Troubled mortgage lender fires 12,000

Published: September 8, 2007, 3:51 am

Just a bit of "froth" as Mr Greenspan might say, huh? The jobs report from Friday which announced an August payroll drop of 4,000 was only part of the problem.In addition to the August job losses, the Labor Department revised down its estimates for hiring in June and July by a total of 81,000. It said 68,000 jobs were added in July rather than 92,000 and 69,000 in June instead of 126,000.The Bush administration must be trying to set a record for one of the most miserable jobs growth records in modern history because month after month, year after year the story is always the same. With about 150,000 new job seekers coming into the market every month, try counting how many months we have witnessed jobs growth at or above that number and then try counting how many times Bush and his GOP Congress managed to pass 200,000 new jobs in a month. Well, at least America's CEO's have been setting record highs and are resting well at night.

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