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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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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