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Thursday, July 22, 2010

U.S. Jobs Lag Until 2021, Fed Sees No End to High Unemployment


When will  people see that the real nut of this problem of surviving vicious boom and bust cycles is the Federal Reserve. The Federal Reserve is not a "Federal" agency. It is really a private bank, working to protect the interests of the banking fat cats and Wall Street casinos.

John Schmitt and Tessa Conroy / Center for Economic and Policy Research:
The Urgent Need for Job Creation -- Many lawmakers, policymakers, and economic commentators do not appear to recognize the depth of the current labor-market recession. If job growth from July 2010 forward proceeds at the same pace as the fastest four years of the 2000s expansion, the economy will not return to the December 2007 employment level until March 2014, well after the next presidential election; and the economy will not catch up to the intervening increase in the labor force until early in the next decade (April 2021). Even at the somewhat faster job creation rates currently projected by the CBO, we will not return to pre-recession employment levels until after the 2012 election (June 2013), and not make up for the expanded labor force until the second half of the next presidential term (August 2015).

Zero Hedge:
US Economy Will Return To December 2007 Employment Levels... In 2021! -- The reality is that the economy will likely NEVER return to a December 2007 jobless rate, as proposed by El-Erian and his New Normal concept, just like the Fed will most likely NEVER raise rates in this latest iteration of pre-reset capitalism. And as the Fed's dual mandate of jobs and inflation is now tarnished beyond repair, what other valid justification is there to retain the Federal Reserve which does nothing but skew the market, and necessitate the need for constant regulation? The only way to return to efficient markets is to do away with regulation completely, however that would also mean an elimination of the Fed, and its most artificial concept of free lending to banks via the Discount Window, i.e., endless moral hazard for Wall Street's casinos...
Sewell Chan / New York Times:
Bernanke Sees No Quick End to High Rate of Joblessness  — WASHINGTON — The chairman of the Federal Reserve, in saying that it had no immediate plans to provide additional support to the economy, dashed the hopes of some economists and executives who have been pushing for action to add momentum to the sluggish recovery...

In presenting the Fed’s semiannual monetary policy report to Congress, Mr. Bernanke said that it would take “a significant amount of time” to restore the 8.5 million jobs lost in the United States in 2008 and 2009, and that “the economic outlook remains unusually uncertain.” ...
Chairman Ben S. Bernanke / Board of Governors …: Testimony  —  Semiannual Monetary Policy Report to the Congress
Alexandra Twin / CNNMoney.com:   Stocks slump on Bernanke comments
Sudeep Reddy / Real Time Economics:   Testimony Highlights: Bernanke on the Hill
Pete Davis / Capital Gains and Games blogs:   Bernanke Kept Monetary Stimulus Options Open This Afternoon
Jessica Pressler / New York Magazine:   Depressive Bernanke Brings Down Markets
Sewell Chan / New York Times:   Fed in Hot Seat Again on Economic Stimulus
Neil Irwin / Political Economy:   Why Wall Street doesn't understand the Fed
Annie Lowrey / The Washington Independent:   Warning of Economic Distress, Bernanke Says Fed Will Do Nothing Yet

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