The Financial Crisis and Unemployment: Is Help on the Way?
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As the Dow wiggles ever downward, unemployment in the United States is headed toward 7% or 8%. In Michigan it's already 9%. We look at the prospects for Washington to bail out another industry and for another stimulus package to get the economy moving. Also, Republican Senator Ted Sevens has been convicted of seven felonies. Will that hurt or help his chances for re-election in Alaska?
Banner image of entrance to the Daimler Chrysler Toledo North Assemby Plant: Chrysler LLC announced that it will eliminate around 800 employees at its Toledo Jeep Assembly complex, at which the Jeep Liberty and Dodge Nitro are made. Photo: J.D. Pooley/Getty Images
Making News
Dow Wiggles Ever Downward, Springs Skyward ()
After four days of declines, stocks in Asia jumped up today, 14 percent in Hong Kong, 7.8 percent in Tokyo and 15 percent in Seoul, South Korea. One Japanese investment researcher said, "Panic also means opportunities." So what happened on Wall Street? Jim Browning writes under the byline E. S. Browning at the Wall Street Journal.
Guests:
- E.S. "Jim" Browning: Stock Market Reporter, Wall Street Journal, @WSJ
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Main Topic
Mounting Layoffs a Sign of a Deepening Economic Downturn ()
The US is expected to lose 200,000 jobs this month and unemployment, now 6.1 percent, could rise to 7 or 8 percent. Xerox, Coca-Cola, Whirlpool, Merck and Yahoo are laying off workers, as are most of the airlines. But cuts are expected to hit the auto industry hardest of all. Cars are not selling, and unemployment in Michigan has already reached 9 percent. Even if General Motors and Chrysler merge, jobs will be lost, and if one of the Big Three goes bankrupt the ripple effect could be in the millions. Will Washington bail out another industry? Would another stimulus package invigorate the economy? Can money to be found in defense cuts? We look at those issues today as rising unemployment adds to the income inequality that separates Americans from each other.
Guests:
- Bernard Simon: Correspondent, Financial Times
- Barbara Ehrenreich: journalist and author
- Jared Bernstein: Senior Economist, Economic Policy Institute, @econjared
- Terry Neese: Distinguished Fellow, National Center for Policy Analysis
- Winslow Wheeler: Director of the Straus Military Reform Project, Center for Defense Information
Links:
Reporter's Notebook
Ted Stevens and Sarah Palin: Interesting Times in Alaska Politics ()
Alaska's Ted Stevens has served in the Senate for 40 years, longer than any other Republican. After he was indicted on felony charges in late July, Stevens surged in the polls against the Democrat who's opposing him for another term. Yesterday, after being convicted on seven felony counts in a Washington courtroom, he's on his way home to continue his campaign for re-election. Larry Persily is a former editorial page editor of the Anchorage Daily News.
Guests:
- Larry Persily: former Editorial Page Editor, Anchorage Daily News
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