10.16.09
Posted in Current Events, Economics at 10:08 am by madcap
A reader spars with Andrew Sullivan over which administration(s) deserve credit for the Dow hitting 10,000: The Daily Dish - Dissent of the Day
Allow me to offer a different dissent:
In 1999, when the Dow hit 10,000, the unemployment rate was 4-4.5%. In 2009 when the Dow hit 10,000, the unemployment rate was 9.5%.
Let’s not start uncorking the champagne just yet.
Most Americans don’t enjoy a lot of benefit directly from the stock market. Even for those of us who have significant savings there, it’s mostly tied up in retirement accounts.
Yes, growth can lead to jobs. But it doesn’t necessarily have to. And until it does, the recession will not be over for most people, especially those looking for a job. So why don’t we all sit back, take down the “Mission Accomplished” banner hanging over Wall Street, and maintain a little bit of cautious optimism instead?
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08.26.09
Posted in Economics, Humor, Politics, Quotes, Rants at 12:58 am by madcap
I AM AN AMERICAN CONSERVATIVE SHITHEEL
this morning I was awoken by my alarm clock powered by electricity generated by the public power monopoly regulated by the US department of energy.
I then took a shower in the clean water provided by the municipal water utility.
After that, I turned on the TV to one of the FCC regulated channels to see what the national weather service of the national oceanographic and atmospheric administration determined the weather was going to be like using satellites designed, built, and launched by the national aeronautics and space administration. I watched this while eating my breakfast of US department of agriculture inspected food and taking the drugs which have been determined as safe by the food and drug administration.
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06.21.09
Posted in Economics, Rants at 3:08 am by madcap
After a bleak 2008, equities are looking up. But whatever the market, our trademark long-term portfolio can help you build a nest egg for a secure future.
Fortune 40: The best stocks to retire on
Isn’t it time to throw in the towel on stock picking, Fortune? How about some advice that regular people (you know… the kind that might read your magazine) could use without getting themselves in trouble?
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06.16.09
Posted in Culture, Current Events, Economics, Politics at 11:40 pm by madcap
I’m just catching up with Nico Pitney’s live-blog of the ongoing protests in Iran. (Funny enough, I’m seeing him being interviewed by Rachel Maddow in a repeat of today’s show right now.)
In his 2:21PM ET entry, Nico reports a reader’s communication with family in Iran, an excerpt of which follows:
He said that probably half the stores are closed, but that unemployment is 40% anyway, so its not like protestors have anything better to do. These people are mostly young, unemployed, have poor access to higher education, and no foreseeable future prospects.
My thoughts while reading this were (in this order):
- 40% unemployment?! No wonder they’re rioting!
- It’s about time we saw some masses of young, unemployed, under-educated men in the Middle East with no future prospects fighting for the forces of good. In that respect, I guess thanks are deserved to Iran’s oppressive theocrats.
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04.04.09
Posted in Economics at 12:37 am by madcap
At Wednesday’s G20 summit, Russian President Dmitry Medvedev suggested creating “a new reserve currency” to replace the dollar. In a paper published March 23, Chinese central bank governor Zhou Xiaochuan also proposed a new reserve currency, one “disconnected from individual nations.”
China and Russia want a new global reserve currency. What would it look like? - By Christopher Beam - Slate Magazine
Seems to me like little more than excuse to hire some out-of-work accountants. Like the article goes on to say, countries who don’t want to hold dollars don’t need to- they can buy other currencies with which to hedge. The important thing is a floating currency exchange. Any attempt to create a de jure global reserve currency just means a bunch of bureaucrats who think they can arbitrate the relative value of currencies better than the markets can.
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