Greenspan says unemployment will top 10 percent

I don't totally disagree with you, but its those guys with years of technical training that caused a lot of this. Luckily there are people like Paul Krugman around who help me keep my faith in the discipline.

ok, as far as the statistic:
http://www.bls.gov/cps/cps_htgm.htm
sample pool of 60,000
oh, and please read the whole article to find some evidence of the survey being really really accurate.

and no, what is really hurting, is the market actually gaining while unemployment is rising! in other words, the richer are getting richer and the poor are getting poorer.
But please, try to make a case for that...

And no, I won't "just accept it". I think pretty clearly. I can think for myself. I am pretty sure everyone else can. Thus, we don't need people thinking for us.
Unless you have an argument against free will...

And the coyote23 is right, these really big geniuses are the source of the problem. Oh yeah, who pushed Bush's agenda and gladly took China's money??? Who was that?? Oh, was that the Fed? Oh yeah. No, I don't just accept someone stepping on me. Never...

Dude really... don't ever try to make people feel smaller than they are. Most ad hominen arguments are so easy to look through. Argue the subject.

I am looking forward to your respond.

@outtheinside I’m going to have to disagree with almost everything you’ve said and here’s why...

Here’s the key word in your second sentence – ‘officially’. 9.8% is the official number. What they don’t take in to account are the people who are underemployed. The people who are working part time because they cannot work full time. They also don’t take in to account the people who are so disillusioned they have stopped looking for work. When you count these people, the figure is probably closer to 20%. Here is what the Atlanta Fed chief had to say in a rare moment of candor back in August, "If one considers the people who would like a job but have stopped looking -- so-called discouraged workers -- and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent”, Atlanta Fed chief Dennis Lockhart. Of course we all know that the govt. never lies to us, so I should probably just believe their 9.8% figure. Not!!!

I have a great argument worth hearing for an alternative to the duties of the FED. How about we get rid of the FED and replace it with… nothing! Yep, that’s right, nothing. How about we actually follow the supreme law of the land (the Constitution just in case anybody’s forgotten) and let the free market (i.e. the people) take over the duties of the FED.

I know why ‘they’ would never want to get rid of it – because it’s an endless supply of wealth and power to them.
“It's important so just accept it. Leave the thinking to those that can do it clearly, especially when it comes to economics, please. Until you have years of schooling in this highly technical subject, don't act like you know more than you really do.“ Move along folks, there’s nothing to see here, and even if there was you’re probably too stupid to understand it. That’s exactly the mentality they’d have you believe. However, since I am a free individual with free thought I will not “just accept it”. Truth is, it’s not as complicated as they make it out. You do not need years of schooling to grasp their con. That’s all just a smoke screen to get you and me to not look deeper into it. I may not be the smartest person in the world but I know when I’m being scammed. However, since I’m probably not intelligent enough, here are a few reasons to abolish the FED from G. Edward Griffin’s book ‘The Creature from Jekyll Island’.

-Continued

“The accepted version of history is that the Federal Reserve was created to stabilize our economy. (…) Even the most naïve student must sense a grave contradiction between this cherished view and the System’s actual performance. Since its inception, it has presided over the crashes of 1921 and 1929; the Great Depression of ’29 to ’39; recessions in ’53, ’57, ’69, ’75, and ’81 (-me, don’t forget the recessions in the 90’s and the 2000’s); a stock market “Black Monday” in ’87; and a 1000% inflation which has destroyed 90% (currently, more like 96%) of the dollar’s purchasing power.”

“Let us be more specific on that last point. By 1990, an annual income of $10,000 was required to buy what took only $1000 in 1914. That incredible loss in value was quietly transferred to the federal government in the form of hidden taxation, and the Federal Reserve System was the mechanism by which it was accomplished.”

“The ancient alchemists sought in vain to convert lead into gold. Modern alchemists have succeeded in that quest. The lead bullets of war have yielded an endless source of gold for those magicians who control the Mandrake Mechanism. The startling fact emerges that, without the ability to create fiat money, most modern wars simply would not have occurred. As long as the Mechanism is allowed to function, future wars are inevitable.”

In the FED’s stated objectives of stabilizing the economy, keeping inflation low, and maintaining the value of the dollar, it has failed and failed miserably. The reason it has failed so badly is because their stated objectives are not their true objectives. From Griffin’s book:

“Had it been known that rival factions of the banking community had joined together, the public would have been alerted to the possibility that the bankers were plotting an agreement in restraint of trade – which, of course, is exactly what they were doing. What emerged was a cartel agreement with five objectives: stop the growing competition from the nation’s newer banks; obtain a franchise to create money out of nothing for the purpose of lending; get control of the reserves of all banks so that the more reckless ones would not be exposed to currency drains and bank runs; get the taxpayer to pick up the cartel’s inevitable losses; and convince Congress that the purpose was to protect the public. It was realized that the bankers would have to become partners with the politicians and that the structure of the cartel would have to be a central bank. The record shows that the Fed has failed to achieve its stated objectives. That is because those were never its true goals. As a banking cartel, and in terms of the five objectives stated above, it has been an unqualified success.”

I highly urge you to pickup “The Creature From Jekyll Island” and read at least the first chapter. The first chapter explains how the FED came into being during a top secret meeting of several men representing the powerful banking elite.

WE ABSOLUTELY DO NOT NEED THE FED. IN FACT, IT IS PUBLIC ENEMY #1.

It probably prints money when he needs it.

yes that was his assumptions. He admitted this was a stupid assumption. But economist are angels incarnated

the free market would regulate itself if indeed we had a free market. the existence of the federal reserve is a huge tip-off that we do not have a free market and have not for a long, long time.

thats the biggest joke and lie in the world. remember child labor, gotta love the free market.(such a bullshit name)

@kivol, believe it or not, child labor kept kids from dying from hunger during the industrial revolution. It helped families afford education and progress, thus reducing poverty, hunger, and ignorance.
oh yeah, and before that, there has always been child labor! It was just in farms, not cities.
Its not a perfect system, but its the best there is.

If child labor was needed, it was because of an inadequate economic system.

having a free market does not mean companies have the right to break the law. obviously laws, such as child labor laws, fraud, etc. have to be obeyed. a contract/transaction/etc. between two parties does not need govt. interference unless the terms of the agreement have been violated. only then is the govt. supposed to get involved to protect the rights of the injured party. the only reason people have to institute govt. is so that the govt. is there to protect the life, liberty, and property (i.e. your freedom) of the individual. the govt has no business poking their noses into anything else.

when i say the free market will regulate itself, i'm speaking economically. we do not need govt. to tell us what the interest rates should be. this leads to the booms and the busts that inevitably occur because of govt. interference. they cause the inflation and deflation that we've seen time and time again over they years. they are the ones who have caused the misery we are seeing right now.

what is it that made this country the envy of the world at one point? what was it that made people want to immigrate to this country? FREEDOM! the abundance of freedom made this country great. the decline of freedom is manifesting itself in what we are witnessing presently. you've got the left who defend freedom in the social sphere(allegedly) and you've got the right who defend freedom in the economic sphere(allegedly). how exactly can you separate the two? in a truly free society, the answer is, you can't. free and brave or cradle to the grave. i'll take free and brave any day. in the words of mel gibson in 'braveheart'... FREEEEEEDOMMMMMMM!!!! :)

@hack26,
Child labor was needed - A
inadequate economic system - B
A because of B
or
B = A
But, Child labor was never needed.
Thus A is false
Thus
either B is false, or A and B are not correlated.
or do you have a good case for the need of child labor????

I don't really know if it was needed, that's why there's an 'if' in the beginning of my sentence. But it doesn't matter how much good came out of child labor, it's still wrong.

Good use of logic though!

He did say a short while after the crash that they got it wrong. But they got it wrong for about 30 years and he did not say that.

these criminals are no idiots, they know exactly what they're doing.

He who is in large part responsible for the problem is now talking ? Shut up Greenie.

Greenie's are going to be the ones growing all the food an producing electricity in the future, so you better be nice to them.