Tag: news

For many in the US, as WSJ reports based on the bifurcated ‘recovery’ in the US, the recession never ended, “we’re still in it… it feels like like we’re still in it and it’s getting worse.” Simply out, America’s jobs recovery is proceeding on two separate tracks – a pattern that is persisting far longer than after past economic rebounds and lately has been growing worse. For those with decent jobs, wages are rising, albeit slowly, and job security is the strongest it has been since before the recession. But many others – the young, the less educated and particularly the unemployed – are experiencing hardly any recovery at all.

 

As we have vociferously explained, hiring remains weak, and the jobs that are available are disproportionately low-paying and often part-time.

 

 

Via WSJ,

Despite three years of steady job gains, and four years of economic growth, many Americans have yet to experience much that could be described as a recovery. That sort of pattern isn’t unusual in the aftermath of a recession, but it usually eases as growth picks up steam.

 

…

 

The two-track nature of the recovery helps explain why the four-year-old upturn still doesn’t feel like one to many Americans. Higher earners are spending on cars, electronics and luxury items, boosting profits for the companies that make and sell such goods. But much of the rest of the economy remains stuck: Companies won’t hire or raise pay without more demand, and consumers can’t spend more without faster hiring and fatter paychecks.

 

…

 

“If you look at guys with just a high-school diploma or less than a high-school diploma, those guys are still in a recession,” Mr. Porcelli said. The confidence figures, he said, “really drive home this idea of a bifurcation in the U.S. economy.”

 

…

 

Economists aren’t sure what is behind the trend, or how long it will continue. Low-wage sectors are often the first to hire during a weak recovery, and less desirable workers—whether because of their age, education or other factors—are the last people hired in almost any scenario.

 

“It’s not just harder to get a job – it’s harder to get a good job,” said Harry Holzer, a professor of public policy at Georgetown University who has studied low-wage jobs. “Companies are more willing to create jobs right now if they’re low-wage jobs and they don’t have to pay much in benefits or make a major commitment to their employees.”

 

…

 

Top-line measures such as jobs and GDP often obscure the uneven progress underneath. The long-term unemployed, for example, have seen hardly any improvement in their chances of finding employment, even as job growth has been steady. The unemployment rate for those with less than a high-school diploma is 10.9%, compared with 3.8% for those with a college degree, and the unemployment rate for those under 25 is over 15%, versus 6.1% for those 25 or older.

 

…

 

In the 1990s, the best job market of recent decades, “the situation of people at the bottom of the labor market improved but not dramatically,” Mr. Osterman said. “Median wages have been basically flat for 30 years.”

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/3oV3AEQuj7k/story01.htm Tyler Durden

For many in the US, as WSJ reports based on the bifurcated ‘recovery’ in the US, the recession never ended, “we’re still in it… it feels like like we’re still in it and it’s getting worse.” Simply out, America’s jobs recovery is proceeding on two separate tracks – a pattern that is persisting far longer than after past economic rebounds and lately has been growing worse. For those with decent jobs, wages are rising, albeit slowly, and job security is the strongest it has been since before the recession. But many others – the young, the less educated and particularly the unemployed – are experiencing hardly any recovery at all.

 

As we have vociferously explained, hiring remains weak, and the jobs that are available are disproportionately low-paying and often part-time.

 

 

Via WSJ,

Despite three years of steady job gains, and four years of economic growth, many Americans have yet to experience much that could be described as a recovery. That sort of pattern isn’t unusual in the aftermath of a recession, but it usually eases as growth picks up steam.

 

…

 

The two-track nature of the recovery helps explain why the four-year-old upturn still doesn’t feel like one to many Americans. Higher earners are spending on cars, electronics and luxury items, boosting profits for the companies that make and sell such goods. But much of the rest of the economy remains stuck: Companies won’t hire or raise pay without more demand, and consumers can’t spend more without faster hiring and fatter paychecks.

 

…

 

“If you look at guys with just a high-school diploma or less than a high-school diploma, those guys are still in a recession,” Mr. Porcelli said. The confidence figures, he said, “really drive home this idea of a bifurcation in the U.S. economy.”

 

…

 

Economists aren’t sure what is behind the trend, or how long it will continue. Low-wage sectors are often the first to hire during a weak recovery, and less desirable workers—whether because of their age, education or other factors—are the last people hired in almost any scenario.

 

“It’s not just harder to get a job – it’s harder to get a good job,” said Harry Holzer, a professor of public policy at Georgetown University who has studied low-wage jobs. “Companies are more willing to create jobs right now if they’re low-wage jobs and they don’t have to pay much in benefits or make a major commitment to their employees.”

 

…

 

Top-line measures such as jobs and GDP often obscure the uneven progress underneath. The long-term unemployed, for example, have seen hardly any improvement in their chances of finding employment, even as job growth has been steady. The unemployment rate for those with less than a high-school diploma is 10.9%, compared with 3.8% for those with a college degree, and the unemployment rate for those under 25 is over 15%, versus 6.1% for those 25 or older.

 

…

 

In the 1990s, the best job market of recent decades, “the situation of people at the bottom of the labor market improved but not dramatically,” Mr. Osterman said. “Median wages have been basically flat for 30 years.”

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/3oV3AEQuj7k/story01.htm Tyler Durden

Submitted by Michael Snyder of The Economic Collapse blog,

Have you ever cried yourself to sleep because you had no idea how you were going to pay the bills even though you were working as hard as you possibly could?  You are about to hear from a single mother that has been there.  Her name is Yolanda Vestal and she is another victim of Obama's "economic recovery".  Yes, things have never been better for the top 0.01 percent of ultra-wealthy Americans that have got millions of dollars invested in the stock market.  But for most of the rest of the country, things are very hard right now. 

At this point, more than 102 million working age Americans do not have a job, and 40 percent of those that are actually working earn less than $20,000 a year in wages.  If we actually are experiencing an "economic recovery", then why is the federal government spending nearly a trillion dollars a year on welfare?  And that does not even include entitlement programs such as Social Security and Medicare.  We live in a nation where poverty is exploding and the middle class is shrinking with each passing day.  But nothing is ever going to get fixed if we all stick our heads in the sand and pretend that everything is "just fine".

What you are about to read is an open letter to Barack Obama that has gone absolutely viral on the Internet in recent days.  It is a letter that a single mother named Yolanda Vestal posted on her Facebook page, and it has really struck a nerve because countless other young parents can clearly identify with what she is going through.  The following is the text of her letter…

Dear President Obama,

 

I wanted to take a moment to say thank you for all you have done and are doing. You see I am a single Mom located in the very small town of Palmer, Texas. I live in a small rental house with my two children. I drive an older car that I pray daily runs just a little longer. I work at a mediocre job bringing home a much lower paycheck than you or your wife could even imagine living on. I have a lot of concerns about the new “Obamacare” along with the taxes being forced on us Americans and debts you are adding to our country. I have a few questions for you Mr. President.

 

Have you ever struggled to pay your bills? I have.

 

Have you ever sat and watched your children eat and you eat what was left on their plates when they were done, because there wasn’t enough for you to eat to? I have.

 

Have you ever had to rob Peter to pay Paul, and it still not be enough? I have.

 

Have you ever been so sick that you needed to see a doctor and get medicine, but had no health insurance because it was too expensive? I have.

 

Have you ever had to tell your children no, when they asked for something they needed? I have.

 

Have you ever patched holes in pants, glued shoes, replaced zippers, because it was cheaper than buying new? I have.

 

Have you ever had to put an item or two back at the grocery store, because you didn’t have enough money? I have.

 

Have you ever cried yourself to sleep, because you had no clue how you were going to make ends meet? I have.

 

My questions could go on and on. I don’t believe you have a clue what Americans are actually going through and honestly, I don’t believe you care. Not everyone lives extravagantly. While your family takes expensive trips that cost more than most of us make in two-four years, there are so many of us that suffer. Yet, you are doing all you can to add to the suffering. I think you are a very selfish and cold hearted man, who does not care what is best for the people he was elected by (not by me) to represent, but more so out for the glory of your name attached to history. So thank you Mr. President, thank you for pushing those of us that are barely staying afloat completely under water and driving America into the ground. You have made your mark in history, as the absolute worst and most hated president of the United States. God have mercy on your soul!

 

Sincerely,

 

Yolanda Vestal

Average American

These are the kinds of emotions that millions of American parents are wrestling with on a daily basis.  Many of them are working as hard as they possibly can and yet still find themselves unable to adequately provide for their families.

And now that food stamps are being cut back, more of them than ever are going to be forced to turn to food banks for help.  The following is what the head of a large food bank in Casper, Wyoming told one local newspaper about the increase in demand that he is witnessing in his area…

Across the state, food banks and other related programs aiming to feed the needy are worried the supply to meet the uptick in need during the holiday season won’t meet the growing demand for food caused by the expiration of SNAP benefits.

 

“People are scared to death of the lack of food availability,” Martin said.

 

Martin called Joshua’s Storehouse a reliable barometer for measuring the rate of need in Casper. The number of people using the food bank skyrocketed before the reduction in SNAP, he said.

 

Fewer than 2,000 people used the food bank in October 2012. Last month 2,500 people went there for help.

And of course this is not just happening in rural areas either.  Margarette Purvis, the head of the largest food bank organization in New York City, says that she is anticipating a huge surge in demand and that veterans are being hit particularly hard…

"On this Veterans Day, when we’re waving our flags — I need every New Yorker to know — 40 percent of New York City veterans are relying on soup kitchens and pantries."

Purvis says that there are 95,000 vets relying on food banks in New York City alone.

That is a lot of people.

And while Barack Obama may trot out a few vets on
national holidays and promise that "we will never forget" them, the truth is that most of the time the federal government treats our military veterans like human garbage.  If you doubt this, please see my previous article entitled "25 Signs That Military Veterans Are Being Treated Like Absolute Trash Under The Obama Administration".

Meanwhile, anger and frustration with the economy are starting to rise to very dangerous levels in this nation.

In a previous article, I noted that violent crime in America rose by 15 percent last year.  One of the primary reasons for this is the economic despair that we see in our streets.

As the economy gets even worse, people will become even more desperate.  We will start to see even more flash mob crimes like we saw in Chicago recently.  Posted below is a video news report that shows footage of a flash mob in Chicago dragging entire racks of merchandise out of a Sports Authority store…

 

When you watch stuff like this, it helps to explain why demand for armored vehicles among the ultra-wealthy in America is skyrocketing.

Unfortunately, most Americans cannot afford armored vehicles and walled vacation homes in the middle of nowhere.

Most Americans are going to have to live right in the middle of all of this as it happens.

A volcano of anger, frustration and despair is simmering just below the surface in America.

When that volcano finally erupts, it is going to be a very frightening thing to behold.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/knVqVQ4yhPM/story01.htm Tyler Durden

Submitted by Michael Snyder of The Economic Collapse blog,

Have you ever cried yourself to sleep because you had no idea how you were going to pay the bills even though you were working as hard as you possibly could?  You are about to hear from a single mother that has been there.  Her name is Yolanda Vestal and she is another victim of Obama's "economic recovery".  Yes, things have never been better for the top 0.01 percent of ultra-wealthy Americans that have got millions of dollars invested in the stock market.  But for most of the rest of the country, things are very hard right now. 

At this point, more than 102 million working age Americans do not have a job, and 40 percent of those that are actually working earn less than $20,000 a year in wages.  If we actually are experiencing an "economic recovery", then why is the federal government spending nearly a trillion dollars a year on welfare?  And that does not even include entitlement programs such as Social Security and Medicare.  We live in a nation where poverty is exploding and the middle class is shrinking with each passing day.  But nothing is ever going to get fixed if we all stick our heads in the sand and pretend that everything is "just fine".

What you are about to read is an open letter to Barack Obama that has gone absolutely viral on the Internet in recent days.  It is a letter that a single mother named Yolanda Vestal posted on her Facebook page, and it has really struck a nerve because countless other young parents can clearly identify with what she is going through.  The following is the text of her letter…

Dear President Obama,

 

I wanted to take a moment to say thank you for all you have done and are doing. You see I am a single Mom located in the very small town of Palmer, Texas. I live in a small rental house with my two children. I drive an older car that I pray daily runs just a little longer. I work at a mediocre job bringing home a much lower paycheck than you or your wife could even imagine living on. I have a lot of concerns about the new “Obamacare” along with the taxes being forced on us Americans and debts you are adding to our country. I have a few questions for you Mr. President.

 

Have you ever struggled to pay your bills? I have.

 

Have you ever sat and watched your children eat and you eat what was left on their plates when they were done, because there wasn’t enough for you to eat to? I have.

 

Have you ever had to rob Peter to pay Paul, and it still not be enough? I have.

 

Have you ever been so sick that you needed to see a doctor and get medicine, but had no health insurance because it was too expensive? I have.

 

Have you ever had to tell your children no, when they asked for something they needed? I have.

 

Have you ever patched holes in pants, glued shoes, replaced zippers, because it was cheaper than buying new? I have.

 

Have you ever had to put an item or two back at the grocery store, because you didn’t have enough money? I have.

 

Have you ever cried yourself to sleep, because you had no clue how you were going to make ends meet? I have.

 

My questions could go on and on. I don’t believe you have a clue what Americans are actually going through and honestly, I don’t believe you care. Not everyone lives extravagantly. While your family takes expensive trips that cost more than most of us make in two-four years, there are so many of us that suffer. Yet, you are doing all you can to add to the suffering. I think you are a very selfish and cold hearted man, who does not care what is best for the people he was elected by (not by me) to represent, but more so out for the glory of your name attached to history. So thank you Mr. President, thank you for pushing those of us that are barely staying afloat completely under water and driving America into the ground. You have made your mark in history, as the absolute worst and most hated president of the United States. God have mercy on your soul!

 

Sincerely,

 

Yolanda Vestal

Average American

These are the kinds of emotions that millions of American parents are wrestling with on a daily basis.  Many of them are working as hard as they possibly can and yet still find themselves unable to adequately provide for their families.

And now that food stamps are being cut back, more of them than ever are going to be forced to turn to food banks for help.  The following is what the head of a large food bank in Casper, Wyoming told one local newspaper about the increase in demand that he is witnessing in his area…

Across the state, food banks and other related programs aiming to feed the needy are worried the supply to meet the uptick in need during the holiday season won’t meet the growing demand for food caused by the expiration of SNAP benefits.

 

“People are scared to death of the lack of food availability,” Martin said.

 

Martin called Joshua’s Storehouse a reliable barometer for measuring the rate of need in Casper. The number of people using the food bank skyrocketed before the reduction in SNAP, he said.

 

Fewer than 2,000 people used the food bank in October 2012. Last month 2,500 people went there for help.

And of course this is not just happening in rural areas either.  Margarette Purvis, the head of the largest food bank organization in New York City, says that she is anticipating a huge surge in demand and that veterans are being hit particularly hard…

"On this Veterans Day, when we’re waving our flags — I need every New Yorker to know — 40 percent of New York City veterans are relying on soup kitchens and pantries."

Purvis says that there are 95,000 vets relying on food banks in New York City alone.

That is a lot of people.

And while Barack Obama may trot out a few vets on national holidays and promise that "we will never forget" them, the truth is that most of the time the federal government treats our military veterans like human garbage.  If you doubt this, please see my previous article entitled "25 Signs That Military Veterans Are Being Treated Like Absolute Trash Under The Obama Administration".

Meanwhile, anger and frustration with the economy are starting to rise to very dangerous levels in this nation.

In a previous article, I noted that violent crime in America rose by 15 percent last year.  One of the primary reasons for this is the economic despair that we see in our streets.

As the economy gets even worse, people will become even more desperate.  We will start to see even more flash mob crimes like we saw in Chicago recently.  Posted below is a video news report that shows footage of a flash mob in Chicago dragging entire racks of merchandise out of a Sports Authority store…

 

When you watch stuff like this, it helps to explain why demand for armored vehicles among the ultra-wealthy in America is skyrocketing.

Unfortunately, most Americans cannot afford armored vehicles and walled vacation homes in the middle of nowhere.

Most Americans are going to have to live right in the middle of all of this as it happens.

A volcano of anger, frustration and despair is simmering just below the surface in America.

When that volcano finally erupts, it is going to be a very frightening thing to behold.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/knVqVQ4yhPM/story01.htm Tyler Durden

In their obsession to stop Iran from developing nuclear weapons, the U.S. and Israel created a computer virus (called “Stuxnet”) to take out Iran’s nuclear reactors.

The virus appears to have spread to other countries.

One of the world’s top computer security experts – Eugene Kaspersky – said this week that the virus has attacked a Russian nuclear reactor.   As The Register notes:

The infamous Stuxnet malware thought to have been developed by the US and Israel to disrupt Iran’s nuclear facilities, also managed to cause chaos at a Russian nuclear plant, according to Eugene Kaspersky.

 

The revelation came during a Q&A session after a speech at Australia’s National Press Club last week, in which he argued that those spooks responsible for “offensive technologies” don’t realise the unintended consequences of releasing malware into the wild.

 

“Everything you do is a boomerang,” he added. “It will get back to you.”

 

***

 

“Unfortunately, it’s very possible that other nations which are not in a conflict will be victims of cyber attacks on critical infrastructure,” said Kaspersky.

 

“It’s cyber space. [There are] no borders, [and many facilities share the] same systems.”

 

Not finished there, Kaspersky also claimed to have heard from “Russian space guys” in the know that even machines on the International Space Station had been infected “from time to time” after scientists arrived aboard with infected USBs.

Watch for yourself:

Other security experts agree.

 

As British security website V3 – in an article entitled “Stuxnet: UK and US nuclear plants at risk as malware spreads outside Russia” – reports:

Experts from FireEye [background] and F-Secure [background] told V3 the nature of Stuxnet means it is likely many power plants have fallen victim to the malware ….

 

F-Secure security analyst Sean Sullivan told V3 Stuxnet’s unpredictable nature means it has likely spread to other facilities outside of the plant mentioned by Kaspersky.

 

“It didn’t spread via the internet. It spread outside of its target due to a bug and so it started traveling via USB. Given the community targeted, I would not be surprised if other countries had nuclear plants with infected PCs,” he said.

 

Director of security strategy at FireEye, Jason Steer, mirrored Sullivan’s sentiment, adding the insecure nature of most critical infrastructure systems would make them an ideal breeding ground for Stuxnet.

 

***

 

Steer added the atypical way Stuxnet spreads and behaves, means traditional defences are ill equipped to stop, or even accurately track the malware’s movements.

 

“It’s highly likely that other plants globally are infected and will continue to be infected as it’s in the wild and we will see on a weekly basis businesses trying to figure out how to secure the risk of infected USB flash drives,” he said.

 

***

 

The use of XP in power plants is set to become even more dangerous as Microsoft has confirmed it will officially cut support for the 12-year-old OS in less than a year. The lack of support means XP systems will no longer receive critical security updates from Microsoft.

That’s almost as brilliant is waging a global war on terror in such an idiotic way that it is increasing terrorism …

Bonus:

• 12 Years Before Edward Snowden, High-Level NSA Whistleblower Warned Congress About Mass Surveillance by the NSA Against Americans

• How Can I Find Out What My Politician Has Been Up To?

• Three-Quarters of All Americans – And Many Economists – Want to Rein In the Federal Reserve

• Sun Is Weakest In 200 years

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/xi2WZbLOTeU/story01.htm George Washington

This morning has seen a plague of talking-head-based soundbites propagated through the mainstream media as ‘fact’ and actionable. One that caught our eye, from none other than “largest asset manager in the world” Larry Fink of Blackrock, simply beggared belief:

• *FINK SAYS JAPANESE INVESTORS QUESTIONING INVESTING IN U.S. DEBT

As we recently noted, the Japanese bond market is now dead (for all intent and purpose) but a glance at the following chart of credit reality suggests those Japanese investors might stop to reflect a little on their own reality…

 

As Hayman’s Kyle Bass previously noted,

how many have seen this chart showing global sovereign debt as a percentage of total government revenues? 

 

 

Is there now any doubt after seeing this why the proverbial four
horseman are really just one giant black swan, only not one of failed
bond auctions or something quite as dramatic, but something as simple
and mundane as the smallest uptick higher in rates which would blow up
the entire global financial farce, starting with the most imbalanced
domino of all – the land of the rising sun?… And that at least Greece is not Japan?

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/HHSKhuMN8cM/story01.htm Tyler Durden