There is no doubt in my mind that this moment in time will go down in history as being profoundly life-altering, and I wonder in 50 years who will be listed to blame for this economic madness? I also wonder if this will actually be termed a recession, or perhaps a second depression. I have maintained for some time that the only reason we are not seeing the long labor lines, is because job hunting is not done that way anymore. Talk to those who are in human resource, or better yet employment agencies, who are getting on the average between 300-500 hits per ad they run for one job. If those people were standing in lines, they would go all around a building, just like they did during the Great Depression.

So, it seems the saga continues with this recent rise in unemployment claims for benefits, and the already 471,000 filed unemployment claims are up by 25,000 in just one week. Is it any wonder Jennifer Lee’s response at senior economist at BMO Capital Markets says, “Although no one expects this volatile series to go in one direction every single week, this is clearly a disappointment.”

A disappointment is the understatement.

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