The Economic Populist
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The Golden Rule
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Will the NY Attorney General Bring Doomsday Charges Against Wall Street? If So, How Long Will He Survive?
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New York Post Claims Census Falsifies Unemployment Figures
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How Many Jobs Are Needed to Keep Up with Population Growth?
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VAT or Value Added Tax is Getting a Look in D.C.
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U3 and U6 Unemployment during the Great Depression
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The war on the middle class
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House discusses 401k/IRA confiscation
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Tax Cuts for the Rich Do Not Generate Jobs
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French Banksters and banks will never suffer. In the recent disclosure of Fed lending 2008-2010, we saw how 70% went to foreign
banks. If the French do take a 'coup de cheveux', the Fed will bail them out. Once again, the american worker and small business will be starved of credit.
But this is how Empires are supposed to work: work for the elites who control the Empire.
No other theory explains the behavior of the Oligarchy except a theory
of Imperialism. Wages under capitalism have returned to the downward spiral of the
last 250 years. The brief respite of wage gains from 1942 to 1975 was based on the
Empire's need to win big wars. The wars now are small, and the wars will continue.
Adding jobs is a fine idea, however, it isn't going to happen as long as our political leaders continue to take campaign contributions from the deep pockets of corporate America. The only resolution to our downward spiral is to take the toys away from the children in Washington and every state government. We need to insist on clean-money campaign reform, contributions solely from the people with limits and oversight.
I realize that this will place thousands of lobbyist on the unemployment role, where they can enjoy their 26-weeks of benefits before being cut off by the neoconservative policies.
Too bad. It's time they enjoyed the poverty they forced upon everyone else.
I think we could put together an interactive mapping showing the campaign contributions and how the ones who spends the most, magically their lobbyist demands are what ends up being presented as "jobs".
Like G.E., that's pure B.S., they want to flood the U.S. with more foreign guest workers because that enables technology transfer offshore, so they give Obama huge bucks and end up presenting that B.S. as if it comes from the White House.
Obviously, public works cannot make huge campaign contributions...
as it is they are privatizing our public works and selling them off for short term peanuts, literally selling America.
Remember it was Société Générale who received huge AIG CDS payouts as well as loans to the U.S.
Once again, the people vs. the banks. More and more economists are spelling it out that these Banksters need to plain take a haircut on the debt. There is no way Greece can pay this behemoth back.
You have to love the Greek spirit -- We don't owe anything, we won't pay anything! Let the French workers show some solidarity with the Greek people -- they know how it's done! Why do we work and go to war to support the lifestyles of these elites? In 1947-49, we helped the Greeks bring down the communists because they were declared Stalinists (actually, they were more Titoist, but guilty of bad behavior toward the people). Today, it's the politicians and bankers in Armani suits who are guilty of bad behavior toward the people. Why the hell should they have to sell the Parthenon to Disney just to pay off some CDS speculators? If you're going to have austerity anyway, why not have repudiation and some criminal trials with it?
BTW: Have the Germans ever paid for destroying the Corinth Canal? Why should the Greek people have to pay their electric bills to a bunch of rent-seekers in Germany?
Either Obama is corrupt as hell but smart, or he's dumber than a box of rocks. But he is being feed this snow job, fiction by his chosen "economics team". Literally, I went over that meeting, they say with a straight fact bold faced economic lies....seriously, the President is sitting right there in the meeting.
So, either he is really not aware of economics, reality, facts, or he is simply doing the Money Party (aka Michael Collins buzz term) latest demands.
But we're hearing Obama regurgitate corporate lobbyists "talking points" which are usually spin, repeatedly. They write those "talking points", hand them to "politicians" to "say" when the Populist is outraged at the latest middle class screw job agenda.
The latest is "technological advances" are the reason "productivity has soared" such as those evil ATM's now causing massive unemployment.
Exporting Jobs, importing poverty. The U.S. Chamber of Commerce literally gets time on CSPAN, which is disgusting. But even worse, they get to run Obama's jobs program (G.E. Amex, Intel and so on are "members" of this lobbyist organization).
That's the problem, but DK promoting economic fiction, although with a host of special interest groups doesn't help.
No, you cannot keep increasing the labor supply with everything else statistic and expect that not to be a further drag on the economy.
Literally you will see fiction, pure and simple, trying to claim all of this helps the economy.
Well, if you're a slave labor employer it helps the economy because one has an unlimited supply of cheap labor and from the statistics, it looks like a hell of a lot of unskilled labor to boot.
That's the thing these cheap labor people always conveniently forget.
I don't want a permanent multi-generational underclass of foreign workers here like they have in the Middle East. But that's the type of system we'd have to have here to cheap foreign labor supply whose size we could control. As it is now, we'd have to import 10 million people each generation while our own population grows rapidly from all the new immigrants' citizenship children and all their descendants.
I also don't want a permanent underclass of unemployed and underemployed Americans -- especially if said underclass grows to mammoth proportions, as exists in various 3rd World countries. That's what we are going to have, if we don't stop the outsourcing and cheap foreign labor and start concentrating on our kids getting a decent education and a decent job.
All nine justices held the class should not have been certified. The rest is a secondary issue.
I will be reading the opinion when I get a chance. Specific comment will await that happy process.
In general, this Supreme Court, Scalia in particular, pervert what most of us might expect from justice. Scalia supports invoking timing rules for admitting new evidence in murder cases with a death penalty sentence EVEN WHEN that evidence may be exculpatory. Guess that makes him a statutory ... well, this is about the post. Fine work, promptly delivered Robert.
This ruling may be a beard for the pending class action suits against Wall Street and the big banks. Make this ruling then tell citizens, "Oh, sorry. We already ruled that your case doesn't fit the bill."
We live in a lawless nation where the law is used as one of the control mechanisms for the ruling elite.
Alexander Karandreas Looks like a win for big corporations. Do you believe the law suit is justified?
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I can get that the class action was too broad, but the history of the case is they whittled it down previously. That said, the argument of commonality is absurd to me. The use of statistics to try to claim it's not systemic, when anyone with eyeballs can see it is systemic and those same statistics, shown over the aggregate of all employees, prove it is systemic.
What I blame the most is the system and the government. If an individual tries to take action against a corporation, they will be snowed under and probably go bankrupt in legal costs. The government should change the law so it's easier to prove and obtain justice of some sort.
Our civil system amounts to a huge money maker for attorneys and a place to fight patent wars and such. Justice for the individual is impossible.
But your point is made, with a unanimous decision it does look like the ones who put the case together overreached and screwed up.
Thing is, they cannot reform from this ruling and file another modified class action.
The Plaintiff's lawyers clearly over-reached by trying to form such a huge class. Why not a regional class over a more specific time frame? The obvious answer is to maximize their payday.
Had they focused on a smaller more reasonable class these women would have already had their day in court and might have reached a settlement. Of course the lawyers wouldn't have made a very big profit.
The lawyers don't care whether the women were discriminated against. They want the big Wal-Mart $s. Blame the lawyers here. Not the Supreme Court.
Supreme Court Lands a Blow to Women...and trial lawyers
Did not Dame Margaret Thatcher once say, to the cheers of pseudo-libertarians everywhere, that there is no such thing as "society"?
Well, whatever we may think about society or civility or nationhood ... there is no such thing as a corporation or a bank (corporation, "national association", etc.) possessing rights. The SCOTUS has misinterpreted the Constitution through their (5-4) decisions like Citizens United.
It is certain that where rights are mentioned in the Constitution, they were in the minds of all the Founders, rights of individual human beings. Whatever "rights" banks may have, those rights are strictly derivative of the rights of individual human beings.
We are living in a time of extremist judicial activism on the highest court in the land!
SCOTUS ???
Watching the goings on in Europe are ridiculous but the latest is they cannot agree and want Greece to "cut more debt".
Thank you for finding this funny stuff and putting it all in one place here. It's always worth a good chuckle.
Cannot recommend it enough.
First of all, you will probably learn something you didn't know about employment and immigration.
You will also discover that apparently even a presidental visit and a presidental speech can be based on erroneous information. That is not a point that Rather makes, but his story shows it.
Yes and no. Homes used to be heavily regulated. The idea was home ownership and one has families living in these structures, their home, and also their number one investment.
So, having banks serve themselves instead of Americans to buy a home is probably something to be revisited. Obviously turning people's homes into glorified derivatives gambling chips, plus using any excuse to foreclose, even one missed payment, isn't exactly helping the American people much, ore the middle class or even the real economy.
Sure they have rights but when those rights perpetuate disaster, I'm not so sure what good it is.
For sure. ArkansasAngie's distinction between "unable" and "unwilling" is generally important in life.
Of course, a corporate entity is "unable" to act against the best interests of its shareholders, so must maximize ... what? Short-term profit? Assets? Book value? Dividends?
Actually, these inhuman entities (just being accurate here, not intending any moral judgment) often tend to maximize income of CEOs and the like, who sometimes are in charge of disappearing the entity altogether for the sake of increasing after-tax (or unreported) income of certain share-holders who have no intention of holding on for the long run.
In other cases, corporations never issue dividends -- J. Paul Getty's Mission Development was famous for that, and it was part of the DJIA back in the day. In reality, corporate entities like banks are legal fictions and tools used by individuals for a huge array of purposes.
The absurdity of the globalized system became clear when mortgagees found that it was often impossible to determine who, what or where the mortgage holder was!
WHAT WE HAVE SEEN SINCE 2008 AND CONTINUING
For example, a property goes up for auction (supposedly "cash" or with a minimum that pays the back taxes) and the high or only bid is rejected by 'the bank'. (The bank or agent of the bank pays up the back taxes while any second mortgage or other complication, e.g. roboprocessing, is disposed of.) Happens all the time!
Sometimes a place is listed several times, "sold" and then the financing fell through or whatever, "sold" again, and then it ultimately is "sold" very quietly while independent (unconnected) investors were unable to get the realtor on the phone! And who knows what really happens in these situations -- what are the real numbers? You would have to study each closing in detail, and even then ...
MARKET THEN AND MARKET NOW -- RULES CHANGE DURING THE GAME
Consider how it was in an inflationary market -- heated bidding wars were frequent, ending in closing price greater than the asking price! The same people would buy and resell a house several times over, elevating the "value" by double-digit percentages with each turnover.
But now, would you think that real auctions would be quickly sought by banks to clear the books? Yes, you would suppose that ... by way of symmetry with what happened in the inflationary market ... but it ain't happenin'! Real estate was an unreal world before the crash, and it's still not a real world. It's manipulated, like all the markets in this wonderful best-of-all-possible globalized "free" market worlds.
SOME FEW ORDINARY WORKING PEOPLE BENEFIT
It is true that real prospective home-owners are able (if they have financing, which is problematic for most, at best) to buy at realistic prices rather than at the insanely inflated prices of a few years ago (when everyone could get financing). But that's only sometimes and in certain select areas, with motivated buyers looking for a long-term home to live in (and who somehow manage the financing).
MEANWHILE
Yes, of course, what Robert Oak reports here is true. Banks are sitting on properties. They don't like to admit to it. And they are determined to hold on until the market bottoms out. So is everybody else ... often those who are evicted would also have preferred to hold on until things improve ... meanwhile ...
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