Category Archives: Economy
Current 99r’s won’t be covered under Obama/GOP agreement.
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From Campaign for Amerika’s Future: Nothing for the 99ers (And Not Much For Anyone Else).
The deal is done – regarding tax cuts and unemployment benefits extensions — and while we all have a stake in it, most of us won’t get anything of long-term value out of it. Least of all the 99ers — the people who have received benefits for 99 weeks, or more. I’ve read at least one bit of analysis that the 99ers are basically hung out to dry because there is no extension beyond 99 weeks.
Just to outline this framework: under the deal, the Bush tax cuts for all rate levels would be extended for two years. The estate tax, in a monstrous deal, will be lowered from 2009 levels, with a $5 million dollar exemption and a 35% rate, for two years as well. And, the deal adds what is now an annual patch to the alternative minimum class so it doesn’t hit people in the middle class. In exchange, extended unemployment benefits between 26 and 99 weeks will be continued for 13 months, to the end of December 2011 (costing around $65 billion). …
Given the rate of job creation, it looks like a significant number of Americans will be in the same boat as the 6 million current 99ers.
So who exactly did Obama stand ‘up for’ with this ridiculous cave-in to the Corporate bootlickers known as the GOP?
As I watched the presser, the one time Obama got really animated (read as pissed off) was when he went after the left.
Did Obama just commit political-suicide with this pact he made with the devil..aka..the GOP? Voters are known for having short memories, but if the unemployment rate is still above 9% come 2012, I see no way for Obama to make this go-away.
Bernie Sanders is standing firm in opposing this pact. Buddha Bless that man. I hope other Congress Critters have a set of balls like Bernie. Bernie is on Dylan Ratigans show now and says he will do whatever it takes to keep this agreement from going up for a vote.
Oh, and fuck Mitch OConnell and his gloating. The GOP just became domestic terrorists to me.
The rich got richer in 2009..I kid you not!
I will no longer tolerate individuals that scream about how horrible it is to tax the rich in this economy. From Reuters via MSNBC:
The rich grew richer last year, even as the world endured the worst recession in decades.
A stock market rebound helped the world’s ranks of millionaires climb 17 percent to 10 million, while their collective wealth surged 19 percent to $39 trillion, nearly recouping losses from the financial crisis, according to the latest Merrill Lynch-Capgemini world wealth report.
Stock values rose by half, while hedge funds recovered most of their 2008 losses, in a year marked by government stimulus spending and central bank easing.
“We are already seeing distinct signs of recovery and, in some areas, a complete return to 2007 levels of wealth and growth,” Bank of America Corp wealth management chief Sallie Krawcheck said.
The fastest growth in wealth took place in India, China and Brazil, some of the hardest hit markets in 2008. Wealth in Latin America and the Asia-Pacific soared to record highs.
Asia’s millionaire ranks rose to 3 million, matching Europe for the first time, paced by a 4.5 percent economic expansion.
Asian millionaires’ combined wealth surged 31 percent to $9.7 trillion, surpassing Europe’s $9.5 trillion.
In North America, the ranks of the rich rose 17 percent and their wealth grew 18 percent to $10.7 trillion.
The United States was home to the most millionaires in 2009 — 2.87 million — followed by Japan with 1.65 million, Germany with 861,000, and China with 477,000.
Switzerland had the highest concentration of millionaires: nearly 35 for every 1,000 adults.
There is no way any fucking republican can now justify their hue and cry about how taxing the rich will hurt the economy. It’s all bullshit folks.
Are you stressed about the ‘stress test’?
You aren’t? Well shit, the banks aren’t either!
The ‘too big to fail’ banks know the government will give them what they need to stay afloat. After all, according to Dick Durbin they run Congress. But..what if they are wrong on that? From the NYT:
But that does not necessarily mean the banks will get that money from the government. The findings, to be released Thursday by the Obama administration, suggest that the rescue money that Congress has already approved will be enough to fill the gaps. If so, the big bailouts for the banks may be over.
All of this assumes that the economy does not take another turn for the worse, which would result in even more losses at the banks — and the need for even more money to prop them up. But hopes that the tests will be a turning point in this financial crisis electrified Wall Street on Wednesday and some overseas markets the next day. Financial shares soared, lifting the broader American stock market to its highest level in four months. The Dow Jones industrial average rose 101.63, or 1.2 percent, to close at 8,512.28 Wednesday, while Japan’s Nikkei index rose more than 4 percent by midday Thursday.
Now, I could give a rat’s ass how the ‘markets’ reacted. I am really friggin tired of seeing the Dow Jones on the bottom of the screen on MSNBC all fucking day. If you have any stocks at this point in time..you can afford to wait for the upswing. It will come you know..but it might be awhile.
Did you read Timmy Geithner’s OpEd? No? Oh well, just step right up and click that linky folks!
What? You don’t give a shit how Timmy sells us another boatload of bullshit? Even if this time it’s the stress test and his version of recent history. Ok, you are forcing me to post some of his fuckery here:
The president came into office facing a deep recession and a damaged financial system. Credit had dried up, forcing businesses to lay off workers and defer investment. Families were finding it difficult to borrow to finance a new house, buy a car or pay college tuition. Without action to restore lending, we faced the prospect of a much deeper and longer recession.
President Obama confronted these problems with dramatic action to address the housing crisis and to restart credit markets that are responsible for roughly half of all business and consumer lending. The administration also initiated a program to provide a market for legacy loans and securities to help cleanse bank balance sheets. These programs are helping to repair lending channels that do not rely on banks, and will contribute to fixing the banking system itself.
However, the banking system has also needed a more direct and forceful response. Actions by Congress and the Bush administration last fall helped bring tentative stability. But when President Obama was sworn into office in January, confidence in America’s banking system remained low.
Because of concern about future losses, and the limited transparency of bank balance sheets, banks were unable to raise equity and found it difficult to borrow without government guarantees. And they were pulling back on lending to protect themselves against the possibility of a worsening recession. As a result, the economy was deprived of credit, and this caused severe damage to confidence and slowed economic activity.
It seems to me that Timmy explains things like he is talking to a ten year old. I am not ten years old. I do not need for Timmy to tell me a ‘story’.
I know what happened and when thanks to PublicIntegrity.org and ProPublica.org. I know how crappy things were when Obama took over the oval office Jan 21, 2009. I know that the Obama administration is just as good as Bush’s was..when it comes to explaining how they spend our money.
Don’t condescend to me buddy. It pisses me the hell off, and frankly, doesn’t make you look very good either.
Its my Right to be Left of the Center 