Remember that these numbers only relate to the former workers who qualify for benefits.  Part time workers who are now laid off don't qualify.  People who worked for a straight commission and got canned or laid off don't qualify.  It also doesn't take into account those who have exhausted their benefits and are still without jobs.


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[quote author=182F2E2E7D7B7F4A0 link=1235063186/0#0 date=1235063186]Remember that these numbers only relate to the former workers who qualify for benefits.  Part time workers who are now laid off don't qualify.  People who worked for a straight commission and got canned or laid off don't qualify.  It also doesn't take into account those who have exhausted their benefits and are still without jobs.


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So what you're saying is that we're getting the true image of what the world looks like.

Thanks

Unfortunately two of my friend who's mortages were over 115% of their house value have just walked away from their homes.  Both couples fell into the non-stat number Redd brought up.

Autoliv laying off 250 Utah workers
February 19, 2009 1:15 PM ET

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and the numbers keep rising.

Pink Slips
February 2009 Layoffs
Compiled by Klaus Kneale (Forbes), 02.18.09, 04:50 PM EST
February layoffs have exceeded 100,000 at America's largest companies.
Layoffs for February 2009 at America's 500 largest public companies*:

108,189

The NONE of the under top 500 public, and NONE of the privately owned companies layoff numbers are included here.

Simply reporting data.  

Redd wrote on Feb 19^th, 2009 at 2:18pm:

Pink Slips February 2009 Layoffs Compiled by Klaus Kneale (Forbes), 02.18.09, 04:50 PM EST February layoffs have exceeded 100,000 at America's largest companies. Layoffs for February 2009 at America's 500 largest public companies*: 108,189 The NONE of the under top 500 public, and NONE of the privately owned companies layoff numbers are included here. Simply reporting data.

Jobless numbers are out of site right now.
This report gives people a good idea just what is happening, and these numbers do not reflect the number of people that do not qualify
for unemployment benefits.

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Just some follow-up mainly from our Free Press on a previous thread's conversation that shows signs of further tipping the scales heavily.



Quote:

Bottom line: U.S. auto industry says it needs $97.4 billion to live WASHINGTON -- Add together all the billions on the table and this number pops up on the calculator -- $97.4 billion. That's what the U.S. auto industry says it needs from the government to keep itself afloat through a recession that looks deeper every day. The sum will only grow if consumers don't buy more new cars and trucks. The figure -- equal to $874 from every U.S. household -- includes up to $39 billion in survival loans for General Motors Corp. and Chrysler LLC, a $25.5-billion rescue sought by auto suppliers and $25.4 billion in requests to retool auto plants to build more efficient models. And it's likely not the end. ... The aid sought by Detroit's automakers is many multiples of their current market values. ... Bruce Clark, a senior vice president with Moody's Investor Service, said the firm hadn't changed its December estimate of a 70% likelihood of bankruptcy for both GM and Chrysler. Shelly Lombard, a credit analyst... said it was unlikely that the Obama administration would suddenly decide the industry's survival was not worth the price on the window sticker. START PRINTPAGEMultimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to or END PRINTPAGE

Take our restructuring plan, please.


Quote:

GM's bondholders skeptical As General Motors Corp. intensifies negotiations to restructure its debt, the automaker is running into resistance from bondholders who are questioning whether the company's viability plan goes far enough to fix the struggling automaker. "It's not clear they've pushed it hard enough," a person familiar with the committee representing the bondholders said Wednesday, a day after GM unveiled the plan. The person noted that bondholders "are very concerned." ... At the end of 2008, GM's total U.S. pension obligations were estimated at $96.9 billion. GM blamed the pension's status on several factors, including returns on investments. Money from the fund also has been used to help pay for restructuring efforts, such as retirement incentives. The Pension Benefit Guaranty Corp., the federal corporation that insures retirement plans, raised concerns over GM and other automakers using pension funds to pay for employee buyouts last November. The corporation declined to comment Wednesday. Young said he suspected other companies would soon be announcing similar problems with their pension funds. Robert Kemp, a pension expert at the University of Virginia, agreed. "What's happened, not just to GM but everyone, is the value of their portfolio of their assets has gone down significantly," he said. START PRINTPAGEMultimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to or END PRINTPAGE

Take our stock, please.


Quote:

UAW rejects stock for VEBA As part of its $17.4 billion in loans to General Motors Corp. and Chrysler LLC, the government proposed that the union accept stock instead of cash to fund that VEBA. The UAW has a tentative agreement with the Detroit Three on a variety of key areas -- including wages, work rules and benefits -- but it has drawn a line in the sand over the government's stock proposal to fund the VEBA. ...the automakers' stock price has been volatile and trading at historic lows, making its future value uncertain. On Wednesday, shares of GM closed at $2.06. Ford closed at $1.67 a share. Chrysler is a privately held company. ... Doug Bernstein, a bankruptcy attorney and partner at Plunkett Cooney PC, said there is an additional risk with accepting stock instead of cash payments. In any bankruptcy case, shareholders receive the lowest priority for debt payments and frequently don't receive any payments. On Wednesday, Moody's Investors Service said that the risk of a bankruptcy filing by GM and Chrysler remains high. START PRINTPAGEMultimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to or END PRINTPAGE

And yet


Quote:

Auto bailout tab could top $130 billion GM and Chrysler say they need $21.6 billion more in loans. But that won't be enough to save Detroit. Here's a rundown of all the auto bailout proposals. START PRINTPAGEMultimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to or END PRINTPAGE

The Donald weighs in:


Quote:

Trump: GM would be better off in bankruptcy WASHINGTON -- Add Donald Trump to the list of people who think General Motors Corp. would be better off in bankruptcy than asking for more government money. In an appearance on the "Late Show with David Letterman" Wednesday night, the real estate and reality television show mogul offered an explanation for why the three Atlantic City, N.J., casinos that bear his name had to file for bankruptcy this week. Trump said the gambling industry "was a disaster," that he wasn’t involved in management and that the company rejected his offer to buy it and chose bankruptcy. "Frankly, that’s what General Motors should be doing instead of asking for money, they should go into bankruptcy," Trump said. "They’ll make a better deal." The Late Show audience applauded Trump’s comment. Trump resigned as chairman of the board of Trump Entertainment Resorts last week. He owns 28% of the company's stock. START PRINTPAGEMultimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to or END PRINTPAGE

hoo-boy.  Over a hundred billion needed and still good odds on bankruptcy.  I think we have until March 31st to see which way the Spring wind blows.  It'll blow.

Just to further outline the jobless situation, this shows that even with the high rate of us recieving UEI benefits, we make up less than half of the total unemployed in this country.



Quote:

About 38% of those currently unemployed are receiving benefits. The remainder have exhausted their benefits already or never qualified in the first place because they were self-employed, fired for cause or worked only part time

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  It looks like the fall of the empty economy is finally here. Since very few people's jobs are making anything anymore ( except for the defense industry which is government funded) most American's jobs are selling services and things to other Americans or providing services to Americans.

  Most of the things are made elsewhere with the money from the sales going elsewhere. With the loss of the paper money from real estate and stocks there is nothing left to keep the cycle of debt going.

  I think it maybe too late for us. I think the government has finally realized that their policy of pushing manufacturing jobs out of the country since 1993 has ruined us. Their new buy American stance is too little too late.

  During the great depression people still had hope that the factories would reopen. Now that most of our factories have been torn down to make parking lots for malls that hope is not there.

  Without hope, the only thing left is revolution and protectionism. After the loss of millions of people through starvation or civil war we may someday get back economical to 1/2 of what we was in the 1950's.

Paul