Barack Obama, The Federal Reserve And The New York Times: Millions Of Unemployed Americans Are NOT Going Back To Work Any Time Soon

By Michael Snyder, on February 21st, 2010

Most Americans seem to be under the impression that the millions of Americans who have lost their jobs over the last few years will soon be going back to work as the U.S. economy recovers. But that is not going to happen. In fact, even Barack Obama, the Federal Reserve and the New York Times are all admitting that millions of unemployed Americans are not going back to work any time soon – and they are some of the biggest optimists regarding the long-term prospects for the U.S. economy. Many are calling this a “jobless recovery”, but what we are experiencing right now is not a “recovery” at all. Rather, we are currently in a “lull” in the economic storm. All of the “bailouts” and “stimulus packages” have stabilized the U.S. economy for now, but they have made our long-term debt problems far worse.

So what does that mean?

It means that eventually millions and millions more Americans will lose their jobs.

So don’t count on the millions of Americans who are currently unemployed going back to work any time soon.

Even the most important newspaper in the United States (the New York Times), the most important financial institution in the nation (the Federal Reserve) and the president of the United States (Barack Obama) all say that the employment situation is not going to improve for quite some time….

*Barack Obama’s most recent budget proposal projects that the U.S. unemployment rate will remain at about 10% in 2010. Of course we all know that the current official unemployment rate of approximately 10% is actually more like 18-22% in reality.

*The Federal Reserve also caused a stir recently when they said that the official U.S. unemployment rate will continue to stay up around 10% throughout 2010.

*In a recent article entitled “Millions of Unemployed Face Years Without Jobs”, the New York Times admitted that millions of Americans that have lost their jobs during this “recession” may be out of work for years.

Meanwhile, according to the Department of Labor, approximately 2.7 million unemployed Americans will lose their unemployment check before the end of April unless the U.S. Congress decides to extend their payments.

So what happens when millions of unemployed Americans don’t even have an unemployment check coming in?

Things are getting bad out there, and many financial institutions are beginning to take steps to protect themselves.

In fact, Citibank is now telling some of their customers that they are reserving the right to require 7 days advance notice before allowing a customer to withdraw their own money.

Yes, this is true.

Citibank is currently sending the following notification to their customers all over the United States, but according to them it was only supposed to go to their customers in Texas: “Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change.”

Could you imagine having to give your bank 7 days notice before you take your money out?

Dark economic times are ahead.

The truth is that the once great U.S. economy is crumbling. Just check out the chart below. Does this look like part of a “normal” economic cycle to you?….

Caitanya dasa

Very powerful article, sir. Your articles just keep getting better and better. Please keep on writing, you are really spreading the truth about the economic collapse of America.
Capt Kirk

Listen, the corporations have made billions by shipping jobs overseas. Tax them at 90% if they have done this.

Call centers and IT are now all in India. Mft is now in China. The quality shows too.
http://www.railroadingamerica.com BringBackJobs

Time to bring those jobs back from China yet? President Obama needs to ORDER American manufactures to return to the USA. Put high tariffs on everything made in china. If America no longer makes anything, we will die. We might as well surrender to the Chinese now and get it over with.
http://www.railroadingamerica.com
Rick Caird

Captain, I realize this might be hard to understand, but shipping some jobs overseas is the difference between being profitable and going out of business. Any relatively simple, low knowledge job that is labor intensive cannot be done profitably in the US. That is why we manufacture airplanes and earth moving equipment, not textiles.

I believe it was Dell who did a survey and asked its customers if they would be willing to pay $100 extra per computer for US phone support. The answer was no. So, see Pogo.
Spencer

Rick Caird makes a good point. The issue is that labour unions have asked and gotten too much, and the people are willing to pay too little. Since people want things cheap, yet unionize to make sure they get paid well, it only leaves other countries to manufacture goods and services.

Protectionism is no solution, in fact it would be far worse for America if protectionist measures would increase. Exports would crumble and then other countries would retaliate and put tarifs on imports….America would be doomed.
The solution should be rather simple:
1.People should get paid what their worth, not what they want to be worth
2.People should not spend money they don’t have
3.People should not get second mortgages
4.Innovate

If #1 occurs, it’s easier for #4 to occur. #2 should be obvious.
bombchina

we need to bring jobs back home, but unless americans lose their ravaging appetite for chinese made products, what incentives do manufacturers have bring jobs back to our shores.
Michael

Action is the solution; the American people need to stop relying upon the government to bail them out. Most importantly people need to learn to live within their means….
There is no real silver bullet to fix the problems we’re in, but here are just a few thoughts
Steps that may help
1.) Put credit card companies out of business to stop people from living on credit.

2.) Impose a high tax rate on any company who ships jobs offshore, and give them a tax credit for keeping jobs within the US. It may mean an increase in product cost, but people will pay it if they can see how it stimulates the American way of life.
We are not a global economy and until profit is not the motivating factor of this world it never will be a global economy.

3.) There needs to be stricter rules in place for those who continue to live beyond their means such as jail time.

4.) Close corporate tax holes and so that corporate giants have to pay taxes just like anyone else at 35% to 45% of their profits, and disallow them to hide the money in whatever means they do to avoid taxes.

5.) Stop companies who got government funding or TARP money from giving CEO’s and other executive’s bonuses for doing bad business.

6.) Stop giving tax dollars to the people who live off the system. Everyone needs help at times, but there needs to be a cut off as to motivate them to do better for themselves.

Ect. Ect.

The down fall of the American worker is money itself. So in closing; who is really at fault for our current economic problems? You are, I am, they are. Every person in America is at fault mainly because we allowed a piece of paper to rule our lives instead of what God gave us, EACH OTHER and the mind to invent and create new things.

Old Concept: I made this; would you be willing to trade it for that? It’s called bartering, how far we have come and how hard we will fall. God Bless America and I hope he can save us all.
Tony

I called Paypal call center today and ended up talking to someone in India and could hardly understand them. It was a mess. When my wife’s work has computer problems, she ends up calling India for IT support. This is the NEW America. Outsourced.
http://ourlemon.com AlvieC

Hi,

Hope this email finds you in good spirits.
The email below is pretty explanatory. If not, understand NY FED Reserve admitted electronic negotiable instruments are worthless.
Know what that means?

Alvie

Federal Reserve Bank
New York
“From: ucclaw-l-bounces@lists.washlaw.edu
On Behalf Of Joseph.Sommer@ny.frb.org
Sent: Friday, March 26, 2010 11:15 AM
To:xxx-xxx-xxx
Subject: Re: [Ucclaw-l] Electronic PromissoryNotes

If I were confronted with an “electronic promissory note”, I would walk very slowly
away and break into a run as soon as I can.
They are a logical impossibility, along with electronic chattel paper and UCC 7 electronic
warehouse receipts.
The word “electronic” is miserably defined in all the statutes. But we all kinda sorta know
what it means: something in a computer, rather than in some more fixed medium. Of course, a
computer is made of matter and energy, just like a slip of paper or the side of a cow. So it
must mean something special to be “in a computer.”
And it does! Most records are stably associated with a particular agglomeration of matter which–if it is not realty–can be
physically transferred from one person to another. This includes paper, cows, and DVDs. If the piece of paper or Old Bossy or
the DVD is uniquely distinguishable from any other piece of paper or cow or DVD that bears the same data structure, we have the basis for a system of negotiability.
However, computer records are not stably associated with any particular piece of matter.
Instead, they are stably associated with a system, which contains many pieces of matter amongst which the record may be sitting, at any
given moment. Or the record could be sitting in 12 places in the system; it makes no difference. You don’t need a unique piece of
matter to uniquely identify an obligation—there is no unique matter (or energy) associated with the record. You just need an authoritative registry.
Hence the logical impossibility of an electronic promissory note. “Promissory note” means unique piece of matter. “Electronic” means
that there is no unique piece of matter, and we’re dealing with authoritative registries.
UCC 8 gets this right. It has two property systems that rely on unique pieces of matter (registered and unregistered certificates), and
two systems that rely on authoritative registries (transfer agents and securities intermediaries.)
The cotton warehouse system gets this right, and talks in great detail about authoritative registries. UCC 7, 9 and UETA screwed up.
They are bad law—literally incomprehensibly bad law.
The courts will probably eventually define 7, 9, and UETA into registry systems of some kind.
But until then, I would treat electronic negotiability systems as if they were rabid cows.”
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