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The nation gained only 18,000 jobs in June, and May gains were revised down from 54,000 to 25,000, the federal government announced today. Economists had expected 125,000 jobs in June — a stunning commentary on the economy's weakness or possibly on economists' incompetence. The unemployment rate rose to 9.2% in June, up from 9.1% in May, hitting the highest level since December. Once again, there is talk of a possible double-dip, or the economy going into, or nearing, another recession. In early trading, the stock market is down.

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Comments

SurfPuppy619 July 8, 2011 @ 8:04 a.m.

I called it in 2008-I said we were so upside down in trust deeds/mortgages that we were headed for a 3-5 year downturn, and I was wrong. It now appears this is going to be a 5-10 year downturn.

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Founder July 8, 2011 @ 7:05 p.m.

I bet you will remember I told you and Don $O...

Expect things to get much worse Nationally... Best to you and Don

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Don Bauder July 8, 2011 @ 9:11 p.m.

Yes, I think it will get worse -- the economy, that is. Best, Don Bauder

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SurfPuppy619 July 8, 2011 @ 9:56 p.m.

Expect things to get much worse Nationally

It's definitely worse.

I read today that OC homes, at leats in many upscale areas are down 10+% from a year ago!

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Don Bauder July 8, 2011 @ 9:10 p.m.

Housing is going to be weak for several more years. Best, Don Bauder

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SurfPuppy619 July 9, 2011 @ 11:37 p.m.

Housing is going to be weak for several more years. Best, Don Bauder

=============== Sure is;

3 years needed to clear ‘distressed’ homes July 9th, 2011, Jeff Collins . http://lansner.ocregister.com/2011/07/09/3-years-needed-to-clear-distressed-homes/116489/ .

Anaheim home sales drop 24% in year Published: July 9, 2011 . http://www.ocregister.com/articles/year-307664-anaheim-zip.html .

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Dennis July 8, 2011 @ 9:55 a.m.

I have to go along with the stunning incompetence of the economists. They always seem to be wrong with their predicitons even though they supposedly have their hand on the pulse of the economy. How can they have any credibility when the predict 125K jobs in a month and only 18K are realized?

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Don Bauder July 8, 2011 @ 9:14 p.m.

You have to consider whom the economists work for -- corporations, banks, brokerages, etc. Even many academic economists aren't on the level because their universities are in the pocket of business. Many economists are paid to be Rebecca of Sunnybrook Farms. Ditto for most financial journalists. Best, Don Bauder

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Dennis July 8, 2011 @ 12:21 p.m.

Here's the headline from yesterday's UT Business section "Upbeat Jobs Data Lift Markets To Sharply Higher CloseThursday" July 07, 2011 - 17:24 PM EDT. Then there is this headline today. "Unemployment Rate Rises, Markets Open Sharply Lower" Friday July 08, 2011 - 10:42 AM EDT Job gains are great one day & lift the market, the next day presumably the same data causes a dive on the market. How can anyone have any confidence in these analysts and why are they making huge amounts of money for their supposed expertise?

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Don Bauder July 8, 2011 @ 10:18 p.m.

Technically, these are not the same data. One was the ADP private sector report. Today's was the U.S., both public and private sector. However, your point is well taken. Every day we journalists make up some reason why stocks go up or down. It's silly. Best, Don Bauder

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Psycholizard July 8, 2011 @ 4:03 p.m.

State, local, and now federal governments, are firing workers as fast as possible to the cheers of talking heads that somehow believe this disaster is caused by budget deficits. Now the private sector hires, unlike three years ago. Our governments are doing the firing.

Government hiring fights unemployment. Government firing puts people out of work. Now that the stimulus money has been spent, we see this simple principle demonstrated.

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SurfPuppy619 July 9, 2011 @ 11:40 p.m.

Government hiring fights unemployment. Government firing puts people out of work.

The taxes saved from the fired gov employees will be much better utilized in the private sector to effeciently drive GDP and the economy, and will likely produce 2-3 private sector jobs for every 1 gov job lost.

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Founder July 8, 2011 @ 7:06 p.m.

MSM is talking about this as much, ... as they are talking about Japans Debacle!

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Don Bauder July 8, 2011 @ 10:19 p.m.

You are correct that public sector layoffs, greatly at the state and local levels, are pushing job gains down and the unemployment rate up. Best, Don Bauder

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Don Bauder July 8, 2011 @ 10:21 p.m.

Japan's debacle is still a huge threat hanging over the world economy, though. Best, Don Bauder

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Twister July 9, 2011 @ 11:05 p.m.

The earth's resources have been in decline for a long, long time. That's what "wealth" is based on, and that's where it comes from. The conditions we see now are because that overall curve is steepening. Apart from a few spasmodic jerks (which will be interpreted as "booms" by some--caused by the equivalent of fractal drilling operations and the destruction of the forests of far-off places like Borneo where the last few Orangutans yet hang on), the overall trend of increasing demand and increasing scarcity will drive prices up and wages down. There are countless specific examples, and the money-suckers are so well-aware of the truth of the matter that they go to great ends to hide it and their activities from us.

It's kinda like the current "budget" "debate." We're actually being told that "we" have to cut "entitlements," and the gassbag Federal Reserve is printing "currency" as fast as they can hand it out at zero interest to NOT US.

Twister

PS: Just how is it that a federal "program" that I was REQUIRED to pay into all my life entitled an "entitlement?" Anybody that uses that term should never be voted for again.

I guess we're all on Xanax. (It's more PROFITABLE than weed.)

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Don Bauder July 10, 2011 @ 11:09 a.m.

YOUR entitlements are being cut. The government-generated entitlements of corporations and Wall Street are being enhanced -- in effect, with your money. It's a case of stealing money from the poor to subsidize the superrich. It's going on right before our eyes and the public hasn't wised up, partly because the mainstream media ignore the theft because of their own selfish interests. Best, Don Bauder

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