‎”One cannot be free from the stresses of a speed and size obsessed culture until you are free from the materialistic addictions, time-famine mind-set, and comparative impulses that credted it in the first place.”

“Does Paul Krugman really want American citizens to pour all their money into government bonds? Number one we don’t really have any money. He wants us to keep spending. Does he want a huge tax increase to pay for all of this government? No. Where does Paul Krugman want the United States government to get all the money for the massive stimulus. He wants us to borrow it from Japan, borrow it from China. You know, I don’t even think he wants us to do that. I think he wants us to print it. His prescription to get out of this recession is Soviet style economics.”

How will the job market evolve in the next decade? Fortune takes a look at some of the fastest growing professions in the U.S.

Nurses

The number of registered nurses is expected to swell to 3.2 million by 2018, accounting for approximately 581,500 new jobs, according to the Bureau of Labor Statistics. That’s up from 2.6 million today, and it represents the largest overall growth projection out of all occupations in the U.S. economy, for good reason.

Americans aged 65 and older will make up 19% of the population in 2030, up from 12.4% in 2000. As the population ages and the growth of the working-age population slows down, there will be an increased demand for health care services in general, and home health care services in particular. In the past year, the home health care services industry has experienced sales growth of 11.2%, making it the fastest growing industry in the U.S., according to Sageworks, a financial analysis company.

Along with registered nurses, Sageworks projects that home care aids, physician assistants, pharmacists, and other medical professions will be in high demand for the foreseeable future.

Network Systems and Data Analysts

This occupation’s full title is “network systems and data communication analysts.” And while it’s a mouthful, it is worth remembering as it’s the second-fastest growing occupation in the U.S., according to the Bureau of Labor Statistics. In simpler terms, these analysts are the folks who design and build the systems that we use to connect to the web, from work or home.

In many ways, these are the folks that make communication possible in our Internet-centric world. So perhaps it’s not so surprising that they are in high demand, and will be for the foreseeable future. BLS’s latest employment outlook report estimates that the profession will grow by 53.4% to almost 448,000 workers between 2008 and 2018.

Software Engineers

What would all that planning and design by network and data analysts be worth without software? Not a whole lot, which explains why the BLS expects the cadre of software engineers and application developers to swell to 689,900 by 2018 (up from 514,800 in 2008). Whether they are building business software, constructing an operating system, developing games, or designing mobile apps, software engineers have a wide array of career avenues to consider.

And it surely does not hurt that the worldwide smartphone market grew by 50% between the second quarter of 2009 and 2010, according to the market research firm IDC. The impressive growth of the smart mobile industry over the past few years will only add fuel to the fire of the impressive job prospects for application developers, as smartphone users have come to expect increasingly advanced software applications to justify the increased expense of their phones.

Biomedical Engineers

Biomedical engineering is expected to be the fastest growing occupation, with a whopping growth project of 72% between 2008 and 2018, according to the Bureau of Labor Statistics. It’s not much of a surprise, given that this field lies at the nexus of technology and health care, two ballooning industries within the U.S. economy.

The immense growth of biomedical engineering will be driven by the demand for new treatments for diseases and the increasingly higher expectations of aging patients to maintain an active lifestyle. Indeed, the pharmaceutical and medicine manufacturing industry experienced 11.1% sales growth in the past year, according to Sageworks.

[Doomsday Scenarios for the U.S. Economy]

From developing artificial organs, medical devices like pace makers, or refining imaging technology that allows doctors to examine patients in more precise ways than ever before, biomedical engineers will have plenty to work on in the coming decade.

Accountants and Auditors

While number crunching and bean counting has certainly not fallen out of style in recent memory, the economic fallout of the past few years has placed renewed focus on financial regulation. And with the passage of the federal financial reform bill in June, companies will need an even larger cohort of auditors and accountants to parse through new regulations to make sure they are in compliance.

The accounting profession is poised to experience 22% growth between 2008 and 2018, with an anticipated 279,400 new jobs in the field by 2018, according to the BLS.

[How to Cut Unemployment in Half]

Veterinarians

Our love for the dogs, cats, and fish in our lives truly knows no bounds. Pet care was one of the only sectors of the retail industry that grew during the recession.

According to the 2009-2010 National Pet Owners Survey, 62% of U.S. households owned at least one pet in 2008, accounting for approximately 71 million households. And the American Pet Products Association estimates that pet owners will spend almost $48 billion on their pets. Just under $24 billion of that will be spent on medicine and veterinary care, as more Americans than ever before open their wallets to spring for treatments for an ailing animal family member.

It’s no surprise, then, that veterinarians are listed as one of the fastest growing professions in the U.S. — the number of vets is expected to expand by 36% between 2008 and 2018.

It’s truly astonishing how terrible the financial state of so many people is these days. Really, it’s incredible and depressing. While everyone’s situation is different, there are three major reasons that have contributed to this being a major widespread disaster.

Reason #1 – No Discipline
American’s have really moved away from discipline. Maybe it is a result of a booming standard of living or ease in our lives, but discipline is definitely a thing of the past.

What has replaced it is a sense of flippancy regarding our finances.

Instead of taking our finances seriously, especially in the area of spending, we are very flippant. For example, if we’re out and about, and simply “feel” like something, we’ll go spend the money and get it. This is true for a $4 latte from Starbucks or a smoothie or a new gadget. We don’t really consider what we’re doing to any degree of seriousness.

It takes discipline to truly weigh each financial decision or spending decision during our lives. Because things have been easy, we haven’t had to be so disciplined. Well, this is definitely changing as people are cutting back in droves. This is probably a good thing.

Reason #2 – Public Policy
The economic policies that have been legislated encourage spending and not saving. This is very dumb, but there’s a reason for it. Our great leaders, many of them who have never run companies and some who haven’t even worked a job in the private sector (ahem, Ben Bernanke), have long determined that you need to be encouraged to spend your money because it will benefit the economy and make us all the more prosperous. Yes, we know how that has worked out.

Need some examples? There’s none bigger than the fact that we are able to deduct our mortgage interest from our taxes, but have to pay taxes on interest earned from our savings. Incentivized to borrow money and disincentivized to save it.

Even today, all the policies being implemented to fix our economy are all about encouraging us to loosen our wallets and part with some of our money. Spending is the answer they think (incorrectly).

Reason #3 – Consumerism
This is a combination and related to the previous two reasons, but consumerism has really destroyed much of the financial health of this country. We’re obsessed with things.

Many of us upgrade our giant television screens on an annual basis. Or drive a new car for two years before buying a new one. Or throw out a pair of shoes that is slightly used. Or cashes out our home equity to buy a boat. Or borrows money to buy things we can’t afford.

Interestingly, I think the consumerism culture peaked a few years ago. While we won’t know for sure for many years, I think we will slowly (very slowly) begin moving away from consumerism over time. I think a shift is happening where Americans are slowing down the debt and being more content with what they have. Again, this is barely just beginning and we went so far into the consumerism black hole that we’re still barely breathing, but I think the start of the shift back towards normalcy has begun. We’ll see.

Banks seem to have a bad reputation don’t they? They charge you for every type of service imaginable. Labeled as profit mongers who invent outrageous fees and give mediocre customer service, banks have not made a good impression on consumers. As a result, many of us end up looking for alternatives.

One option: a credit union.

What is a credit union?

Credit unions are not-for-profit cooperative financial institutions that are owned and controlled by their members. A credit union is democratically governed, each member has one vote, members elect the board of directors and the union is volunteer-based. Unlike a bank where customers are just that, customers – in a credit union, members are also owners.

The average cost to purchase a credit union share is $5 – $10 and typically just a few shares are required for you to open an account. (Those shares are then deposited in your savings account. If a credit union requires you to purchase at least five shares at $5 each to become a member, that means you need to make an initial $25 deposit that will then remain in your account as long as you are a member.)

The profits credit unions make are passed onto members in the form of dividends or lower fees. That is why credit unions typically offer higher rates on savings, lower fees and lower rates on loans than banks. They also offer online banking, ATM’s with no surcharge and overdraft protection, but credit unions offer financial education and counseling without giving potential customers a hard sell on their products.They focus more on service and less on profitability.

A little bit of history

According to the National Credit Union Administration, credit unions first appeared in Germany in the mid 1800’s in the form of financial cooperatives. German farmers, devastated by the crop failure and famine of 1846, decided to organize a cooperatively-owned mill and bakery that sold bread to its members at a discount.This idea developed into addressing the credit needs of farmers. In 1850, the first cooperative credit society, known as the “people’s bank” was initiated.
In the 1920’s credit unions became popular, especially with the working class. Commercial banks and savings institutions were not providing consumer credit, creating a growing interest in the affordable credit unions. Credit unions provided a much-needed source for inexpensive credit. Fast forward to today, credit unions have become increasingly popular throughout the United States. According to NCUA, currently there are about 7, 950 active federally insured credit unions with almost 90 million members and $679 billion in deposits.

Membership
One big difference between banks and credit unions is that while pretty much anyone could become a bank’s customer, you actually need to qualify for membership in a credit union. Credit unions use a variety of criteria to determine eligibility. Employers who sponsor their own credit unions allow employees to join, for example. If you are a member of a church group, school, labor union, or homeowners association, you might also be able to participate in a credit union. Credit unions also serve people who live in certain geographic locations.

Several credit unions are not exclusive at all. Consumers Credit Union (CCU) is open to everyone; it is one of the largest credit unions in Illinois. CCU offers checking accounts, debit and credit cards, vehicle loans, consumer loans, savings, money market accounts, certificates of deposit and mortgage products plus regular, jumbo and IRA plus vehicle loans.

Insurance
Banks have the FDIC to insure consumer’s deposits; Credit unions have the National Credit Union Share Insurance Fund. The National Credit Union Share Insurance Fund (NCUSIF), which is managed by NCUA, is a government-backed insurance fund. Deposits are insured by the NCUSIF up to $250,000 per depositor and backed by the full faith and credit of the United States Government.

Compare before you sign up
When comparing credit unions to banks, follow the steps below to find the institution that best fits your financial needs:
* Find out what products and services each institution offers. Generally, banks offer a more varied selection of financial products and services than credit unions.
* How important is customer service to you? Credit unions are often smaller, have less employees and less customers, so the customer service experience at a CU might be different than the one you get at a large bank with millions of customers and a call center overseas. At the same time, if having access to a branch in multiple locations is your priority, you may be better off at a large bank.
* Do you need to borrow? Loan rates tend to be lower at credit unions, so if you are in the market for a loan, a credit union loan might be your best bet.
* Find out how much interest you will gain on your savings account, or deposit accounts as some credit unions call them. Both banks and credit unions offer checking accounts, savings accounts and CD’s, though you could expect to find higher rates at credit unions.
* What fees and penalties, if any, can the credit union charge? How do these compare to the bank’s?
Still can’t decide? Don’t fret: you can have both. There’s nothing wrong with spreading yourself out to get the most for your money!

The year is 2002, America has just woken up with the worst post dot.com hangover ever. Paul Krugman then, just as now, writes worthless op-eds for the NYT. And then, just as now, the Keynsian acolyte recommended excess spending as the solution to all of America problems. Only this one time, at band camp, Krugman went too far. If there is one thing that everyone can agree on, is that the Housing Bubble, is arguably the worst thing to ever happen to America, bringing with it such pestilence and locusts as the credit bubble, the end of free market capitalism, and the inception of American-style crony capitalism. Those who ignored it, even though it was staring them in the face, such as Greenspan and Bernanke, now have their reputation teetering on the edge of oblivion. So what can we say of those who openly endorsed it as a solution to America’s problems? Enter exhibit A: New York Times, August 2, 2002, “Dubya’s Double Dip?” Name the author:

“The basic point is that the recession of 2001 wasn’t a typical postwar slump, brought on when an inflation-fighting Fed raises interest rates and easily ended by a snapback in housing and consumer spending when the Fed brings rates back down again. This was a prewar-style recession, a morning after brought on by irrational exuberance. To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.” If you said Krugman, you win. Indeed, the idiocy of Keynesianism knew no bounds then, as it does now. The solution then, as now, to all problems was more bubbles, more spending, more deficits. So we have the implosion tech bubble: And what does Krugman want to create, to fix it? Why, create a housing bubble… Well, at least we know now how that advice played out.

And now what? He wants another trillion in fiscal stimulus… Quadrillion? Sextillion (arguably this cool sounding number is at least 2-4 years away before the Fed brings it into the daily vernacular)? And just like the housing bubble he suggested then brought America to the biggest depression it has ever seen, so his current suggestion will be the economic cataclysm that wipes out America from the face of the earth.

So we have two simple questions:

i) how does Krugman still have a forum in which to peddle his destructive ways, and

ii) why does ANYONE still listen to this Nobel prize winner, a/k/a charlatan?

Being stupid is one thing. Being stupid and learning your lesson after seeing your idea crash and burn is another. Pushing for the same policy response time after time, layering misery upon misery, is an altogether third, and most Krugman, thing.

How many more lunatics in charge of the insane asylum do we need before we finally say “enough” to their deranged ramblings and their illusions of reality…

h/t Papa Swamp

The homeless population in New York City has gone up 50 percent in just the last year. Advocates say it’s true that a lot of the homeless people are drug addicts and alcoholics, but most, of course, are investors.

“When the central banks start agreeing with me I’m going to have to start worrying. Mr. Bernanke has never been right about anything, come on, please, for goodness sakes I don’t know why you pay any attention to him any more than the other guys. These guys do not have it right. Anything they have done have not worked. The world economy is still in trouble and perhaps getting worse and in the mean time they have been destroying the saving and investing class. You know the class of people who save, who pay their bills, who invest for their future. These people are being destroyed. This is not good for the world what the central banks are doing. Please, I hope I disagree with them for a long time.”

This is a three part video. Click for Part 2 and Part 3

The credit card companies are working hard to recoup the losses they may experience as a result of the new Credit CARD Act. Although the act reduces and prevents many different types of fees, the credit card companies have found some tricky legal ways around the rules. For example, they can’t charge a high annual fee so may instead charge a high processing fee to get a new card. Additionally, they are rapidly increasing fees in the areas where rate hikes are not prohibited.

Here are 7 fees that credit card companies are getting tricky with. Make sure that you look at these carefully on any new credit cards as well as on any communication updating your existing credit cards.

1. Annual Fees. The Credit CARD Act limits the total allowed amount of an annual fee to 25% or less of the borrower’s credit limit. Many credit card companies are increasing annual fees to push closer to this 25% limit. It’s still best for you to find a good credit card that does not charge you any annual fee.
2. Upfront processing fees. One way that credit card companies are trying to sneak around that 25% limit is to effectively charge your annual fee in advance. They do this by charging an upfront processing fee in order for you to qualify for the credit card. Fees for these cards can be as high as several hundred dollars and are generally targeted at no-credit and bad-credit borrowers. Beware of credit cards that are asking you to pay a large fee to get the card.
3. Balance Transfer Fees. Reports indicate that the average cost of balance transfer fees has climbed 33% since the Credit CARD Act has been passed. This is an area where fees continue to be allowed and credit card companies feel that this is where they can gain back some of the financial losses that accompany the new credit card rules. You want to look for good deals on balance transfers that offer good interest rates but also offer low fees for making the transfer. In some cases, it may be better not to bother transferring balances to a lower interest rate if the cost to make the transfer is high and the likelihood of rapid repayment is also high.
4. Cash Advance Fees. For the same reason as with balance transfer fees, the fees that are associated with getting a cash advance are getting higher and higher. Your number one choice here is to not take out cash advances at all. They cost you a lot of money in the long run. If you must get cash, you may want to see if you qualify for a low-cost personal loan. If you are someone who frequently takes out regular cash advances and you refuse to change this bad habit then you want to look for a card that offers ongoing low interest rates with a low fee, something that might be tough to find right now in the credit card market.
5. Foreign Transaction Fees. This area of fees is climbing more than any other area of credit card fees right now. Reports indicate that the fees have increased 50% or more since the Credit CARD Act was passed. The solution here is a very simple one: don’t use your credit cards when traveling to foreign countries. Use cash. Use travelers’ checks. If you must access money from a credit card, do your research before the trip. It may actually be cheaper to take out a cash advance than to incur a large number of foreign transaction fees while you’re on the road. Explore your options and make a smart choice.
6. Penalty Fees. Hopefully you avoid penalty fees (such as late payment fees and over-limit fees) anyway. If you make these bad mistakes, though, you’re probably going to start paying even more than before because these fees are rising slightly on many cards. Hopefully that’s incentive to avoid those penalties!
7. Inactivity Fees. Technically, inactivity fees are not allowed under the Credit CARD Act. Theoretically, you can keep your card as long as you want without using it and not be charged. However, sneaky credit card companies are finding a way around this by setting minimum spending requirements. You aren’t charged an inactivity fee as long as you meet the minimum amount of spending. In other words, you’re still not allowed to leave the card inactive. This is a questionable practice that may eventually be phased out but it’s something to watch for at the current time.

The jobless rate in the U.S. is likely to approach 10 percent in coming months as the economy fails to grow enough to employ people rejoining the labor force, economists said.

Private payrolls climbed 67,000 in August, after a gain of 107,000 the previous month, and the unemployment rate rose to 9.6 percent, the Labor Department reported Sept. 3. The median forecast in a Bloomberg News survey of economists called for an increase of 40,000. The economy expanded at a 1.6 percent annual rate in the second quarter, down from 3.7 percent in January through March.

Only 723,000 people were added to company and government payrolls so far in 2010, or 8.6 percent of the 8.4 million jobs lost during the recession, which began in 2007 and is the biggest employment slump in the post-World War II era. Still, the August job figures eased concerns the economy will falter because businesses are adding to their workforce and reduced the odds the Federal Reserve will ease policy at its Sept. 21 meeting.

“Growth is too sluggish to successfully bring down the unemployment rate,” said Michelle Meyer, a senior economist at BofA Merrill Lynch Global Research in New York. “At this stage, about one year into the recovery, this was still quite feeble job growth.”

BofA Merrill Lynch on Sept. 1 said the jobless rate will peak at 10.1 percent next year, up from a previous projection of 9.5 percent, with growth slowing to 1.8 percent for all of 2011, down from an earlier estimate of 2.3 percent.

The employment report, together with figures last week showing manufacturing expanded faster than forecast in August, also bolstered Fed Chairman Ben Bernanke’s view that the conditions are in place for a pickup in growth in 2011.

Neal Soss, chief economist at Credit Suisse in New York, said in a Sept. 3 note to clients that the economy will expand at a 2 percent rate this quarter, compared with a previous projection of 2.5 percent. He also revised his forecast for the unemployment rate, saying it will end the year at 9.6 percent instead of 9.2 percent.

Unemployment, which reached a 26-year high of 10.1 percent in October, will average more than 9 percent through 2011, according to a Bloomberg News survey last month.

President Barack Obama yesterday proposed spending at least $50 billion to rehabilitate the nation’s transportation infrastructure to help spur the economy.

At a Labor Day rally in Milwaukee two months before midterm congressional elections, Obama called for a six-year program to fix roads, railways and runways, and to modernize the air-traffic control system.

“All of this will not only create jobs now, but will make our economy run better over the long haul,” Obama said.

The president will also urge Congress to permanently extend and expand a research-and-development tax credit for businesses, according to two administration officials. The plan, which he’ll announce in Cleveland tomorrow, would cost about $100 billion over a decade.

Obama’s approval ratings have slipped and support for the Republican Party has grown during the summer months amid signs the economy was cooling. A USA Today/Gallup Poll completed Aug. 30 found Americans believe Republicans in Congress would do a better job on the economy than Democrats, by 49 percent versus 38 percent plurality.

Overall employment, including government agencies, fell 54,000 for a second month, the Labor Department report showed. The decrease reflected a 114,000 drop in temporary workers hired by the government to conduct the 2010 census.

The unwinding of census employment distorts the payroll figures for months as the government dismisses workers as the count winds down. For that reason, economists say private payrolls, which exclude government jobs, are a better gauge of the state of the labor market.

U.S. stocks rose and Treasuries fell following the Sept. 3 employment report. The Standard & Poor’s 500 Stock Index rose 1.3 percent to close at 1,104.51 in New York. Ten-year Treasury yields climbed to 2.71 percent from 2.63 percent the day before.

Economists at Morgan Stanley in New York, led by Richard Berner and David Greenlaw, are forecasting growth at a 2 percent pace for the last three quarters of 2010. Berner and Greenlaw were the most accurate forecasters of unemployment last year, according to data compiled by Bloomberg. The ranking of 65 forecasters covered the four quarters through June 2009.

“Such tepid growth implies a higher unemployment rate at year-end, perhaps 9.7 percent rather than the 9.4 percent we had assumed,” the economists said in an Aug. 27 research note.

The so-called underemployment rate — which includes part- time workers who’d prefer a full-time position and people who want work but have given up looking — increased to 16.7 percent in August from 16.5 percent.

The figures also showed long-term unemployment dropped. The number of people unemployed for 27 weeks or more fell as a percentage of all jobless to 42 percent from 44.9 percent.

Some export-oriented companies are boosting staff as the global economy shows stronger signs of growth than the U.S. Peoria, Ill.-based Caterpillar Inc., the world’s largest maker of construction equipment, said last month it may add as many as 9,000 workers worldwide this year as sales climb in developing markets.