"Obama says many months before U.S. exits recession," Reuters, August 1, 2009

"President Barack Obama warned on Saturday it would take "many more months" for the United States to get out of recession even after GDP figures showed the economy shrank only modestly in the second quarter."

(CONTINUED HERE)

"Hundreds of Thousands of Workers Will Lose Unemployment Benefits Soon," By Marie Coco, Washington Post Writer's Group, July 10, 2009

"When a virulent disease is ravaging you like a cancer, you don't want a cacophony of voices promoting different or contradictory cures. Yet that is what we're starting to hear about the economic crisis, not only from a politically divided -- and pretty scared -- capital, but from within the Obama administration itself. In just the past few days, Vice President Joe Biden has said the young administration misread the depth of the recession -- an honest account, since most private economists did as well. Laura Tyson, an outside economic adviser to the White House, said it's wise to start preparing another stimulus package."

(CONTINUED HERE)

"California nears financial 'meltdown' as revenues tumble," By Jim Christie, Reuters, June 11, 2009

"California's government risks a financial 'meltdown' within 50 days in light of its weakening May revenues unless Governor Arnold Schwarzenegger and lawmakers quickly plug a $24.3 billion budget gap, the state's controller said on Wednesday.

California's revenues have been on a dramatic slide as a result of recession, rising unemployment and its lengthy housing downturn.

The state's revenues from personal income taxes tumbled by 39.3 percent in May from a year earlier while revenues from corporate taxes fell by 52.1 percent and revenues from sales taxes sagged by 7.6 percent, according to a report released by Chiang's office." (CONTINUED HERE).

Peak Oil Financial Crisis: "Job fair turnout creates gridlock," By Michael Cousineau & Pat Grossmith, The New Hampshire Union Leader, April 10, 2009

MANCHESTER, NH – "A massive turnout at the Project Economy Job Fair sponsored by WMUR triggered gridlock around the Mall of New Hampshire and traffic tie-ups elsewhere yesterday."

"About 10,000 people lobbied employers to obtain one of at least 1,500 available jobs."

(Continued here).

Note: Seasonally Adjusted Unemployment Rates - February 2009

United States 8.1%
New Hampshire 5.3%

Peak Oil Financial Crisis: Regulatory "Stress Tests" for banks to determine their capital needs under more adverse economic conditions.

"Banks asked to keep quiet on stress tests"

By Karey Wutkowski, Reuters, April 10, 2009

WASHINGTON – "The U.S. Treasury Department is asking banks not to mention the regulatory 'stress tests' as part of their first-quarter earnings results, according to a source familiar with government discussions."

(Continued here).

Most readers won't understand this article. It appears that the U.S. Treasury Department is not as optimistic about the economy as public statements would indicate. This is a study to see how much more money the public will have to fork out to subsidize the banks and their friends as the economy implodes.

Some of the financial crisis is due to Peak Oil, but most is caused by years of corporate and government mismanagement and corruption. Who is paying for this? The poor and unemployed.

Rather than subsidizing the banks and affluent, the government could provide public works and public service employment. But that would mean "subsidies for the poor" and "make work" for millions of unemployed workers. Public works and public service employment could be directed to building a national rail system to prepare for Peak Oil impacts.

Peak Oil Financial Crisis: "Unemployment Rate Bolts to 8.5%, 663,000 Jobs Lost in March, " By Jeannnne Aversa, Associated Press, April 3, 2009

"If part-time and discouraged workers are factored in, the unemployment rate would have been 15.6 percent in March, the highest on records dating to 1994, according to Labor Department data released today."

"It's fresh evidence of the toll the recession has inflicted on America's workers, and economists say there's no relief in sight."

(Continued here)