What Is The Fed Up To Now?

We knew that the unemployment rate was higher than 9.5% because, damn, we can actually do real math, have eyes in our heads to see what is happening to our families and neighbors, and have been paying attention to the bank closures and home foreclosures.

The following statements, by the way, are the personal views of Atlanta Fed Chief Dennis Lockhart.  The real question would be, “what outcome is The Fed shooting for with information like this being distributed to the public?”.  We know that if The Fed can shut down all information about where $9 Trillion went, these statements being made by a Fed chief outside of NY is, more than likely, on purpose.

Real US unemployment rate at 16 pct: Fed official

The real US unemployment rate is 16 percent if persons who have dropped out of the labor pool and those working less than they would like are counted, a Federal Reserve official said Wednesday.”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, said Atlanta Fed chief Dennis Lockhart.

He underscored that he was expressing his own views, which did “do not necessarily reflect those of my colleagues on the Federal Open Market Committee,” the policy-setting body of the central bank.

Lockhart pointed out in a speech to a chamber of commerce in Chattanooga, Tennessee that those two categories of people are not taken into account in the Labor Department’s monthly report on the unemployment rate. The official July jobless rate was 9.4 percent.

Lockhart, who heads the Atlanta, Georgia, division of the Fed, is the first central bank official to acknowledge the depth of unemployment amid the worst US recession since the Great Depression.

Lockhart noted that construction and manufacturing had been particularly hard hit in the recession that began in December 2007 and predicted some jobs were gone for good.

Prior to the recession, he said, construction and manufacturing combined accounted for slightly more than 15 percent of employment. But during the recession, their job losses made up more than 40 percent of all US job losses.

“In my view, it is unlikely that we will see a return of jobs lost in certain sectors, such as manufacturing,” he said.

“In a similar vein, the recession has been so deep in construction that a reallocation of workers is likely to happen — even if not permanent.”

Payroll employment has fallen by 6.7 million since the recession began.

Nancy Pelosi: “The Stimulus Is A Time Release Capsule” (UPDATED)

Is there any way to impeach this walking botox container for just the sheer amount of crap that comes out of her mouth? Is there such a thing as a “lack of confidence vote” in this country. Nancy is 3rd in line for the presidency. Does that not scare the BEJESUS out of everybody?  We actually have to wait until November 2010 to hopefully oust her butt?  ^&#%#)*^^$#!  Is there such a thing as a national recall of a national level elected official?

BTW Nancy, health care reform is NOT URGENT.  IT IS NOT AN EMERGENCY just because you say so!  Stop using the Cloward-Piven Strategy to overload the system!  Would not a better use of your time and our money be to cut taxes on individuals and small businesses so that jobs can be created, instead of adding almost $2 Trillion to the deficit with Obama DeathCare in addition to the trillions that Hussein has added to our deficit with his other boondoggles?

THIS IS WHAT STIMULUS PACKAGES ARE ABOUT:
WARNING EXPLICIT LANGUAGE – Pulp Fiction – Mia Overdoses:

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