original assumption. It is like living in the 50s in the US (although I wouldn’t really know as I wasn’t born then), but the peace, clean air, clean water, nice police, etc. are very idyllic. No chemtrails in the sky, the clouds look like clouds! Most people are still fit, a few that look like those permatourists in the movie Wall-E!

        • Bella_Fantasia

          While the 50’s weren’t all they’ve been cracked up to be, you get a pass on that, David Chu : )

          I lived in northern Peru on the Pacific near Ecuador from 2006 to early 2009. I’d still be there except a family member needed to come back. That might have been different if I knew about the chemtrails. We first saw them in 2011. Peru signed a “free trade” agreement in 2008. Now there is HAARP somewhere in the southern half of Peru. If it becomes possible, by some miracle, to return to South America, I will come to Argentina. I’m sure I will love it there. You are fortunate, David.

          • I meant the Yankee 50s as in a cleaner environment, no GMOs and a non-militarized local police! Of course, it wasn’t Father Knows Best or whatever that TV series is called!

            You should check out Northern Patagonia, Argentina ~ truly paradise on Earth! You would love it here!

            I am only “fortunate” because I choose to be! Plus I see the handwriting on the wall AND acted.

        • jimmy

          Good choice CHU-ey. Argentina has a 30% inflation rate, and the reason you don’t see any CONDENSATION trails, is no one flies around that country ! You do have one thing going for you, the Dollar still buys a LOT more goods in third world countries. Good Luck.

          • You must one of those very smart Yankees who has never ever left the country, let alone the state where you were born!

            Just today, I saw 2 condensation trails! But as to those beautiful CHEMTRAILS that your wonderful gov’t and USAF are spraying almost everywhere (except for Houston, Texas for some unexplicable reasons), please do enjoy them for me.

            The USD is the Greatest Ponzi Scheme in the world and in history. As long as the sheeple colletively believe in it, you may go on and party on the U.S.S. Titanic! As for me, I am off this unsinkable ship for good!

            Good luck to you too! You gonna need it more than me!

    • Dave Whitney

      Not according to many who over the years said this very statement; “What to get ahead? Go to school.”
      Buwahahahahahahahh….
      Btw, most are Republicans that said this.

    • David Mowers

      Right because charging for degrees and then not providing bank financing to pursue business opportunities basically allows for large-scale monopolies to stay in business and continue fleecing consumers.

      Fascism in application.

  • Jodie Lynn Gaeta

    I think that Janet Yellen has been more honest about the real state of the economy than the Administration has. Recently she has expressed alarm over rising income inequality in the U.S..As for the White House, they send me their propaganda by email every couple of weeks or so: the economy is on the right track, there are so many more jobs, we want to raise the minimum wage because we care about you but the evil Republicans don’t, etc.,etc.

    • Rob

      Janet Yellen honest? Please. It is her policies, and those of her predecessor, that are contributing to the decline of the middle class in order to subsidize the 1%

      • Jodie Lynn Gaeta

        Corporate profits are higher than ever, while wages remain pretty stagnant. The Fed can’t institute the labor reforms that could remedy that, and all the Democrats want to talk about is raising the minimum wage to $10.10 an hour. That would probably hurt small businesses, and wouldn’t help the middle class one iota.

    • Firstgarden

      Old Yellen
      Come back Yellen
      Best doggone dog in the west

      (To the tune of Old Yeller)

  • Jane the Plummer

    Just a prediction. In the next couple of years, we will see the ‘mother load’. The final collapse of real estate. And, in no certain order, private debt, discretionary spending, followed by another ‘domino’, employment. Hyperinflation is now setting in (due to QE lag time). Gas will be at European prices.
    U.S. bonds, treasuries, banks, companies, corporations( that are still here), medical, many small businesses, will go belly up. The US Dollar will be 1of many in a basket of currencies. And America will be a memory.

    • ian

      And life will continue and we will all adjust.

      • Jodie Lynn Gaeta

        But it will suck.

    • MIchael in Chicago

      My home value has dropped 40% in 5 years. Most of the rest of the community can say the same. I thought the bottom was back in 2009 but clearly it is not.

      • Swagato Barman Roy

        Your home is valued as much as the pleasure or utility you derive by living in it. Period. You got some serious problem if you seek other peoples’ valuation of your home and that is the root of many problems in the economy.

    • K2

      Many people here have been saying the same thing.

    • K2

      That will happen when QE stops.

      And when QE stops depends on what TPTB wants. If they want a repub….QE will stop before elections, if they want a democrat next time too, QE will stop after the elections.

  • Swagato Barman Roy

    He has what he calls master’s degree in entrepreneurship (for which he paid $150K) and is looking for a job. Am I reading it right? I bet he aced his class.

  • Priszilla

    Michael, this isn’t exactly news. You could have read this 40 years ago in the Pravda or Isvestja already.

  • Priszilla

    Entrepreneurship? You don’t get wealthy by the money you earn but by the money you save. $150, 000 to study entrepreneurship ? If that isn’t a bad investment I don’t know what is.

    • Eric Lopez

      For sure. I don’t understand an entrepreneurship that is not seeking to be one. I knight thee, Sir Entrepreneur. But I can’t find a job??

  • Richard

    Great article, Michael, well delivered. Just one thing: try not to ask – and answer – your own questions. It is really not cool. I’ve mentioned this before and you have made a great imrpovement… but for the educated reader it is irritating to be asked a question (rhetorically or not) and then immediately be subjected to the answer. Just make the statement and be done with it.
    Otherwise, good work, my man. Keep it up!

    “Does Alex Gomez have gifts and abilities to share with our society?
    Of course he does.
    So why can’t he find a job?
    It is because we have a broken economy.”

    Here’s a suggestion:

    “Alex Gomez obviously has gifts and abilities to share with our society. The reason he can’t find a job is because we have a broken economy.”

    I think you’ll agree, the above reads much better and more authoritatively.

    • Jodie Lynn Gaeta

      Not everyone who reads this blog is well-educated. A simpler writing style may help less sophisticated people understand what’s going on.

      • Richard

        Yep! Dumb ’em down! Well said, Jodie. Spoken like a true American!

        • Jodie Lynn Gaeta

          Simple folks need to be woken up too. America is in serious trouble.

          • Richard

            Excuse me, you do not have to talk condescendingly to people just because they’re simple and poor. In any case, my suggestion to Michael is in no way more ‘complicated’ than Michael’s own version – as you know very well. In fact, I do not even understand your point – it certainly has nothing to do with waking people up with simple language.
            ‘Idiocracy’ is the next movie on your list, please.

    • jaxon64

      I have been reading your continuous critique of Michael’s writing style for years.
      If you are such an expert, please send us a link to your literary contributions so that we may marvel at your amazing sentence structure and grammar .
      Of course nobody would enjoy any of the content, because having seen the trite and petty posts you constantly make at this site, I’m sure that it would be just as inane and trivial in thought.

      • Richard

        Thanks for your pearls of wisdom, Jaxon. Of course I’m not surprised at your attitude, seeing how you’ve managed to dumb-down even the spelling to your own name!

  • aashish

    Michael if you continue giving us real information like this soon you are going to labeled a propaganda machine paid and funded by the Russians or Chinese by the establishment .But great work and contribution from your side .keep it coming for people like us who want to wake up from this madness in wall street and washington . Great work keep it up and keep it rolling brother

  • Anro

    Hi Michael, most articles are about the economy in the States. What about Canada, I was there for one years as a emigrant from Croatia Europe and I must say the politic about the immigration is pretty bad if you are a white Christian and from Europe. So i was working there for 10 dollars seven days a week and now I am back home without a job. For us Canada is a promise land but the truth is bitter and hard. So much under payed jobs and lots of people sharing houses… Please make a review about Canada economic what is somehow bad. Thank You.

  • XSANDIEGOCA

    The government has just disclosed the number of “immigrants” in our society. It has put out an RFP for 34 MM blank green cards and work cards. That 34 MM will bring in another 34 MM over the next five years. Recently, a poll indicated that one third of Mexico would move up here if they could. Looks to me like they may get the chance. If this is not an invasion by a foreign power, I do not know what is. Another two years of the Harry and Obutu Show will finish us off.

    • Eric Lopez

      Something tells me that a bribed government is only so concerned, or even secretly happy about adding slaves to the fold. I surely pleases the corporate masters willing to “bend the rules” a little.

      • XSANDIEGOCA

        It is the game plan, on both sides of the aisle!

  • “Does Alex Gomez have gifts and abilities to share with our society?

    Of course he does.

    So why can’t he find a job?

    It is because we have a broken economy.”

    NO! It’s because he was brainwashed into beLIEving that “higher education” was the key to prosperity! Ever heard of the expression Piled Higher & Deeper? PhD!

    • Firstgarden

      PhD nows means Post Hole Digger.

      • Mondobeyondo

        True that! And I won’t even suggest what a B.S. degree is… *sigh*

  • jakartaman

    The only thing Obama has not totally destroyed that makes America exceptional is our military and he is hard at work on that.

    • Gay Veteran

      when was the last time the U.S. military won a war?

      • jakartaman

        Sweety,
        The miitary won them all – The politicians lost a few

        • Gay Veteran

          won them all?
          ROFLOL, I want what you’re smoking

  • randyfreedom

    Things are bad now…just think what will happen when the next crash/collapse happens. Anyone who was holding on by a thread will be wiped out. First a market crash, QE4, market bounce, “bad news item” to continue the crash, then QE infinity, Dollar crashes…and that’s when it gets ugly. We live in bad times now – but the worst is yet to come.

  • Bill2014

    That guy Alex Gomez sounds like a loser. Seriously he is letting his mother tap her 401k to pay his rent.

    • djc

      His situation is essentially hopeless as his student loan debt will continue to grow and cannot be discharged by bankruptcy. His only solution is to emigrate and start over. The sooner he does this the better.

  • Firstgarden

    But wait, we still have a trickle-down economy.
    Do you smell urine?

  • sharonsj

    Everything you say is true. But where in this is the cause of our problems? You don’t have a word about the corporations and the oligarchs who run this country. Their stealing and their manipulation of our laws is why they have all the money and we have none.

  • thechaosdjinn

    500 million financial accounts hacked this year, QE 4-to-infinity, dollar losing reserve status across the globe, a global depression kept on life support up by printing presses; we are in the largest financial sh*tstorm humanity has ever seen.
    Enjoy the ride, because there’s no place to go but down from here.

  • thechaosdjinn

    How come my post was deleted?

    • Firstgarden

      Apparently it wasn’t. I’ve had posts seem to disappear, then reappear. Disqus has its glitches.

      • thechaosdjinn

        Thanks- didn’t realize that; thought I had been targeted for termination by the black helicopter contingent.

  • thechaosdjinn

    it said this:

    “500 million financial accounts hacked this year, QE 4-to-infinity, dollar losing reserve status across the globe, a global depression kept on life support up by printing presses; we are in the largest financial sh*tstorm humanity has ever seen.
    Enjoy the ride, because there’s no place to go but down from here.”

  • Patriot One

    If he has a masters in entrepreneurship why doesn’t he creat his own job?? What exactly is a degree in entrepreneurship?? Must be like life science or something.

  • jazzword78

    America has replaced small business america (aka: independently owned grocery, hardware, clothing stores etc) with corrupt corporate America. Oh, if the economy takes a serve plunge and people can’t get to wal-mart, oh the horror (a little sarcasm that is well deserved) to stock up on those every day low prices. The reason the economy is in the shape it is because private business has been replaced with corporate domination that the public accepts. Look around, it’s everywhere: all you see are chain stores, and when you see a privately owned business it is a sight for sore eyes. Forget ‘Mom and Pop’s hardware, just run to Lowe’s or Home Depot. Forget ‘Mom and Pop’s clothing store, just run to Katos. Forget ‘Mom and Pop’s grocery, just run to the big grocery’s store that charges you 100.00 for two bags of groceries containing high fructose corn syrup and GMO’s. When people depend on corporate America for work, they become slaves to the system. Once, long ago, in a free land, men paved paths for themselves. Today (shaking head) America is the land of greed and sewage that we walk through daily. If I could, Sadly, the world is the same everywhere. Men and women are no longer free—we have become, in a sense, addicts dependent on the drugs of society that allows cell phones and hot coffee while standing on a street corner being watched by a camera attached to a street light.

  • GoUSA

    Concerning point 13, is it more than a coincidence that the price of crude is aproaching that price level??

  • American. Not subject

    We had it made. All we had to do was follow the finest document written by man called the U.S Constitution. We should never have allowed the creation of the evil feral reserve. We gave up on GOD. Until we return plan accordingly.

    • ian

      Many many other countries have given up on God and are doing incredibly well. Many many countries live by theocracy and God, and are doing horribly. So your point is invalid.

      • Firstgarden

        Those who live by a “theocracy” today live by a man-centered religion. It is not about God. Countries like China, in the short run, can prosper. But they, like everyone else, are bound to falter. If you are so opposed to God, then you can go to a world without him. This present life is a preview. You will dearly wish you had searched matters out before making such rash and surface judgments. But I hope you will find Truth before that day comes.

        • ian

          ha ha …really? Islam, Hinduism etc…are all man based religions? Where do you get you information?

          • Firstgarden

            I’m not interested in a “discussion” with someone who has no real desire for truth.

        • ian

          We are currently the most Christian nation on the face of the earth, so again, your point is invalid.

          • Firstgarden

            You display colossal ignorance. Keep on talking. You are your own greatest refutation.

        • ian

          And please show me peer reviewed journals and articles that state that believing in an invisible sky daddy makes a country better. Until then, you are just making up fairytales.

          • Firstgarden

            It’s disturbing to see how someone can be so shallow and small-minded, yet so cocky and arrogant about it. It is not the way of wise men.

          • Firstgarden

            Many great minds across history have been ardent believers in God – philosophers, theologians, historians, scholars, scientists, national leaders, godly servants like Mother Teresa. And they’re ALL WRONG….
            because Ian said so.

            Try searching out these things instead of spouting ignorance from afar. You OBVIOUSLY don’t know what you are talking about. You’re way out of your league. Better you study and research before commenting, because anyone with discernment sees that you are really making a fool of yourself. It does not become you.

            Unless you’re just a paid troll sent here to disrupt. I hope not, because that would display most disingenuous character.

          • Firstgarden

            These are just a FEW Great Minds in history who strongly believed in God:

            PART I. Nobel Scientists (20-21 Century):

            Albert Einstein Nobel Laureate in Physics Jewish

            Max Planck Nobel Laureate in Physics Protestant

            Erwin Schrodinger Nobel Laureate in Physics Catholic

            Werner Heisenberg Nobel Laureate in Physics Lutheran

            Robert Millikan Nobel Laureate in Physics probably Congregationalist

            Charles Hard Townes Nobel Laureate in Physics United Church of Christ (raised Baptist)

            Arthur Schawlow Nobel Laureate in Physics Methodist

            William D. Phillips Nobel Laureate in Physics Methodist

            William H. Bragg Nobel Laureate in Physics Anglican

            Guglielmo Marconi Nobel Laureate in Physics Catholic and Anglican

            Arthur Compton Nobel Laureate in Physics Presbyterian

            Arno Penzias Nobel Laureate in Physics Jewish

            Nevill Mott Nobel Laureate in Physics Anglican

            Isidor Isaac Rabi Nobel Laureate in Physics Jewish

            Abdus Salam Nobel Laureate in Physics Muslim

            Antony Hewish Nobel Laureate in Physics Christian (denomination?)

            Joseph H. Taylor, Jr. Nobel Laureate in Physics Quaker

            Alexis Carrel Nobel Laureate in Medicine and Physiology Catholic

            John Eccles Nobel Laureate in Medicine and Physiology Catholic

            Joseph Murray Nobel Laureate in Medicine and Physiology Catholic

            Ernst Chain Nobel Laureate in Medicine and Physiology Jewish

            George Wald Nobel Laureate in Medicine and Physiology Jewish

            Ronald Ross Nobel Laureate in Medicine and Physiology Christian

            Derek Barton Nobel Laureate in Chemistry Christian

            Christian Anfinsen Nobel Laureate in Chemistry Jewish

            Walter Kohn Nobel Laureate in Chemistry Jewish

            Richard Smalley Nobel Laureate in Chemistry Christian

            PART II. Nobel Writers (20-21 Century):

            T.S. Eliot Nobel Laureate in Literature Anglo-Catholic (Anglican)

            Rudyard Kipling Nobel Laureate in Literature Anglican

            Alexander Solzhenitsyn Nobel Laureate in Literature Russian Orthodox

            François Mauriac Nobel Laureate in Literature Catholic

            Hermann Hesse Nobel Laureate in Literature Christian

            Winston Churchill Nobel Laureate in Literature Anglican

            Jean-Paul Sartre Nobel Laureate in Literature Lutheran; Freudian; Marxist; atheist; Messianic Jew

            Sigrid Undset Nobel Laureate in Literature Catholic (previously Lutheran)

            Rabindranath Tagore Nobel Laureate in Literature Hindu

            Rudolf Eucken Nobel Laureate in Literature Christian

            Isaac Singer Nobel Laureate in Literature Jewish

            PART III. Nobel Peace Laureates (20-21 Century):

            Albert Schweitzer Nobel Peace Prize Laureate Lutheran

            Jimmy Carter Nobel Peace Prize Laureate Baptist

            Theodore Roosevelt Nobel Peace Prize Laureate Dutch Reformed; Episcopalian

            Woodrow Wilson Nobel Peace Prize Laureate Presbyterian

            Frederik de Klerk Nobel Peace Prize Laureate Dutch Reformed

            Nelson Mandela Nobel Peace Prize Laureate Christian

            Kim Dae-Jung Nobel Peace Prize Laureate Catholic

            Dag Hammarskjold Nobel Peace Prize Laureate Christian

            Martin Luther King, Jr. Nobel Peace Prize Laureate Baptist

            Adolfo Perez Esquivel Nobel Peace Prize Laureate Catholic

            Desmond Tutu Nobel Peace Prize Laureate Anglican

            John R. Mott Nobel Peace Prize Laureate Methodist

            Part IV. Founders of Modern Science (16-21 Century):

            Isaac Newton Founder of Classical Physics and Infinitesimal Calculus Anglican (rejected Trinitarianism, i.e., Athanasianism;
            believed in the Arianism of the Primitive Church)

            Galileo Galilei Founder of Experimental Physics Catholic

            Nicolaus Copernicus Founder of Heliocentric Cosmology Catholic (priest)

            Johannes Kepler Founder of Physical Astronomy and Modern Optics Lutheran

            Francis Bacon Founder of the Scientific Inductive Method Anglican

            René Descartes Founder of Analytical Geometry and Modern Philosophy Catholic

            Blaise Pascal Founder of Hydrostatics, Hydrodynamics,
            and the Theory of Probabilities Jansenist

            Michael Faraday Founder of Electronics and Electro-Magnetics Sandemanian

            James Clerk Maxwell Founder of Statistical Thermodynamics Presbyterian; Anglican; Baptist

            Lord Kelvin Founder of Thermodynamics and Energetics Anglican

            Robert Boyle Founder of Modern Chemistry Anglican

            William Harvey Founder of Modern Medicine Anglican

            John Ray Founder of Modern Biology and Natural History Calvinist

            Gottfried Wilhelm Leibniz German Mathematician and Philosopher,
            Founder of Infinitesimal Calculus Lutheran

            Charles Darwin Founder of the Theory of Evolution Anglican (nominal); Unitarian

            Ernst Haeckel German Biologist,
            the Most Influential Evolutionist in Continental Europe

            Thomas H. Huxley English Biologist and Evolutionist,

            Joseph J. Thomson Nobel Laureate in Physics, Discoverer of the Electron,
            Founder of Atomic Physics Anglican

            Louis Pasteur Founder of Microbiology and Immunology Catholic

            Part V. Great Philosophers (17-21 Century):

            Immanuel Kant One of the Greatest Philosophers
            in the History of Western Philosophy Lutheran

            Jean-Jacques Rousseau Founder of Modern Deism born Protestant;
            converted as a teen to Catholic

            Voltaire French Philosopher and Historian,
            One of the Most Influential Thinkers of the Enlightenment raised in Jansenism

            David Hume Scottish Empiricist Philosopher, Historian, and Economist,
            Founder of Modern Skepticism Church of Scotland (Presbyterian)

            Spinoza Dutch-Jewish Philosopher,
            the Chief Exponent of Modern Rationalism Judaism; later pantheism/deism

            Giordano Bruno Italian Philosopher, Astronomer, and Mathematician,
            Founder of the Theory of the Infinite Universe Catholic

            George Berkeley Irish Philosopher and Mathematician, Founder of Modern Idealism,
            Famous as “The Precursor of Mach and Einstein” Anglican

            John Stuart Mill English Philosopher and Economist,
            the Major Exponent of Utilitarianism agnostic; Utilitarian

            Richard Swinburne Oxford Professor of Philosophy,
            One of the Most Influential Theistic Philosophers

            PART VI. Other Religious Nobelists
            60 more Nobel Prize winners are listed
            (32 scientists, 17 writers, 11 Nobel Nobel Peace Laureates)

            PART VII. Nobelists, Philosophers, and Scientists on Jesus
            Quotes by 16 individuals about their beliefs about Jesus
            – Alexis Carrel
            – Albert Einstein
            – Arthur Compton
            – Robert Millikan
            – Francois Mauriac
            – Sigrid Undset
            – T.S. Eliot
            – Mother Theresa
            – Albert Schweitzer
            – Theodore Roosevelt
            – Frederik de Klerk
            – John R. Mott
            – Kim Dae-Jung
            – Martin Luther King, Jr.
            – Jimmy Carter
            – Blaise Pascal

          • Firstgarden

            Many great minds across history have been ardent believers in God – philosophers, theologians, historians, scholars, scientists, national leaders, founders of great movements, godly servants like Mother Teresa. And they’re ALL WRONG….

            because Ian said so.

            Try searching out these things instead of spouting
            ignorance from afar. You OBVIOUSLY don’t know what you are talking about. You’re way out of your league. Better to study and research before commenting, because anyone with discernment sees that you are really making a fool of yourself. It does not become you.

            Unless you’re just a paid troll sent here to disrupt. I hope not, because that would demonstrate a most disingenuous character.

          • IAN

            ui have studied religion in depth….and there is still zero proof for any religious claim. I repeat…..ZERO PROOF OR EVIDENCE.

          • Firstgarden

            Are you suggesting that Life and the Universe came out of absolute vacuum?

            That all the design, all the species, all the trees and plants, all the wondrous variety of manifest intelligence proceeded from NON-intelligence?

            That life proceeded from non-life?

            That personality proceeded from NON-personality?

            That we all came from a rock… after it was rained upon for millions of years and became primordial slime?

            It would take far more faith to believe in that than to believe that it all proceeded from an Intelligent, Creator.

            Have you really thought this through?

          • ian

            Since we cant explain it all yet with our limited knowledge, then my version of a sky daddy who hates homos and condemns nations for using common sense must be the answer.

          • Firstgarden

            That is your excuse for rebelling against your Creator. Even YOU don’t believe that.

            Having a hunger and thirst for Truth is more important than anything else. If you don’t have that, then you are wide open to deception.

            I encourage you to love Truth, wherever it will lead you.

            If you desire to know God, as He really is, seek him sincerely. He, in His Love, will reveal Himself to you infallibly.

          • Firstgarden

            Most, if not all, of the founding fathers believed in God. Most of them were Christians in faith. But they all operated within the Christian consensus. Their faith played a HUGE role in the forming of our constitution, and the great American experiment. Only when we departed from God and the framework that they laid out, did we, as a nation, go into decline.

            Would you deny others this great, rich and wonderful heritage for the sake of your own skepticism?

  • Firstgarden

    Once upon a time, the principles sound capitalism ruled the land. Like a great fountain, the water went up, then trickled down. Up it went again, the water drawn up from the pool by the “pumps” of good faith, resource, and speculative growth.

    Then the fountain turned more into a huge pipeline, irrigating lands far away. Trickle-down became trickle-sideways, as water seeks its lowest level (low costs, wages..), providing growth opportunities for NICs, (newly industrialized countries.) Like us, they have their moment in the sun. Their standards of living too would rise, as nature takes its course. That is, nature in its dual forms — the laws of nature, and human nature.

    On the human nature side, ungoverned greed has led to atrocities that beggar description, as seen all around us today. People are angry. We resent it. The elite are looting the system; the obscenely rich are becoming all the more obscene, excess upon excess, in amassing the world’s wealth.

    “What does it profit a man if he gains the whole world and loses his soul?”
    – Jesus Christ

    Across the ages echoes this recurrent human condition – the strong pillaging the weak, the haves vs. the have-nots. Man continues to dance this dance of eternal discontent – a ritual of the ridiculous and the absurd.

    The poor have little,
    Beggars none;
    The rich too much.
    Enough? Not one.
    – Benjamin Franklin

    Of course, money matters.
    The problem is NOT that money matters.
    The problem is when money is ALL that matters.

    People know instinctively when they have been wronged; that they have intrinsic worth that has been disrespected. It is deeper than pride. It is Dignity. And that divine spark of Love and Kindness, that would shine through us toward our fellow man, comes from our Benevolent Creator.

    There is no brotherhood of man without the Fatherhood of God.

    It is quite silly to expect benevolence from a non-benevolent source.

    It is REALLY silly to deny the very SOURCE of that benevolence… God, and yet expect it all the same from our fellow man.

    Don’t expect Light from darkness.
    (Man is not darkness. But he is IN the darkness when he avoids the Light.)

    Don’t expect Kingdom principle from a society that wants no part with the Kingdom of God, and the restraining forces of conscience that He created, and meant for us to follow.

    Don’t lament all the inequality – the downside of human nature devoid of the Divine nature. Instead, lament that man has left the True Fount of Living Water for empty, cracked cisterns, that can hold no water. (His own leaky human vessel, apart from God.)

    Lament not that we are reaping what we have collectively sown, as a society. Lament that we have sown such asininity in the first place.

    It’s amazing how many folks rage against the very concept of God, as though atheism were the latest fad. Not much thought goes into it. If you don’t have light (substance), you have darkness (absence.)

    What’s so upsetting about that? Sure, the man-made aspects of religion are confusing. But remember, for every counterfeit there is a genuine article.

    People generally have a sense of right and wrong, some kind of moral code. But they deny the very roots of them when they deny God. For, without God, there is no moral code, no right or wrong, no fair or unfair, but every dog out for himself in a strict survival of the fittest.

    Don’t demand the righteousness of God — a fair, equal and just standard for all — all while denying the God OF Righteousness. You are not God. You are not Light. You are as one that orbits around that Light — a heavenly body — reflecting that light of love on others. Keep a close orbit.

    Don’t cut off the branch you sit on.

    “You have heard the law that says, ‘Love your neighbor and hate your enemy. But I say, love your enemies.. In that way, you will be acting as true children of your Father in heaven. For He gives his sunlight to both the evil and the good, and he sends rain on the just and the unjust alike.

    If you love only those who love you, what reward is there for that? Even corrupt tax collectors [the IRS] do that much. If you are kind only to your friends, how are you different from anyone else? Even pagans do that. But you are to be perfect, [complete, mature] even as your Father in heaven is perfect.
    – Messiah (Jesus Christ)

    And so it always comes down to this.
    Love God with all you’ve got, and your neighbor as yourself.
    On this hangs all the law and the prophets.

    • Whereeveryougothereyouare

      That was both concise and eloquent…really beautiful!!!

  • kat

    A master’s of entrepreneurship degree is a one year program. Why doesn’t he start his own business if he knows so much about entrepreneurship? I think its a worthless popcorn degree. Its not surprising he can’t find work. The college and degree system is a profitable budiness. Students must beware.

  • Real Deal

    The American People face the same enemy that our Founders risked life and limb to free us from. Both Parties, the Liberals and their cohorts (the Conservatives) both rake Foreign cash into their campaigns. This is the reason WTO and NAFTA stole our Middle Class jobbie jobs… Do you expect to remain FREE while your rock-star Politician takes Foreign bribes?

    • Both parties are parties of the rich. However, if you want to support the middle (really working and professional) classes, you should advocate for workers’ self-management of large enterprises and major bank reform that will allow us to move away from a system in which perpetual (cancerous) growth is required to maintain a decent standard of living.

  • piccadillybabe

    Never heard of a degree program in entrepreneurship much less a master’s program. Anyone that would pay $150K for a degree such as that deserves a few hard knocks as a reality check. The blind are leading the blind these days. 85% of Americans still believe everything they are told by the media. Even some preppers I know still listen to Fox News and Glenn Beck and claim their state’s unemployment rate is a little over 5%. If that is the case, how could 49% of Americans be on dole one way or another?

  • ian

    Everyone i know and talk to is doing fine. I keep hearing about economic calamity, but i just do not see it anywhere. Maybe it is because i have been to many poverty stricken third world countries and when i hear Americans bitch about their poverty, i immediately think to the real gut wrenching hardship i see around the globe. We have a very long way to fall. And guess what, for those in severe poverty, life still continues and people adjust and go on living happily. It aint going to be the end of the world. Humans are adaptable.

    • SDZ

      If that was true then you wouldn’t here, either that or you’re delusional

      • ian

        um…no. i come here out of sheer wonderment that this site can continue, when all i see is wealth and financial wellbeing everywhere. Sure there are pockets of poverty, but maybe you are the ones who should “get out of your bubble” ad look around. Things are not as bad as this site is hammering it out to be.

        • Firstgarden

          Ian, I live in Southern California — the 8th largest economy in the world. I have been unemployed for 4 1/2 years now, except for a smattering of very limited, part time work. I could tell you horror stories, but I’ll spare you. The economy absolutely sucks here, and plenty of vacant storefronts can be found in every business district. I don’t know where you live, but I’m sincerely happy that your area is doing better.

    • Jodie Lynn Gaeta

      Yes, they go on living happily. Watching their children die from treatable diseases, their rickety houses of two or three stories built on seismically active land, no clean water available, worm-ridden, daughters forced into prostitution: poverty is just great. Seriously, we in America have a lot to be thankful for. Even our poorest aren’t that poor, compared to the third world commoners. But although we have a long way to fall, our descent has begun. Our nation in an insane amount of debt, wealth concentrated in the hands of a few, our civil liberties being chipped away piece by piece: we are well on our way down.

    • Mark in Ohio

      “Everyone i know and talk to is doing fine. I keep hearing about economic calamity, but i just do not see it anywhere.”
      That is because you are living in a bubble insulated in your suburban neighborhood, shopping at suburban malls, traveling around insulated in your car, socializing with your insulated friends.
      You don’t have to travel to a Third-World country……. come to the Emergency Food Pantry door at the back of our church in downtown Hamilton Ohio at 5:00 on Tuesday nights. Ask some of the 40 people standing in line in the cold rain about the job market and the state of the economy.
      Yea, humans are adaptable —– like the mom who’s Food Stamps ran out last week. Unfortunately, the flood of people last night had cleaned out our pantry. I had to tell her all we had left was some boxes of soda crackers and tomato sauce. “Sauce spread on crackers is better than going hungry”, she told me.
      Get out of your bubble and get involved and you’ll see what’s going on out there. And I don’t mean signing up for a 5K Run to Beneftit the Homeless or a Food Drive at the local Mall. Volunteer at a soup kitchen down in the part of town where you’d be scared to walk at night.

      • ian

        um…no. i live in the heart of a city.

  • FortuneSeek3rz

    It always amuses me how jubilant the media sounds when new car sales for ___ manufacturer hits a year over year record or whatever statistic makes the headline. The truth is, automobiles kill more of your net worth than any other single item the middle class is likely to encounter. It is not good for the long term economy to finance a new vehicle for 72 months and then trade it in 3 years later for a 40% haircut. Factor in taxes, insurance and upkeep, and you’ve got yourself a real financial black hole. Twitter @fortuneseek3rz.

  • We need to rebuild the economy from the ground up. First off, we must absolutely eliminate fiat bank money and replace it with sovereign money issued by the Treasury and spent into circulation by the Congress as mandated by the Constitution; any other money creation by any person should attract the same criminal penalties attached to counterfeit of currency. Furthermore the household and consumer lending sectors should be brought under the control of banks owned by the several states, in order to ensure revenue streams for state governments while also ensuring that private bank competition does not lead to asset-price bubbles that proximally cause economic crisis when they burst. The remaining sectors of large banks, dealing with productive business lending, should be mutualized into credit unions, and should not have publicly trading stock, and the largest ten banks, already smaller from the end of their consumer lending, should be broken up into about forty or so independent corporations. As part of the transition, all pre-existing debt would be jubileed over a period of about ten years and the banks compensated with new sovereign money in the amount of the principal.

    Secondly, we need to cut out the profiteers from our economic system once and for all. Large enterprises should be operated by workers on a daily basis, with corporate boards being majority elected by workers on a one-employee one-vote basis (with 10% investor advocates for those companies with share capital outstanding, elected according to the existing procedure). Starting with 1,500 employees, workers would have a progressively greater share of the board until reaching 90%. Works councils, composed entirely of workers, would also exist for large divisions of major enterprises (General Electric, Boeing, etc.), and workers could elect company presidents and vice-presidents at the overall and divisional levels. As a consequence of the new arrangement, companies would be far less able to perform the financial engineering that is underpinning the stock market now, and would have a greater incentive to pass on their profits to consumers in the form of price cuts, and employees in the form of bonuses. Furthermore, shares of stock outstanding should expire after 20 years, or once the company pays the full initial value of the share plus 20% in the form of dividends. With shareholders getting about 25% of corporate profits rather than the 70%+ they do now, more would be left over for the rest of us.

    The immediate effect of such reforms would include a significant drop in the prices of all goods, as interest payments to the big banks drop as do dividends to rich shareholders. The absolute value of wages and GDP would go down but in real terms they would rise, boosting the savings of working people significantly and allowing more people to come off of government assistance programs. In the long term, such changes would allow us to break away from the current capitalist system, based on perpetual growth at all costs, and create a new system where the continued health of the economy is not contingent on ever-increasing output. In the absence of genuine technological innovation, capitalism’s appetite for perpetual growth is fed by expansion of new markets, the inflation of asset bubbles, consumerism, and war. The final three have absolutely got to stop – the continued success of our economy cannot be contingent on people buying more and more iCrap on the credit card.

    A post-capitalist system, based around the idea of a free market but with more in it for all participants and not just a wealthy few, would resolve these problems. In the present situation there is always some debt to pay off on an economy-wide scale, ensuring that perpetual growth is required. If debts are only required for productive investment, rather than merely to sustain the money supply, then the economy can easily transition between lower and higher rates of consumption without feeling the pinch of debt. Such a situation would, for example, allow us to reduce dramatically in size the bloated FIRE sector of the economy; although the value of GDP would shrink, under the new system the economy would nonetheless be much healthier. Similarly we could resolve our environmental problems the same way, in the only way they can be resolved – by cutting consumption of oil, coal, electricity, automobiles, and all industrial products whose creation involves resource extraction, and switching to much greater use of public transport and more compact cities. Such reductions would have negative ripple effects on the GDP shares of all economic sectors, an effect which under the capitalist system would result in mass unemployment as our own financial crisis testifies. Under a post-capitalist, labor-centric system, however, the lower production would be counterbalanced by lower consumption, and anyone displaced from their job could be re-accomodated by, for example, reducing the hours of the workweek. Once this process works to its conclusion and excess consumption in the economy is minimized, we can have a truly healthy economic base on which to build.

  • Mondobeyondo

    I am happy to say that I have FINALLY found a job!

    I begin my employment stint at the glorious Amazon fulfillment center on November 2nd. Yes, I have heard the horror stories about that particular site of employment, You want to hear a real horror story? Try being unemployed for 5 ½ years.

    I can no longer say I have been unemployed longer than Michael Jackson’s been dead (although that is still the case. Michael Jackson died on June 25, 2009. I got my layoff notice from my previous job on June 15, 2009)

    • K2

      Congrats!!

    • Ohio Lender

      Congrats!
      I just did a mortgage loan for a young woman who works at the Amazon Center in N. KY. No college degree. She was hired as an entry-level order filler.
      In the third week at the job an executive in a suit told her he wanted to see her in his office. She was scared and puzzled what she could have done wrong. He told her they had been watching how she hustled and the quality of her work. They gave her a desk and put her in charge of a major National account. She also got a huge increase in pay.
      One instance where effort has paid off.

  • Buckwheat

    Listen to Peter Schiff.

  • TimeHasCome

    Great article Michael. The take away sentence for me is the last one “Things are only going to get worse from here”. How true , how true and this upcoming election will matter little . The real sad part as this next downturn in the economy will cost people their lives all over the globe . And yes even here in the Good Ol USA people will perish and there is little we can do about it.

  • GSOB

    War has become a spectator sport for Americans.

  • GSOB

    If the personal freedoms guaranteed by the Constitution inhibit the government’s ability to govern the people, we should look to limit those guarantees.

    –Bill Clinton, 42nd US President

  • GSOB

    The compelling issue to both conservatives and liberals is not whether it is legitimate for government to confiscate one’s property to give to another, the debate is over the disposition of the pillage. – Walter Williams

  • Dave Whitney

    Over and over we see articles such as this listing out how bad the middle
    class has it vs the 1%ers. Yet there is little to offer as to how to reconcile
    this issue.
    That is except the Republican mantra of less regulation and taxes
    specifically targeted towards the ‘job creators’.
    Many like to blame the current administration and the vast discrepancies in
    wealth accumulation since the Great Recession. Some even point to the fact the
    Democrats held full control for a staggering two years under Obama and did
    ‘nothing’.
    The only way to increase the strength of the middle class is to raise the
    top tax rates to 50% or more.
    The 1%ers the ‘liquidate’ their gross value in order to lower their tax
    burden. One method is to pay the workers more, thereby raising their tax burden.
    In effect we all pay a little more.
    When I offer this suggestion, the response often is, very passionately,
    demanded of me is to name one country that successfully taxed its way to
    prosperity.
    The answer?

    The United States of America; 1945-1980

  • ian

    An argument from popularity. A logical fallacy. And the difference between those scientists and nut job wing nuts in this country, is scientists will admit defeat and alter their views to fit observable reality.

    • Steve08021

      And an observable reality which probably has atheists foaming at the mouth is the results of a 3 year study of Near Death Experiences which was published in the journal Resuscitation on October 7th…The results concluded that substantial EVIDENCE exists of an existence of consciousness AFTER clinical death…Google it and read it because your god, science, wrote it…

      • ian

        Still does not prove a God…or your version thereof, as opposed to the hundreds of thousands of made up fairy tale sky monsters.

        • ian

          And if scientists have proven the existence of an afterlife, where the hell are there Nobel peace prizes? And where is the excitement in the scientific community for this astounding find? Oh wait…it must be that liberal conspiracy thing again, right?

  • mensa141

    All of this is part of the New World Order (NWO). Europe and America’s economy must be brought down closer to the average wages earned by the remainder of the world in order to institute this NWO. Both parties have been working on this eventuality for the past couple of decades with ‘free trade zones’ and open borders. Free trade zones is a step to lower our wages to servant (service) wages while open borders allows third world workers to further lower our wages competing for those servant jobs.

  • 905mickeym

    People talk about the wealth going into the hands of the top 10 %.
    Wrong !!!! …..the wealth referred to is non existent ponzi wealth
    valuation.

    Economic collapse prediction is wrong !!!!!!! …….the collapse is the
    top 20% being squeezed into the middle or bottom.

    Gold prediction of 5000$ per oz or more is wrong !!!!!! ……

    “Investment grade” gold is subject to capital gains.

    If you hold unregistered gold blocks in the closet now what????
    Jewelers will give you no more than 10 cents on the dollar especially
    for alloyed gold.

    Hyper inflation prediction and dollar collapse prediction are wrong! ….

    Interest rates will be increased to contain debt and protect the US
    dollar if necessary.

    Inflation on imported items will increase the GDP , fuel more deflation
    and punish the non producers.

  • Maximus Max

    QE3 ended today. Where does this story go from here?

  • David Mowers

    O say can you see by the dawn’s early light,

    What so proudly we hailed at the twilight’s last gleaming,

    Whose broad stripes and bright stars through the perilous fight,

    O’er the ramparts we watched, were so gallantly streaming?

    And the rockets’ red glare, the bombs bursting in air,

    Gave proof through the night that our flag was still there;

    O say does that star-spangled banner yet wave,

    O’er the land of the free and the home of the brave?

    That became a nightmare and the land of the wage-slave…

    We gave our wealthy the nation, while giving poor all the frustration,

    Wall-Street destroyed the coun-try while the President vacationed,

    And China became, the greatest nation in the game,

    While America she died, thanks to our Central Bank of lies.

    For the Founding Fathers clearly intended that only money should rule,

    That hard work and effort was for peonic-fools and policies of deception are the greatest of tools,

    Oh say does that star-spangled yet wa-ave?

    Over the Land for the Wealthy and mass-poverty and their graves.

  • ugha323a

    There is little that can be done to improve the economy. Our jobs are now in Asia and who is going to force them back here? Millions of jobs were lost since the 1980s with corporate mergers. Who is going to undo those mergers? Until those steps are taken, I stand by my guns that America is finished.

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