A few weeks ago I was watching David Axelrod doing the 'tap dance' about 'when the jobs will be coming back.' The 500 ton Elephant in the room, that neither the Democrats or the Republicans want to talk about, is that the brutal truth, is that both parties knowingly joined with Corporate America, and sold our entire industrial base out from underneath us. The jobs are never coming back and that is the the 'facade' that is crumbling before our eyes.
After the realization that absolutely no one (least of all our own Blue Dog Democrats) were going to stand up and demand that the biggest Fraud and Looting to ever take place in our nation, during the 'Great Heist of 2008,' was going to be held accountable, I'm of the opinion that not only is our nation in a state of 'deep capture,' but because this 'Fraud,' was ignored and swept under the rug, the 'Looting,' will continue. Because our corrupt government got away with destroying our economy, they are now ready to move in for the final 'business as usual,' which is to destroy the final safety net of Social Security and Medicare. After all, 'someone' has to pay off all that 'toxic dept' that Wall Street, the Banks and Ben Bernanke are still being allowed to hide 'off the books.'
God, I love this quote:
By Phil of Phil’s Stock World
How does one decrease the cost of labor in America? Well first, you have to bust the unions. Check. Then you have to create a pressing need for people to work – perhaps give them easy access to credit and then get them to go so deeply into debt that they will have to work until they die to pay them off. Check. It also helps if you push up the cost of living by manipulating commodity prices. Check. Then, take away people’s retirement savings. Check. Lower interest rates to make savings futile and interest income inadequate. Check. And finally, threaten to take away the 12% a year that people have been saving for retirement by labeling Social Security an "entitlement" program – as if it wasn’t money Americans worked their whole lives to save and gave to the government in good faith. Check.
There are some brilliant pundits who believe cutting retirement benefits will fix our economy. How will that work exactly? Pay old people less money, don’t cover their medical care and what happens? Then they need money. If they need money, they need to work and if they need to work they increase the supply of labor, which reduces wages and leaves all 308,367,109 of us with less money. Oh sorry, not ALL 308,367,109 – just 308,337,109 – the top 30,000 (0.01%) own the business the other 308,337,109 work at and they will be raking it in because labor is roughly 1/3 of the cost of doing business in America and our great and powerful capitalists have already cut their manufacturing costs by shipping all those jobs overseas, where they pay as little as $1 a day for a human life so now, in order to increase their profits (because profits MUST be increased) they have now turned inward to see what they can shave off in America.
As Allen Smith says: "Ronald Reagan and Alan Greenspan pulled off one of the greatest frauds ever perpetrated against the American people in the history of this great nation, and the underlying scam is still alive and well, more than a quarter century later. It represents the very foundation upon which the economic malpractice that led the nation to the great economic collapse of 2008 was built. Essentially, Reagan switched the federal government from what he critically called, a "tax and spend" policy, to a "borrow and spend" policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!" Both Reagan and Greenspan saw big government as an evil, and they saw big business as a virtue. They both had despised the progressive policies of Roosevelt, Kennedy and Johnson, and they wanted to turn back the pages of time. They came up with the perfect strategy for the redistribution of income and wealth from the working class to the rich. If Reagan had campaigned for the presidency by promising big tax cuts for the rich and pledging to make up for the lost revenue by imposing substantial tax increases on the working class, he would probably not have been elected. But that is exactly what Reagan did, with the help of Alan Greenspan. Consider the following sequence of events:
http://www.philstockworld.com/...
http://jessescrossroadscafe.blogspot...
If you want to know more about this article ................go there.
I was reading gjohnsit's excellent diary on the wreck list today (I'm a huge fan of his) but I have to take issue with this statement that he made:
The real solution is to write off the bad debts. Yes, pension funds will get hit. 401k's will get hit. Banks will be closed down. Foreclosures will increase for a while. Things might get real bad for a while.
All the surplus capital dedicated to servicing bad, unproductive debt would be released to create jobs and make working people's lives better once a default happens. When it is done both businesses and consumers could function without the legacy weight of all that debt. Jobs would finally come back.
The assumption in this statement, still does not address the epic Fraud that has and is still being perpetuated on our citizens. Our 401k's were already been 'stolen from,' lots of Banks are still closing, and foreclosures are at an all time high, and the housing market has completely been destroyed. The idea that if Americans 'will just take the hit, again and again' (let the Looting continue) that eventually this will somehow 'bring back our jobs,' is ludicrous.
I wrote a diary about the OCC Report that stated the Banks and the Federal Reserve were/are hiding $ 47 trillion dollars of toxic debt:
$47 Trillion Toxic Derivatives the Banks/FED Are Hiding Hotlist
by Badabing
Sat Jul 18, 2009 at 08:56:16 AM PDT
As the saying goes: What we have here is a failure as a nation to face up to the truth:
Our nation has a deep crisis in 'public trust' in our government, because they have proven to be untrustworthy, and nothing has been done to regain that trust, what so ever. If you allow a Bank Robber to continue robbing, guess what: THEY WILL !!!! And this is exactly what is still going on in our country.
The 'real' solution should not just be to write off the debts, but make those who caused this national catastrophe be held accountable, to open the 'books' for all to see, and for that $47 trillion in toxic debt, be acknowledged once and for all.
As far as our jobs coming back consider this brutal truth:
To date not one President or our bought off Congress, has ever initiated a tax on Corporations for sending our jobs overseas, so what few jobs are created, are sent to nations where 'slave wages' are acceptable, and there's no such thing as a 'dirty filthy Union.' That is why we have no jobs, and why they jobs are not coming back............ever.
I got a note from a person over at Congressman Grayson's office today who regularly sends me information, I thought I might share with you all:
Dodd Questions Warren's Viability For CFPA Post
Updated at 1:23 p.m. on July 19.
A key Democratic senator this morning dealt a blow to the hopes of many liberals that Harvard professor Elizabeth Warren would be chosen as the first head of the newly created Consumer Financial Protection Agency. Christopher Dodd, D-Conn., chairman of the Banking, Housing and Urban Affairs Committee, said he doubted that Warren, a favorite of liberals, could be confirmed by the Senate. The CFPA is a key piece of the financial reform bill passed last week and is to be signed Wednesday by President Obama.
Dodd made his comments on NPR's Diane Rehm Show on Washington public radio station WAMU. Asked about Warren, who is chairing a special commission created to oversee the bank bailouts, Dodd said that "no idea is terribly creative if it can't sell" and he asked rhetorically about Warren, "Is she confirmable?" Warren has been an outspoken critic of Obama administration decisions on bailouts, tangling with Treasury Secretary Timothy Geithner, among others, in public hearings. She, in turn, has been a target for Republicans, who warn that the CFPA will go too far in imposing onerous regulations on business.
Speculation has ramped up in recent days about the CFPA appointment, the most prominent associated with the financial reform bill, and the signal the choice might send about how serious the Obama administration is about cracking down on abuses of consumers by banks and other financial companies. Another candidate is Assistant Treasury Secretary Michael Barr, who would be much less popular than Warren with liberal Democrats.
-- Alexis Simendinger and John Maggs
http://www.nationaljournal.com/...
First Treasurer Geithner, now Chris Dodd...........who the hell do you think these people are really working for anyway?
Just so that we know know know why the "Cat Food Commission' is going to try to finally 'Teach the most vulnerable ..............how 'CAT FOOD' can actually taste great in their new 'card board homes living on the streets or in tent cities, let's at least be honest about what is all about:
To pay off, what Wall Street/the Banks stole from all our nation, to repay the Toxic Debts, that are still being held off the 'Maiden Lane Toxic Accounts' that are being held in Secret by the Freedom of Information Act, that Bloomberg has a huge case against, and that we still, do not have the right to have the 'records' that the most Dangerous and Dictatorship of our entire nation has ever held, the Federal Reserve and our Treasurer, Timothy Geithner, continues (Sealing the Records of the AIG deal, under the SEC until 2018...both for the first time in our entire history as a nation).............consider this:
That is how the largest theft in the history of the world was carried out. 300M people worked and saved their whole lives to set aside $2.5Tn into a retirement system that, if it were paying a fair compounding rate of 5% interest over 40 years of labor (assuming an even $62Bn a year was contributed), would be worth $8.4Tn today – enough money to give 100M workers $84,000 each in cash! The looting of FICA hid the massive deficits of the last 30 years in the Unified Budget. Presidents and Congresses were able to reduce taxes on the wealthiest Americans without complaint from the deficit hawks, because they benefited. The money went directly from the pockets of average Americans into the pockets of the rich.
Now that it is time to repay those special bonds in the Trust Fund, we are inundated in opinion pieces in the leading newspapers and magazines complaining about Social Security and its horrible impact on the budget. Government finances have been trashed by foolish tax cuts, unpaid wars, tax loopholes for corporations and the very wealthy, the failures of economists, the greedy search for greater returns in financial markets and the collapse of moral values in giant businesses, but Social Security is supposed to be the problem that needs fixing...
Social Security is not "broken"–the money is in the Trust Fund. But the people who manage the finances of the United States don’t want to repay the bonds held by the Trust Fund. They want to default selectively against average people, their fellow citizens, who paid their taxes expecting to be protected in their retirement. Refusing to repay the $2.54 trillion dollars in bonds held by the Social Security Trust makes the US look like Greece, just another nation unable to govern itself coherently. The people who manage US finances come from the financial elites, the best that Wall Street and enormous corporations have to offer. Selective default exposes them as charlatans. The claims of the economics profession to expertise are puffery. Their theories about the benefits of tax cuts are proven false. Their mathematical proofs about free markets collapse in the real world.
It’s the End of the World As We Know It
By Phil of Phil’s Stock World
http://www.philstockworld.com/
Where are our jobs?
Well, just ask any Democrat or Republican, because you know what? Both of them have no answers..........and the reason they have no answers is that both of them..................willingly and knowingly sold them all overseas.
They never, ever.........................ever...............asked the Corporations to not stop 'outsourcing'....just like they all refuse to 'tax the Banks or Wall Street' or do anything, except of course 'get rid of Elizabeth Warren, because god forbid we should have someone actually stand up for the Middle Class in our White House.
The Cat Food Commission, better put on some huge asbestos 'suits' .......BIG TIME. Because this is what I can tell all of them..........
The 'Public Trust' was lost a long time ago in our nation. They have overused their...'fake decoys' of 'fake christian hood, their, endless wars to support the troops, who are now committing suicide at all times highs, (without the decency of seeing our fallen soldiers brought home daily from our airbases, draped in their caskets, with their families meeting them on the fields, without seeing as we were allowed to do in Vietnam, the REAL KILLING GOING ON, day in and day out, without, any TRANSPARENCY AT ALL IN OUR NATION....................FINANCIALLY OR OTHERWISE........
So, remember this:
'The Beatings Will Continue Until Morale Improves'...........the Looting will continue, because the Corruption continues, and until we have had enough.......welcome to hell, 'American...Home of 'Formerly' Free, land of 'Formerly' Brave.'
Thanks as always.