Fed Says Unemployment to Remain High For Years - W.C. Varones

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11.10.2009

Fed Says Unemployment to Remain High For Years

That's what San Francisco Fed President Jan Yellen says. Now, as far as I understand, double-digit unemployment is a hallmark of European-style Socialism. France and Germany, if I recall correctly, each have endured double-digit unemployment more years than not since WWII.
The economy is likely to experience a “less-than-robust” recovery and remains vulnerable to shocks, as households rebuild savings and unemployment possibly remains high “for several years to come.”
I once heard an interview with some Obama campaign worker who said the entire political arm of the campaign is basically obsessed with European governments. Unfortunately, I don't remember who is was, nor where I heard it. But to him it was a good thing and they were all very excited about it. He didn't use the word "Socialism", though. Again, I believe this transition to permanently high unemployment is deliberately intended by the Obama Administration as a necessary function of their radical mission to "Fundamentally Transform The United States".

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