Terrible Tuesday

Icky news.And right before Thanksgiving.

The Federal Reserve doesn't see unemployment dropping anytime before the end of next year, well they say it will drop a little, like in the 9% range instead of the 10 percent range. A bunch of economists looked through their crystal ball and say that unemployment will bottom out in March. Hope they get some help from Merlin.

My adopted state of California now has an unemployment rate of 12.5%.

In none of the official estimates do they talk about the people who have stopped looking for work or who are underemployed. That number's more like 17.5%.

Then there was the news today that one out of every four homeowners, that's a quarter of the pie, owe more than their houses are worth.  And last week we found out that mortgage defaults are hitting highs.

Are we in for a double dip?


And what does that mean if you're a young, black male?  You're already living through the Depression, albeit with a flatscreen, but even ESPN can't cure the blues.


President Barack Obama told reporters yesterday that job losses were his top priority. He's counting on increasing exports to Asia to create jobs here. I love Obama, but he's kinda takin' a back seat here, not to mention relying on other countries' consumers to get us out of our mess.  He better do something or he's going to have egg on his face/pie in his eye.