Corporate profits hit record high; still no hiring

From The New York Times:

“The nation’s workers may be struggling, but American companies just had their best quarter ever.

American businesses earned profits at an annual rate of $1.66 trillion in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or non-inflation-adjusted terms.

Corporate profits have been going gangbusters for a while. Since their cyclical low in the fourth quarter of 2008, profits have grown for seven consecutive quarters, at some of the fastest rates in history.”

I know what you’re thinking: You want to see a chart.

OK, here.

profits

I still know what you’re thinking: If only President Obama and the Democrats weren’t so darned anti-business. If only corporate America was making enough money to pump back into the economy. If only we could free up business and make it possible to earn a profit again.

If only ….

526 comments Add your comment

Southern Comfort

November 23rd, 2010
1:17 pm

Whoooo hoooo!!!! Charts!!!!

Normal

November 23rd, 2010
1:20 pm

This is why tax cuts for the rich will work…WAIT! DID YOU SAY NO HIRING??!!

did you think they would hire?

November 23rd, 2010
1:25 pm

JB – Didn’t you know that jobs are being created, just not in the USA.

Let’s see how much of this gets invested in China and India.

And what happens when the great god offshorer who sucks up ALL the US jobs gets mad.

larry

November 23rd, 2010
1:26 pm

I thought tax cuts created jobs.

Shawny

November 23rd, 2010
1:28 pm

Is that adjusted for inflation?

Large corporations are not hiring because they are unsure of how this adminstration and congress will tax them, regulate them, and change business rules in general, such as healthcare coverage. Uncertainty means stay pat and sit on cash.

Southern Comfort

November 23rd, 2010
1:29 pm

If only ….

If frogs had wings, they wouldn’t bump their ass every time they hopped. :)

jewcowboy

November 23rd, 2010
1:30 pm

Get out of my mind! How did you know I wanted a chart? Actually, I was thinking about pie…but a chart is kinda close.

jewcowboy

November 23rd, 2010
1:30 pm

We just have to wait for the trickle.

AmVet

November 23rd, 2010
1:30 pm

Welcome to the American plutocracy!

Not to worry, all those trillions of dollars will soon trickle down to the rest of us!

Speaking of which, there is a great article in today’s AJC titled “Trickle-down bankruptcy.”

And take a wild guess who loses in that equation? (Same as it ever was.)

In a related item, the FBI raided three hedge funds in a wide-ranging probe of insider trading by hedge funds, mutual funds and investment bankers.

(This Obama socialism and anti-business attitude simply must stop!)

Also, yet more good news for the scandal ridden GOP: A former staffer for Alaska Republican Don Young gets jail time.

You’re doing a heckuva job, connies…

md

November 23rd, 2010
1:31 pm

Large corporations don’t provide the bulk of jobs……..small businesses do, and they aren’t sitting on tons of cash……..can’t even get a loan……….and still don’t have an abundance of customers.

Southern Comfort

November 23rd, 2010
1:33 pm

We just have to wait for the trickle.

The trickle has already happened. Remember the 45k jobs one month and 75k the next. We’re riding the trickle, baby!!!

md

November 23rd, 2010
1:34 pm

“We just have to wait for the trickle.”

One is more than welcome to get out and start their own business any time they want……..but most would prefer to complain about others not doing it.

Normal

November 23rd, 2010
1:35 pm

jewcowboy

November 23rd, 2010
1:35 pm

Seems as if there might be a little conflict with CEO’s pay and actual hiring…guess who’s gonna lose on this one…

http://247wallst.com/2010/09/01/ceo-conflict-layoffs-boost-ceo-pay-c-bac-cat-vz-pfe-emr-jpm-aa-wmt-mrk-jnj-hpq-dis-ibm-t-f-utx/

PeaDawg

November 23rd, 2010
1:37 pm

“This is why tax cuts for the rich will work…WAIT! DID YOU SAY NO HIRING??!!”

Point taken. But what are taxes increasing going to do?

Finn McCool

November 23rd, 2010
1:37 pm

They’re hiring, just not many people. They can afford to be very very very picky right now and probably for the next several years.

Time to add to the resume if you are unemployed.

Lil' Barry Bailout

November 23rd, 2010
1:40 pm

It really isn’t any of your business whether companies are hiring or not. Why don’t you start your own company and hire unnecessary workers if you think that’s such a fine idea?

John Birch

November 23rd, 2010
1:41 pm

Start up companies in their first five years of existence create jobs. Large corporations have very small net changes, some hire while others lay off, regardless of profits. Tight credit markets, economic uncertainty, and Obamacare are stiffling the start ups.

Lil' Barry Bailout

November 23rd, 2010
1:42 pm

Why are many Democrats in agreement with Republicans that raising taxes on the “rich” is a bad idea?

Normal

November 23rd, 2010
1:43 pm

But what are taxes increasing going to do?

Help lower the deficit

Finn McCool

November 23rd, 2010
1:43 pm

Companies realized efficiencies through computers and then through re-engineering. Why hire someone when you can get one person to do the job of 2 to 3 people. What’s the next thing they will squeeze?

Normal

November 23rd, 2010
1:44 pm

Why are many Democrats in agreement with Republicans that raising taxes on the “rich” is a bad idea?

Because they are in the same pocket…

Lil' Barry Bailout

November 23rd, 2010
1:45 pm

The fact is, according to the BLS, the Iddiot Messiah is destroying more jobs than he’s creating.

jewcowboy

November 23rd, 2010
1:45 pm

John Birch,

“Large corporations have very small net changes,”

Citigroup Inc. (NYSE:C), 52,125 layoffs
Bank of America Corp. (NYSE:BAC), 35,000 layoffs
Caterpillar Inc. (NYSE:CAT), 27,499 layoffs
Verizon Communications Inc. (NYSE:VZ), 21,308 layoffs
Pfizer Inc. (NYSE:PFE), 19,872 layoffs
Emerson Electric Co. (NYSE:EMR), 14,200 layoffs
J.P. Morgan Chase & Co. (NYSE:JPM), 14,000 layoffs
Alcoa, Inc. (NYSE:AA), 13,985 layoffs
Wal-Mart Stores Inc. (NYSE:WMT),13,350 layoffs

Which large corporations are making up for those 160+ layoffs?

jewcowboy

November 23rd, 2010
1:46 pm

“160+ layoffs?”

Apologies…160K+ layoffs.

Fred

November 23rd, 2010
1:46 pm

I really hate to say this but………..

It’s not unexpected. Companies laid off workers and then found that they were getting more production with fewer people. The ones left had to pick up the slack and actually WORK while they were at work. I read an article on this just the other day.

How many folks that spend time on these blogs are at work actually SUPPOSED to be um………. working? I’ve been a part of message board communities where some of the heaviest posters posted from 9-5 but not at home. I’m self employed (when I actually choose to work lol), so if I spend time blogging, the only one I’m screwing is me. But if I had an employee that had time to blog at work, I would consider that as one employee too many.

As far as that “sitting on their cash to see what happens” bull crap, it’s just that, bull squeeze. When I have more work than I can do I hire someone else. Plain and simple. All that boortz junk is just that, junk. I don’t know a single self employed person who would EVER turn away business because they didn’t have the man power and were afraid to hire someone, the entire notion is just ludicrous.

did you think they would hire?

November 23rd, 2010
1:48 pm

I have never been against tax cuts for small businesses or corporations that DO create jobs in the USA with the tax cuts.

But giving a tax cut to a company or corporation that ships jobs offshore makes me furious.

Seeing tax cuts for the extremely wealthy (with no reinvestment on their part) leaves me cold. CEO’S that make their bonus goals (profitability) by laying off workers should be held accountable.

These things will not come to pass because REMEMBER corporations are people (just greedy ones).

stands for decibels

November 23rd, 2010
1:48 pm

Why are many Democrats in agreement with Republicans that raising taxes on the “rich” is a bad idea?

because many Democrats are corporatist skank-ho’s. didn’t anyone ever teach you the facts of life, boy?

Some People are stupid

November 23rd, 2010
1:50 pm

Enter your comments here

AmVet

November 23rd, 2010
1:51 pm

The cons remind me of a sort of completely comedic and clueless Sherlock Holmes.

In spite of the mountains of evidence over thirty years of American corporate malfeasance and massive criminality, that demonstrates unequivocally why we are where we are, they concoct these dufus “explanations” that are based on……………………….well, I don’t think even they have an answer.

Well, I take that back. The esteemed and valorous Mr. Cheney did: “Nobody saw this coming”.

Utterly gutless and willfully myopic is NOT a winning combination, cons…

You see Mr. Watson, that House of cards is

Lord Help Us

November 23rd, 2010
1:51 pm

Let’s see…in 2001 the argument amounted to , ‘we have trillions is surplus…if we can’t have a tax cut now, when can we?’ And, a GWB special…’we can have these taxcuts and still have trillions in surplus.’

Now, 10 years later and roughly 10 trillion added to the debt…the argument is, ‘ we can’t raise taxes now, cause companies won’t hire and the economy will not recover.’

Folks, these were the SAME people…WHY should they be believed?

did you think they would hire?

November 23rd, 2010
1:52 pm

Finn McCool@1:43 pm

Companies realized efficiencies through computers and then through re-engineering. Why hire someone when you can get one person to do the job of 2 to 3 people. What’s the next thing they will squeeze?
————————–

Yes they did and then sent the computer jobs to India and China.

who’s next? more middleclass workers you can bank on it. Until no one but the CEO is left with all the profit.

Soothsayer

November 23rd, 2010
1:53 pm

Del

November 23rd, 2010
1:53 pm

The problem is that profits are being realized through cost cutting and increasing worker productivity, so they’re doing more with less. The federal government needs to pay close attention to this because that’s exactly what it will have to do. Small.business start ups or lack there of is a big problem and until such time as uncertainty is removed regarding taxes, the impact of health care legislation and government over reach we’ll continue to be in a high unemployment condition.

stands for decibels

November 23rd, 2010
1:53 pm

AmVet

November 23rd, 2010
1:53 pm

Because they are in the same pocket…

True dat, Normal!

The only difference between the Republican and Democratic Parties is the velocities with which their knees hit the floor when corporations knock on their door. That’s the only difference. ~Ralph Nader

md

November 23rd, 2010
1:54 pm

“I don’t know a single self employed person who would EVER turn away business because they didn’t have the man power and were afraid to hire someone, the entire notion is just ludicrous.”

Well, if the cash was realized through savings or increased productivity, and not necessarily through increased sales, your premise would be wrong…………………if the customers are not multiplying, corps will not hire.

stands for decibels

November 23rd, 2010
1:55 pm

from the article linked @ 1.53:

Since 1980, according to the Bureau of Labor Statistics, the number of people employed in finance, broadly defined, has shot up from roughly five million to more than seven and a half million. During the same period, the profitability of the financial sector has increased greatly relative to other industries. Think of all the profits produced by businesses operating in the U.S. as a cake. Twenty-five years ago, the slice taken by financial firms was about a seventh of the whole. Last year, it was more than a quarter. (In 2006, at the peak of the boom, it was about a third.) In other words, during a period in which American companies have created iPhones, Home Depot, and Lipitor, the best place to work has been in an industry that doesn’t design, build, or sell a single tangible thing.

From the end of the Second World War until 1980 or thereabouts, people working in finance earned about the same, on average and taking account of their qualifications, as people in other industries. By 2006, wages in the financial sector were about sixty per cent higher than wages elsewhere. And in the richest segment of the financial industry—on Wall Street, that is—compensation has gone up even more dramatically. Last year, while many people were facing pay freezes or worse, the average pay of employees at Goldman Sachs, Morgan Stanley, and JPMorgan Chase’s investment bank jumped twenty-seven per cent, to more than three hundred and forty thousand dollars. This figure includes modestly paid workers at reception desks and in mail rooms, and it thus understates what senior bankers earn. At Goldman, it has been reported, nearly a thousand employees received bonuses of at least a million dollars in 2009.

Not surprisingly, Wall Street has become the preferred destination for the bright young people who used to want to start up their own companies, work for NASA, or join the Peace Corps. At Harvard this spring, about a third of the seniors with secure jobs were heading to work in finance. Ben Friedman, a professor of economics at Harvard, recently wrote an article lamenting “the direction of such a large fraction of our most-skilled, best-educated, and most highly motivated young citizens to the financial sector.”

Matti

November 23rd, 2010
1:55 pm

Wage suppression is an essential element of the plutocratic takeover.

Even smaller and mid-sized companies are learning that the employees left after the layoffs will work harder for less just to keep their jobs. The fewer jobs there are, the more people will be willing to work for minimum wage — something the incoming Congress will surely try to repeal. Sure, quality suffers, but profits soar! Ask the all-American execs at Harley-Davidson about profits. They slashed their workforce by 2,000, and saw second quarter profits of triple what they made all last year, even though sales are down. BTW, they plan to lay off another 1400-1600 in the next two years. The people left will do anything that’s asked… for less…. so long as they have no place to go. (Until the factory in India is complete, that is.)

The American dream is giving way to dependence on the corporations and conglomerates that own our government. This is not a coincidence. Plutocracy doesn’t just happen. It’s planned and executed, all with the help of unwitting chumps who still believe they’ll be one of the wealthy one day. (*snerk* Yeah right. Buy another lottery ticket, Sparky. I did.)

I'm rich and your not.

November 23rd, 2010
1:56 pm

If everyone was in business for themselves no one would ever pay unemployment compensation. Think of the money saved.

jewcowboy

November 23rd, 2010
1:56 pm

Some People are stupid,

You were saying…

Some People are stupid

November 23rd, 2010
1:58 pm

Del-

Your whole last statement lacked any sense.

1. From a start-up standpoint, all cost are tax deductible.
2. If I am a start up business, the chances of me hiring 50 people off from the beginning is relatively small so the health care law wouldn’t even reach me.
3. To start a start up, I need a lot of capital, kinda hard to get capital with frozen credit markets.

Randalph on the Right

November 23rd, 2010
1:58 pm

The shooting war in Korea might spark job growth!

Finn McCool

November 23rd, 2010
2:00 pm

Lots of jobs helping states transition to the new health care world. But, to quote Austin Powers, ” that ain’t my bag, baby.”

md

November 23rd, 2010
2:01 pm

Well, speaking of the finance industry……….check out this sweet deal worked out by the FDIC:

http://www.youtube.com/user/fiercefreeleancer

I haven’t researched it though, so take it with a grain of salt……….but if true, will make your blood boil.

Southern Comfort

November 23rd, 2010
2:02 pm

Companies laid off workers and then found that they were getting more production with fewer people. The ones left had to pick up the slack and actually WORK while they were at work.

The ones left had to work like their lives depended on it after seeing other productive people get laid off. It’s not like there was a productive slump prior to the layoffs. The American worker has become more and more efficient over the past 2-3 decades, yet the wages have stagnated. If you’re on the hot seat, you’re gonna find any way possible to get more productive in order to save your job.

If I’m at work and you see me post here, that’s because there’s nobody in front of me for me to perform my duties. My job ALWAYS comes before this blog or anything else non-job related.

Fred

November 23rd, 2010
2:02 pm

I’d like to start a furniture company but I can’t get a loan. My credit score is some where around 790…………

Lord Help Us

November 23rd, 2010
2:03 pm

Yes, Del…The horror of a healthcare law that will help small businesses provide healthcare to its employees and the (GASP!!) utter terror or possibly being taxed about 3% more than the current rate (if they are very cusscessful) has hundreds, perhaps thousands, or ‘would-be entrepreneurs’ sitting on the sidelines waiting for HCR to be repealed and the Bush tax cuts to be extended permanently…

Paulo977

November 23rd, 2010
2:04 pm

Lil’Barry
Bailout…@1:42pm

Simple …They are closet republicans the way DEAL was before he came out!!!

Granny Godzilla

November 23rd, 2010
2:06 pm

I’ve said it before….

Our economy is being held hostage by the plutocrats, and it seems most of the right wing is infected with the Stockholm Syndrome.

did you think they would hire?

November 23rd, 2010
2:09 pm

PeaDawg@1:37 pm

“This is why tax cuts for the rich will work…WAIT! DID YOU SAY NO HIRING??!!”

Point taken. But what are taxes increasing going to do?
———————————————————–

But what are taxes increasing going to do? I don’t know but since we haven’t tried them in 10 years. Umh since we had a surplus, why don’t give it a try.

jewcowboy

November 23rd, 2010
2:09 pm

md,

“One is more than welcome to get out and start their own business any time they want……..but most would prefer to complain about others not doing it”

There is a valid point in there…if one is waiting for corporate America to provide salvation, they would be better off holding their breath…

The enterprising and self-reliant will always find a way to profit, regardless of the economy.

AmVet

November 23rd, 2010
2:10 pm

Randalph, you may be right!

Time to quit shirking your duty! Take advantage of the greatest jobs program Uncle Sam has!

In other words, there must be an AFEES near you.

(The upside is that you may get to kill some commies!)

Matti

November 23rd, 2010
2:10 pm

The ones left had to pick up the slack and actually WORK while they were at work.

Yes, because it’s so much more honorable to work 11 or 12 hours a day than to work 8, then go spend time with your family, keep your marriage healthy, read to your children, and (when they’re older) actually know where they ARE at night and what they’re doing. Who needs weekends and vacations? Work work work makes for better citizens! Corporate values trump family values, especially with the advent of privatized prisons. There’s so MUCH money to be made there by a handful of people incarcerating those whose parents had no time to guide them because they both worked 60-hour weeks. Well-planned, indeed.

Lil' Barry Bailout

November 23rd, 2010
2:11 pm

Yes, you have said it before, and it was just as inane then adit is now.

Jay

November 23rd, 2010
2:12 pm

Uncertainty? Come on, get real.

There’s no more government-caused uncertainty today than at any other time in our history. In fact, through TARP and the stimulus and the GM bailout and the Fed’s maneuvers, the gov’t has been a strong net producer of stability, not uncertainty.

Without TARP, etc., we would have had a full-blown Wall Street meltdown and THEN you would have seen some uncertainty.

Interest rates, tax changes, etc., are longstanding variables in the economic equation. There’s nothing new about them. Uncertainty is merely a catch-all excuse for blaming Obama offered by people who can’t think up actual things he might have done to cause all this damage.

Soothsayer

November 23rd, 2010
2:13 pm

jewcowboy

November 23rd, 2010
2:15 pm

“Uncertainty is merely a catch-all excuse for blaming Obama offered by people who can’t think up actual things he might have done to cause all this damage.”

Bingo!

md

November 23rd, 2010
2:16 pm

“Without TARP, etc., we would have had a full-blown Wall Street meltdown and THEN you would have seen some uncertainty.”

Pure assumption, as there is no way to ever know……………….

DefactoExecutives

November 23rd, 2010
2:17 pm

Most of the corporate executives and boards are greedy. They are okay with everyone in the organization working for less and with less; while they sit in their offices with little to do.

If we asked them to provide something physical (we can actually see or touch) that they did on a daily basis; most couldn’t. Some of their decisions over the years have actually gotten us into this economical mess and caused a loss in jobs.

Most would say that bad executives or decision makers get replaced, when they make bad business decisions, but we all know many that are in the same JOB for many years; without being replaced or downsized. While they keep taking home the bonuses and million dollar salaries.

Del

November 23rd, 2010
2:17 pm

Some people are stupid, believe it or not new business start ups have fallen off dramatically over the last two years. Entrepreneurship has essentially disappeared and many see a big part of the problem as too much uncertainty with what the federal government is doing and has been doing. I know you lefties don’t think that government has anything to do with negative economic conditions unless of course it’s a Republican administration, but government can create an environment for success or it can create one that discourages success. Unfortunately, its now the latter. BTW…A business start up with any chance for success plans several years out and with uncertainty concerning the healthcare bill and its longer term effects of course it becomes a factor in deciding whether to launch a business now or wait.

Southern Comfort

November 23rd, 2010
2:17 pm

Matti

November 23rd, 2010
2:18 pm

In fact, through TARP and the stimulus and the GM bailout and the Fed’s maneuvers, the gov’t has been a strong net producer of stability, not uncertainty.

That’s all very logical, Mr. Bookman, but acknowledging that would leave the Republicans bereft of one of their biggest, hairiest talking points. My Congressmen blathers about this “uncertainty” every other day, to excuse his large donors from doing their part to end this American crisis by reinvesting here instead of overseas. Of course it’s the preamble to “Obama the socialist is destroying freedom!” Take away the “uncertainty” rant, and they’ll have to invent new *bleep* to spout in defense of the traitorous execs.

DefactoExecutives

November 23rd, 2010
2:19 pm

“Pure assumption, as there is no way to ever know……………….”

I didn’t want to find out……. what actually could have happened. It just didn’t sound or look good at the time.

Hillbilly Deluxe

November 23rd, 2010
2:19 pm

Is it that they aren’t hiring or that their hires aren’t in the United States?

Granny Godzilla

November 23rd, 2010
2:20 pm

I would suggest that “uncertainty” is a pure assumption.

Southern Comfort

November 23rd, 2010
2:20 pm

Entrepreneurship has essentially disappeared and many see a big part of the problem as too much uncertainty with what the federal government is doing and has been doing.

I think that would probably have more with being able to obtain starting capital. There is less lending for small businesses now than there was before the economic turmoil. I’m willing to bet that you would see an increase in start-up businesses if people were able to get the funds to start a business.

Lord Help Us

November 23rd, 2010
2:22 pm

Del, exactly how does our gov’t ‘discourage’ success? Did the Reagan Admin ‘discourage success with tax rates much higher than today? Did the GWB admin discourage success with higher tax rates than most Americans have today?

Dude, I am trying to understand, but you have to add ALL the pieces together at some point, not just your cherry picked ASSumptions…

Matti

November 23rd, 2010
2:22 pm

Big business is killing small business.

“Greed is healthy. It’s a virtue.” — The Morality Brigade, disputing Jesus Christ

Southern Comfort

November 23rd, 2010
2:23 pm

Del

Saw your response on the previous thread about China. I agree 100% with you on that. Hopefully we’ll have someone that can actually express the seriousness of all actions going on over there, and how we will respond in a serious manner if we have to.

Jay

November 23rd, 2010
2:24 pm

A while back, RW helpfully linked to a chart documenting effective individual and corporate tax rates from 1979-2006 (http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=456 ). It documents that the effective corporate income tax rate in 2006, the end of that period, was 3.4 percent — that’s right, 3.4 percent, exactly what it had been 27 years earlier, in 1979.

Granny Godzilla

November 23rd, 2010
2:25 pm

md

what do YOU think would have happened if we the people had not stepped in?

really.

no tarp, no bailouts, no stimulus, 700000 new unemployed each and every month, no extension for unemployment benefits, 401ks completely gone,
more and more uninsured….

please share your vision with us

Jay

November 23rd, 2010
2:28 pm

Del, of course startups have fallen in number. When you”re dealing with the biggest economic calamity in 80 years, what on earth do you expect would happen?

Trying to pretend that the real cause is “uncertainty” created by government is just ludicrous.

Some People are stupid

November 23rd, 2010
2:28 pm

Del-
Wow, Im a leftie now.
Entrepreneurship has been falling off for more than just two year but nice way to to try and blame it on a Democratic Administration. I agree that government can foster an environment for failure but this administration has not come anywhere close to that. It seems you righties like to blame democratic administrations for everything. Jay put up a great argument about this “uncertainty thing”. Technically, I am classified as a small business owner. I am not uncertain about anything. Like I said in my post, I have under 50 employees, the healthcare law does not reflect on my cost. I provide health insurance for all my employees regardless, because if I want the best I have to provide the best. As far as taxes, unless you lived in a bubble, you knew they expired at the end of this year. What uncetainty is that? Since you want to blame the presidinet, you know his stand on taxes, who he wants to raise them on, so again, what are you uncertain about?

Del

November 23rd, 2010
2:29 pm

Certainly more than just a few on here that believe there’s no government created uncertainty out there that’s presenting a major concern for the private business sector. You’re either living in LA LA land or so steeped in political ideology that you refuse to accept facts. The good news is that most of your fellow Americans who voted a few weeks ago understand it.

Lord Help Us

November 23rd, 2010
2:31 pm

Del. ‘The good news is that most of your fellow Americans who voted a few weeks ago understand it.’

By your own definition now, since the elections…there is less uncertaintly, right?

AmVet

November 23rd, 2010
2:32 pm

I too find this uncertainty “explanation” unsupported and unsupportable. It appears to be total conjecture. Based on……………………….what, it is impossible to say. as there is ZERO to corroborate the theory. At least I have seen ZERO evidence posited by any of its adherents.

Perhaps the advocates thereof mean that there is some degree of uncertainty regarding whether the Titans of Malfeasance and Criminal Negligence can continue to act with completely impunity and above the law.

Or perhaps they are truly gigantic intellectual stalwarts who have combined macro-economics and the Heisenberg Uncertainty Principle!

(Delta x) (Delta p) is greater than or equal to H over 2…

Lil' Barry Bailout

November 23rd, 2010
2:33 pm

Well,whatever the cause, the Iddiot Messiah hasn’t done a thing to reduce unemployment.

Some People are stupid

November 23rd, 2010
2:35 pm

Lil Barry Bailout-

I’m sorry, i thought government couldn’t create jobs, so how could he reduce unemployment?

md

November 23rd, 2010
2:35 pm

“I’m willing to bet that you would see an increase in start-up businesses if people were able to get the funds to start a business.”

Not too sure about that…..it still takes customers willing to spend, and the numbers don’t appear to indicate folks have enough in their wallets yet…………

Del

November 23rd, 2010
2:36 pm

“what are you uncertain about?” As for taxes what we’re really talking about is a possible tax increase and a significant one at that. As a small business owner and as a taxpayer are you not uncertain?

Hillbilly Deluxe

November 23rd, 2010
2:36 pm

Anyone who didn’t look at md’s 2:01 link, should. The fix is in. Here it is again.

http://www.youtube.com/user/fiercefreeleancer

Mary Elizabeth

November 23rd, 2010
2:37 pm

Jay@ 2:12 p,m.

Well said truth.

Lil' Barry Bailout

November 23rd, 2010
2:37 pm

Jay, I don’t get the point of this post since just the other day you were bragging on Obozo’s job creation record. Were you lying then, or now?

md

November 23rd, 2010
2:37 pm

“what do YOU think would have happened if we the people had not stepped in?

really.”

The million dollar question……..could have been terrible…..could have worked itself out……could have been a combination of the two……

And that is the reality…….could have been a lot of different outcomes……….the only one we know about is the one we went with………….the rest are assumptions.

Southern Comfort

November 23rd, 2010
2:38 pm

I’m sorry, i thought government couldn’t create jobs, so how could he reduce unemployment?

http://www.youtube.com/watch?v=rX7wtNOkuHo

Lord Help Us

November 23rd, 2010
2:38 pm

‘a possible tax increase and a significant one at that.’

Yes, a successful small business owner making a PROFIT (not revenue, pat) of over $250k could see a tax increase of 2-3 per cent. The horror…the horror…

JohnnyReb

November 23rd, 2010
2:38 pm

Jay, the Fed report does not reflect Sole Proprietors, LLC, or S-Corps which make up a huge portion of the economy and employment. Those businesses fold the data into personal returns. The Fed report only shows the really big boys, and thus the postion that Obama is anti-business, i.e., not friendly to those whose profits are reported on the personal return, remains true.

Southern Comfort

November 23rd, 2010
2:39 pm

HD

I’ve seen that one a while back… It really makes you think.

Some People are stupid

November 23rd, 2010
2:39 pm

Del,

What is there to be uncertain about? I know how much my taxes would go up if the cuts are allowed to expire.(My business and personal taxes are linked at the hip). So again, what is there to be uncertain about?

Don't Forget

November 23rd, 2010
2:40 pm

Matti, ambition is a virtue, greed a vice. Ambition is the desire to succeed and earn more. Greed is the desire to take more than one deserves without regard to anything else.

jewcowboy

November 23rd, 2010
2:40 pm

Well quite frankly, I’m not certain the uncertainty is certain, but rest assured, as long as the uncertain uncertainty is uncertain there certainly won’t be more or less certainty unless the uncertainty is found to be certain, which at this point is uncertain…I’m quite certain.

Hillbilly Deluxe

November 23rd, 2010
2:40 pm

…..it still takes customers willing to spend, and the numbers don’t appear to indicate folks have enough in their wallets yet…………

In my opinion, you’re seeing a long-term shift, much like what took place in the 30’s. A lot of folks, for the first time in their lives, have had an epiphany. They’ve realized that they don’t need a lot of the stuff, that they thought they did. And many are beginning to realize that toys are for kids, not adults. I don’t think spending will get back to the previous levels, until this generation dies off, and the lessons are forgotten, just like the lessons of the 30’s were forgotten.

md

November 23rd, 2010
2:41 pm

“no tarp, no bailouts, no stimulus, 700000 new unemployed each and every month, no extension for unemployment benefits, 401ks completely gone,
more and more uninsured….”

Awful lot of assumptions in there too………….

Lil' Barry Bailout

November 23rd, 2010
2:42 pm

Spas, I don’t know but I’m sure Obozo will take the credit when jobs inevitably start to come back.

Granny Godzilla

November 23rd, 2010
2:42 pm

md

so you too are making pure assumptions

why would your assumptions be better, more accurate, that most any
economist on the planet?

Some People are stupid

November 23rd, 2010
2:43 pm

Johnny Reb-

Good way to try and discredit the chart.
LLC’s and S-Corps should actually be included in this number as they file information returns. The Sole Pro. might not be included.

Hillbilly Deluxe

November 23rd, 2010
2:43 pm

jewcowboy @ 2:40

I’m not certain I understood that. :lol:

Don't Forget

November 23rd, 2010
2:43 pm

The uncertainty is the uncertainty of demand. It’s not a business problem it’s a customer problem. Supply side won’t fix it.

marky mark

November 23rd, 2010
2:44 pm

@ Soco – Regarding Dr. Harris, he was asking his new EMPLOYER why it was going to take so long to get covered under his EMPLOYERS healthcare. As a surgeon, he is very aware of being covered. And then he offered to PAY for his healthcare out of his own pocket if it could be started sooner so his family would be covered. I am sorry, but that is a little different from the scenario you painted. In this case, instead of a hospital where this conversation would go unnoticed, he now works for the people of his district as an employee of the United States….