{"id":7802,"date":"2009-11-04T08:23:53","date_gmt":"2009-11-04T16:23:53","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=7802"},"modified":"2009-11-04T08:27:23","modified_gmt":"2009-11-04T16:27:23","slug":"job-loss-crash-comparison-update-stimulus-rant","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/11\/04\/job-loss-crash-comparison-update-stimulus-rant\/","title":{"rendered":"Job Loss Crash Comparison Update \/ Stimulus Rant"},"content":{"rendered":"<p>A reader wrote in requesting an update to <a href=\"http:\/\/seattlebubble.com\/blog\/2009\/02\/11\/crash-comparisons-job-losses-dow-jones\/\" title=\"Crash Comparisons: Job Losses &#038; Dow Jones\">this February post<\/a>, in which I criticized Nancy Pelosi&#8217;s misleading chart of job losses.<\/p>\n<p>Here&#8217;s an update to the post-WWII job loss chart, <a href=\"http:\/\/www.calculatedriskblog.com\/2009\/10\/comparing-employment-recessions.html\" title=\"Comparing Employment Recessions including Revision\">courtesy of Calculated Risk<\/a>, in which I&#8217;ve added a mark so you can see where the &#8220;stimulus&#8221; was passed.<\/p>\n<p style=\"width: 600px; margin: 5px auto; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/11\/JobLosses-Percent-CR_2009-10.png\" title=\"Percent Job Losses in Post-WWII Recessions\" rel=\"lightbox[7802]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/11\/JobLosses-Percent-CR_2009-10-600x389.png\" style=\"border: 0; margin: 5px;\" title=\"Percent Job Losses in Post-WWII Recessions - Click to enlarge\" alt=\"Percent Job Losses in Post-WWII Recessions\" width=\"600\" height=\"389\"><\/a><\/p>\n<p>Wow, good thing we changed direction to the tune of $787 billion*, huh?<\/p>\n<p>*<em>(Actual cost: much, much more)<\/em><\/p>\n<p>If there is any doubt about who the stimulus was <em>really<\/em> directed at saving, just take a look at an update to the stock market crash comparison:<\/p>\n<p style=\"width: 600px; margin: 5px auto; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/11\/Dow-Jones-Crashes_2009-11-03.png\" title=\"Dow Jones Crashes: 1929, 1973, 1987, 2001, &#038; 2007\" rel=\"lightbox[7802]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/11\/Dow-Jones-Crashes_2009-11-03-600x435.png\" style=\"border: 0; margin: 5px;\" title=\"Dow Jones Crashes: 1929, 1973, 1987, 2001, &#038; 2007 - Click to enlarge\" alt=\"Dow Jones Crashes: 1929, 1973, 1987, 2001, &#038; 2007\" width=\"600\" height=\"435\"><\/a><\/p>\n<p>Woo, go Wall Street!<\/p>\n<p>Finally, speaking of bailouts for Wall Street and the banks: <a href=\"http:\/\/www.nytimes.com\/2009\/11\/04\/us\/politics\/04cong.html\" title=\"Congress Poised to Keep Homebuyers\u2019 Tax Credit\">Congress Poised to Keep Homebuyers\u2019 Tax Credit<\/a><\/p>\n<blockquote><p>The Senate and House are poised to agree on a compromise measure to extend unemployment benefits that also would expand a popular $8,000 tax credit for homebuyers, despite a recent government report on extensive mistakes and suspected fraud in the program.<\/p>\n<p>The Senate might pass its version as early as Wednesday, and aides to Congressional leaders say the House could accept it this week, sending the bill to President Obama to sign into law. After weeks of partisan delay in the Senate, Democrats are eager to show progress before Friday, when the October jobless report is again expected to show high unemployment.<\/p><\/blockquote>\n<p>Super!  So while people continue to lose their jobs, and absolutely zero of the underlying problems in the economy have been fixed, let&#8217;s pour another ten or twenty billion dollars into the housing market to try to keep prices propped up (i.e. &#8211; keep homes as unaffordable as possible) a little longer so our buddies in the big banks that got us into this mess can avoid taking losses.<\/p>\n<p>Sounds like a plan to me!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A reader wrote in requesting an update to this February post, in which I criticized Nancy Pelosi&#8217;s misleading chart of job losses. Here&#8217;s an update to the post-WWII job loss chart, courtesy of Calculated Risk, in which I&#8217;ve added a mark so you can see where the &#8220;stimulus&#8221; was passed. Wow, good thing we changed&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[199,8],"tags":[403,363,108,303],"coauthors":[],"class_list":["post-7802","post","type-post","status-publish","format-standard","hentry","category-opinion","category-stats","tag-depression","tag-jobs","tag-recession","tag-unemployment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Job Loss Crash Comparison Update \/ Stimulus Rant \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2009\/11\/04\/job-loss-crash-comparison-update-stimulus-rant\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Job Loss Crash Comparison Update \/ Stimulus Rant \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"A reader wrote in requesting an update to this February post, in which I criticized Nancy Pelosi&#8217;s misleading chart of job losses. 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