Sunday, October 10, 2010

Newsflash: The economy still sucks

From Yahoo:

The recession put a 3.1 percent dent in the personal incomes of New York state residents, who endured their first full-year decline in more than 70 years, according to a report released on Tuesday.

Paychecks or net earnings tumbled 5.4 percent, while dividends, interest and rent slid 8.4 percent, to a grand total of nearly $908 billion, the state comptroller's report said.

Not only did New Yorkers' personal incomes fall "almost twice" as much as they did in the nation as a whole, but they have yet to recover to pre-recession levels, Comptroller Thomas DiNapoli said.

The drop occurred even though the job-destroying recession was milder in New York than in the rest of the country. One reason for the hit to New Yorker's pocketbooks is Wall Street's dominance among the state's employers; pay and job security are often highly volatile in the securities industry.

After the securities industry lost a record $54 billion in the financial crisis of 2007 and 2008, federal bailouts and low interest rates helped it achieve record profits in 2009 of $61.4 billion, DiNapoli said.

This year, the companies' first-quarter profits of $10.1 billion were more than twice the $3.9 billion total in the second quarter -- but the more recent earnings were "in line with historic levels," DiNapoli said.

Though Wall Street went on a bit of a hiring spree in early 2010, these employers, whose earnings drive the city and state economies, have gone back to handing out pink slips, he said.


Anonymous said...


The bankers' lives might be improving but the "proletariat" are still in the crapper...judging from the growing unemployment rate!

Now fix that up with some skillful spin doctoring Prez Obama at your next university pep rally!

"Glad to see you're all energized (students)."

Yep...our Prez is a great cafeteria Cicero.

Big Hairy Balls said...

I can't wait until the Republicans sweep in November. I realize that the Obama supporters blame GW Bush for the current economy but we've been on Obama time for two years now. I've even heard my left leaning friends admit how Obama was all "smoke and mirrors" now that they've been bitten by this moribund economy. Sorry I don't and I won't pay for your health care or anything else either. Earn it like I did or you're of no use to anyone so move to Cuba to be with has been commie friends you Obama schmucks!

Anonymous said...

You might need Obamacare to deal with your blood pressure issues.

Anonymous said...

Big Hairy Balls (great imagination)--

We've been on Obama time for two years, but we were on Bush time for eight. We need time to catch up.

Anonymous said...

When Bush pays back the billions borrowed from China for the Iraq war for 8 years, explains his deregulation with Enron and Cheney's energy policy written by Ken Lay and Abrahmaoff, and bush's two bailouts to AIG and all the other Wall St angels then we will have something to talk about, but until then the far right will continue to fabricate psycho babble all over the place.

Anonymous said...

"We've been on Obama time for two years, but we were on Bush time for eight. We need time to catch up."

Obama has control of both houses and still he can't implement his plans because they lack substance. When or IF the Reps. take back one OR both houses, it won't matter very much who is in the White House. But since most people only vote every four years and would rather be a part of a "cultural tidal change" or some other silly rhetoric than actually pay attention to how things are working, things won't change.

Big Hairy Balls said...

Thanks for your concern about my BP. I just came from my physical, 109/69 with a pulse of 58. As for my imagination well none is needed just visualize what your wife or boyfriend wished you had. Obama ran on a campaign promise of fixing the economy and he still hasn't done it. I earn a decent living and I'm not paying more taxes to subsidize you or your loser friends. Please feel free to emigrate to a country with "free" healthcare. I like it here & it's looking more like a reublican sweep in the upcoming elections. I hope congress refuses to fund Jimmy Carter's oops I mean Barak Hussein Obama's healthcare. Hopefully then I won't pay higher taxes to insure that parasites get health insurance or any other form of welfare. REPUBLICAN SWEEP in 2010! oh yeah & even though it has nothing to with this: End female circumcision in the Muslim world, fuck the Palestinians & long live Israel you f'ing liberals!

Anonymous said...

Big Hairy Shitballs:

When you get fired from your little yuppie Wall Street job at the end of the year and actually NEED health coverage as you head back to mom & pop's basement in Connecticut to smoke pot and play Xbox ENDLESSLY, I bet you're attitude will change drastically.

Anonymous said...

Pork can't feed on itself for long.