Nice article. In the good days, families and the press would blame the companies if their kids were hardworking and wanted a job but weren't hired quick enough or paid decent wages for summer, part-time, or full-time work. Never mind hiring foreigners on bogus "student visas" over Americans. The sad thing is the wages are basically lower from that time decades ago.
Now all you hear on the corporate owned press is the blaming of applicants themselves. They like to say people that slave away for degrees in every subject imaginable throughout their lives (from calculus to physics to organic chem and engineering and history, nursing, etc., etc.) are all somehow lazy or stupid. The people claiming this never worked summer jobs or dropped out when they actually had to study in college (numerous dropouts that had $ still blame the victims).
They also say it's all a cultural thing because kids getting trophies or something in soccer at a young age or gold stars ruined them?! WTF? Yes, we must beat our kids and give them no praise or positive feedback - corporate drones can't be happy humans or thinking people. That is so idiotic it's not worthy of a response.
Because that somehow means someone who's facing homelessness won't work because of a gold star in drawing 15+ years ago?
Yes, that's it, gold stars and soccer trophies apply to 100% of every American applicant out there, all Americans are ruined by this experience, and it has made them "lazy and stupid." Brilliant, absolute genius presented to us by the rock-bottom of intelligence and integrity. Dropouts that dropped out not because of $ but because they themselves were lazy and now make money for getting fat in TV and radio studios and foreign media owners that inherited the business from their parents are in any position to insult Americans of any age? Nope.
Of course the corporate masters seeking foreign labor and in control of radio stations, TV stations, and newspapers would never be lying to us, it's all our fault, our own culture, and gold stars to blame. Thanks, plutocrats assault us and then we're blamed for it.
In any takeover, it's key that the communications and education be taken over to control the present and future. They have communications. And now witness Murdoch et al. taking over public schools by cutting funding to public schools and pressing more and more for control of public and charter schools (e.g., Klein of NYC working for Murdoch - nice sellout).
J-1 cultural exchange visa program gets some blowback from the foreign guest exchange students. Something like this happened at Hershey Foods too. Why pay 7.25 an hour and be lucky to get a 16 hour shift. These kids will work endlessly and pay you.
In early March, student workers from Asia and Latin America launched a surprise strike against their employer, a McDonald’s in central Pennsylvania. The students, who paid between $3,000 to $5,000 to come to the United States as part of the J-1 cultural exchange visa program, alleged that they were assigned shifts of up to twenty-five consecutive hours, were paid less than the minimum wage, lived in substandard employer-owned housing and faced retaliation when they raised objections. Hours after the students began their work stoppage, they found themselves locked out of the employer-owned basement where they lived.
So check out our cultures kids! We wont pay our kids minimum wage because we can enslave you! We use labor camps all over the world! Did you think the Homeland would be any different?
Despicable. Frankly people need to start writing Congress, the White house outraged by this for they are out to labor arbitrage America and might very well get away with it.
All of those elements you mention need to improve, if there was a skills shortage we would see a bidding war on salaries, we don't.
Initial claims is fairly well correlated to employment statistics from the past. Similar to how GDP is correlated to hiring.
But flat wages really shows there is no worker shortage.
If less people need govt. food assistance (and aren't being forced off assistance), wages go up (at least enough to match inflation for many years), and labor force participation goes way up, then I'll be happy. Right now I'm reading endless ads for jobs that don't pay side-by-side with articles still insisting on skills gap (CNBC and CNN get paid every they mention those words, I think, and to ignore rule that fewer people with skills equals much higher wages for those with requisite skills in a normal world).
And the North Dakota is Nirvana articles are great too in the press. Many people chiming in comments referring to housing costs/issues there, along with the fact many people are not even being considered for jobs after they go out there and with experience. I'm guessing it's like the truck driver shortage, STEM shortage, nurse shortage, etc. and it goes like this - bosses run endless articles talking about job prospects in a field, get everyone applying to the jobs, and wages drop. Watch, visas will be issued for North Dakota because no Americans could be found according to the press.
Hiring, firing and staying at the job happens all of the time. From the JOLTS report, which has a two month lag, we see they are not increasing hiring but the firing, layoffs have really stopped.
So, assuming there will be an increase in hiring after layoffs have stopped is an assumption on initial claims and with offshore outsourcing, use of foreign guest workers, we're seeing more and more "jobless" recoveries.
They like to blame technological advances and dismiss these yet from other indicators,, such as profits parked offshore to the India BPO industry being 6% of GDP, it's fairly obvious it's a major impact.
The initial claims number always posed problems for me vs. the labor participation rate (which seems to be much more important regarding reality, economy). Not because of weekly variance and smoothing and BLS issues, but the whole concept.
Say the recession/Depression Redux is a fire that burns an entire city. Let's call that city The US of Plutocrats and Their Puppets. The fire is started by arsonists that hate fire departments and funding them. Let's call them the Bankster Arson Squad.
First few hours, 600 buildings destroyed per hour. Next few hours, fewer building being destroyed, rate slows down, 450 buildings per hour, less tinder to burn. Finally, a few buildings left, a few fires smoldering in different corners of city, 350 buildings destroyed every hour. Mayor arrives on scene, proclaims things are fantastic because fewer buildings burning. Meanwhile, actual building remaining in city approximately 55% of original. New buildings are constructed, shoddy, lack indoor plumbing, but damn it, good times are here again. Many buildings that still stand require massive efforts just to keep them from collapsing into dust. Mayor claims buildings in city are to blame for fire, decides all buildings will now be built overseas to prevent future fires in his city, fewer buildings will be allowed in his city, and any buildings in his city will have to be imported from overseas because buildings built in the US are poorly constructed ("skills gap" if you will). And the Bankster Arson Squad demands fewer firefighters because they are simply costing too much and have too many regulations and resources that stand in the way of arson, and especially arson-for-hire that Banksters specialize in and are making huge $ from.
So, with approximately 55% of the US of Plutocrats standing among rubble, and "only" 350 buildings being burned vs. 600+ at the height of the fire because there are simply few buildings left to destroy, should we bust out the Dom?
Why Thank you. Takes longer, we'll never be "first", yet by taking the time and graphing out the statistics, so often we discover that the headline buzz has nothing to do with statistical reality.
This report is a Wall Street favorite. They don't seem to give a rats ass about hiring America, just make sure they keep spending. So warped.
Compare the uncertainty someone feels that honestly doesn't know how they are going to feed their family or themselves day-to-day to the "uncertainty" meme we constantly hear about on TV shows from big corporate CEOs. I think Greeks lighting themselves on fire because they are so poor and desperate probably feel more uncertainty than these politicians and businessmen could ever fathom. Look at Honeywell CEO's salary, it's not up in the air, it is paid out 100%. If he was worried, wouldn't his salary be contingent on some "certainty" he's searching for? To hear him talk about uncertainty is sad, he has no concept of the meaning. People can't pay rent month-to-month, that's uncertainty that's not caused by fiscal cliff talks or EU crises, that was created by outsourcing and free trade.
People who don't know whether they should borrow $100,000 to send their kid to college for 4 years for a chemical engineering degree in 2 years or whether they should tell their kid to forget about college because it's a waste of time and money (or maybe in 4 years it won't be - that's uncertainty). Or someone that is thinking about moving across the country for a job that is a 1/100 shot, but staying in a state with no job growth is hopeless, unless something changes at some point in a year or two or three. And doing that while having a mortgage hanging over their heads. Job applicants sending out 5000 resumes at 50 over the course of 5 years. Should I retrain at my own expense for $50,000 or bank that money and wait until I qualify for Social Security so I don't die? That is the most overused word and meme of the last few years by the big wigs. Getting out of bed has always been uncertain, a war could break out tomorrow, the Sun could not rise, but life goes on despite that now. Is there a World War? Are we being invaded? No, life goes on for everyone but the people that love using these memes endlessly for their own agenda.
There's always an excuse by the CEOs and talking heads. Of course small business owners are different, but then again they don't have the lobbying power of big corp. But how long can big business use the Euro's slow, agonizing death as some excuse? Or who will win this Congressional election or that Presidential election? It's amazing anything ever got accomplished by anyone in history, all this "uncertainty" that occurs in the real world throughout history before the era of CEOs. Didn't see Churchill whining and bitching about "uncertainty." FDR? Truman? And yet we have to find jobs every day that can pay our bills despite all this "uncertainty." Do we sit there and whine on TV or blame some budget in the local state capital or in DC? Oh, sorry, can't pay my car loan - all that uncertainty. Can't pay my rent, sorry, it's the uncertainty. Don't want to look for a job, worried about the Euro's existence and the Yen's effect on my purchasing power..
Nope, it's a meme trotted out. Before 2009 or 2008, how many times did we hear "uncertainty"? It's a recent corporate PR tool/excuse meant to get what they want, if corporate taxes went straight up to 90% for the next 99 years and outsourcing was banned for 99 years, they'd be certain of the next 99 years, but they'd still blame all that "uncertainty" because they didn't like the policies. Big CEOs of big corp. like to claim they are the Masters of the Universe. Great, so make decisions like everyone else has to do, earn the $10 million, stop claiming some nonsensical fear and paralysis while being certain to fire people and collect paychecks.
Did you see Ryan's budget? This complete mathematical nonsense is head of the budget committee and ran for GOP VP. The absolute, pure, nonsensical, "F grade" economics, upside down financial insanity coming from Congress makes our lobbyist driven President look common sense by comparison.
I don't see how businesses operate with such insanity going on. That's not to say they are not getting away with murder, but every two weeks having Congress, in particular the GOP threaten to destroy the U.S. economy with their madness is assuredly harming economic activity generally.
Not the same thing as passing corporate/lobbyist agendas through Congress that I've referring to. Those of course will also seriously harm the economy.
Don't try to figure it out, professional liars paid to say what they are told. That labor arbitrage/Fox "News" guest Honeywell CEO just said job creation ain't happening in the US, yes, because of "uncertainty" and "headwinds." Damn, who could have guessed it, as predicted repeatedly, it's that uncertainty. Election 2008, 2010, 2012, 2016, Obamacare, where the Olympics will be held 100 years from now, war in Syria, or Libya, or Mali, damn it, it's freaky the way uncertainty seems to be present in the world since it was formed billions of years ago and yet entire empires were created and fell and rose again in the face of such headwinds and uncertainty! But this CEO and others are simply facing tougher times, I'm sure of it, than any other time in recorded history - just ask them, ignore their salaries (that never go down, no matter the bullsh*t headwinds) and profits. It's a miracle he doesn't piss his pants every day waking up to go to his chauffeur-driven car to his private jet to fly to his private retreat far away from us.
So he's not hiring Americans because of that (yeah, right). But like you said, the MSM also carries this lie - jobs are here again. Manpower, that joke of a company that always claims "skills gaps" and says American workers can't be found that can tie their shoes and breathe by themselves, just claimed yet again hiring is up and it needs to find qualified workers somewhere (namely overseas). Of course any American sending a great resume to that company can expect radio silence - you are not wanted. Don't try to reconcile the two - they are lies and incompatible.
Here's all you need to know, Americans below the boardrooms won't be hired for any living wage jobs. CEOs are certain (in spite of uncertainty) to grab every dime they can from corporate coffers, ensure they and their friends make millions more while possibly destroying their companies (if that makes quarterly profits go up, okay, otherwise corporations are just piggybanks for boardrooms) and country (they ain't "American" companies, after all), and foreigners will be hired overseas or brought in because of, you know, the skills gap the media also parrots.
They lie, it's what they do, don't waste any time or energy reconciling lies - it's pointless. They are even more vehement in their lies when they are paid to parrot them and not think too much. Truth? Yeah, don't look to the media or corporate spin for any of that. One minute the TV parrot will claim jobs are here but Americans are too lazy and stupid to fill them (F THAT) and the next the very same asshat will claim there are no jobs because of this or that politician. Huh? Now that's some logic worthy of $10 million/year and an anchor's contract.
Folks, I do not know what is going on with the mainstream financial press, but they are simply dead wrong on their claims the jobs market is rebounding and hiring is up and so on. It is little change as the BLS themselves state in their report text and one can see it by graphing all of the metrics (and why we do so much graphing).
It is like the financial press has gone into fairy tale land lately. There is no great job recovery going on here. At this point one has to wonder why the hype? To boost the DOW, to justify flooding the U.S. labor market with more foreign workers when we have unofficially about 23 million people needing a good job?
Lesson #1 for our fed friends: deterrence doesn't work if the fines are miniscule compared to the profits made and no one knows any criminal activity was punished. I think a five-year old knows that. Then again, they really don't care about deterrence, just doing barely enough to not make waves before they join the banking industry themselves.
The FDIC and every other agency are so afraid of taking anything to trial (obviously it will piss off their future employers). US Attorneys probably settle 95% of their cases, never go to trial, and that's with all the advantages they have (e.g., FBI manpower, selecting the strongest state cases they want to steal so the feds can plea bargain them, etc.). Even on massive crimes, they settle everything and go for minimum sentences to wrap it up.
The fines are ridiculous! FDIC fines in the single millions on those cases?! And they weren't even going after the big banksters like JP Morgan et al. (the true untouchables).
Any questions or doubts about who owns our government? Does anyone really doubt it at this stage? Republic in name only, absolutely 100%, in name only. Lobbying returns are huge, for a few million, these people bought an entire government and country. The best whores $ could buy at their service. And when it collapses yet again, perhaps this time American citizens will have their own response for both the government and banksters because we have nothing left to offer, we're bled dry. We have no $ left.
They can move their money all day, every day, and if individuals want to invest with Paulson and his ilk after seeing who they are, their returns (or lack thereof), management fees, lack of allegiance, etc., that's fine. But there's no reason whatsoever that governments at the national, state, or county level should do business with them. Treat them like pariahs. These people fight for lower taxes, shifting the burden on to loyal Americans, they bemoan public servants and their salaries, but do everything to take public servants' salaries in pensions. They rail against taxes, but enjoy the benefits of taxes themselves like the Departments of State and Defense and Commerce protecting their asses globally and helping them do business. They want to be above the law, fine, they don't get to enjoy the protection of the law.
Paulson will be in Puerto Rico until he gets a better deal from somewhere with no connection to the US like Ukraine, or Russia, or the Caymans, or Monaco, etc. Fine, go there. But he cannot enjoy protection of the US-taxpayer and cannot enjoy taxpayers paying into his funds via pensions. And if someone wants to take his passport to make it official, do it already. So when he gets into a tax dispute or has a megayacht boarded in Somalia and has a passport from North Korea in a few years, the North Korean government can step in, not us, not our $, not our military, not anymore. If Russia offers him a sweet deal, by all means, he should take it. But when that sweet deal turns out to be not-so-nice, he can enjoy himself in Russia's prisons. He thought the big tax man in the US was scary? Ha ha ha, best of luck in a Russian prison!
TPP - look at Japan. Farmers over there aren't too keen on that deal. For some reason lots of folks just don't see the benefits of these overarching trade deals. Seems people with a clue, here, Japan, Korea, South America all realize it's a glorified race to the bottom, and the only people who eventually prosper are the globalists at the top and the people at the very bottom. Everyone else gets flushed down.
They are subverting any financial regulation through trade agreements. TPP is chock full avoiding regulations and tax havens, as was the Panama trade treaty. Beyond offshore outsourcing jobs and real production, which we typically associate with these trade agreements, moving capital around the globe, subverting national law is probably the biggest lobbyist/multinational corporate agenda there is.
If you change Puerto Rico laws, which is a U.S. Territory, he'll just relocation to say Panama or some place more favorable.
From the article: "Under the Puerto Rican law, any capital gains accrued after a person moves there would be tax free. Dividend and interest income paid by U.S. companies would still be subject to U.S. federal taxes, though would not be taxed locally. In addition, new residents can benefit from another new law that taxes business income earned in Puerto Rico at 4 percent. That law could potentially apply to hedge fund fees earned by a resident for services rendered for U.S.-based clients."
There's something very wrong here. If a pension fund invests in Paulson's funds, public servants living in California or New York or Indiana or wherever will pay local, state, and federal taxes as appropriate. They cannot relocate to Puerto Rico because of the very nature of their jobs and by law. However, Paulson can enjoy the benefits of their money and a lower taxation rate that those people enriching him cannot through the lower rates on fees he can enjoy in Puerto Rico. How's that for tax fairness?
There must be ways to fix this and to make sure it doesn't happen in the future (at least some government attorneys should be able to figure it out). Certainly if state or local governments are going to do business with people like this, certain requirements could be set up (let the attorneys + unions + watchdogs work it out). E.g., certain % of business has to be conducted within the 50 States, corporate HQ has to be in 50 States, management cannot relocate outside the 50 States during life of contract, company cannot get into new businesses to avoid taxes on management, or whatever other specifics and mechanisms were needed. If there was political will, this wouldn't happen. Details could be worked out by the parties. If he really wants $, then he can follow set rules. If he wants to get cute, then do it, but not with other people's $.
Nice article. In the good days, families and the press would blame the companies if their kids were hardworking and wanted a job but weren't hired quick enough or paid decent wages for summer, part-time, or full-time work. Never mind hiring foreigners on bogus "student visas" over Americans. The sad thing is the wages are basically lower from that time decades ago.
Now all you hear on the corporate owned press is the blaming of applicants themselves. They like to say people that slave away for degrees in every subject imaginable throughout their lives (from calculus to physics to organic chem and engineering and history, nursing, etc., etc.) are all somehow lazy or stupid. The people claiming this never worked summer jobs or dropped out when they actually had to study in college (numerous dropouts that had $ still blame the victims).
They also say it's all a cultural thing because kids getting trophies or something in soccer at a young age or gold stars ruined them?! WTF? Yes, we must beat our kids and give them no praise or positive feedback - corporate drones can't be happy humans or thinking people. That is so idiotic it's not worthy of a response.
Because that somehow means someone who's facing homelessness won't work because of a gold star in drawing 15+ years ago?
Yes, that's it, gold stars and soccer trophies apply to 100% of every American applicant out there, all Americans are ruined by this experience, and it has made them "lazy and stupid." Brilliant, absolute genius presented to us by the rock-bottom of intelligence and integrity. Dropouts that dropped out not because of $ but because they themselves were lazy and now make money for getting fat in TV and radio studios and foreign media owners that inherited the business from their parents are in any position to insult Americans of any age? Nope.
Of course the corporate masters seeking foreign labor and in control of radio stations, TV stations, and newspapers would never be lying to us, it's all our fault, our own culture, and gold stars to blame. Thanks, plutocrats assault us and then we're blamed for it.
In any takeover, it's key that the communications and education be taken over to control the present and future. They have communications. And now witness Murdoch et al. taking over public schools by cutting funding to public schools and pressing more and more for control of public and charter schools (e.g., Klein of NYC working for Murdoch - nice sellout).
J-1 cultural exchange visa program gets some blowback from the foreign guest exchange students. Something like this happened at Hershey Foods too. Why pay 7.25 an hour and be lucky to get a 16 hour shift. These kids will work endlessly and pay you.
http://www.thenation.com/blog/173372/open-letter-mcdonalds-ceo-meet-student-strikers
So check out our cultures kids! We wont pay our kids minimum wage because we can enslave you! We use labor camps all over the world! Did you think the Homeland would be any different?
Despicable. Frankly people need to start writing Congress, the White house outraged by this for they are out to labor arbitrage America and might very well get away with it.
All of those elements you mention need to improve, if there was a skills shortage we would see a bidding war on salaries, we don't.
Initial claims is fairly well correlated to employment statistics from the past. Similar to how GDP is correlated to hiring.
But flat wages really shows there is no worker shortage.
If less people need govt. food assistance (and aren't being forced off assistance), wages go up (at least enough to match inflation for many years), and labor force participation goes way up, then I'll be happy. Right now I'm reading endless ads for jobs that don't pay side-by-side with articles still insisting on skills gap (CNBC and CNN get paid every they mention those words, I think, and to ignore rule that fewer people with skills equals much higher wages for those with requisite skills in a normal world).
And the North Dakota is Nirvana articles are great too in the press. Many people chiming in comments referring to housing costs/issues there, along with the fact many people are not even being considered for jobs after they go out there and with experience. I'm guessing it's like the truck driver shortage, STEM shortage, nurse shortage, etc. and it goes like this - bosses run endless articles talking about job prospects in a field, get everyone applying to the jobs, and wages drop. Watch, visas will be issued for North Dakota because no Americans could be found according to the press.
Hiring, firing and staying at the job happens all of the time. From the JOLTS report, which has a two month lag, we see they are not increasing hiring but the firing, layoffs have really stopped.
So, assuming there will be an increase in hiring after layoffs have stopped is an assumption on initial claims and with offshore outsourcing, use of foreign guest workers, we're seeing more and more "jobless" recoveries.
They like to blame technological advances and dismiss these yet from other indicators,, such as profits parked offshore to the India BPO industry being 6% of GDP, it's fairly obvious it's a major impact.
The initial claims number always posed problems for me vs. the labor participation rate (which seems to be much more important regarding reality, economy). Not because of weekly variance and smoothing and BLS issues, but the whole concept.
Say the recession/Depression Redux is a fire that burns an entire city. Let's call that city The US of Plutocrats and Their Puppets. The fire is started by arsonists that hate fire departments and funding them. Let's call them the Bankster Arson Squad.
First few hours, 600 buildings destroyed per hour. Next few hours, fewer building being destroyed, rate slows down, 450 buildings per hour, less tinder to burn. Finally, a few buildings left, a few fires smoldering in different corners of city, 350 buildings destroyed every hour. Mayor arrives on scene, proclaims things are fantastic because fewer buildings burning. Meanwhile, actual building remaining in city approximately 55% of original. New buildings are constructed, shoddy, lack indoor plumbing, but damn it, good times are here again. Many buildings that still stand require massive efforts just to keep them from collapsing into dust. Mayor claims buildings in city are to blame for fire, decides all buildings will now be built overseas to prevent future fires in his city, fewer buildings will be allowed in his city, and any buildings in his city will have to be imported from overseas because buildings built in the US are poorly constructed ("skills gap" if you will). And the Bankster Arson Squad demands fewer firefighters because they are simply costing too much and have too many regulations and resources that stand in the way of arson, and especially arson-for-hire that Banksters specialize in and are making huge $ from.
So, with approximately 55% of the US of Plutocrats standing among rubble, and "only" 350 buildings being burned vs. 600+ at the height of the fire because there are simply few buildings left to destroy, should we bust out the Dom?
And is that an impeachable offense?
Why Thank you. Takes longer, we'll never be "first", yet by taking the time and graphing out the statistics, so often we discover that the headline buzz has nothing to do with statistical reality.
This report is a Wall Street favorite. They don't seem to give a rats ass about hiring America, just make sure they keep spending. So warped.
As always I love your charts and explanations.
hope you don't mind that i've pilfered some of the graphics here for a post on my blog.
good work - loads of info.
Compare the uncertainty someone feels that honestly doesn't know how they are going to feed their family or themselves day-to-day to the "uncertainty" meme we constantly hear about on TV shows from big corporate CEOs. I think Greeks lighting themselves on fire because they are so poor and desperate probably feel more uncertainty than these politicians and businessmen could ever fathom. Look at Honeywell CEO's salary, it's not up in the air, it is paid out 100%. If he was worried, wouldn't his salary be contingent on some "certainty" he's searching for? To hear him talk about uncertainty is sad, he has no concept of the meaning. People can't pay rent month-to-month, that's uncertainty that's not caused by fiscal cliff talks or EU crises, that was created by outsourcing and free trade.
People who don't know whether they should borrow $100,000 to send their kid to college for 4 years for a chemical engineering degree in 2 years or whether they should tell their kid to forget about college because it's a waste of time and money (or maybe in 4 years it won't be - that's uncertainty). Or someone that is thinking about moving across the country for a job that is a 1/100 shot, but staying in a state with no job growth is hopeless, unless something changes at some point in a year or two or three. And doing that while having a mortgage hanging over their heads. Job applicants sending out 5000 resumes at 50 over the course of 5 years. Should I retrain at my own expense for $50,000 or bank that money and wait until I qualify for Social Security so I don't die? That is the most overused word and meme of the last few years by the big wigs. Getting out of bed has always been uncertain, a war could break out tomorrow, the Sun could not rise, but life goes on despite that now. Is there a World War? Are we being invaded? No, life goes on for everyone but the people that love using these memes endlessly for their own agenda.
There's always an excuse by the CEOs and talking heads. Of course small business owners are different, but then again they don't have the lobbying power of big corp. But how long can big business use the Euro's slow, agonizing death as some excuse? Or who will win this Congressional election or that Presidential election? It's amazing anything ever got accomplished by anyone in history, all this "uncertainty" that occurs in the real world throughout history before the era of CEOs. Didn't see Churchill whining and bitching about "uncertainty." FDR? Truman? And yet we have to find jobs every day that can pay our bills despite all this "uncertainty." Do we sit there and whine on TV or blame some budget in the local state capital or in DC? Oh, sorry, can't pay my car loan - all that uncertainty. Can't pay my rent, sorry, it's the uncertainty. Don't want to look for a job, worried about the Euro's existence and the Yen's effect on my purchasing power..
Nope, it's a meme trotted out. Before 2009 or 2008, how many times did we hear "uncertainty"? It's a recent corporate PR tool/excuse meant to get what they want, if corporate taxes went straight up to 90% for the next 99 years and outsourcing was banned for 99 years, they'd be certain of the next 99 years, but they'd still blame all that "uncertainty" because they didn't like the policies. Big CEOs of big corp. like to claim they are the Masters of the Universe. Great, so make decisions like everyone else has to do, earn the $10 million, stop claiming some nonsensical fear and paralysis while being certain to fire people and collect paychecks.
Did you see Ryan's budget? This complete mathematical nonsense is head of the budget committee and ran for GOP VP. The absolute, pure, nonsensical, "F grade" economics, upside down financial insanity coming from Congress makes our lobbyist driven President look common sense by comparison.
I don't see how businesses operate with such insanity going on. That's not to say they are not getting away with murder, but every two weeks having Congress, in particular the GOP threaten to destroy the U.S. economy with their madness is assuredly harming economic activity generally.
Not the same thing as passing corporate/lobbyist agendas through Congress that I've referring to. Those of course will also seriously harm the economy.
Don't try to figure it out, professional liars paid to say what they are told. That labor arbitrage/Fox "News" guest Honeywell CEO just said job creation ain't happening in the US, yes, because of "uncertainty" and "headwinds." Damn, who could have guessed it, as predicted repeatedly, it's that uncertainty. Election 2008, 2010, 2012, 2016, Obamacare, where the Olympics will be held 100 years from now, war in Syria, or Libya, or Mali, damn it, it's freaky the way uncertainty seems to be present in the world since it was formed billions of years ago and yet entire empires were created and fell and rose again in the face of such headwinds and uncertainty! But this CEO and others are simply facing tougher times, I'm sure of it, than any other time in recorded history - just ask them, ignore their salaries (that never go down, no matter the bullsh*t headwinds) and profits. It's a miracle he doesn't piss his pants every day waking up to go to his chauffeur-driven car to his private jet to fly to his private retreat far away from us.
So he's not hiring Americans because of that (yeah, right). But like you said, the MSM also carries this lie - jobs are here again. Manpower, that joke of a company that always claims "skills gaps" and says American workers can't be found that can tie their shoes and breathe by themselves, just claimed yet again hiring is up and it needs to find qualified workers somewhere (namely overseas). Of course any American sending a great resume to that company can expect radio silence - you are not wanted. Don't try to reconcile the two - they are lies and incompatible.
Here's all you need to know, Americans below the boardrooms won't be hired for any living wage jobs. CEOs are certain (in spite of uncertainty) to grab every dime they can from corporate coffers, ensure they and their friends make millions more while possibly destroying their companies (if that makes quarterly profits go up, okay, otherwise corporations are just piggybanks for boardrooms) and country (they ain't "American" companies, after all), and foreigners will be hired overseas or brought in because of, you know, the skills gap the media also parrots.
They lie, it's what they do, don't waste any time or energy reconciling lies - it's pointless. They are even more vehement in their lies when they are paid to parrot them and not think too much. Truth? Yeah, don't look to the media or corporate spin for any of that. One minute the TV parrot will claim jobs are here but Americans are too lazy and stupid to fill them (F THAT) and the next the very same asshat will claim there are no jobs because of this or that politician. Huh? Now that's some logic worthy of $10 million/year and an anchor's contract.
Folks, I do not know what is going on with the mainstream financial press, but they are simply dead wrong on their claims the jobs market is rebounding and hiring is up and so on. It is little change as the BLS themselves state in their report text and one can see it by graphing all of the metrics (and why we do so much graphing).
It is like the financial press has gone into fairy tale land lately. There is no great job recovery going on here. At this point one has to wonder why the hype? To boost the DOW, to justify flooding the U.S. labor market with more foreign workers when we have unofficially about 23 million people needing a good job?
It's criminal.
Lesson #1 for our fed friends: deterrence doesn't work if the fines are miniscule compared to the profits made and no one knows any criminal activity was punished. I think a five-year old knows that. Then again, they really don't care about deterrence, just doing barely enough to not make waves before they join the banking industry themselves.
The FDIC and every other agency are so afraid of taking anything to trial (obviously it will piss off their future employers). US Attorneys probably settle 95% of their cases, never go to trial, and that's with all the advantages they have (e.g., FBI manpower, selecting the strongest state cases they want to steal so the feds can plea bargain them, etc.). Even on massive crimes, they settle everything and go for minimum sentences to wrap it up.
The fines are ridiculous! FDIC fines in the single millions on those cases?! And they weren't even going after the big banksters like JP Morgan et al. (the true untouchables).
Any questions or doubts about who owns our government? Does anyone really doubt it at this stage? Republic in name only, absolutely 100%, in name only. Lobbying returns are huge, for a few million, these people bought an entire government and country. The best whores $ could buy at their service. And when it collapses yet again, perhaps this time American citizens will have their own response for both the government and banksters because we have nothing left to offer, we're bled dry. We have no $ left.
The LA Times is reporting a major bombshell. The FDIC kept secret a host of settlements for various fraud committed by banks.
This seems to be original investigation by the LA Times, so check it out.
They can move their money all day, every day, and if individuals want to invest with Paulson and his ilk after seeing who they are, their returns (or lack thereof), management fees, lack of allegiance, etc., that's fine. But there's no reason whatsoever that governments at the national, state, or county level should do business with them. Treat them like pariahs. These people fight for lower taxes, shifting the burden on to loyal Americans, they bemoan public servants and their salaries, but do everything to take public servants' salaries in pensions. They rail against taxes, but enjoy the benefits of taxes themselves like the Departments of State and Defense and Commerce protecting their asses globally and helping them do business. They want to be above the law, fine, they don't get to enjoy the protection of the law.
Paulson will be in Puerto Rico until he gets a better deal from somewhere with no connection to the US like Ukraine, or Russia, or the Caymans, or Monaco, etc. Fine, go there. But he cannot enjoy protection of the US-taxpayer and cannot enjoy taxpayers paying into his funds via pensions. And if someone wants to take his passport to make it official, do it already. So when he gets into a tax dispute or has a megayacht boarded in Somalia and has a passport from North Korea in a few years, the North Korean government can step in, not us, not our $, not our military, not anymore. If Russia offers him a sweet deal, by all means, he should take it. But when that sweet deal turns out to be not-so-nice, he can enjoy himself in Russia's prisons. He thought the big tax man in the US was scary? Ha ha ha, best of luck in a Russian prison!
TPP - look at Japan. Farmers over there aren't too keen on that deal. For some reason lots of folks just don't see the benefits of these overarching trade deals. Seems people with a clue, here, Japan, Korea, South America all realize it's a glorified race to the bottom, and the only people who eventually prosper are the globalists at the top and the people at the very bottom. Everyone else gets flushed down.
They are subverting any financial regulation through trade agreements. TPP is chock full avoiding regulations and tax havens, as was the Panama trade treaty. Beyond offshore outsourcing jobs and real production, which we typically associate with these trade agreements, moving capital around the globe, subverting national law is probably the biggest lobbyist/multinational corporate agenda there is.
If you change Puerto Rico laws, which is a U.S. Territory, he'll just relocation to say Panama or some place more favorable.
From the article: "Under the Puerto Rican law, any capital gains accrued after a person moves there would be tax free. Dividend and interest income paid by U.S. companies would still be subject to U.S. federal taxes, though would not be taxed locally. In addition, new residents can benefit from another new law that taxes business income earned in Puerto Rico at 4 percent. That law could potentially apply to hedge fund fees earned by a resident for services rendered for U.S.-based clients."
There's something very wrong here. If a pension fund invests in Paulson's funds, public servants living in California or New York or Indiana or wherever will pay local, state, and federal taxes as appropriate. They cannot relocate to Puerto Rico because of the very nature of their jobs and by law. However, Paulson can enjoy the benefits of their money and a lower taxation rate that those people enriching him cannot through the lower rates on fees he can enjoy in Puerto Rico. How's that for tax fairness?
There must be ways to fix this and to make sure it doesn't happen in the future (at least some government attorneys should be able to figure it out). Certainly if state or local governments are going to do business with people like this, certain requirements could be set up (let the attorneys + unions + watchdogs work it out). E.g., certain % of business has to be conducted within the 50 States, corporate HQ has to be in 50 States, management cannot relocate outside the 50 States during life of contract, company cannot get into new businesses to avoid taxes on management, or whatever other specifics and mechanisms were needed. If there was political will, this wouldn't happen. Details could be worked out by the parties. If he really wants $, then he can follow set rules. If he wants to get cute, then do it, but not with other people's $.
Pages