by Deb Cupples | The New York Times reports that our nation's unemployment rate has risen to 10.2% -- our highest unemployment rate in 26 years. And here some folks are talking about how well our nation's economy is recovering (mostly the ones who don't want us ordinary investors to lose confidence and ultimately pull our money out of the stock market, which would leave the real players with less cash to swindle).
The U.S. Bureau of Labor Statistics reported today that unemployment raised from 9.8% in September to 10.2% in October -- and that 190,000 non-farm jobs were lost. According to the BLS, 15.7 million people are now unemployed.
Meanwhile, some of the same executives who drove our nation's banks (and economy) into a deep ditch were recently quoted as saying that they expect to get even bigger bonuses than they did last year (the year during which we tax payers started pouring billions of dollars into said banks -- and into said execs' pockets).
Think of how many jobs could have been saved if said execs would simply stop sucking so much money out of company money pots: money that could, instead, be used to fund jobs that are currently being cut. The more people who are employed, the more money they spend at businesses, the more people businesses can afford to employ (unless executives funnel the money to themselves), and so on....
And as I mentioned yesterday, CIT Group has filed for bankruptcy protection -- though, I suspect that the company's execs and managers still get to keep most of the millions that they funneled into their personal bank accounts over the past few years (i.e., the years during which they were recklessly driving that company into a ditch). Memeorandum has commentary.
Other Buck Naked Politics Posts:
* Real Bonuses Based on Fake Profits
* Cutting Executive Pay Would Save Jobs
* House Committee Finally Probes Mortgage Lenders
* Bank Execs Expect Bigger Bonuses than Last Year
* Are Bailout Funds Being Misused?
* Execs Made Millions While Driving Companies into Ditch
.
Comments