Off-Topic: 15% Unemployment
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Name:
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water_watcher
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Subject:
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15% Unemployment
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Date:
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7/13/2009 8:48:40 PM
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Was just watching CNBC, had a guy on that made a lot of sense. He forecast that unemployment will hit 15% before the end of Obama's term. He attributes the stimulus as the cause of unemployment growth rather than reduction. He also said that the artificially low interest rates are causing much more harm than good. The belief is the cheap money will cause businesses to invest (as in the past), but the fear of higher taxes and government regulations, national healthcare, cap and trade, etc ... all have businesses scared. They know the feds are keeping rates low so they see no rush to borrow and invest in capacity expansion. But then that is causing more slow down and more unemployment.
The only way out is to let the market set the rates, which may mean rising interest rates, some businesses will fall, but deep tax cuts for businesses and individuals will reverse the downward spiral Obama has put us on.
I am not saying I agree 100%, but I do with most of it and he made tremendous sense. BTW, he also predicted in 2007 the credit crisis.
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