Loss of 533,000 US jobs is sharpest in 34 years
Last month, businesses across the country handed out pink slips at a dizzying pace. Full Story »
Posted by Derek HawkinsReview
This is what we used to call a "futures" story, or a preview of a much larger story forthcoming because of an occasion in the near future. Without knowing that, one can criticize this report for being too brief, relying overmuch on previously reported data, or otherwise lacking context. As a future's story, it covers all the bases in anticipation for the Dec. 15-16 meeting of the Federal Reserve when it prepares to lower the interest rate once again in a futile attempt to save the sinking economy.
- When the Federal Reserve meets on Dec. 15 and 16, economists expect the central bank to drop interest rates by half a percentage point, which will take short-term interest rates to 0.5 percent. Foreign central banks are also likely to cut interest rates.
This is the futures story we should watch for.
The economy IS sinking. There is a concept in navigation called "downflooding," when sea water rushes through a port hole or other part of a damaged ship, so that bail-outs fail in a foundering death spiral. The ship of state here is the economy beyond repair.