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FINANCIAL CRISIS ADDS 20 MILLION MORE UNEMPLOYED

 
 
Reply Mon 20 Oct, 2008 03:10 pm
the ranks of the unemployed will be increased by another 20 million - thanks to the many benefits of the financial crisis .
i understand that most of the newly unemployed are not eligible for any "bonus" payments for their past services - many will probably be thrown out on their ear !
it's the first time in a decade of record keeping by ILO , that the number is expected to rise ABOVE 200 million !!!

http://www.reportonbusiness.com/servlet/story/RTGAM.20081020.wUNunemployed1020/BNStory/Business/home

from the article :

Quote:
Associated Press

October 20, 2008 at 2:27 PM EDT

GENEVA " The global financial crisis will add at least 20 million people to the world's unemployed, bringing the total to 210 million by the end of next year, the U.N. labour agency said Monday.

That will be the first time in a decade of record keeping that the global total has been above 200 million people, said officials of the International Labour Organization.

Also Monday, the president of the U.N. General Assembly said in New York that he would establish a high-level task force to suggest steps to reform the global financial system to reflect 21st century economic realities " including greater clout for developing countries.
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roger
 
  1  
Reply Mon 20 Oct, 2008 03:24 pm
@hamburger,
I have to wonder what is bouying up the stock market. Doesn't the economy matter, anymore?
hamburger
 
  1  
Reply Mon 20 Oct, 2008 03:45 pm
@roger,
in canada it's the oil price that's pushing the market up again - there is talk of the oil producing cartel cutting back production ... and UP it goes .
hbg
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cicerone imposter
 
  1  
Reply Mon 20 Oct, 2008 06:28 pm
@roger,
The economy matters the most; but the stock market is based on "potential" earnings and profits. Much of the buying and selling of stock are based on emotion and non-critical analysis of the stock they buy and sell; it's based mostly on greed. Most lose their money.
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