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Richard Yamarone continues:


“I’m fortunate enough to travel and speak to chambers of commerce with 300 to 500 people in the audience.  They all tell me, ‘Hey, listen, I am letting go of workers.  I’m hiring them back at a fraction of what I used to pay them.’


You hear from the other side, ‘Hey, I finally got a job after two years of being unemployed.  I used to make $100,000 (each year), now I’m making $45,000 or now I’m working part time.’  Or (you hear), ‘I used to make $500,000 and now I’m making $200,000 or making $125,000.’....


Continue reading the Richard Yamarone interview below...




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“So you are actually seeing this collapse, contracting on a real basis, of real disposable personal incomes.  If you don’t have the money, you can’t facilitate expenditures.  So that’s the core of the problem.  That’s what’s really going on in the US economy.


You don’t listen to what all of these bigger numbers coming across the screen tell you.  You talk to the people who are running the country.  99.7% of all employer firms in this country are small businesses.  So when they speak, you have to listen.


You have to listen to what the small businesses are telling you and right now they are telling you, ‘Hey, I’m the head of a 3rd or 4th generation, 75 or 100 year old business, and I’ve got to shut the doors’ or ‘I’ve got to let people go.  And if I’m hiring anybody back, it’s only on a temporary basis.’ 


Sometimes they do this through a hiring firm so that they can sidestep paying unemployment benefit insurance.  So that’s what’s really going on at the grassroots level of the economy.  Very, very, grossly different from what you’re seeing in some of these numbers coming out in earnings releases.”


Yamarone also added:  “Monetary policy is very different from the days when we were an industrial behemoth.  If you look at the first eight recessions after World War II, when we were a big manufacturer, back then, if the Fed saw a problem they cut rates and boom, manufacturers sparked up their idled plants and factories.


In fact, the first eight recessions after World War II, it took, on average, twenty months for us to respond and get all of the jobs that we lost during the recession back.  So, in a little less than two years the Fed policy response would get all of the jobs back.


However, you look at the last two recessions, in ’90/’91 and the 2001 recession, they were jobless recoveries.  We don’t respond to monetary policy the same way because we are no longer that manufacturing behemoth.  So the Fed cuts rates at the first sign of trouble and it takes, during those recessions, forty months for us to get back all of the jobs we would lose. 


In this current recession, we are not even close (to getting the jobs back) and that’s 50 months and counting.”


The Richard Yamarone and John Embry audio interviews are available now and be sure to listen to this week’s incredible line-up of other KWN interviews, which include Art Cashin, Jim Sinclair, John Hathaway, Stephen Leeb, MEP Nigel Farage and Gerald Celente.  You can listen to these interviews by CLICKING HERE.


© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


Eric King

KingWorldNews.com

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