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By Owen Paine on Wednesday October 14, 2009 05:12 PM

Apparently you can become a statistic even without being counted. Thus saith the New York Times:
"The Bureau of Labor Statistics does not track pay cuts, but it suggests they are reflected in the steep decline of another statistic: total weekly pay for production workers, pilots among them, representing 80 percent of the work force. That index has fallen for nine consecutive months, an unprecedented string over the 44 years the bureau has calculated weekly pay, capturing the large number of people out of work, those working fewer hours and those whose wages have been cut. The old record was a two-month decline, during the 1981-1982 recession."
Our intentional policy -- protected job famine and credit drought -- has its winners too, of course:

Comments (6)



it really pays to get the economic basics straight:
take this would be fire ball posted up at commissar alex of the grey gardens soviet

a sampler avec profunctory comments :

"A cheaper dollar means an off-shoring of America’s debt onto countries like China and Japan — and foreign corporations, who are large buyers of U.S. currency and/or debt"

does he mean american debt ?? or just portfolio loses ???

"U.S. corporations benefit from dollar deflation because it lowers the price of their goods/exports on the global marketplace."

yes but does he mean to suggest trans national US corporations need this strategm to make profits ??
one needs to make the correct argument for why right now
these outfits prefer a diving dollar not a dollar soar ..that is if in fact they do which aside from the euro type hard north currencies i doubt lets be clear the policy contrived job dearth credit famine ahead is precisely to avoid
a fully correcting dollar dive at this juncture

"Most importantly, a cheaper dollar lowers the living standards of U.S. workers, since the price of foreign goods will become inflated. "

my my is that the whole story ?? what else must this fellow assume here ??? is he a strong dollar open trade borders man ???
or just a strong dollar closed trade borders man ??
his worker point of view seems conflicted here

"Once workers' wages have been reduced low enough, U.S. corporations will be able to export more on the global marketplace"
great right ?? booming exports more production jobs and look to the other side of the dollar drop not noticed by our red scholar
reduced imports which of course also means...more ..production jobs
yes an off set to cost of imports not replaced by domestic products is higher employment and higher pay

the dear soul is quite valiantly trying to make a case for intensified misery ahead
much as i might
and misery of
if not legendary proportions
at least circus in town scale
is out there making its way towards us norte amigos....but if the alarum like this one
is floating in a hunter's stew of economic nonsense ....well

the real story ..the stagathon
works with brutal non dollar diving simplicity

slow the household sectors importation rate
by lowering household job income
by lowering jobs themselves
job hours and the slope of job wage paths


oh and lower or closing jobblers' credit lines
job income down and credit gone

in a doldrumous duet

what sweet music they will make


tapping the ole hu-cap collateral
for up front liquidity has constraints
even in the best of times

today your hu cap makes for shakey collateral
since for some years now
personal hu cap
in fact any hu cap
is not alienable... mise en bouteille
only by the drink so to speak

and collecting debts despite recent re-rigorization still lacks the zesty
of yore

creditors no longer have
those ingenious instruments
of civilized commercial justice :

bondage sponge houses
and the clink

so in a time of state contrived job blight
trying to borrow seriously on your hu cap becomes a no go

err just to add suspenders to that tight belt
the big household credit outfits are
dramatically curbing their inner shylock
or at least retating his head to put front most
his flesh carving face

Peter Ward:

By far my favorite bit:

"creditors no longer have
those ingenious instruments
of civilized commercial justice:

bondage sponge houses
and the clink"

Bill Jones:

The pilot's problem is a simple supply/demand equation. With the vast expansion of the military over the past 30 years the number of pilots being churned out has exploded. What else are they going to do other than civilian aviation? They have no skills other than flying and the market for privately owned bombers is woefully underdeveloped, though I'm sure Blackwater is working on that.


pilots are the new
bus drivers
truck haulers

despite the mikey M
spot light
as you imply
the skills involved
are quite widely held

so far as i can tell
the love of the air fills in the rest

our airlines unsafe thru pilot skimping
seems forced

an air pilot cult
is about as sensible as today
as a river pilot cult

the age of mark twain and eddie richenbacker are long gone

\but the amazing crash of piolt pay does parallel the mississippi pilot pay sinking in the "mature" twian's time

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