Today is payday for our five employees at my liquor store and putting together the payroll is the main concern this morning — we’re a rarity as we pay weekly, not every couple of weeks like most businesses.
And we’re holding our own in this way-depressed economy, although we’re well off the mark we were prior to the 2008 financial blowout.
We’re unique, too, in that people will drink and smoke all the way to the poorhouse, and once there, will try and figure out how to get a cigarette and a shot of whiskey — hard times cause more smoking and drinking.
(Illustration found here).
Employment in the US seems to have settled into the gloom: Most analysts predict that Fridayâ€™s official data for last month will show the economy having spawned a total of just 85,000 net nonfarm jobs, down from 103,000 in September, with private posts falling by 20,000, to 117,000.
Nothing new here.
And no encouraging future news: And on top of that, the Federal Reserve released its newest forecasts which showed it expected the unemployment rate to fall to no better than 8.5 percent by the end of 2012, compared to its June prediction of 7.8 percent.
The unemployment rate has stalled at 9.1 percent, and economic forecasts don’t say it’ll get better — there was 6,000 less jobs added last month over August.
Across the pond, the shit continues to hit the financial fan — Greece is trying to get its act together this morning as Prime Minister George Papandreou appears to be heading toward for defeat in a confidence vote after growing opposition within his own party to a surprise referendum call on the EU bailout plan.
From the BBC:
Early on Thursday, Finance Minister Evangelos Venizelos spoke out publicly against the idea of a referendum.
He is a longtime rival to Mr Papandreou and a former Pasok leadership candidate.
“If we want to protect the country we must, under conditions of national unity and political seriousness and consensus, implement without any delay the decision of 26 October.
Now, as soon as possible,” Mr Venizelos said.
On 26 October, eurozone countries agreed to give Greece a second bailout of 130bn euros (Â£111bn; $178bn).
Private banks would also write off 50% of the Greek state debts they hold.
In return, Greece must enact austerity measures, cutting wages and salaries, and making thousands of civil servants redundant.
Greece could make world history once again — out of ancient times to nowadays — and bring down the global economy with one fatal slap as apparently the Greek government is on the verge of collapse.
According to Aljazeera English: Costas Panagopoulos, managing director of pollsters ALCO, said: “I don’t think the government will last until tonight.”
Although Greece could suck the world down through the financial drain hole, they’ve had a good run.
This oddity from the UK’s The Telegraph:
Jubilation about the German deal to save the euro could prove short-lived if fresh news of Greek tax evasion gains wider currency.
There are more Porsche Cayennes registered in Greece than taxpayers declaring an income of 50,000 euros (Â£43,800) or more, according to research by Professor Herakles Polemarchakis, former head of the Greek prime ministerâ€™s economic department.
Something canâ€™t be right when the modest city of Larisa, capital of the agricultural region of Thessaly with 250,000 inhabitants, has more Porsches per head of the population than New York or London.
Living is easy and all this shit coming down as the hot shot G20 summit is taking place right now in Cannes, France, site of the movie festival.
President Obama is reportedly on his way there.
Just another payday Thursday.