So as expected, the job loss figures for March are even worse than they were for February; approximately 663,000 jobs were lost. As bad as this figure is, it's still significantly lower than the drop in PAYROLL counted by ADP during the month, so clearly there are some adjustments in the official No sign yet that the losses have bottomed out, therefore, and hence the declaration by Robert Reich: "It's a depression." Now, Reich did not supply the official definition for a depression, but here in Michigan it seems pretty darn close. The safety net we still have in place may not be good enough.
I have felt quite frustrated lately by the extent of cooperation and backing offered to the financial sector, so perhaps I am getting more out of this than I ought. At a recent banking summit (all business, no photo ops), Obama apparently declared to the CEOs that his administration was the only thing between them and the pitchforks. Although I don't have direct exposure to the loss of value most people are experiencing, I definitely don't support the continuing transfer of wealth to these reprehensible characters. How about you?
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