The "progress" that the Obama administration points to for big cities makes you wonder how out of touch the economic team really is.
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Had President Obama not claimed the Democrats’ “stimulus” would keep unemployment at or below 8%, he would not “own” the jobless rate so early in his term.
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It's probably the worst jobs market since the Great Depression. The Obama administration continues to buy into the Geithner/Summers/Wall Street view of the world which puts Wall Street above everyone else at the expense of everyone else.
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AP:
The jobless rate rose to 10.2 percent from 9.8 percent in September. The jump reflects a sharp increase in the tally of unemployed Americans, which rose to 15.
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This is good economic news (when was the last time we were able to write that?):
U.S. employers cut 247,000 jobs in July, far less than expected and the least in any month since last August, according to a government report on Friday that provided the clearest evidence yet that the economy was turning around.
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The nitwits of CNBC strike again with their "recession is over" shtick. That team wouldn't have a feel for the real world if it bit them in the bottom.
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The peak unemployment numbers have yet to arrive and again, it's unlikely the US will see a rapid recovery.
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Somehow this Congressionally appointed panel is much more believable than Geithner. The so-called stress tests have always been a question mark, with many wondering if they were stressful enough or watered down to make life easier for the banks.
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