Mirage of Job Losses Slowing and
Economy Turning Around

In lockstep with the snow job upon an uninformed or gullible American public, most of the print media reported (August 2009) that there is good news about the rate of job losses, and the economy is turning around and looking good. This writer, having lived through the great Depression, is not blessed with the same rose-colored glasses, see things differently. For instance:

Job Losses

• The official job loss figure is grossly understated. The August unemployment figures stated that "only" 247,000 jobs were lost in July and the spinners claimed this was an encouraging improvement. They withheld the shocking news. For instance:
   

• There were a total of almost seven million people who lost their jobs since the housing and financial frauds were addressed by the media in mid-2007.

• On top of these job losses were the number of people reaching the job-seeking age numbered several million.

• Added to these huge figures were the millions of people moved to reduced hours, which are not counted in the official statistics. Their reduceed income does not meet their financial  obligations

• Add to these figures the people no longer looking for work due to inability to find jobs. They are not listed on the official unemployed figures.

• The unemployment benefits will be ending for millions of people, after which they and their families
      Gloomy-Catastaphic Future for Millions

Bribe-taking politicians and media people, many shilling for the government, mostly paint an improving picture, stating the economy is turning around. They deliberately hide the brutal facts, such as:

• The bright spots are for those people in the financial sectors whose gambling with other people's money brought about the worst financial crisis since the great financial depression of the 1930s. Their profits are made possible by the borrowed money for which the U.S. taxpayers must someday pay back.
  
• For millions of these people, their jobs will never return. For many of them, their income will be a fraction of what it formerly was.

• The total of people unemployed has been estimated at 20 percent.

• Due to the economics, there is no change in our generation of these jobs returning.

In the Pipeline At This Time

• The great number of housing foreclosures continues, progresing from the subprime mortgages, to the Alt-A mortgages, to those with prime credit at the time of obtaining the loans, and then with the foreclosures on homes of recently unemployed people.
   

• The impending foreclosures on large numbers of commercial real estate, which will be followed by losses on financial derivatives based upon the mortgages. These are called commercial mortgage backed securities (CMBS). That in turn will result in numerous bank failures.
   

• The failures of buy-out corporations saddled with huge debts that were the profits taken out by the people responsible for the buyouts. Mervyn's is one example of such failure.
   

• The enormous money being borrowed from China and other countries to keep the bankrupted U. S. economy going.
   

• Lack of money to pay Social Security benefits and Medicare, a crisis that will hit far sooner then the public is being told about. Helping bring this about is fighting two wars that most Americans supported, and will shortly pay the consequences for their arrogance.
   

• Families homeless, living in cars, or tents, in wintry weather, lacking money for food and medical care, are only one small segment of the misery inflicted upon a gullible American public.
   

Read America's Financial and Housing Frauds, one segment of the endemic corruption that had inflicted unrecognized harm upon the American people and the United States for decades. The book in print and e-book format is available at amazon.com and elsewhere.