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  • President Obama: Expect Job Losses Even After Recovery Kicks In
    to filter in The president pointed out that the moderator of the town hall Dr Jared Bernstein the chief economic adviser for Vice President Joe Biden is a Ph D economist who would correct him if he were wrong Bernstein of course agreed with the president After the last recession ended in 2001 the unemployment rate went up for another 19 months before it started coming back down Bernstein said The president s warning came in response to a video question submitted to the White House website from a woman named Harriet in Georgia Hello President Obama she said Here is my question for your online town meeting When can we expect that jobs that have been outsourced to other countries to come back and be made available to the unemployed workers here in the United States Thank you so much for all your hard work God bless you Bye bye The president discussed how a great deal of outsourcing was of low wage low skill labor The challenge is to create new jobs that can t be outsourced he said It s very hard to hang on to those jobs because there s always a country out there that

    Original URL path: http://www.911omissionreport.com/expect_job_loss.html (2016-02-14)
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  • Stimulus jobs overstated by thousands
    larger round of reports is expected to show hundreds of thousands of jobs repairing public housing building schools repaving highways and keeping teachers on local payrolls The White House says it is aware there are problems In an interview Ed DeSeve an Obama adviser helping to oversee the stimulus program said agencies have been working with businesses that received the money to correct mistakes Other errors discovered by the public also will be corrected he said If there s an error that was made let s get it fixed DeSeve said The White House released a statement early Thursday that it said laid out the real facts about how jobs were counted in the stimulus data distributed two weeks ago It said that had been a test run of a small subset of data that had been subjected only to three days of reviews that it had already corrected virtually all the mistakes identified by the AP and that the discovery of mistakes does not provide a statistically significant indication of the quality of the full reporting that will come on Friday The data partially reviewed by the AP for errors included all the data presently available representing all known federal contracts awarded to businesses under the stimulus program The figures being released Friday include different categories of stimulus spending by state governments housing authorities nonprofit groups and other organizations As of early Thursday on its recovery org Web site the government was still citing 30 383 as the actual number of jobs linked so far to stimulus spending despite the mistakes the White House has now acknowledged and said were being corrected It s not clear just how far off the 30 000 claim was The AP s review was not an exhaustive accounting of all 9 000 contracts but homed in on the most obvious cases where there were indications of duplications or misinterpretations While the thousands of overstated jobs represent a tiny sliver of the overall economy they represent a significant percentage of the initial employment count credited to the stimulus program Tom Gavin a spokesman for the White House budget office attributed the errors to officials as well as recipients having to conduct such reporting for the first time In fact the AP review shows some businesses undercounted the number of jobs funded under the stimulus program by not reporting jobs saved Here are some of the findings Colorado based Teletech Government Solutions on a 28 3 million contract with the Federal Communications Commission for creation of a call center reported creating 4 231 jobs although 3 000 of those workers were paid for five weeks or less We all felt it was an appropriate way to represent the data at the time and the reporting error has been corrected said company president Mariano Tan The Toledo Ohio based Koring Group received two FCC contracts again for call centers It reported hiring 26 people for each contract or a total of 52 jobs but cited the

    Original URL path: http://www.911omissionreport.com/stimulus_jobs_overstated.html (2016-02-14)
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  • Unemployed, and Likely to Stay That Way
    who lost jobs may have been good workers but were laid off from occupations or industries that are in permanent decline like manufacturing But economists have tried to control for these selection issues and studies comparing the fates of similar workers have also shown that the experience of unemployment itself damages job prospects If jobless workers were in sales for instance their customers may have moved on Or perhaps the list of contacts they could turn to for leads is obsolete Mr Smyth for example says that so many of his former co workers have been displaced that he is no longer sure whom to pester about openings In particularly dynamic industries like software engineering unemployed workers might also miss out on new developments and fail to develop the skills they require Still this explanation probably applies to only a small slice of the country s 6 2 million long term unemployed that is those who have been looking for work at least six months I can t imagine very many occupations and industries are of the type that if you re out for nine months the world passes you by said Heidi Shierholz an economist at the Economic Policy Institute a liberal research organization I think this erosion of skills idea is way overplayed It s probably much more about marketability Indeed many unemployed workers fret about how to explain the yawning gaps on their résumés Some are calling themselves independent consultants or entrepreneurs so they can claim some sort of work experience since they were laid off Mr Smyth has been working on his own documentary film and trying to develop ideas for new TV shows with a friend But with financing for such projects scarce he says he is still looking for a full time job Employers are reluctant to acknowledge any bias against the jobless and many say they try to take broader economic circumstances into consideration Generally speaking when the economy s good and someone s been out of work for a year you might look at them funny said Jay Goltz who owns five small businesses in Chicago These days I don t know if you can hold it against somebody Even so old habits die hard especially because unemployment has been unusually concentrated among a smaller group of workers in this recent recession than in previous ones meaning that fewer workers bear the scarlet U of unemployment From what I ve seen employers do tend to get suspicious when there s a long term gap in people s résumés said James Whelly deputy director of work force development at the San Francisco Human Services Agency Even though everyone on an intellectual level knows that this is a unique time in the economy those old habits are hard to break with hiring managers and H R departments who are doing the screening It does not help when job seekers are repeatedly rejected or worse ignored Constant rejection not only discourages workers from job hunting

    Original URL path: http://www.911omissionreport.com/stay_unemployed.html (2016-02-14)
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  • Gordon Brown to warn against global youth unemployment epidemic
    an international timebomb for both developed and developing worlds Brown will say in the Ted Kennedy John Harvard memorial lecture With some labour market analysts predicting that under 25 joblessness in the UK will edge closer to the 1 million level in today s figures the former prime minister will say The world faces global youth unemployment of epidemic proportions Brown will add It becomes an even bigger problem if

    Original URL path: http://www.911omissionreport.com/youth_unemployment.html (2016-02-14)
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  • 1 in 2 new graduates are jobless or underemployed
    coming out of college he said emphasizing that when it comes to jobs a college major can make all the difference We re going to need a lot better job growth and connections to the labor market otherwise college debt will grow By region the Mountain West was most likely to have young college graduates jobless or underemployed roughly 3 in 5 It was followed by the more rural southeastern U S including Alabama Kentucky Mississippi and Tennessee The Pacific region including Alaska California Hawaii Oregon and Washington also was high on the list On the other end of the scale the southern U S anchored by Texas was most likely to have young college graduates in higher skill jobs The figures are based on an analysis of 2011 Current Population Survey data by Northeastern University researchers and supplemented with material from Paul Harrington an economist at Drexel University and the Economic Policy Institute a Washington think tank They rely on Labor Department assessments of the level of education required to do the job in 900 plus U S occupations which were used to calculate the shares of young adults with bachelor s degrees who were underemployed About 1 5 million or 53 6 percent of bachelor s degree holders under the age of 25 last year were jobless or underemployed the highest share in at least 11 years In 2000 the share was at a low of 41 percent before the dot com bust erased job gains for college graduates in the telecommunications and IT fields Out of the 1 5 million who languished in the job market about half were underemployed an increase from the previous year Broken down by occupation young college graduates were heavily represented in jobs that require a high school diploma or less In the last year they were more likely to be employed as waiters waitresses bartenders and food service helpers than as engineers physicists chemists and mathematicians combined 100 000 versus 90 000 There were more working in office related jobs such as receptionist or payroll clerk than in all computer professional jobs 163 000 versus 100 000 More also were employed as cashiers retail clerks and customer representatives than engineers 125 000 versus 80 000 According to government projections released last month only three of the 30 occupations with the largest projected number of job openings by 2020 will require a bachelor s degree or higher to fill the position teachers college professors and accountants Most job openings are in professions such as retail sales fast food and truck driving jobs which aren t easily replaced by computers College graduates who majored in zoology anthropology philosophy art history and humanities were among the least likely to find jobs appropriate to their education level those with nursing teaching accounting or computer science degrees were among the most likely In Nevada where unemployment is the highest in the nation Class of 2012 college seniors recently expressed feelings ranging from anxiety and fear to

    Original URL path: http://www.911omissionreport.com/graduates_jobless.html (2016-02-14)
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  • Is the College Debt Bubble Ready to Explode?
    private lender Sallie Mae In an email interview Space said she spent the money on tuition and room and board for four years two summer semesters a three month study abroad program in Ireland and books for three semesters Some 20 000 of her debt is accrued interest Interest rates on her loans range from 3 percent to 9 percent Space worked throughout high school and college at restaurants retail stores and a nonprofit firm But her savings dissipated quickly at Northeastern where annual costs are 49 452 She s now looking for a second part time job Northeastern officials did not respond to an interview request You d think would be borrowers would understand the impact of borrowing that much for college but Space says that s not the case I think it is essential for young people to have someone sit down and explain how loans affect your credit how much the debt will be with interest and how this will truly change life later on Many people say loaded things like go to the best school you can get into or student loans are considered good debt Solely following this advice led me to the place I m at today she said in an email A Sallie Mae spokeswoman said she couldn t comment on Space s situation but called that level of borrowing extremely rare Sallie Mae requires its private student loans to be certified by the school s financial aid office to ensure that the amount borrowed is no more than the cost of attendance less any other financial aid received She added that Sallie Mae reviews the applicant s and co signer s financial situation before approving a loan But Kantrowitz says Sallie Mae forked over a shocking amount of money To borrow 50 000 in the first year of college is already excessive But where was the lending rationality in the second year when the student was borrowing another 50 000 says Kantrowitz adding that students who must borrow more than 10 000 a year for an undergraduate education should find a cheaper school or start at community college Zac Bissonnette a senior at the University of Massachusetts and author of the new book Debt Free U How I Paid for an Outstanding College Education Without Loans Scholarships or Mooching Off My Parents agrees that there s plenty of blame to go around It s profoundly stupid but at the same time it takes a village to screw up that bad he says I support the personal responsibility argument but if you re 18 and the first person in your family to go to college how can people absolve the college or the lender of responsibility While the housing collapse s impact was wide ranging wreaking havoc on a multitude of industries and market participants the primary losers in this debacle are the borrowers Lenders can t repossess a college degree and changes to the bankruptcy law in 1984 and 2005 mean borrowers

    Original URL path: http://www.911omissionreport.com/college_debt.html (2016-02-14)
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  • Even after bankruptcy, trapped by student debt
    least one student loan account past due Roughly 85 percent of outstanding student loan debt is owed to the federal government The remaining 15 percent that s counted as private student debt is owed to various non federal lenders ranging from banks to loan companies like Sallie Mae Corp to non profits and state affiliated agencies under the Durbin bill loans from any government funded entity still wouldn t be dischargeable only those from truly private lenders Generally it s these private loans that bring borrowers to the door of bankruptcy lawyers like Barrett Private student loans often lack the protections of federal ones and have rates that typically start higher and can shoot up A recent survey of bankruptcy attorneys found 81 percent reporting more clients with student debt in recent years and roughly half reporting a significant increase Barrett says he s seeing more recent college graduates who couldn t get a job after graduation or who if they did faced garnishment of entry level wages Before the 2005 law passed lenders would try to work with borrowers on a payment plan Barrett says They had the threat if we don t make it so this person can afford to live and eat and get to work and dress for work then they re going to file for a bankruptcy plan and we re going to get hit Now they ll hit you with a garnishment and if you can t make ends meet tough Private lenders haven t always enjoyed a spot at the front of the line of bankruptcy creditors Until 1976 all education loans were dischargeable in bankruptcy That year Congress began requiring borrowers to wait at least five years before they could discharge federal student loans Since 1998 borrowers have been unable ever to discharge federal student loans and in 2005 the then Republican controlled Congress made private loans almost impossible to discharge Essentially borrowers must prove they can t repay and will never be able to but the standard is vague And litigating in bankruptcy court may be impossible financially for someone in those circumstances With federal loans the concern was that making it too easy to walk away from debts would put taxpayer dollars at risk With private loans the lender protections were justified by fears that otherwise lenders wouldn t extend students the capital they needed to cover tuition bills Student loans offer no security or collateral Lenders are betting on a borrower s education to produce future earnings Put differently a bank can repossess your car but not your brain Changing the law would force our members to raise borrower rates or elevate their already strict underwriting standards and essentially make it harder to make the loans said a spokeswoman for the Education Finance Council which represents nonprofit and state based providers of non federal loans in a statement issued on behalf of president Vince Sampson A Moody s report also suggested younger student borrowers might be especially tempted by

    Original URL path: http://www.911omissionreport.com/student_debt.html (2016-02-14)
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  • The Bitter Fruits of Deregulation
    neck of every financial institution is the mark to market rule an ill advised reform from a previous crisis that was blamed on fraudulent accounting that over valued assets on the books As a result today institutions have to value their assets at current market value In the current crisis the rule has turned out to be a curse Asset backed securities such as collateralized mortgage obligations faced their first market pricing in panicked circumstances The owner of a bond backed by 1 000 mortgages doesn t know how many of the mortgages are good and how many are bad The uncertainty erodes the value of the bond If significant amounts of such untested securities are on the balance sheet insolvency rears its ugly head The bonds get dumped in order to realize some part of their value Merrill Lynch sold its asset backed securities for twenty cents on the dollar although it is unlikely that 80 percent of the instruments were worthless The mark to market rule together with the suspect values of the asset backed securities and collateral debt obligations and swaps allowed short sellers to make fortunes by driving down the share prices of the investment banks thus worsening the crisis With their capitalization shrinking the investment banks could no longer borrow The authorities took their time in halting short selling and short selling is set to resume on October 3 or thereabout If the mark to market rule had been suspended and short selling prohibited the crisis would have been mitigated Instead the crisis intensified provoking the US Treasury to propose to take responsibility for 700 billion more in troubled financial instruments in addition to the Fannie Mae Freddie Mac and AIG bailouts Treasury guarantees are also apparently being extended to money market funds All of this makes sense at a certain level But what if the 700 billion doesn t stem the tide and another 700 billion is needed At what point does the Treasury s assumption of liabilities erode its own credit standing This crisis comes at the worst possible time Gratuitous wars and military spending in pursuit of US world hegemony have inflated the federal budget deficit which recession is further enlarging Massive trade deficits magnified by the offshoring of goods and services cannot be eliminated by US export capability These large deficits are financed by foreigners and foreign unease has resulted in a decline in the US dollar s value compared to other tradable currencies precious metals and oil The US Treasury does not have 700 billion on hand with which to buy the troubled assets from the troubled institutions The Treasury will have to borrow the 700 billion from abroad The dependency of Treasury Secretary Paulson s bailout scheme on foreign willingness to absorb more Treasury paper in order that the Treasury has the money to bail out the troubled institutions is heavy proof that the US is in a financially dependent position that is inconsistent with that of America s

    Original URL path: http://www.911omissionreport.com/deregulation.html (2016-02-14)
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