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bill still

A View From Washington

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In our area, McLean, VA, just west of Washington, D.C. about 15 miles as the crow flies, there is an abundant supply of houses but sales are very slow, depending on price. The higher priced homes are not moving at all. The lower priced homes are moving somewhat. All in all, sales are very flat, and this is one of the most prosperous spots in the nation. We sold out last year and are renting now in a much nicer neighborhood that we were in previously.

Example: A neighbor's house has been on the market for over a year. Last month, they were still holding out at a price of $2.2 million. Last week, they put up an auction sign. Starting price: $600,000. This auction will be in a couple of weeks and I'll be there for sure just to see. There is massive speculation amongst our neighbors as to what the final selling price will be. Some are hoping it will exceed $2 million. Personally, I'll bet it's closer to $1 million. Stay tuned to this channel.

Last month in the US, we still LOST over 215,000 jobs, where we need to add 125,000 jobs a month just to stay even with population growth. The official govt unemployment number has climbed to 9.7%, the worst in 25 years. However the Bureau of Labor Statistics -- a govt bureau -- reported last week that the real unemployment rate was 16.8%, which includes what it calls "marginally attached workers", those who are "discouraged workers" and persons who have had to take low-pay part-time jobs when they really want full-time work.

The Obama Administration can only proclaim an improving economy so long before absolutely no one is going to pay attention to it.

And really, they have run out of tools. They are backed into a corner where they cannot dilute the dollar any further or risk severe consequences from the Chinese et al. The declining value of real estate continues to put pressure on banks' reserves, thereby curtailing lending, thereby further depressing real estate valuations. All the while, the debt money system continues to suck remaining money out of the system in interest payment. This is NOT a pretty picture.

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I doubt if that will impact it negatively.

In fact, as people cluster at home more, perhaps an upward trend can be expected.

One wonders if that population growth will continue apace with no jobs?

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And really, they have run out of tools. They are backed into a corner where they cannot dilute the dollar any further or risk severe consequences from the Chinese et al.

The decoupling theory is long dead now, but it looks to me like the Chinese are doing everything they possible can to get away from the West. (China exports slightly more to Europe than it does to the US)

During the current window China just has to take the hit, if we go down so do they (but if, grrr, strike through broken) when China does manage to get it's internal market going strongly and greatly increase trade with the other BRIC's then the brown stuff will hit the fan over here.

Edited by D.C.

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The worrying thing for me personally about the US jobless figures is that, for years, the US was a place to go for work when there was none here in the UK.

At the moment the UK Tech industry is in meltdown, still melting, but there is no way out in going to the US - no light at the end of the tunnel there.

Oh well, thank goodness we have Wales and about 80% employment in the Public Sector. Glad to know that my taxes are paying for their jobs and pensions!

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Last month in the US, we still LOST over 215,000 jobs, where we need to add 125,000 jobs a month just to stay even with population growth. The official govt unemployment number has climbed to 9.7%, the worst in 25 years. However the Bureau of Labor Statistics -- a govt bureau -- reported last week that the real unemployment rate was 16.8%, which includes what it calls "marginally attached workers", those who are "discouraged workers" and persons who have had to take low-pay part-time jobs when they really want full-time work.

The Obama Administration can only proclaim an improving economy so long before absolutely no one is going to pay attention to it.

Thanks for the updates Bill.

I was reading this article about the US benefit payments running out for the long term unemployed. I wondered how much of a drop in payment recieved this actually is.

http://www.boston.com/business/articles/20...o_end_for_many/

The state this week sent out letters notifying about 2,500 jobless workers that they had or would soon receive their last unemployment checks, having used up state and federal extensions that provided up to 79 weeks, or about 18 months, of benefits. The state expects about 21,000 jobless workers to run out of unemployment benefits by Thanksgiving.

Nationally, about 400,000 jobless workers will exhaust their benefits over the next few months.

Edited by Saving For a Space Ship

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Good question. I don't know, but I'll keep my eyes open.

What's for sure is that the current govt thinks it's job is to minimize the PR profile of the problem, justifying those distortions with the old "public confidence" argument.

Thanks for the updates Bill.

I was reading this article about the US benefit payments running out for the long term unemployed. I wondered how much of a drop in payment recieved this actually is.

http://www.boston.com/business/articles/20...o_end_for_many/

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