Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Lend a Hand to Wall Street. Get Laid Off

The unemployment data released this morning (Oct. 8) are dismal, but the stock market is up, as many expected. That's because the Federal Reserve has said it will keep money flowing and interest rates declining as long as unemployment remains high. Thus, bad news on Main Street is glorious news on Wall Street. Already, the banks can borrow from the Fed at effectively zero percent short term interest rates. But with unemployment continuing weak, the Fed is expected to use quantitative easing, or the artificial lowering of long term rates, which are already at record lows. This morning, the government announced that the economy lost 95,000 jobs in September; the unemployment rate stayed at 9.6%. The government said private sector payrolls rose by 64,000 in September, but government payrolls dropped 159,000. However, that 64,000 private sector gain is extremely suspect. On Wednesday, the Automatic Data Processing (ADP) report indicated that there were 39,000 private sector jobs LOST in September. The government reported that the private sector added 428,000 jobs from new businesses that are not counted in the main surveys. This is purely a computerized estimate. It, too, is suspect.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Classical Classical at The San Diego Symphony Orchestra

A concert I didn't know I needed
Next Article

Poway’s schools, faced with money squeeze, fined for voter mailing

$105 million bond required payback of nearly 10 times that amount

The unemployment data released this morning (Oct. 8) are dismal, but the stock market is up, as many expected. That's because the Federal Reserve has said it will keep money flowing and interest rates declining as long as unemployment remains high. Thus, bad news on Main Street is glorious news on Wall Street. Already, the banks can borrow from the Fed at effectively zero percent short term interest rates. But with unemployment continuing weak, the Fed is expected to use quantitative easing, or the artificial lowering of long term rates, which are already at record lows. This morning, the government announced that the economy lost 95,000 jobs in September; the unemployment rate stayed at 9.6%. The government said private sector payrolls rose by 64,000 in September, but government payrolls dropped 159,000. However, that 64,000 private sector gain is extremely suspect. On Wednesday, the Automatic Data Processing (ADP) report indicated that there were 39,000 private sector jobs LOST in September. The government reported that the private sector added 428,000 jobs from new businesses that are not counted in the main surveys. This is purely a computerized estimate. It, too, is suspect.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

U.S. Adds 243,000 Jobs, Unemployment Drops to 8.3%

Next Article

Fed Comes to Market's Rescue

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.

This Week’s Reader This Week’s Reader