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The Plight of the MBA Generation

UNSbobblehead Wrote: Oct 07, 2012 1:43 PM
The United States devotes more resources to the defense of oil in the Persian Gulf than most people realize—a total of more than $334 billion per year (in 2009 dollars). To ensure the free flow of oil from the Middle East, the United States maintains military facilities in Oman, Bahrain, Qatar, Kuwait, the United Arab Emirates, and Iraq—as well as in nearby Egypt, Djibouti, Turkey, Afghanistan, Pakistan, and Diego Garcia. Despite the large amount of U.S. expenditures to defend the Persian Gulf, the United States gets only about 18 percent of its imported oil from Saudi Arabia.

During the first-ever Federal Reserve press conference, Fed chair Ben Bernanke said the number of jobs in America was still 7 million behind the number of people employed when the recession began. When asked whether the Fed could do anything about long-term unemployment, Bernanke said the central bank has been fighting it with an aggressive monetary policy. But he admitted his crew operating out of the Eccles Building doesn't have any tools to make the long-term unemployed employable again.

Orginally published Monday, May 02, 2011

A day later the news came that first-time unemployment claims rose to 429,000 — up from...