The Invisible Unemployed Who Have Been Ignored By Wall Street And Washington
There are millions of people who are unemployed in this country who are invisible in the unemployment numbers the Fed reports.
Many self-employed people connected to the real estate business were under siege before the actual real estate bubble burst. Many of them were formerly employed in manufacturing until most US manufacturing went overseas.
A lot of people got real estate licenses, mortgage broker licenses and contractor licenses so they could make a living when the government, mostly under the Clintons let American manufacturing jobs disappear without a murmur of concern.
Most of these people spent a lot of money getting reeducated and licensed and they did it all without help from the government.
Additionally we as a country are now without the equipment or the knowledge to manufacture things in this country.
And now they have done it again. The Fed and Wall Street together have put a lot of people connected with real estate completely out of business.
Mortgage brokers are out of business.
Real estate agents are out of business.
A lot of bankers at small banks are out of business.
Carpenters, plumbers and builders are out of business.
All their helpers are out of work, too.
Its millions of people. And most of them are not eligible to collect unemployment. Worse still, they are all looking for work when there isnt any work to be had.
It started a great wave of personal bankruptcies as their incomes just disappeared. Many of them lost their homes and medical insurance, too.
The older people, say over 40, among this very large group of people who are well educated and capable may NEVER find work again. The employment office should be more accurately called the Unemployment Office because they have no jobs even for people with lots of education and experience.
We all pay a huge price for all this unemployment. While Wall Street and Congress get richer many Americans have not only lost their jobs. Many more Americans have also lost their retirement savings in bad investments that Wall Street said were safe and risk free.
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