The double standards and hypocrisy are legion. Let me recount a few for the audience (preaching to the choir, I know).
1) A student hacks into Palin's phone or voice mail system - indicted and convicted so quickly it would make your head spin (not defending Palin here, just the hacking arrest and conviction). Same thing would happen if any 99%er hacked into another voice mail.
compare: Murdoch runs organizations/newspapers that hack into thousands of voice mails and other protected communications, including a voicemail message that adversely affected a young British girl's murder investigation years ago. People were on the payroll and did this. Outcome - he shuts down a paper, remains friends with the woman directly involved, Murdoch and son answer a few questions in a few committees, but no arrests for him or family or many others years after the fact. Murdoch also, with a straightface, says his son was hired because he was most qualified of all applicants, no nepotism involved - of course, of course.
2) 7-11 clerk or liquor store employee dips hand in till, steals $ that doesn't belong to him. Manager or corporate management finds out, as soon as known, employee is arrested by local PD, depending on amount, faces misdemeanor or felony with probation up to state prison. Never gets hired again anywhere.
Compare: Corzine in charge of loss of $1.2 billion dollars raided from client funds that dozens of people were supposed to protect. Outcome, nothing but more hearings and Corzine remains best buds with everyone, no repercussions. We all look forward to Corzine being head of another investment group: F U Global
3) Forgery on a check by 99%er. Caught by teller, 99%er faces probation, or jail, or prison. If taken federally, federal time.
Compare:
Robosigning forged names in the tens of thousands, no one accountable. Banks and CEOs (who are responsible when it's payday time and bonus time and CNBS facetime) still rolling in the dough and get their AGs puppets to continue to kiss their rears.
4) 99%er tries to pay $ or give a gift to get a permit quicker or gives small $ to a cop for a ticket. Busted for bribe.
Murdoch's organizations involved in directly bribing and hiring cops in his employ after they retire on a national level. Despite being probable FCPA violations because of HQ being in US and Scotland Yard bribery, free pass and no word from DOJ on FCPA. Case just way too hard for feds, case goes "cold" despite fact paper trail could pave a way across water from Cornwall, England to NYC.
5) 99%er cannot get hired despite MA, or PhD, 10 references, drug test, fingerprint test, accepting 50% paycut, etc. Cannot get hired because he's unemployed, or overqualified, etc. HR doesn't like his/her attitude, too much experience, etc.
Compare: CEO applicant gets hired despite completely lying. HR and everyone else in corporation apparently clueless, but very good at making sure the qualified 99%er desperate for work will have to become homeless and maybe, if they're lucky, get welfare. But don't dare question the corporations hiring structures, payout to board and CEOs, and claims of "meritocracy."
And on . . . and on . . . and on.
And many among the 99%er know the law and know what it's capable of doing when used properly. And yet you won't see US Attorneys or anyone else who has some of the easier laws to enforce and all the powers under the USC use them. Why not? Becaue it will interfere with them working for the same criminals (sorry, corporations) in-house or defending them in a big law firm. Just look at the SDNY and other places. They have press releases on busting the mob (really? still? despite the need to bust banksterism?) or a "big bust" of some guy who didn't pay $50,000 in taxes or was busted with a gun and crack cocaine in a trunk. Easy pickings for state law enforcement and they don't mention it because it's so easy for locals to do. Locals do far more than the feds ever will and yet the feds act like they do something. Nope, they are only crushing the little guy while protecting the big fish. 99%ers, only the 99%ers salute you, the 1% are working hard to crush us.
To see just how much corporations are hording cash see our overview on the latest flow of funds report. We tally it up for you.
It's true, corporations are not putting investment, hires into the real, or production economy. It's a lot of tax games, finance, derivatives, commodities trading and so forth.
I think the outing of Yahoo CEO for writing a fictional resume is a long time coming. It would be nice if fictional resumes were more exposed generally. Truth is startups and "executive" positions are part of an oligarchy, not by meritocracy. To me, it's rare that a startup is funded purely because they have a killer design and business model.
I think you're right on Germany. I saw people in Greece reacting, and those Nazi/WWII wounds are still remembered. I'm reading Greece voted in some strange coalition which includes neo-nazis but I don't know the details, the press spins!
Summing it up as a strong reaction to the never ending ruling 1% over everyone else is a safe assumption. If only the rest of the world was like Iceland and the government actually listened to people.
I just wrote up a couple of studies amplifying how corporations are playing derivatives, hording cash, not adding to the real, production economy and busy labor arbitraging as usual modus operendi.
We've been using these codes for so long that we've forgotten about them and the corporations don't realize that they are vulnerable for their failure on the topic of Corporate Social Responsibility CSR.
The identification code is the UPC and EAN. These are the point of sale codes and smartphones can now read them and download product characteristics (generally cheapest price) about the product from the Internet.
If you provided an application, that connects with a database that provided information about CSR to the consumer in addition to price, the consumer could decide at the point of sale if they want to support such a corporation (and or) the parent corporation.
The Database would be populated by selected activist groups who would do the research on the corporation, subsidies and their products.
It wouldn't take long for the consumer to have a shopping list of containing products from non-objectionable corporations.
Such an application would also surely have an affect corporate stock market valuation.
That's just purely false, as I amplify routinely. China just exceeded India as being the #1 offshore outsourcing destination.
That said, India by far is the worse offender in manipulating the U.S. immigration system. It is well documented, by the number of by nation statistics, India uses foreign guest worker Visas to take jobs from Americans and that is very, very wrong.
We all know the BEA counts work performed by foreign guest workers as domestic output, incorrectly. Additionally, the BLS counts foreign guest workers as U.S. workforce, employed, which is clearly wrong and skews, strongly, occupational categories which have been targeted by India's BPO industry. And yes, the Philippines has targeted health sector American jobs along with teaching jobs, also following the manipulation of the U.S. immigration system and abuse of foreign guest worker Visas.
Services maybe a small part of U.S. trade by comparison to the flood of Chinese imports, but in terms of U.S. labor, careers, stability, opportunity, they are multipliers in many cases of economic growth and India clearly is in the business of labor arbitrage. It's no small wonder how India's BPO industry is about 12% of their GDP and that's American jobs, stolen, as simple as that.
Yes, we're accurate and we're also extremely accurate when it comes to labor arbitrage.
If you want India to be strong economically, may I suggest coming up with your own products/goods, complete chains instead of relying on a labor arbitrage business model such as BPO and Indian owned bodyshops are doing in this country. It's obscene and even worse, in this country, outright discriminatory to have bodyshops loaded with nothing but Indian nationals, not a local U.S. worker in sight. You sure as hell don't see other large FCDCs operating like that in the United States, from Toyota to Honda to UBS to France Telecom, none import, by nationality, their workforce into the U.S. when doing business in the U.S. to the exclusion of U.S. workers.
You're even manipulating the statistics above to pimp for India. Somehow I don't think mangoes equates to offshore outsourcing and more importantly the massive, hidden deficits due to the refusal of U.S. statistical agencies to separate workers and services supplied by immigration status in this country.
Anyway, you're clearly just pimping for India and this site is very interested in the U.S. economy and the U.S. worker. We're not interested in promoting another nation's economic strategy, especially when that strategy comes at the expense of the American work force.
Robert, I have followed your postings here and at other blogs over several years. I generally find that you are almost always analytically sound and well-reasoned, with one glaring exception being the case of the consistently negative way in which you inject India into your commentary and in other things such as the current poll on your website. I hope that you will allow me to post responses in that and other regards on your site, and engage me in a debate should you disagree with what I post.
'May I suggest that small businesses are not international, they are not signing offshore outsourcing contracts and moving jobs to India and China'
In my view, we need to start moving away from that meme as it pertains to India, as ample data on trade (BLS, census.gov and others) clearly shows that India and the US are actually engaged in small and reasonably balanced trade in goods as well as services, with the latter covering offshore outsourcing contracts, etc. We have a real problem with China, with annual trade deficits in the $300 billion range, and thus the focus should be firmly kept on that front until those deficits are brought down (if at all that ever happens) substantially.
Besides, India is no longer the dominant global player that it was in IT/BPO and related service sectors. The Philippines, which is a tenth of India's population, has apparently taken the global lead as the destination of outsourced and call center services (or is close to doing so.) A number of other countries, such as other, smaller Asian countries, as well as those in Eurasia, South America, and other players are increasing their presence in that area, and therefore it is decidedly unfair to single out and scapegoat India for blame. To some degree, poor countries such as India and others getting a small piece of the global marketplace pie and striving to make their dirt poor masses less poor is a good thing as extends progress and economic justice to those countries that have been either left behind by development or turned destitute through European colonization (the latter being the case for India); progressively oriented activists and bloggers should keep this important thought in mind in the context of debating globalization context, IMO.
Thanks.
Gautam
There are some who try to correlate when the ADP and BLS private payrolls match by month. We just did a quick eyeball and there doesn't really appear to be a pattern, at least not for April. We do know it's rare for the two reports to match, although differences over 100k jobs are rarer. This makes sense considering the reports' margins of error.
Look, this site, zerohedge, and every other site out there is critical. I hope Jefferson's educated populace is out there in strong enough numbers. But even now we see the attack against critical thinking and liberal arts 24/7. They want drones and consumers - anything else is a threat to their regime. Jefferson, Paine, and all the rest, those same folks the little talking heads praise (but never read or fail to understand), valued liberal arts (e.g., math, politics, history, art, languages, science, and everything else) and critical thinkers to ensure democracy. That's why the puppet masters and their puppets in DC and state capitals and the Chamber, WTO, and elsewhere hate real thinking and education. Questions and thinking are uncomfortable. And when caught in their lies, they will attack, and when that fails, they will ignore the legitimate criticisms or merely respond, "Oh well, it's not that important, besides, wealth equates to importance and you ain't rich" and hope we forget.
The system is owned by the money. D & R are owned, their message is brought to you by boardrooms that could just as easily move to Beijing or New Delhi. Of course they praise other nations and their "work ethic" (brought to you by Foxconn), but would be deathly afraid of facing the crowds or unfriendly courts and legal systems in those nations. So we have a Vichy govt. that serves them while they betray their own citizens' livelihoods. The Gilded Age was actually better for us because nowadays we have these folks demanding that adults work as INTERNS for FREE in their 30s, 40s, 50s, and 60s. Even Carnegie and Rockefeller never demanded that. But if we don't comply, we are lazy shirkers while they suck at the taxpayer teet and pull their puppets' strings in DC and state capitals. We have been sold out and only for the price of constant campaign funds and power and riches for them when they leave office (ain't public service grand - it attracts those who want to enrich their friends and family, punish their enemies, and ensures riches after leaving office - Truman these folks are not). Our Nation and its government are sick perversions of the Founding Fathers' vision.
Keep up the hard work because the people that know the truth and appreciate the battle are out here in droves ranting at CNN, FoxNews, the media, DC, and the whole corrupt zoo.
As one man once said, "They lie. They lie, and we have to be merciful, for those who lie. Those nabobs. I hate them. I do hate them."
One might be wondering why we're not covering the May Day protests. Unfortunately the illegal immigrant, no person is illegal, any border hopper of course should be granted instant citizenship, unlimited global migration is a right and so on special interests have taken over the protests and mixed the agenda and message.
We're sorry folks, but labor economics is labor economics and this "no national borders" agenda is pure economic insanity in terms of U.S. labor supply. Not exactly helping the U.S. labor force and middle class, in spite of the never ending spin, even some Academics get into the game, trying to claim up is down due to their philosophy.
Anyway, that's a real shame to have this happen, to have the illegal immigrant lobby, which includes the U.S. Chamber of Commerce and that infamous power and money group, La Raza, take over OWS, but there ya have it!
Corelogic also covers foreclosures, which showed the same rate, 7% from last month.
The five states with the largest number of completed foreclosures for the 12 months ending in March 2012 were: California (150,000), Florida (92,000), Michigan (62,000), Arizona (58,000) and Texas (57,000). These five states account for 49.1 percent of all completed foreclosures nationally.
The percent of homeowners nationally who were more than 90 days late on their mortgage payments, including homes in foreclosure and REO, was 7.0 percent for March 2012 compared to 7.5 percent for March 2011, and 7.0 percent in February 2012.
The five states with the highest foreclosure rates were: Florida (12.1 percent), New Jersey (6.6 percent), Illinois (5.4 percent), Nevada (4.9 percent) and New York (4.9 percent).
The five states with the lowest foreclosure rates were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.1 percent) and South Dakota (1.4 percent).
Of the top 100 markets, measured by Core Based Statistical Areas (CBSAs) population, 35 are showing an increase in the year-over-year foreclosure rate in March 2012, two more than in February 2012 when 33 of the top CBSAs were showing an increase in the year-over-year foreclosure rate.
Hilarious Washington Post call out on their corporate lobbyist written claims of a "skilled worker shortage". A classic, Business Insider, not exactly "Mr. Union", nailed it.
Truly amazing but one cannot find an embeddable clip, separate of the WoofPac video, which is the best of the lot from the correspondents dinner. I managed to get it via Cspan, embedded above. It's hilarious! If only team Obama wasn't so damn corrupted and doing the will of the people instead of corporate lobbyists. His entire routine is also listed, just go to the time marker mentioned in the above post. One of the best ones is how the Huffington Post is the best linker to hard hitting Journalism out there. No kidding $356 million buy out for HuffPo on linking and using free content from bloggers. Unbelievable.
The idea of drugging old people with torturous drugs is something I've personally know about for 20 years. Finally it is exposed by the Boston Globe. If you are aging or your parents, well, anyone who expects to make it to old age, you need to read this story. It's a crime. If old people were beaten daily with rubber hoses, people would go to jail, yet do it with a pill, it takes this long to even get an investigative article.
True and I might add that American high-tech workers were never very united. Rather, the work place is referred to as "the pit" because of the backstabbers, brown nosers, sadistic bosses and coworkers, etc.
In other words there was never any unity. It is a obama-eat-dog workplace.
There is no strong voice of unity because everyone only cares about themselves. Even though there are so many suffering from this it is the polarized political climate that divides the unified voice. This polarization is is carefully maintained and seems to work quite well. The humiliation of destitution...it is better to end it quickly than to suffer a slow miserable death on the brutal streets of America.
Saturday reads often has reports, details that I wanted to write a full bore post around but couldn't get to it in a timely fashion.
After this collection was published, I found some great, additional articles on corporations, sectors displacing, refusing to hire or train U.S. workers, (what a surprise), but the good news is this topic has gone mainstream, and rightly so. Even better news is groups of all political flavors are realizing labor arbitrage, displacing U.S. workers is really bad news, not only for U.S. labor but for the economy as a whole. Getting played by the Democrats seemingly against offshore outsourcing, while wanting insourcing, while Republicans don't want insourcing but love offshore outsourcing is a classic corporate lobbyist divide and conquer technique to divide the Populist.
Well, I can consider better titles. Just habit to start with the official numbers and go from there. But if someone is just reading titles, not good, that said, we have major press people who cannot understand the BLS report and publish garbage every month "reporting" on it.
But I can try to jazz up the titles on these overviews anyway to more reflect whatever meat on the missing I dig out from the report. Starting next Friday I'll look to write a meat content, catchy title instead of the official main stats.
Price deflators and price indexes are controversial, questioned. I've only gone through the NIPA handbook for some definitions, but real means those price deflators have been applied. If you can get enough details on why shadowstats says that, i.e. which price deflator and why. Myself, I can't just say "shadowstats says" without seeing the assumptions and specifics. The GDP report uses CPI, a price deflator for PCE over all, and individual price indexes for different GDP components.
I don't see how any of them could give negative GDP growth but I sure can see how they could be skewed on real GDP. Trade is one of the worst and I haven't been able to directly apply the indices to get real GDP components from the monthly trade reports.
One thing that maybe I should amplify more, 2% GDP growth means "treading water", it takes about 2% quarterly growth just to maintain, so that is somewhat illusionary.
I'm thinking of writing something up about price indexes. They are confusing as hell, where they originate, what kind of inputs go into them and it's a real dig into the obscurity of the BEA to even figure that point out.
Shadowstats loves to point out inflationary metrics are way too low, use substitute when it's not really valid and so on, so he's probably going off of that, but nominal GDP when positive, is divided by these price indexes to get to real values.
The crux of my point is, why print a headline that
says ..."8.2%-" YOU know that most drones out there
will not bother to read past the first paragraph.
They will see that 8.2% and spread the lies even further.
That is irresponsible.
Yes, I read the entire article, I just don't get why you would pander further to the deception, unwillingly as it appears. All you're doing in my opinion, is confusing the average person and adding to the misinformation.
Do you really think that the average reality-tv watching dope is going to read and decipher your article? Come on.
No matter how in-depth your research and analysis may be, you are creating fodder, whether you realize it or not.
Sure, a contingent of readers who are regulars here will get what you are saying, but in the broader picture, it is a dis-service to lead with a headline like that.
I guess these stats do not take into account the effect of inflation. According to articles that reference Shadow Stats, if inflation is accounted for US economic growth is not only slowing, it’s going backwards at a rate of negative 2.2% with all the attendant consequences of a contracting economy and incomes.
If you tell people lies long enough they will believe them until they are rudely confronted with reality. The question is when will that reality dawn on the majority of the population.
The double standards and hypocrisy are legion. Let me recount a few for the audience (preaching to the choir, I know).
1) A student hacks into Palin's phone or voice mail system - indicted and convicted so quickly it would make your head spin (not defending Palin here, just the hacking arrest and conviction). Same thing would happen if any 99%er hacked into another voice mail.
compare: Murdoch runs organizations/newspapers that hack into thousands of voice mails and other protected communications, including a voicemail message that adversely affected a young British girl's murder investigation years ago. People were on the payroll and did this. Outcome - he shuts down a paper, remains friends with the woman directly involved, Murdoch and son answer a few questions in a few committees, but no arrests for him or family or many others years after the fact. Murdoch also, with a straightface, says his son was hired because he was most qualified of all applicants, no nepotism involved - of course, of course.
2) 7-11 clerk or liquor store employee dips hand in till, steals $ that doesn't belong to him. Manager or corporate management finds out, as soon as known, employee is arrested by local PD, depending on amount, faces misdemeanor or felony with probation up to state prison. Never gets hired again anywhere.
Compare: Corzine in charge of loss of $1.2 billion dollars raided from client funds that dozens of people were supposed to protect. Outcome, nothing but more hearings and Corzine remains best buds with everyone, no repercussions. We all look forward to Corzine being head of another investment group: F U Global
3) Forgery on a check by 99%er. Caught by teller, 99%er faces probation, or jail, or prison. If taken federally, federal time.
Compare:
Robosigning forged names in the tens of thousands, no one accountable. Banks and CEOs (who are responsible when it's payday time and bonus time and CNBS facetime) still rolling in the dough and get their AGs puppets to continue to kiss their rears.
4) 99%er tries to pay $ or give a gift to get a permit quicker or gives small $ to a cop for a ticket. Busted for bribe.
Murdoch's organizations involved in directly bribing and hiring cops in his employ after they retire on a national level. Despite being probable FCPA violations because of HQ being in US and Scotland Yard bribery, free pass and no word from DOJ on FCPA. Case just way too hard for feds, case goes "cold" despite fact paper trail could pave a way across water from Cornwall, England to NYC.
5) 99%er cannot get hired despite MA, or PhD, 10 references, drug test, fingerprint test, accepting 50% paycut, etc. Cannot get hired because he's unemployed, or overqualified, etc. HR doesn't like his/her attitude, too much experience, etc.
Compare: CEO applicant gets hired despite completely lying. HR and everyone else in corporation apparently clueless, but very good at making sure the qualified 99%er desperate for work will have to become homeless and maybe, if they're lucky, get welfare. But don't dare question the corporations hiring structures, payout to board and CEOs, and claims of "meritocracy."
And on . . . and on . . . and on.
And many among the 99%er know the law and know what it's capable of doing when used properly. And yet you won't see US Attorneys or anyone else who has some of the easier laws to enforce and all the powers under the USC use them. Why not? Becaue it will interfere with them working for the same criminals (sorry, corporations) in-house or defending them in a big law firm. Just look at the SDNY and other places. They have press releases on busting the mob (really? still? despite the need to bust banksterism?) or a "big bust" of some guy who didn't pay $50,000 in taxes or was busted with a gun and crack cocaine in a trunk. Easy pickings for state law enforcement and they don't mention it because it's so easy for locals to do. Locals do far more than the feds ever will and yet the feds act like they do something. Nope, they are only crushing the little guy while protecting the big fish. 99%ers, only the 99%ers salute you, the 1% are working hard to crush us.
To see just how much corporations are hording cash see our overview on the latest flow of funds report. We tally it up for you.
It's true, corporations are not putting investment, hires into the real, or production economy. It's a lot of tax games, finance, derivatives, commodities trading and so forth.
I think the outing of Yahoo CEO for writing a fictional resume is a long time coming. It would be nice if fictional resumes were more exposed generally. Truth is startups and "executive" positions are part of an oligarchy, not by meritocracy. To me, it's rare that a startup is funded purely because they have a killer design and business model.
I think you're right on Germany. I saw people in Greece reacting, and those Nazi/WWII wounds are still remembered. I'm reading Greece voted in some strange coalition which includes neo-nazis but I don't know the details, the press spins!
Summing it up as a strong reaction to the never ending ruling 1% over everyone else is a safe assumption. If only the rest of the world was like Iceland and the government actually listened to people.
I just wrote up a couple of studies amplifying how corporations are playing derivatives, hording cash, not adding to the real, production economy and busy labor arbitraging as usual modus operendi.
The identification code already exists!
We've been using these codes for so long that we've forgotten about them and the corporations don't realize that they are vulnerable for their failure on the topic of Corporate Social Responsibility CSR.
The identification code is the UPC and EAN. These are the point of sale codes and smartphones can now read them and download product characteristics (generally cheapest price) about the product from the Internet.
If you provided an application, that connects with a database that provided information about CSR to the consumer in addition to price, the consumer could decide at the point of sale if they want to support such a corporation (and or) the parent corporation.
The Database would be populated by selected activist groups who would do the research on the corporation, subsidies and their products.
It wouldn't take long for the consumer to have a shopping list of containing products from non-objectionable corporations.
Such an application would also surely have an affect corporate stock market valuation.
We break up overviewing the monthly employment statistics due to the report's complexity and importance.
In this post is an alternative unemployment rate, calculated by us, plus duration, part-time workers.
That's just purely false, as I amplify routinely. China just exceeded India as being the #1 offshore outsourcing destination.
That said, India by far is the worse offender in manipulating the U.S. immigration system. It is well documented, by the number of by nation statistics, India uses foreign guest worker Visas to take jobs from Americans and that is very, very wrong.
We all know the BEA counts work performed by foreign guest workers as domestic output, incorrectly. Additionally, the BLS counts foreign guest workers as U.S. workforce, employed, which is clearly wrong and skews, strongly, occupational categories which have been targeted by India's BPO industry. And yes, the Philippines has targeted health sector American jobs along with teaching jobs, also following the manipulation of the U.S. immigration system and abuse of foreign guest worker Visas.
Services maybe a small part of U.S. trade by comparison to the flood of Chinese imports, but in terms of U.S. labor, careers, stability, opportunity, they are multipliers in many cases of economic growth and India clearly is in the business of labor arbitrage. It's no small wonder how India's BPO industry is about 12% of their GDP and that's American jobs, stolen, as simple as that.
Yes, we're accurate and we're also extremely accurate when it comes to labor arbitrage.
If you want India to be strong economically, may I suggest coming up with your own products/goods, complete chains instead of relying on a labor arbitrage business model such as BPO and Indian owned bodyshops are doing in this country. It's obscene and even worse, in this country, outright discriminatory to have bodyshops loaded with nothing but Indian nationals, not a local U.S. worker in sight. You sure as hell don't see other large FCDCs operating like that in the United States, from Toyota to Honda to UBS to France Telecom, none import, by nationality, their workforce into the U.S. when doing business in the U.S. to the exclusion of U.S. workers.
You're even manipulating the statistics above to pimp for India. Somehow I don't think mangoes equates to offshore outsourcing and more importantly the massive, hidden deficits due to the refusal of U.S. statistical agencies to separate workers and services supplied by immigration status in this country.
Anyway, you're clearly just pimping for India and this site is very interested in the U.S. economy and the U.S. worker. We're not interested in promoting another nation's economic strategy, especially when that strategy comes at the expense of the American work force.
Robert, I have followed your postings here and at other blogs over several years. I generally find that you are almost always analytically sound and well-reasoned, with one glaring exception being the case of the consistently negative way in which you inject India into your commentary and in other things such as the current poll on your website. I hope that you will allow me to post responses in that and other regards on your site, and engage me in a debate should you disagree with what I post.
'May I suggest that small businesses are not international, they are not signing offshore outsourcing contracts and moving jobs to India and China'
In my view, we need to start moving away from that meme as it pertains to India, as ample data on trade (BLS, census.gov and others) clearly shows that India and the US are actually engaged in small and reasonably balanced trade in goods as well as services, with the latter covering offshore outsourcing contracts, etc. We have a real problem with China, with annual trade deficits in the $300 billion range, and thus the focus should be firmly kept on that front until those deficits are brought down (if at all that ever happens) substantially.
Besides, India is no longer the dominant global player that it was in IT/BPO and related service sectors. The Philippines, which is a tenth of India's population, has apparently taken the global lead as the destination of outsourced and call center services (or is close to doing so.) A number of other countries, such as other, smaller Asian countries, as well as those in Eurasia, South America, and other players are increasing their presence in that area, and therefore it is decidedly unfair to single out and scapegoat India for blame. To some degree, poor countries such as India and others getting a small piece of the global marketplace pie and striving to make their dirt poor masses less poor is a good thing as extends progress and economic justice to those countries that have been either left behind by development or turned destitute through European colonization (the latter being the case for India); progressively oriented activists and bloggers should keep this important thought in mind in the context of debating globalization context, IMO.
Thanks.
Gautam
There are some who try to correlate when the ADP and BLS private payrolls match by month. We just did a quick eyeball and there doesn't really appear to be a pattern, at least not for April. We do know it's rare for the two reports to match, although differences over 100k jobs are rarer. This makes sense considering the reports' margins of error.
Look, this site, zerohedge, and every other site out there is critical. I hope Jefferson's educated populace is out there in strong enough numbers. But even now we see the attack against critical thinking and liberal arts 24/7. They want drones and consumers - anything else is a threat to their regime. Jefferson, Paine, and all the rest, those same folks the little talking heads praise (but never read or fail to understand), valued liberal arts (e.g., math, politics, history, art, languages, science, and everything else) and critical thinkers to ensure democracy. That's why the puppet masters and their puppets in DC and state capitals and the Chamber, WTO, and elsewhere hate real thinking and education. Questions and thinking are uncomfortable. And when caught in their lies, they will attack, and when that fails, they will ignore the legitimate criticisms or merely respond, "Oh well, it's not that important, besides, wealth equates to importance and you ain't rich" and hope we forget.
The system is owned by the money. D & R are owned, their message is brought to you by boardrooms that could just as easily move to Beijing or New Delhi. Of course they praise other nations and their "work ethic" (brought to you by Foxconn), but would be deathly afraid of facing the crowds or unfriendly courts and legal systems in those nations. So we have a Vichy govt. that serves them while they betray their own citizens' livelihoods. The Gilded Age was actually better for us because nowadays we have these folks demanding that adults work as INTERNS for FREE in their 30s, 40s, 50s, and 60s. Even Carnegie and Rockefeller never demanded that. But if we don't comply, we are lazy shirkers while they suck at the taxpayer teet and pull their puppets' strings in DC and state capitals. We have been sold out and only for the price of constant campaign funds and power and riches for them when they leave office (ain't public service grand - it attracts those who want to enrich their friends and family, punish their enemies, and ensures riches after leaving office - Truman these folks are not). Our Nation and its government are sick perversions of the Founding Fathers' vision.
Keep up the hard work because the people that know the truth and appreciate the battle are out here in droves ranting at CNN, FoxNews, the media, DC, and the whole corrupt zoo.
As one man once said, "They lie. They lie, and we have to be merciful, for those who lie. Those nabobs. I hate them. I do hate them."
One might be wondering why we're not covering the May Day protests. Unfortunately the illegal immigrant, no person is illegal, any border hopper of course should be granted instant citizenship, unlimited global migration is a right and so on special interests have taken over the protests and mixed the agenda and message.
We're sorry folks, but labor economics is labor economics and this "no national borders" agenda is pure economic insanity in terms of U.S. labor supply. Not exactly helping the U.S. labor force and middle class, in spite of the never ending spin, even some Academics get into the game, trying to claim up is down due to their philosophy.
Anyway, that's a real shame to have this happen, to have the illegal immigrant lobby, which includes the U.S. Chamber of Commerce and that infamous power and money group, La Raza, take over OWS, but there ya have it!
Corelogic also covers foreclosures, which showed the same rate, 7% from last month.
Hilarious Washington Post call out on their corporate lobbyist written claims of a "skilled worker shortage". A classic, Business Insider, not exactly "Mr. Union", nailed it.
Truly amazing but one cannot find an embeddable clip, separate of the WoofPac video, which is the best of the lot from the correspondents dinner. I managed to get it via Cspan, embedded above. It's hilarious! If only team Obama wasn't so damn corrupted and doing the will of the people instead of corporate lobbyists. His entire routine is also listed, just go to the time marker mentioned in the above post. One of the best ones is how the Huffington Post is the best linker to hard hitting Journalism out there. No kidding $356 million buy out for HuffPo on linking and using free content from bloggers. Unbelievable.
The idea of drugging old people with torturous drugs is something I've personally know about for 20 years. Finally it is exposed by the Boston Globe. If you are aging or your parents, well, anyone who expects to make it to old age, you need to read this story. It's a crime. If old people were beaten daily with rubber hoses, people would go to jail, yet do it with a pill, it takes this long to even get an investigative article.
True and I might add that American high-tech workers were never very united. Rather, the work place is referred to as "the pit" because of the backstabbers, brown nosers, sadistic bosses and coworkers, etc.
In other words there was never any unity. It is a obama-eat-dog workplace.
There is no strong voice of unity because everyone only cares about themselves. Even though there are so many suffering from this it is the polarized political climate that divides the unified voice. This polarization is is carefully maintained and seems to work quite well. The humiliation of destitution...it is better to end it quickly than to suffer a slow miserable death on the brutal streets of America.
Saturday reads often has reports, details that I wanted to write a full bore post around but couldn't get to it in a timely fashion.
After this collection was published, I found some great, additional articles on corporations, sectors displacing, refusing to hire or train U.S. workers, (what a surprise), but the good news is this topic has gone mainstream, and rightly so. Even better news is groups of all political flavors are realizing labor arbitrage, displacing U.S. workers is really bad news, not only for U.S. labor but for the economy as a whole. Getting played by the Democrats seemingly against offshore outsourcing, while wanting insourcing, while Republicans don't want insourcing but love offshore outsourcing is a classic corporate lobbyist divide and conquer technique to divide the Populist.
Well, I can consider better titles. Just habit to start with the official numbers and go from there. But if someone is just reading titles, not good, that said, we have major press people who cannot understand the BLS report and publish garbage every month "reporting" on it.
But I can try to jazz up the titles on these overviews anyway to more reflect whatever meat on the missing I dig out from the report. Starting next Friday I'll look to write a meat content, catchy title instead of the official main stats.
Price deflators and price indexes are controversial, questioned. I've only gone through the NIPA handbook for some definitions, but real means those price deflators have been applied. If you can get enough details on why shadowstats says that, i.e. which price deflator and why. Myself, I can't just say "shadowstats says" without seeing the assumptions and specifics. The GDP report uses CPI, a price deflator for PCE over all, and individual price indexes for different GDP components.
I don't see how any of them could give negative GDP growth but I sure can see how they could be skewed on real GDP. Trade is one of the worst and I haven't been able to directly apply the indices to get real GDP components from the monthly trade reports.
One thing that maybe I should amplify more, 2% GDP growth means "treading water", it takes about 2% quarterly growth just to maintain, so that is somewhat illusionary.
I'm thinking of writing something up about price indexes. They are confusing as hell, where they originate, what kind of inputs go into them and it's a real dig into the obscurity of the BEA to even figure that point out.
Shadowstats loves to point out inflationary metrics are way too low, use substitute when it's not really valid and so on, so he's probably going off of that, but nominal GDP when positive, is divided by these price indexes to get to real values.
The crux of my point is, why print a headline that
says ..."8.2%-" YOU know that most drones out there
will not bother to read past the first paragraph.
They will see that 8.2% and spread the lies even further.
That is irresponsible.
Yes, I read the entire article, I just don't get why you would pander further to the deception, unwillingly as it appears. All you're doing in my opinion, is confusing the average person and adding to the misinformation.
Do you really think that the average reality-tv watching dope is going to read and decipher your article? Come on.
No matter how in-depth your research and analysis may be, you are creating fodder, whether you realize it or not.
Sure, a contingent of readers who are regulars here will get what you are saying, but in the broader picture, it is a dis-service to lead with a headline like that.
I guess these stats do not take into account the effect of inflation. According to articles that reference Shadow Stats, if inflation is accounted for US economic growth is not only slowing, it’s going backwards at a rate of negative 2.2% with all the attendant consequences of a contracting economy and incomes.
If you tell people lies long enough they will believe them until they are rudely confronted with reality. The question is when will that reality dawn on the majority of the population.
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