Friday, October 8, 2010

Unemployment Rate Remains at 9.6%

BUT(hat tip to Karl over at the Market Ticker)

U-6 which is the real unemployment rate soared to 17.1%:

Quick Take:

When you dig into the BLS report the numbers are ugly.  The biggest spike in jobs was seen in the retail/services sector.  The most losses were seen in government jobs as the country struggles with massive budget shortfalls.

So essentially we gained jobs that pay hourly wages with no benefits at the expense of well paying jobs in the government sector.  Needless to say, this is not the answer for getting out of this mess.

The report also showed that 1,047,000 became "discouraged" meaning that they have basically given up looking for work.

The headlines will tell you that the employment rate stayed the same at 9.6%.  The "fine print" however tells a whole different story.

Jon Stewart

A little comedy is always needed in times such as these where we are watching our country fall apart.

I found myself laughing out loud at times during this clip as Jon brilliantly explains how badly we are being gangraped by the banks and our government. 

Kudos to The Daily Show for finding a way to make us laugh during such hard times:

The Daily Show With Jon StewartMon - Thurs 11p / 10c
Foreclosure Crisis
Daily Show Full EpisodesPolitical HumorRally to Restore Sanity


Anonymous said...

My idea, and I am no expert and I am sure it is full of holes, is this:
1. Send a letter that orders my mortgage company to legally prove that they hold the title and mortgage note to my house. Give them 60 days to comply.

2. After 60 days begin to make my mortgage payments into an escrow account that can be redeemed with legal proof of title ownership.

3. Continue making full payments into the escrow. Follow my state's requirements for adverse possession to the letter.

4. Once the requirements of adverse possession are met file suit for a quiet title.

What about the mortgage note? I'm not sure. What happens to the mortgage note when I own the title?

Jeff said...


Sounds like a good idea to me.

The legal side of this seems very complicated. The problem the way I see it is how do you provide legal proof that the bank owns the note.

Treasuries reversed hard this afternoon.....Hmmm

getyourselfconnected said...

What a mess this week was. I need a break.

I read a piece somewhere today that asked if the Steelers would be a worse team with Ben coming back, I was laughing at that one pretty hard.

Have a great weekend!

Jeff said...


You too my friend.

Ben is fired up. I think they will be way better.

We'll see on Sunday

Have a nice weekend.