AIG gets BIG bonuses???
Unemloyment above 10% in a number of States(probably closer to 20% if we applied U6 numbers)
New housing sales down 75% over the last few years
Auto Sales down 50%...
Port Traffic down by about a third in the last year
Federal Income Tax receipts down by two thirds in February
The definiation of a Depression is a 10% decline in GDP from peak to trough........
Looking at the above numbers....if we are not in a Depression right now......how long do you think it will take for the GDP numbers to reflect the actual state of the economy????
Not only that, workers are being forced to take paycuts and concessions all across America.
(MarketWatch) -- Staffers at the San Francisco Chronicle voted by a 10-to-1 margin to ratify moves - including what the union expects will be at least 150 job losses -- that would avoid the prospect that parent Hearst Corp. would sell or close the newspaper, the California Media Workers Guild said in a Saturday statement on its Website.
Unless of course you work for a TARP receiving business....
(MarketWatch) -- American International Group is set to pay $450 million of bonuses to employees of the unit that was largely responsible for the New York insurer's collapse last fall, The Wall Street Journal reported.
An irony isn't it??? Those that are responsible for reporting on the criisis are getting fired.......those that are largely responsible for the crisis are getting large bonuses.