|Here are two things that are true about the economy today.
(1) The Dow Jones industrial average is poised to set a new record as corporate profits stretch to all-time highs.
(2) There are still fewer working Americans today than there were before the start of the Great Recession. [...]
Corporate profits have soared, in the last decade especially, particularly because of three things: Globalization has pushed down the cost of labor available to multinational corporations; technology has allowed companies to make more with fewer workers, in general; and Big Finance has gobbled up the economy, as the banks' share of total corporate profits has tripled to about one-third since the middle of the last century, according to Evan Soltas. [...]
When the economy crashes, we all crash together: corporate profits, employment, and growth. But when the economy recovers, we don't recover together. Corporations rack up historic profits thanks to strong global demand, cheap global labor, and low interest rates, while American workers muddle along, their significance to these companies greatly diminished by a worldwide market for goods and people.
No comment needed.
Blast from the Past. At Daily Kos on this date in 2004—Bush gave terrorist a pass:
|Let me set the stage. Abu Musab Zarqawi, a Jordanian militant with ties to al-Qaida, is being blamed for most of the major terrorist attacks in Iraq the past few months, including the horrific suicide bombings that killed hundreds of religious pilgrims on Tuesday.
This guy is a real slime, obviously, especially since his connections to al-Qaida appear real, not trumped up for political reasons.
So get this—the Pentagon could've wiped him and his merry band of terrorists off the face of the planet two years ago. But Bush and his merry band of liars nixed the attack.
On today's Kagro in the Morning show Greg Dworkin joined us with news of the punditry's discovery that Rs aren't particularly serious about governing. It's all still somehow Obama's fault, for failing to lead the un-leadable. Next, thanks to twigg, for the shout-out diary over the weekend! Then, a read through a NYT piece on record corporate profits that somehow don't lead to job growth. Gee whiz! Why aren't things trickling down? Also, a musical interlude from The Union Electric, the band of Daily Kos' own dissonentdissident. Finally, the outrageous Malaysian payoff scandal!