I took a few paragraphs from this AP story. A link to the full story can be found below.
Employers added no jobs in August — an alarming setback for the economy that renewed fears of another recession and raised pressure on Washington to end the hiring standstill.
"raised pressure on Washington to end the hiring standstill" <-- I'm sorry to be so ignorant but who is it that's applying this pressure? Exactly who is it that expects Washington politicians to, somehow, magically "end the hiring standstill"?
Are Bernanke, Obama and Boehner going to put a gun to employers heads and force them to hire?
Seems more to me like the usual, create an atmosphere of "crisis", with the help of the main stream media, so the people gladly surrender authority to government to do anything they want. Whether it violates the constitution or the rule of law or not.
"Underlying job growth needs to improve immediately in order to avoid a recession," said HSBC economist Ryan Wang. <-- one of those "smart" / "expert" economist types..
The dispiriting job numbers for August will heighten the pressure on the Federal Reserve, President Barack Obama and Congress to find ways to stimulate the economy.
Frankly I am sick and tired of the Federal Reserve Bank, Barack Obama and congress' never ending search for ways to (fraudulently / arbitrarily) "stimulate" (or force / entice) more consumer borrowing and.. consumption..
The problem was, and remains, too much debt all the way around. Too much debt at every level of government and also in the private sector.
When will the Federal Reserve Bank, Barack Obama and congress understand that they are pushing on a string?
So far, the Fed has been reluctant to launch another round of Treasury bond purchases. Its previous bond-buying programs were intended to force down long-term interest rates, encourage borrowing and boost stock prices.
In my opinion the purpose of the Federal Reserve Bank's previous efforts were, and still are, to
1> Keep interest rates artificially low, thereby intentionally punishing savers in an effort to force / induce risky behavior.
2> Pump trillions of dollars, printed from thin air, onto the balance sheets of insolvent banks at 0 to 0.25% interest. These same banks / Primary Dealers using that free (imaginary) freshly printed money to buy assets, both paper and real, to artificially prop up stock prices.
On Thursday, Obama will give a televised speech to a joint session of Congress to introduce a plan for creating jobs and spurring economic growth.
I expect to hear Obama wanting the United States government (ie; taxpayers) to supply a large percentage of the jobs / additional fiat, through yet further "extension" of unemployment benefits and the savior "infrastructure bank".
More borrowing, lending and leveraging.. great.
So far, in my opinion, all we have seen from the Federal Reserve Bank, Barack Obama and congress has been the blatant, and ineffective, manipulation of all things economic in an effort to keep the status quo lie from being discovered.
Expect more of the same..
Here's the link to the full story Hiring standstill points to growing recession risk