Not surprising. CBS just reported that over 2 million PRIME loans are behind in payments. Those are people who for the most part are being laid off, people who thought their jobs were "secure."
It's going to get much, much worse.
And Bloomberg.com reports that urban unemployment in China is only at 4% right now, no stat on overall employment. It appears that the US is, so far, worse off than other parts of the world in traditional employment as well.
Oh, and check out economyincrisis.org which is a very interesting site, with a range of writers and contributors, out of Ohio.
Forty2
· 12 months ago
Further evidence that "decoupling" isn't gonna happen.
Sinomania!
· 12 months ago
"Now that credit has stopped in the West" ? Uhh, it actually works the other way around for most importers of Chinese goods in the USA. They get their letters of credit from the Chinese exporters. Chinese manufacturers shuttered production *in advance* anticipating the collapse of demand in the EU and USA.
All Comments
It's going to get much, much worse.
And Bloomberg.com reports that urban unemployment in China is only at 4% right now, no stat on overall employment. It appears that the US is, so far, worse off than other parts of the world in traditional employment as well.
Oh, and check out economyincrisis.org which is a very interesting site, with a range of writers and contributors, out of Ohio.