Stimulus Fail: First-time claims for jobless benefits hit highest number since February

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Recovery Summer Chart via Innocent Bystanders.

What ever happened to Recovery Summer?

AP reported:

First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. Analysts had expected a drop. That’s the highest total since February.

Instead of recovering, it looks like the job market has headed in the other direction.

Is the US Economy Dying Under Democratic Control?

Business Insider has this 'not so rosy' view of the American Economy.

20 Reasons Why The U.S. Economy Is Dying And Is Simply Not Going To Recover

I sincerely hope they are wrong, but the idea can not be easily dismissed. In spite of the difficulties the US economy has faced in the last two years, more pain is on the way. President Obama and the Democrats controlling Congress are clueless and only interested in pursuing a liberal agenda. Perhaps, the most frightening and unexpected revelation in the article is there may be another housing market crash. You may remember the collapse of the housing market and subsequent bank crisis are the two main reasons we are in this deep recession.

Here is reason #1 from Business Insider:

The second wave of foreclosures


Do you remember that massive wave of subprime mortgages that defaulted in 2007 and 2008 and caused the biggest financial crisis since the Great Depression? Well, the "second wave" of mortgage defaults in on the way and there is simply no way that we are going to be able to avoid it. A huge mountain of mortgages is going to reset starting in 2010, and once those mortgage payments go up there are once again going to be millions of people who simply cannot pay their mortgages. This chart reveals just how bad the second wave of adjustable rate mortgages is likely to be over the next several years.

Read the other 19 reasons here.

US Economy In Shambles-- No Signs of Recovery

The US economy is in shambles and there is no sign of a recovery according to billionaire investor Warren Buffett.

CNBC reported:

In a live interview on CNBC today, Warren Buffett said there has been little progress over the past few months in the "economic war" being fought by the country. "We haven't got the economy moving yet," he told Becky Quick.

While the economy is a "shambles" and likely to stay that way for some time, he remains optimistic there will eventually be a recovery over a period of years.

Buffett repeated his criticism of "cap and trade" as a method to control pollution, saying it would be a huge, regressive tax.