Monday, January 12, 2009

Depression Similiarities???

During the first Great Depression unemployment rose to almost 25% and the U3 is currently at 7.2%. U3 is the headline number that you always see reported the first Friday of every month. This number is non-farm payroll which is also greatly understating real unemployment which makes politicians look better than they are. John Williams at reports government statistics and takes out all of the BS adjustments. At a minimum the US unemployment is approaching 14% and rising. In my opinion when history is written this period will be known as the second great depression/recession.

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