Rough Going Ahead on the Jobs Front; Are We Headed for a Double-Dip Recession?

Yesterday we posted on the latest national job numbers and things look pretty bad.  America’s unemployment rate (9.7%) is now the highest it has been in 26 years.

When will things get better?  This AP/MSNBC article conveys the grim news that the job market may not return to normal until 2014 (wow, that’s five years from now! ) and provides a whole litany of reasons why this prediction will be so.

Many economists also continue to sound pessimistic about hopes for a rapid end to the recession.

Nouriel Roubini, AKA “Dr. Doom,” warns of a slow U-shaped recovery (as opposed to a more rapid V-shaped one), and still remains concerned about the risk of a “double-dip” or W-shaped recession.

Nobel laurete Joseph Stiglitz sounds very much like Roubini on the possibility of a double-dip, and states that “[t]he prospects of a robust recovery are very, very weak.”          

Pimco’s Mohamed El-Erian believes the stock market’s six month rally may fizzle once the stimulus runs out — he thinks the markets are running on a “sugar high” and also worries about the possibility of a double-dip recession.  His colleague Bill Gross says the same thing.

I suppose the bottom line is that this is not, as Paul Krugman put it earlier this year, “your father’s recession.”  Rather, with its housing, credit and banking elements, it’s more like your grandfather’s recession — deeper, longer-lasting, and, if not technically a depression, then at least depression-like.    

If you want to learn about what has made this downturn so severe, Greensboro Public Library continues to purchase books on the financial crisis.  Our latest acquisitions include:  A Colossal Failure of Common Sense:  The Inside Story of the Collapse of Lehman Brothers by Lawrence G. McDonald with Patrick Robinson; Crash Proof 2.0:  How to Profit from the Economic Collapse by Peter D. Schiff with John Downes (on order); Reckless!:  How Debt, Deregulation, and Dark Money Nearly Bankrupted America (and How We Can Fix It!) by Byron L. Dorgan; In Fed We Trust:  Ben Bernanke’s War on the Great Panic by David Wessel; Past Due:  The End of Easy Money and the Renewal of the American Economy by Peter S. Goodman (on order); Meltdown:  A Free-market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse by Thomas E. Woods Jr.; Contagion:  The Financial Epidemic that is Sweeping the Global Economy — and How to Protect Yourself from It by John R. Talbott; Too Big to Fail:  The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Lost by Andrew Ross Sorkin (on order); and The Sellout : How Wall Street Greed and Stupidity Destroyed America’s Dominance of the Global Financial System by Charles Gasparino (on order).

For more of Greensboro Public Library’s recent titles on the financial crisis, check out posts here, here and here.

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2 Responses

  1. […] woes, you can find lists of some of Greensboro Public Library’s recent acquisitions here, here, here, and […]

  2. […] If you’re interested in some of the Library’s most recent titles on the financial crisis, take a look at the reading list here. […]

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