Risk Rap

Rapping About a World at Risk

Hair on Fire!

As expected the Labor Department has released employment report for November and it is dire. Employers laid off 533,000 workers last month raising the unemployment level to 6.7% its highest level since 1974. Secretary of the Treasury Paulson believes unemployment could rise to 11% before this is through. I recall a Risk Rap post from 5/1 that quoted Paulson saying that we were half way through the economic slowdown. If Paulson’s past prognostications concerning the duration of the recession matches his assessment of its severity I fear that an 11% unemployment rate might just be a best case scenario.

This should have all the lights on Capitol Hill and in the nations corporate board rooms flashing red. This is truly a hair on fire moment. But as the country floats along in the existential netherworld of the Bush/Obama interregnum, America’s economy is in a free fall, rudderless and bereft of any leadership. Our leaders see the flashing red lights but they are more concerned with “free market” political posturing on the right and “big business bashing” on the left then getting down to the business of fixing a very broken a listless ship of state.

First order of business is too expeditiously lineup a credit facility for the Big Three auto makers. That will send a powerful message that America is dedicated to its workers and the country’s future by supporting and encouraging its manufacturers to reaffirm their preeminent position as world class providers.

You tube video: Bing Crosby, Brother, Can You Spare a Dime

Risk: depression, unemployment, government policy

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December 5, 2008 - Posted by | jazz, Paulson, recession, unemployment | , , , , ,

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