Weekly Jobless Claims Zoom Upward

by Steve Soto

Bernanke finally mentions the "recession" word yesterday, two weeks after widely-respected economic analysis firms both asserted we are already in one. Today, the weekly jobless claims report blew past the 400,000 mark for the first time since Katrina.

Why does it seem the Fed and the Bush Treasury Department are so responsive to bailing out Wall Street firms with taxpayer money, but behind the curve in assessing how bad things really are for consumers and workers?