The Job Market Vigilantes Are Real People
Everything I predicted about unemployment is becoming mainstream thinking. I said the stimulus will fail to ignite employment, unemployment will easily hit 10%, and that companies just will not hire, they will sit on their hands either from the mere uncertainty of what pending liberal Democrat policy will do to them or outright frontal policy attacks on their business. I have said it a hundred times on this blog - Obama and the Pelosi Democrats have their boot on the throats of American businesses big and small. There will be very little hiring under those circumstances. Now, Nobel-winning economists are saying this, the Chamber of Commerce is saying this. Soon everyone will be saying this.
The Good Professor highlights a reader's comment:
"Glenn, in the unlikely event you publish this email, I’d ask you not use my name. As a partner in a midsize firm (annual gross about $50,000,000) I can give you our perspective on hiring: we’re not doing it. And we’ve always been in hiring mode in the past. We’re not struggling, but we simply are not willing to take on the risk of hiring people in this environment. Just look around: small businesses are still closing. How many “For Lease” signs do you see right now in front of empty commercial properties that used to house small and mid-size businesses? With taxes and interest rates expected to rise later this year or next, thus sucking even more cash out of the economy, and consumers still cutting personal spending, most businesses would be idiotic to go on the type of hiring sprees that would be necessary in order to create robust job growth. Instead, many businesses are still looking everywhere they can to slash expenses. Unfortunately, that includes payrolls.
I doubt anybody in the Obama Administration gets this. They’d have to take a break from their obsession with health care reform, and you know, actually talk to people who run businesses to understand what’s going on. But except for hobnobbing at fund raisers with the occasional fund manager or Fortune 500 CEO who’s so rich he can afford to be a liberal Democrat regardless of what happens, they don’t do that."
Sounds like this guy is one of the "Job Market Vigilantes" just like Big Time CEOs.
Sorry folks, the hangover lasts four years. Fluids won't help. Ditto a nice greasy breakfast. Four years.
The Good Professor highlights a reader's comment:
"Glenn, in the unlikely event you publish this email, I’d ask you not use my name. As a partner in a midsize firm (annual gross about $50,000,000) I can give you our perspective on hiring: we’re not doing it. And we’ve always been in hiring mode in the past. We’re not struggling, but we simply are not willing to take on the risk of hiring people in this environment. Just look around: small businesses are still closing. How many “For Lease” signs do you see right now in front of empty commercial properties that used to house small and mid-size businesses? With taxes and interest rates expected to rise later this year or next, thus sucking even more cash out of the economy, and consumers still cutting personal spending, most businesses would be idiotic to go on the type of hiring sprees that would be necessary in order to create robust job growth. Instead, many businesses are still looking everywhere they can to slash expenses. Unfortunately, that includes payrolls.
I doubt anybody in the Obama Administration gets this. They’d have to take a break from their obsession with health care reform, and you know, actually talk to people who run businesses to understand what’s going on. But except for hobnobbing at fund raisers with the occasional fund manager or Fortune 500 CEO who’s so rich he can afford to be a liberal Democrat regardless of what happens, they don’t do that."
Sounds like this guy is one of the "Job Market Vigilantes" just like Big Time CEOs.
Sorry folks, the hangover lasts four years. Fluids won't help. Ditto a nice greasy breakfast. Four years.
posted by Donny Baseball at 10:47 AM
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