June 2010

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Myth 1: Unemployment is below 10%

What nonsense that is. The official jobless rate, at 9.7%, is a fiction and should be treated as such. It doesn’t even count lots of unemployed people. The so-called “underemployment” or U-6 rate is an improvement: For example it counts discouraged job seekers, and those forced to work part-time because they can’t get a full-time job.

That rate right now is 16.6%, just below its recent high and twice the level it was a few years ago…

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This column by Krugman has already gone viral, so this probably isn’t the first time you’ve seen it. I’m curious to hear what any of you might have to say about it.

The bolded sentence, especially, rings true to me.

We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.

And this third depression will be primarily a failure of policy. Around the world — most recently at last weekend’s deeply discouraging G-20 meeting — governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending.

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http://www.newsinferno.com/

NewsInferno

News That Matters!

What piece of news there did you find most interesting?

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Remember “climategate”? Someone hacked and distributed emails from climate scientists from the University of East Anglia. (It was kind of like Weigelgate except the entire Earth is going to die in a fire.) Some of the scientists used words like ‘trick” and “hide.” Instant scandal: Global warming is made up! A British newspaper has finally gotten around to correcting the record.

It was obvious to anyone who actually bothered to read the stolen “climategate” emails that they didn’t actually contain anything particularly scandalous, and they certainly didn’t contain anything at all that remotely called into the question the legitimacy of years of science demonstrating the effect of human activity on climate change.

But once the name “climategate” was affixed to the trumped-up non-scandal and printed in large type in a major newspaper, it didn’t matter what the emails said. Not a whit. Emails, scandal, “-gate” — there must be something to this!

There wasn’t. Amazingly, The Sunday Times of London has now effectively retracted its most damning stories on the manufactured outrage. Months too late, obviously.

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http://www.myfoxtampabay.com / dpp / news / oil spill / is bp burning sea turtles alive 06222010

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Rush Limbaugh told them to make sure Obama fails, and they’re doing everything they can to make it happen.

It’s not enough that the whole party, plus Ben Nelson, have “gone Bunning” on extending unemployment benefits. Orrin Hatch, who was extreme in the party a decade ago, only to be considered relatively “moderate” in comparison to the bat-shit crazy GOP now, wants anyone with the nerve to lose their job in the worst economy in 75 years to prove they’re not on drugs. Other GOPpers say the unemployed are “lazy”, with one comparing them to animals; “My mother taught me not to feed stray animals.”

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AP:
http://www.google.com / hostednews / ap / article / ALe qM5jd RlS1E bF66_ 3PpAv C9UlC bBtuq gD9GH C7FO1

Local TV station (not a lot of details, but has a link to the police report, which does have a lot of details):
http://www.kval.com / news / national / 97025159.html

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Disturbing evidence is mounting that something frightening is happening deep under the waters of the Gulf of Mexico—something far worse than the BP oil gusher.

Warnings were raised as long as a year before the Deepwater Horizon disaster that the area of seabed chosen by the BP geologists might be unstable, or worse, inherently dangerous.

What makes the location that Transocean chose potentially far riskier than other potential oil deposits located at other regions of the Gulf? It can be summed up with two words: methane gas.

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Judge who overturned drilling moratorium reported owning stock in drilling companies

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