Legal Commentary

Jobless Claims Expected To Continue On Record Pace

By Big Tent Democrat

A trillion dollars for the Masters of the Universe ain't gonna do squat about this, via Atrios:

Job losses in the U.S. private sector accelerated in March, more than economists' expectations, according to a report by ADP Employer Services Wednesday. Private employers cut jobs by a record 742,000 in March versus a 706,000 revised cut in February that was originally reported at 697,000 jobs, said ADP, which has been carrying out the survey since 2001.

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The big drop foreshadows a huge decline in the non-farm payroll reading in the government's employment report that will be released on Friday, some analysts said. "It's a terrible number. It is almost a loss of three quarters of a million jobs which is possibly the highest we have seen so far over the length of this crisis," said Matt Esteve, foreign exchange trader with Tempus Consulting in Washington.

There actually is a decent argument for using part of the trillion dollars Geithner wants to give to the Masters of The Universe for the auto industry, even if it is only putting off the inevitable contraction. In the depression environment we have, stemming job losses in the auto industry could be viewed as a form of a stimulus plan. But propping up zombie banks has no stimulative effect. It is just a ripoff of taxpayers, with no stimulative effect. Zombie banks will not start lending because Geithner gave them money to cover their losses. This is just nuts.

Speaking for me only

Full post as published by TalkLeft on April 01, 2009 (boomark / email).