http://www.crikey.com.au/2009/07/03/us-jobs-figures-quash-optimism/ now with extra source Sun, 12 Feb 2012 02:14:27 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.crikey.com.au/2009/07/03/us-jobs-figures-quash-optimism/#comment-30275 asdusty Fri, 03 Jul 2009 02:44:24 +0000 http://www.crikey.com.au/?p=71222#comment-30275 After hearing the financial sector talk everything up for so long, even talking up the tech sector while that bubble was bursting so spectacularly, how can any commentator take talk of 'green shoots' seriously. It is my understanding that this is a debt crisis, yet nothing seems to be done to address these debt problems. Instead huge amounts of money have been thrown at insolvent corporations, creating zombie corporations who really should be allowed to die. If a company is facing crippling debt, it should be declared bankrupt. However allowing this to happen may allow entities that have money, such as Chinese and Middle Eastern sovereign funds, to take over assets, an apparently unpallatable notion for the west. Therefore we have a band aid covering a gaping wound and the blood will just keep flowing, unemployment will keep on rising and the recession will become ever deeper and prolonged. After hearing the financial sector talk everything up for so long, even talking up the tech sector while that bubble was bursting so spectacularly, how can any commentator take talk of ‘green shoots’ seriously. It is my understanding that this is a debt crisis, yet nothing seems to be done to address these debt problems. Instead huge amounts of money have been thrown at insolvent corporations, creating zombie corporations who really should be allowed to die. If a company is facing crippling debt, it should be declared bankrupt. However allowing this to happen may allow entities that have money, such as Chinese and Middle Eastern sovereign funds, to take over assets, an apparently unpallatable notion for the west. Therefore we have a band aid covering a gaping wound and the blood will just keep flowing, unemployment will keep on rising and the recession will become ever deeper and prolonged.

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