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Getbig Main Boards => Politics and Political Issues Board => Topic started by: 240 is Back on June 04, 2010, 06:28:43 AM
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Five months in, and we're up less than a million jobs.
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Five months in, and we're up less than a million jobs.
And how many are TEMPORARY GOVT JOBS?
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And how many are TEMPORARY GOVT JOBS?
There was about a 536k projected job increase for May, however only about 413k jobs were actually created. Out of those 413k jobs, almost ALL of them were temporary government jobs for the census. Unemployment numbers are in fact down, but that's only because discouraged workers have dropped out of the job market and stopped looking for jobs.
AMERICA!! FUUUUCK YEAAAAA!
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What percentage are private sector jobs?
CNBC had a recent number that showed less that 10% were private sector. 1 in 10 fucking jobs.
*Edit*
See Emmortal's post....those are the numbers. Only 41,000 jobs were private.
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Reagan expanded the federal payroll significantly. Clinton shrank it.
We're now criticizing Obama for being more like Reagan?
Sounds like a bunch of freedom-hating, anti-reagan types in here. Obama is finally following the Reagan model on hiring, and you're pissed? You are either with Reagan/Obama, or you're with the terrorists.
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Reagan was arguably one of the worst presidents in the history of the US. We all know that government hiring does nothing to stimulate the economy.
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Reagan was arguably one of the worst presidents in the history of the US. We all know that government hiring does nothing to stimulate the economy.
I think you will find a lot of getbiggers here that disagree with you. Their entire belief system is built upon a portrait of reagan they constructed in their heads. They don't need to know the numbers or his actions. They've seen Rudy and Romney suck up to reagan enough to know the man walked on water.
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33, what do you think about the fact reagan was able to jumpstart the sagging carter economy by hiring a shitload of govt workers and raising taxes?
And do you commend Obama for following his model?
And do you think history will place reagan up there on the same pedestal as they will obama?
;D
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33, what do you think about the fact reagan was able to jumpstart the sagging carter economy by hiring a shitload of govt workers and raising taxes?
And do you commend Obama for following his model?
And do you think history will place reagan up there on the same pedestal as they will obama?
;D
Hee Hee Hee
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Hee Hee Hee
Lurker laughing at 240's revisionist history.
240 - your attempts at shilling for this idiotic admn are pathetic. Read a freaking history book fool.
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oh come on, we both know that I believe every president since 1964 has been a complete tool and puppet, doling out a liberal to RINO pendulum as their masters order.
you may still choose to subscribe to some belief that reagan was an independent man of the people, but I choose to view him as a grandfatherly puppet used to sell communism as a threat worth pouring tons of $ into.
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Reagan vs. Obama
Tuesday, February 17th, 2009
You have to see the excellent piece Peter Ferrara has at Fox News comparing Reaganomics to Obamanomics. Ronald Reagan had Trickle Down economics and Barack Obama has Trickle Up Economics. The contrast is amazing. Ferrara points out Reagan had 4 basic principles he used to battle the Carter Economy (Note to Sarah Palin…check this out! You will need it if you have to bat clean-up after Obama):
“These were:
1. Reductions in tax rates to restore incentives for economic growth. This consisted of, first, a reduction in the top income tax rate of 70% down to 50%, and then a 25% across the board reduction in income tax rates for everyone. The 1986 tax reform then reduced tax rates further, leaving just two rates, 28% and 15%. Reagan also cut corporate income tax rates and capital gains tax rates
2. Spending Reductions. The reductions included a $31 billion cut in spending in 1981, close to 5% of the federal budget then, or the equivalent of about $150 billion in spending cuts for the year in 2008. In constant dollars, non-defense discretionary spending declined by 14.4% from 1981 to 1982, and by 16.8% from 1981 to 1983. Moreover, in constant dollars, this non-defense discretionary spending never returned to its 1981 level for the rest of Reagan’s two terms! By 1988, this spending was still down 14.4% from its 1981 level in constant dollars. Even with the Reagan defense buildup, total federal spending declined from a high of 23.5% of GDP in 1983 to 21.3% in 1988 and 21.2% in 1989. That’s a real reduction in the size of government relative to the economy of 10%
3. Anti-inflation monetary policy to restrain money supply growth.
4. Deregulation. Reagan’s deregulation plan has now saved consumers an estimated $100 billion per year in lower prices. Reagan’s first executive order, in fact, eliminated price controls on oil and natural gas. Production soared, and the price of oil declined by over 50%.”
Ferrara says the results gave us a 25-year economic boom creating more wealth than any other time in our nation’s history. He points out that the Obama plan is to do the exact opposite!
“–He is still promising tax rate increases, at least by letting the Bush tax cuts expire.
–He just passed the greatest increase in government spending in the history of the planet.
–He is promising massive increases in regulatory burdens, including global warming cap and trade regulation that would cost the economy another trillion dollars a year.
–The Fed is already furiously reinflating the money supply, sowing seeds of further havoc in the future.
Even the Obama tax cuts do not follow the Reagan economic recovery plan because they are not reductions in tax rates, which is what drives the incentives that govern the economy.”
Here’s another contrast: Ronald Reagan was interested in inspiring people to greatness. Barack Obama wants to scare people into socialism
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Obama: Economy 'getting stronger by the day'
AP ^ | 06/04/2010 | JULIE PACE
Posted on Friday, June 04, 2010 10:52:45 AM by Phlap
President Barack Obama says the addition of 431,000 new jobs in May shows "the economy is getting stronger by the day."
Speaking at a trucking company outside Washington, Obama embraced the Labor Department's new employment snapshot, released Friday morning. A burst of census hiring lifted payrolls last month, and the unemployment rate dipped to 9.7 percent.
(Excerpt) Read more at breitbart.com ...
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well, if fox news and brietbart.... two groups who have done more to have reagan granted sainthood... say that they're different, they must be.
Actually, reagan never won a nobel prize...
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well, if fox news and brietbart.... two groups who have done more to have reagan granted sainthood... say that they're different, they must be.
Actually, reagan never won a nobel prize...
I never said Reagan was a saint, but he wasnt a marxist socialist following the Cloward & Piven model for the US economy.
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haha i love these threads. Such back peddling by the Reaganite cultists. It's seriously like a cult.
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haha i love these threads. Such back peddling by the Reaganite cultists. It's seriously like a cult.
Yeah, a cult. ::) ::)
obama and his followers only wish they could have the legacy of Reagan.
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Yeah, a cult. ::) ::)
obama and his followers only wish they could have the legacy of Reagan.
Perhaps one day they will. It's not a far stretch to imagine considering we have you reaganites as evidence of one. ;D
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Perhaps one day they will. It's not a far stretch to imagine considering we have you reaganites as evidence of one. ;D
Yeah, food luck. Reagan actually loved the country, Obama hates it and never misses an opportunity to trash us.
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haha i love these threads. Such back peddling by the Reaganite cultists. It's seriously like a cult.
Hee Hee Hee
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Hee Hee Hee
Reagan is like Satan to the marxists and far left freakshow.
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I've never seen a larger, braindead, mindless, can't think for themselves cult like the Obamabots.
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all this reagan hating by republicans makes me so upset
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all this reagan hating by republicans makes me so upset
2 months to go before you owe me a massive apology on the error of your ways.
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2 months to go before you owe me a massive apology on the error of your ways.
it's true. 18 months after the stim bill was signed, we will look at its original goals, the results, and I will give my opinion on whether or not it was a success.
By the way, 333386, do you consider the war in iraq to be a success or a failure?
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Private sector employment grows only by 41,000, unemployment down to 9.7%;
Update: “Extremely disappointing”; Update: 322K exit labor force
Ed Morrisey Blog
hotair.com (http://hotair.com)
After a relatively large expansion in private-sector employment in April of 224,000, the Obama administration led people to believe that the growth rate would continue in May. The White House leaked to several media sources that the number of new jobs would exceed a half-million positions, mainly through temporary Census Bureau expansion, and that the private sector would gain around 150,000 — somewhat less than April but still ahead of population growth. Instead, the actual BLS numbers missed both marks:
Total nonfarm payroll employment grew by 431,000 in May, reflecting the hiring of 411,000 temporary employees to work on Census 2010, the U.S. Bureau of Labor Statistics reported today. Private-sector employment changed little (+41,000). Manufacturing, temporary help services, and mining added jobs, while construction employment declined. The unemployment rate edged down to 9.7 percent.
In order to keep up with population growth, private-sector employment has to expand by at least 100,000 jobs a month. So far, the Obama administration has only seen that once, in April. Falling back to 41,000 is a drop of 75% of the growth from the previous month and puts the US back in a net job loss situation.
The problem of marginally-attached workers grew, and is reflected in the A-16 table. Comparing May 2009 to May 2010, the number of discouraged workers rose from 792,000 to 1,083,000, while the number of discouraged workers remained steady at 2.2 million. The number of people not in the labor force but who want work — including the “discouraged” workers — rose from 5.865 million to 6.381 million in the past month (not seasonally adjusted — BLS does not provide historical data with seasonal adjustments).
The Washington Post certainly expected better:
The headlines right now are ominous — from the European debt crisis to a gargantuan gulf oil spill to renewed political tensions in several corners of the world. Financial markets have faltered as a result.
But the U.S. economic recovery is still plugging along.
That is the message from the latest wave of economic data, including several reports Thursday. And Friday morning, the Labor Department plans to release what is expected to be the best report on job growth in years, though the numbers will be boosted by temporary hiring by the Census Bureau.
It points back to a spectacularly bad attempt at expectations management by the White House. Either they didn’t know what was coming, or thought that they could spin it into sunshine. The stumble on private-sector growth negates the “we’re gaining strength” claim coming from the Obama administration, and it fits into a narrative of stagnation and incompetence. No one will look at a +41K month as a big step in the right direction, not after the administration’s bragging about the four-times-stronger number in April.
Update: Rob Port notes that 95.5% of all job growth in May came from the government.
Update II: CNBC reports that Wall Street isn’t impressed, either:
US employers added 431,000 jobs to nonfarm payrolls in May, but 411,000 of those were temporary census workers. The private sector added just 41,000 jobs: Manufacturing, temporary help and mining added jobs, while construction declined. That number was also well short of the more than 500,000 economists had expected. The unemployment rate, however, fell to 9.7 percent from 9.9 percent in April.
“This number is extremely disappointing,” said Todd Schoenberger, managing director at LandColt trading. However, he said, it should come as no surprise. “Considering first time jobless claims have been inching higher over the past four weeks … and GDP came in at a lackluster 3%, American companies are going to be reluctant to hire.”
“The two areas of potential vulnerability for the economy remain payrolls and housing and they’re both staggering a good deal,” Art Cashin, director of floor operations at UBS, said on CNBC this morning. “From a market standpoint, I think we’re going to switch over and start issuing Dow 10,000 helmets!”
The Dow was down 160 points shortly after opening and treading back towards the 10,000 mark.
Update III: Why did the unemployment rate go down? People have begun exiting the labor force again (via Jonah Goldberg):
The unemployment rate fell to a seasonally adjusted 9.7% in May from 9.9% in April, according to a separate survey of 60,000 households. Economists were expecting the jobless rate to sink to 9.8%.
The decline wasn’t particularly good news, however, because the drop was due to 322,000 people dropping out of the labor force. While unemployment dropped by 287,000 to 15 million, employment also fell, dipping 35,000 to 139.4 million.
The participation rate dropped by two tenths to 65%.
Those are not indicators of a growing economy.
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I've never seen a larger, braindead, mindless, can't think for themselves cult like the Obamabots.
Funny! :)
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By the way, 333386, do you consider the war in iraq to be a success or a failure?
Also funny. :) When in doubt, change the subject.
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“This number is extremely disappointing,” said Todd Schoenberger, managing director at LandColt trading. However, he said, it should come as no surprise. “Considering first time jobless claims have been inching higher over the past four weeks … and GDP came in at a lackluster 3%, American companies are going to be reluctant to hire.”
________________________ ________________________ ____
I have been saying this since this since Obama was elected. Companies simply will not hire anyone so long as we have a socialist/marxist president and a rubber stamp congress for all sorts of insane policies.
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Also funny. :) When in doubt, change the subject.
Actually, no. I'm seeing what % of desired goals is your rubric for success. The US didn't meet every benchmark for success, but most consider the war to be a success.
If Obama manages to accomplish the majority of the goals of the stim package, I am wondering if you'll find 1 or 2 points to harp upon, ignoring what may be a great deal more successes than failures.
So again, even though the US didn't achieve 100% of its stated goals in iraq (by a long shot), is the war a success? Yes or no?
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Actually, no. I'm seeing what % of desired goals is your rubric for success. The US didn't meet every benchmark for success, but most consider the war to be a success.
If Obama manages to accomplish the majority of the goals of the stim package, I am wondering if you'll find 1 or 2 points to harp upon, ignoring what may be a great deal more successes than failures.
So again, even though the US didn't achieve 100% of its stated goals in iraq (by a long shot), is the war a success? Yes or no?
In other words, you are trying to spin shit and have been proven dead wrong on this.
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In other words, you are trying to spin shit and have been proven dead wrong on this.
^^^ This.
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I'm asking if the iraq war was a success in your opinion, 333386. If you can assign a WIN even if 100% of stated goals were not met.
yes or no? Don't hide from teh Q. I'll readily admit if the stim bill fails, and I readily shit on Owebama for lots of things.
But I also admit the iraq war was a success, even if the rubric for success was changed releatedly and we didn't meet some of the benchmarks. You have ZERO wars in american history where 100% of stated goals were achieved - but we're undefeated baby!
I refuse to admit failure in iraq, as your answer by omission implies.
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I'm asking if the iraq war was a success in your opinion, 333386. If you can assign a WIN even if 100% of stated goals were not met.
yes or no? Don't hide from teh Q. I'll readily admit if the stim bill fails, and I readily shit on Owebama for lots of things.
But I also admit the iraq war was a success, even if the rubric for success was changed releatedly and we didn't meet some of the benchmarks. You have ZERO wars in american history where 100% of stated goals were achieved - but we're undefeated baby!
I refuse to admit failure in iraq, as your answer by omission implies.
Who brought up the Iraq war, YOU!
We are talking about the Stim Bill and jobs and the economy which you claimed would be greatly aided by the Stim Bill.
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YOU brought up the fact I'd be admitting failure in 2 months.
So i wanted you to clarify if success if 100% of goals only, or if a plan that achieved 90% or 80% of its goals would qualify as a success.
Now I"m in the position of making a determination as to whether or not something is a success, and I don't even have a rubric. it's like a cashier asking me to pay for groceries - and not telling me how much they cost.
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YOU brought up the fact I'd be admitting failure in 2 months.
So i wanted you to clarify if success if 100% of goals only, or if a plan that achieved 90% or 80% of its goals would qualify as a success.
Now I"m in the position of making a determination as to whether or not something is a success, and I don't even have a rubric. it's like a cashier asking me to pay for groceries - and not telling me how much they cost.
You clearly said that if the UE rate was still above 8% after 18 months that you would acknowledge that the Stim Bill did not work and was a failure.
do the math. That pofs wate of money was passed in February 2009 and the UE not only skyrocketed since, but has stayed there and things have gotten worse.
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33, what do you think about the fact reagan was able to jumpstart the sagging carter economy by hiring a shitload of govt workers and raising taxes?
And do you commend Obama for following his model?
And do you think history will place reagan up there on the same pedestal as they will obama?
;D
Obamas economy is a joke.430,000 jobs created in May,400,000 are census jobs.It takes 5 private sector employees to pay the tab of 1 government employee,in may we are at a 9-1 ratio going the wrong way.Reagans economy created 20,000,000 jobs.If Obamad was in office for 50 years he wouldnt reach 5,000,000.So lets see,SINCE the stimulus passed we have lost 4 million jobs under Obama.Just about any job getting created today is a government job.OBAMA=FAIL!!!
Reagan defeated the Soviet Union BY HIMSELF .He had to fight the soviets plus communists here like Biden and Kennedy to do it.Obama could live 50 lifetimes and he is a piece of dung stuck to the bottom of Reagans shoe.
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so BILLY, since 33 won't answer...
was the iraq war a success?
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so BILLY, since 33 won't answer...
was the iraq war a success?
In terms of what? In terms of that we were on the brink of losing and thank god for Bush and mccain and petraus doinb the surge it was saved? Yes.
Remember General Obama and Biden saying it wouldnt work?
There is not one fucking thing I can think of that obama has been right on. The man, his follower and devotees, etc are nopthing but walking talking failure machines.
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so BILLY, since 33 won't answer...
was the iraq war a success?
I was against the war,but the surge worked.Im not for fighting nice wars.If you go to war you kill EVERYBODY.So,I think the war was a mistake and how we fought it was a bigger mistake.
Now,once again,just to remind you.Under Bush we had 54 consecutive months of job growth.Then,when Nancy "the word" Pelosi took over we started losing jobs.
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My point is that in the history of american wars, etc... there has never been any mission that was 100% successful. There are always going to be successes with 80% of objectives met. It is what it is.
I would like to see the list of objectives for the stimulus. Does anyone have that?
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My point is that in the history of american wars, etc... there has never been any mission that was 100% successful. There are always going to be successes with 80% of objectives met. It is what it is.
I would like to see the list of objectives for the stimulus. Does anyone have that?
Very simple kp boy, keep UE% at or under 8%.
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oh cool - I didn't know there was only 1 stated goal. In that case, it will be very easy to rate it a pass/fail. I must have been mistaken. I thought there were multiple aims of the bill.
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oh cool - I didn't know there was only 1 stated goal. In that case, it will be very easy to rate it a pass/fail. I must have been mistaken. I thought there were multiple aims of the bill.
If you are inclusing bankrupting the nation, giving away billions to acorn, SEIU, condoms on bannas, studying pelosi' pet mouse, etc, yeah I guess you are right.
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oh cool - I didn't know there was only 1 stated goal. In that case, it will be very easy to rate it a pass/fail. I must have been mistaken. I thought there were multiple aims of the bill.
The stated goal was to stimulate the economy to create jobs.I dont recall Obama saying temp census jobs,or just government jobs.Bur he spent nearly a trillion dollars and almost ZERO private sector jobs are being created.I wonder why?Could it be the assanine health care bill?The threat of cap and trade?EVERYTHING this man has touched has gotten worse.
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The stated goal was to stimulate the economy to create jobs.I dont recall Obama saying temp census jobs,or just government jobs.Bur he spent nearly a trillion dollars and almost ZERO private sector jobs are being created.I wonder why?Could it be the assanine health care bill?The threat of cap and trade?EVERYTHING this man has touched has gotten worse.
We warned every many many many times.
This is not rocket science.
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The stated goal was to stimulate the economy to create jobs.
Ah. How many?
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Ah. How many?
So you say since the economy created 1 million jobs the stimulus is a success?First of all that nukmber is a lie,but lets say its true.1 million jobs for 1 billion dollars.Could you give me a breakdown of what that comes out to for each job?Then try to post with a straight face that the stimulus was a success?They could have wriiten those people checks for a million dollars and made out just as well.
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Well, it's been a million jobs in 2010 (thru 5 months). I don't know how many were created last year.
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Well, it's been a million jobs in 2010 (thru 5 months). I don't know how many were created last year.
THE TOTAL IS zero!!!!!!HOW CAN WE BE IN HOLE 4 MILLION JOBS SINCE THE STIMULUS AND 7 MILLION SINCE BALACK OBAMA TOOK OVER AND BE CREATING JOBS.PLEASE SHOW ME HOW THAT MATH ADDS UP?Once again,UE will be over 10% by Nov.
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By the way,your enthusiasm for the job numbers arent reflected by the stock market as it dropped over 300pts today in response to Hussein Obamas stimulus job growth numbers.
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wait, i thought DOW wasn't related to obama? He inherited it at what, 7000, and raised it to over 10,000....
can't shit on him for it dropped, i fyou can't credit him when it grows
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The purpose of any "Stimulus Bill" is to mortgage the future a bit (or a lot) and spend/borrow/print money to "jump start" the economy. The problem is that most of these bills simply create temporary jobs and govt. jobs. This stim. bill, like all stim bills, is a failure and a waste. It was a HUGE WASTE OF CAPITAL and a HUGE MIS-ALLOCATION of CAPITAL. And poof! It's GONE. The jobs report from last month was bad and this one is worse. The media machines can't even spin it in a positive light, the tickers actually admitted that it was bad and that the "gain" was totally because of govt. hiring. When govt. hiring begins to replace private sector hiring as a means of "growth"....the economy is toast and wealth will no longer be created. Also, keep an eye on the numbers for Total Tax Receipts from State And Federal levels. High or growing receipts under stable tax rates usually = growth. Tanking numbers usually = not good.
The bill and by extension, the Democrats/Obama have failed to jump start anything. MASSIVE expansion of government hiring, tons of debt and totally anemic private sector hiring does not equal success. I think even if the UE goes under 8% the bill and Obama's "vision" is a total failure. All that money, all the capital, all the time, all the talk and all the propaganda should have UE under 6 or 7% at least.
For all that was expended and wasted to push this garbage and this agenda (both are the same) UE is still at 9.7%? 41k private sector jobs were "stimulated"? 785 Billion dollars for this?
What a joke.
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Most of the private sector hiring was for service jobs and many of those are temporary as well. It's not like many of these temp jobs are going to help in the grand scheme of things.
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A good take on things....
Where’s the Beef?
Submitted by madhedgefundtrader on 06/04/2010 15:45 -0500
recovery Unemployment
That was the thorny question wracking the brains of investors Friday morning on the heels of the hugely disappointing nonfarm payroll report showing that 430,000 jobs were gained in May.
Never mind that this was the best report in several years. The problem arises when you dig deeper and find that 411,000 were temporary census workers who are going to be let go in a few months, leaving the “real” job gain at a measly 19,000.
So this is all $887 billion in stimulus and 19 months of zero interest rates get you?
Traders wasted no time tanking the market, taking the Dow down a nausea inducing 350 points. Private sector hiring actually plunged from 218,000 in April to only 41,000, and the overall labor force shrank by 322,000, as if it had just taken a dip in a frigid lake. Construction took a big hit as usual, losing 35,000 jobs, while manufacturing gained a miniscule 29,000 jobs.
There are now more than 15 million unemployed, including 6.8 million who have been jobless for more than six months. Until today’s number, our nine month long recovery produced a net loss of 133,000 jobs! At this stage of the 2003 recovery, we were regularly clocking 200,000-300,000 a month in job gains.
Administration officials wasted no time trumpeting the decline in the headline unemployment figure from 9.8% to 9.7%, while privately wringing their hands over the true meaning of the report. Is Michele Obama already secretly scoping out new private elementary schools in Chicago?
To see the data, charts, and graphs that support this research piece, as well as more iconoclastic and out-of-consensus analysis, please visit me at www.madhedgefundtrader.c om . There, you will find the conventional wisdom mercilessly flailed and tortured daily, and my last two years of research reports available for free. You can also listen to me on Hedge Fund Radio by clicking on the “Today’s Radio Show” menu tab on the left on my home page.
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Makes you think. What an absolute bust and waste this whole exercise in Keynesian Economics has given us. How sad is it that we are on here arguing about the success or failure of 887 billion in Stim. Zero % interest rates, printing of trillions, housing tax credits etc etc for over 2 years....and the deciding factor is if UE gets below 8%......EIGHT PERCENT.
Again....who the fuck are you crappin'?
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For some of you that still don't get it.
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So we actually lost private sectors jobs?
Just great. Hey 240 - hows that Stim Bill working out?
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UE dropped from 9.9 to 9.7%.
Now, we'll all just call BS, claim it's all BS, etc...
But be honest... if UE had jumped from 9.9 to 10.1%, we'd all be hearing about how obama ushered in double-digit destruction once again. it would be his fault.
This is another case of "Blame obama when it's bad, but when it's good, it's obviously a lie".
When Obama rose the DOW from 7000 to 11,000 - it was not his credit.
When the DOW dropped from 11k to 10k? it's obama's fault.
It's hard to have it both ways.
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UE dropped from 9.9 to 9.7%.
You do know the real result of that right?
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UE dropped from 9.9 to 9.7%.
Now, we'll all just call BS, claim it's all BS, etc...
But be honest... if UE had jumped from 9.9 to 10.1%, we'd all be hearing about how obama ushered in double-digit destruction once again. it would be his fault.
This is another case of "Blame obama when it's bad, but when it's good, it's obviously a lie".
When Obama rose the DOW from 7000 to 11,000 - it was not his credit.
When the DOW dropped from 11k to 10k? it's obama's fault.
It's hard to have it both ways.
Stop embarassing yourself. The numer would have went up but fort he fact they took many workers out of the "looking for work" figure.
Shilling for obama makes you look like a complete fool 240. You are smarter than that.
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You do know the real result of that right?
I don't think he does....
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I don't think he does....
I also heard they played with the "looking for work" figure and that there were 322,000 less people working than last month, net.
I think the market also tanked because they realize how:
Out of touch
Clueless
Ignorant
Confused
Wrong Headed
Full of themselves
the entire government is when you have absolute idiots like obama and biden on moday -teusday claiming we would get a great report on friday only to see a disaster unfold.