Category Archives: Its the Economy Stupid
Now, I don’t have any stocks..so I figured this news didn’t really affect me. But..I saw this part and cringed:
Collectively, homeowners had 41.4 percent equity in their homes in the first quarter. That was down from 42.9 percent in the fourth quarter .The value of household real-estate holdings fell 2.4 percent.
But..never fear dear reader..because Bennie Bernanke says the recession will be over by the end of the year!
I guess he has a really great crystal-fucking-ball….
Or maybe it’s because 10 of the banks have the ability to repay their TARP loans, to the tune of $68 Billion..because they jacked the living shit out of the credit card rates and anything else they could raise legally.
Our personal money trees are getting bare..
Bill Moyers examines the plight of hard working Americans in Los Angeles who are still unable to provide for all their families needs without working a second and sometimes third job.Workers productivity increased 76% but wages have only increased less than 2% in the last 30 years.
You can either watch the video or download it here.
He is now one of their biggest foes. His newest book entitled: Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism, lays out how America’s manufacturing plants have died off and been replaced by….wait for it…
The Mall. Yes, the Shopping Mall where we the people spend our money, and if we don’t have any..we use our credit cards to buy things we don’t need but we covet. Mr. Phillips isn’t the only human being to see the writing on the wall. Danny Schecter has made a movie about it which he calls; In Debt We Trust. Mr. Schecter’s take on our society’s credit addiction:
Over the past 25 years, America has moved from a society based on production to a nation driven by consumption; from a country that once shared its resources with the world to one deeply in debt to foreign banks and countries-to the tune of trillions of dollars. As the growing number of bankruptcies and foreclosures testifies, our national debt is mirrored by a skyrocketing consumer debt, with an increasing number of individuals and families unable to cope.
Back to Kevin Phillips’ book. The Financial Industry now makes up roughly 21% of the U.S. GDP(Gross Domestic Product) — the largest sector of the private economy. Does this bother you? It should. Manufacturing has shrunk to only 12% of the GDP. Read that again, only twelve percent of our GDP is now Manufacturing. To put it very succinctly..that is a massive timebomb that is waiting to blow. Individuals that adore the American capitalist system will undoubtedly say Phillips is full of bat guano, but I am not one of those. From the book, via a NYT review:
By 2007 total indebtedness was three times the size of the gross domestic product, a ratio that surpassed the record set in the years of the Great Depression. From 2001 to 2007 alone, domestic financial debt grew to $14.5 trillion from $8.5 trillion, and home mortgage debt ballooned to almost $10 trillion from $4.9 trillion, an increase of 102 percent. A crisis in the mortgage market in August 2007 brought the party to an end. Since then we have been living in a twilight zone of what a security analyst quoted in the book calls “one of the slowest-moving train wrecks we’ve seen.”
To Continue reading, please click here.
The Shrub wagged his finger and told Congress to just pass the damn bill. He threatened, he cajoled, he sternly issued a warning(“I strongly believe it would be a mistake to delay or derail this bill,”) and yet..
Yet Both parties want more added to Bush’s bullshit stimulus package according to WaPo this morning.
I say amen mutha fuckas..get to it. Load that bitch up. Perhaps Bohner will cry again when he sees what the Senate Finance Committee comes up with. Only this time..it will be real tears because Bohner and his boy Bush won’t be getting their way. From the WaPo writeup:
But there is nothing partisan about the opposition developing ahead of next week’s meeting of the Senate Finance Committee, which will draft its own economic stimulus bill. Republicans and Democrats alike said the administration does not have the right to force a plan on senators who had no say on its details.
Try adding items that will actually help those struggling ya dumb sumbitches. Like extending unemployment for all those folks laid off in the construction trades due to the friggin housing market taking a huge shit. Wait..thats not what they want to add to it? Apparently not:
Sen. John Ensign (R-Nev.), chairman of the National Republican Senatorial Committee, told Treasury Secretary Henry M. Paulson Jr. and other administration officials that he will try to add a tax break for corporations that quickly reinvest overseas profits in the United States. None of the officials offered opposition.
Give me an effin’ break..the Corporatocracy doesn’t need help you jackass..the people are suffering for Christ’s sake. Like elderly folks that have to choose between buying their medicine and food. Food that is skyrocketing price-wise through the fucking stratosphere.
As The Shrub spoke to his loyal followers..aka a meeting of Republicans in some cushy setting..it appeared they weren’t real keen on his package:
His audience appeared lukewarm about the stimulus plan. Conservatives have complained that it redistributes wealth for political reasons and would be ineffective at jump-starting the economy. When Bush praised Pelosi and Boehner for their leadership in building it, the Republicans did not react until a White House aide at the back of the room started the applause.
So basically we have Rethugs that want the folks at the top of the food chain to get the bulk of the largess…and here I thought they might actually care about the masses…
Silly fucking me. But WAIT! some politico’s back home in DC do still care:
In Washington, however, senators were busy drawing up lists of potentially costly additions to the package. Collins said a bipartisan coalition of Northeastern and Midwestern senators will push to secure as much as $800 million in heating assistance for the poor, a provision that House Democratic leaders dropped in favor of securing payments for about 35 million families who earn too little to pay income tax.
Praise Jeebus! There just might be some elected reps that actually give a shit about the poor folks, and those who have been increasingly struggling to make ends meet under the Bush Regime. Collins is a Rethug my dear reader and Buddha bless her, she is thinking of the masses. What a concept!
Collins said she will push to restore about $12.5 billion in unemployment benefits and $5 billion in food-stamp extensions that House negotiators also eliminated, a call echoed by her fellow Maine Republican, Sen. Olympia J. Snowe, who vowed to add funds next week in the Finance Committee. Snowe will be joined by another Republican on the committee, Sen. Gordon Smith (Ore.).
Methinks this package won’t be a slam dunk for The Shrub..and it warms the cockles of my little black heart don’t cha know? The Republican’s that still care are pushing back! Sound the alert! Nothing better than watching the Rethugs eat their own..nothing, except maybe watching them tar and feather the Idiot-in-Chief and drag him out of town kicking and screaming..but thats a recurring dream I have, excuse me for fantasizing. ;>p Nothing better than a Rethug Rebellion..nothing!