Tag: Great Recession

Hindsight

Apparently, former Fed chief Ben Bernanke has a new book about how he saved Christmas the economy. That means a bunch of econ bloggers and Serious People have to say something about it. The NYT Sunday Book Review likes it, although they called it “a bit of a slog.” You can buy your own copy here.

In Closing: least of our worries; unfortunately I don’t see a way to solve this problem; I bet we laugh at this fashion trend a decade from now; yeah that’s a problem; breaking the rules; maybe you could have educated the patient up front?; and voting.

Yo, Brian Williams “Raps”

 

In Closing: Ok, we got us a whole bunch of NSA stuff, including some items courtesy of Comrade Misfit; college graduation season is a nice time for life lessons, such as “it’s a bad idea to hide the fact that you’ve dropped out, and a worse idea to hide that fact by calling in a bomb threat to graduation”; the American worker is still screwed, more so if they are of color, and that’s partly because certain people in government thought it was more important to bail out the banks and businesses; I don’t even know what to make of this (EDIT!!); read the labels, people; oops, maybe appealing to science was a bad idea; I clearly don’t link Dave Johnson enough; the real reason for the War on Teachers?; introducing Naia; and Godzilla is growing.

Nice of him to notice, and Economic Bonus Round

I am glad to see someone with a high profile speaking out on this, and I sincerely hope other journalists start talking about it.

Now, about that economy.

The nicest thing I can say about the United States economy right now is that unemployment isn’t as bad as it is in much of Europe. Our economy lost jobs last month — and only partly because some of those temporary Census workers were let go — but the really awful part is that the number of workers went down. It isn’t that we had an abnormal number of people die or retire or anything like that, it’s just that over a half million people gave up on trying to find work. And that’s why the official unemployment rate went down.

Of course, if you just happen to have the right set of highly technical job skills, there are plenty of jobs. But — as Jill so ably points out — somehow or another businesses don’t think they should actually have to train employees to use very specialized equipment. I guess they are waiting for the “Qualified Employee Fairy” to stuff resumes under the door.

It’s also worth pointing out that the SBA is running out of money again, which means it will be even harder for small businesses to get money to ramp up operations and create jobs. I am no supporter of the SBA — everyone I’ve ever known that has ever talked to them has ended up with an application for a second mortgage — but this is crazy.

So when all is said and done, I think that more than being “still in the gravitational pull of the Great Recession” and perhaps headed for a “double-dip recession,” it is more intellectually honest to say that from the standpoint of the typical American, there is no recovery: we still aren’t finding jobs, we still are having trouble paying the mortgage, we are still declaring bankruptcy at an alarming rate. Fine, maybe our largest corporations are still making plenty of money, but without the American consumer having money in pocket to buy goods and services, GDP growth can only be somewhere between shaky and an illusion.

In Closing: Uncle Shelby; turns out the kids are bored and not learning the things they should; on the newly revised dietary guidelines; fun with Google auto-complete; biggest banks in the world (and the ones that don’t exist anymore; and please, please drive safely this weekend.