As we pull backand look at the broader economy, we compiled some
statistics that we think are revealing.
Look at the economy compare to a year ago. You look at the Dow, down 35%. It was about over 13,000 now. It's at 8,630. Umemployment is up 2 full percentage points, 43% increased. That's two million jobs that have been lost in the year. Home Foreclosures up 28%. This is how the Associated Press reported on the employment picture this week. Employment shrank in virtually every part of the economy-factories, construction companies, financial firms accounting, retailers. The Unites States-already in recession for a year, may not be out of it until the spring of 2010-making for the longest downturn since the Great Depression of the 1930s, economists are now saying.
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Well, this also struck me, Fiorina. During the Depression 1973, it was 25% unemployment. That was about 11 million workers. It's 6.7 percent umemployment we are already talking about, 10.3 million workers, because the workforce is so much bigger now. Are we actually headed for depression?
I don't think so. But I think all of those statistics are an important reminder. While we have been focused in Washington on big companies-the Detroit automakers and big unions. The truth is that we are not as concerned, and we should be, about the hundreds 㠔ᒼ嬈脍䚡㆟룣㲴http://bulo.hjenglish.com/goal.htm©版权所有沪江网㲴룣㆟䚡脍嬈ᒼ㠔and thousands of small businesses who actually create two-thirds of the jobs in this country, which brings me all the way back to the original problem.
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We have a recession, a deepening recession right now. Because credit is unavailable. Credit is unavailable to small businesses, so they can't hire. When hundreds of small businesses can't hire ten and fifteen people, over time, that creates big unemployment numbers. They may not have big unions to represent their interests in Washington. They are the little guy. But the little guy matters. When credit isn't available, consumers don't have the money they need to spend.
So I think we have to go back to the root of this problem, ultimately, which is credit is still unavailable. And that is, despite massive bailouts of big financial institutions, who are still not lending? And I think we also have to remember in this debate about the automakers.