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Guest Post: iDepression 2.0
Submitted by Jim Quinn of the Burning Platform
iDepression 2.0
Depression 1.0
iDepression 2.0
As I listen to pundits, politicians and populists expound on the jobs
situation in our country day after day, as if they knew what they were
talking about, I’m reminded of the Seinfeld episode where
George quits his job as a real estate agent. He sits in Jerry’s
apartment and ponders whether he could become the general manager of the
Yankees, a sportscaster, getting paid to watch movies, or a talk show
host. After the discussion with Jerry, he realizes that he has
absolutely no skills that are transferable to another career. Everyone
in America would like to be the General Manager of the Yankees or get
paid for watching movies, but that isn’t how it works in the real world.
A little reality about the job situation in this country is in order.
The unemployment rate reported by the Bureau of Labor Statistics and
parroted by the mainstream media is currently 9.6%. Once you stop
counting people who have given up looking for jobs and “left the
workforce”, discouraged workers, marginally attached workers and workers
forced to work part-time, you magically get a 9.6% rate. Using the
method of measuring unemployment used during the Great Depression and
reproduced by www.shadowstats.com,
the real unemployment rate is a depression-like 22.5%. The peak
unemployment rate during the Great Depression was 25%. There is no doubt
that we are in the midst of 2nd Great Depression, but where are the
bread lines and the lines of unemployed winding around the corner? No
need. This is the electronic Great Depression – iDepression 2.0. Your 99
weeks of unemployment and food stamps are direct deposited into your
bank account so that you don’t have to leave the comfort of your
McMansion that you haven’t made a mortgage payment on in the last 14
months. There were no credit cards in 1933. Without a job or a house,
you needed to move to where there might be a job. Hence the mass
migration from the Midwest to California – ala The Grapes of Wrath. Today,
a neighbor in a matching McMansion down the street, with the perfectly
manicured lawn, could be unemployed for three years and no one would
ever know. They could sustain themselves on unemployment payments, food
stamps, and credit cards. Welcome to the iDepression 2.0.
Dude, Where’s My Job?
Every politician in the U.S. is running for election on a platform of
“creating” new good paying jobs for Americans. Only one problem.
Politicians don’t create jobs. Businesses create jobs. When politicians
and the Federal Reserve get involved in the job market, bad things
happen. The excessively low interest rates put in place by the Federal
Reserve created a housing bubble that led to the “creation” of 1 million
new construction jobs between 2002 and 2006. Of course, the bubble
burst has led to the loss of 2 million construction jobs since 2007.
What the myopic pundits on CNBC don’t realize, because they aren’t
programmed to think, is that the Greenspan Housing Bubble “created”
millions of other jobs that had no chance of being sustained. The number
of realtors grew from 750,000 in 2000 to 1.3 million in 2006. We needed
hundreds of thousands of new mortgage brokers and appraisers to falsify
documents and not conduct proper due diligence. Wall Street needed to
hire thousands of new MBA shysters to create fraudulent packages of
toxic mortgages and the rating agencies needed to hire thousands of
Burger King level thinkers to stamp AAA on the packages of toxic
mortgages. These were just the direct jobs created by Easy Al. Home
Depot, Lowes and a myriad of other home retailers built thousands of
stores to service the needs of all these new “homeowners” and hired
hundreds of thousands of clerks, installers, and cashiers. Once the
delusion really got going, the “equity” from the homes generated jobs at
car dealers, restaurants, cosmetic surgery centers, cruise lines, and
yacht retailers.
Barry Ritholtz described how the Federal Reserve provoked housing
bubble further warped an already unbalanced American job market:
Job creation has taken place across a wide swath of industries –
much more than just residential construction. Sure, developers,
builders, and subcontractors saw job growth explode. But it was far more
than that. From real estate agents to mortgage brokers, from designers
to contractors, plus the many employees of stores like Home Depot (HD)
and Lowes (LOW), the Real Estate industrial complex was responsible for a
disproportionate percentage of new job creation. From 2001, to the
housing peak in 2005, the total number of Realtors, as a percentage of
the Total Labor Force, gained nearly 50%.
The reality is that Greenspan, Bernanke, and the rest of the Federal
Reserve Governors “created” millions of jobs that were not sustainable.
Their policies distorted an already tenuous economic model, dependent
upon consumer spending, no savings, and delusions of home wealth. The
chart below paints the picture of sorrow. The key points are:
- The number of employed Americans has declined by 7.4 million since 2007.
- Goods producing jobs have declined by 19% since 2007, while service jobs have only declined by 2.8%.
- Luckily, Government jobs have actually increased since 2007.
- The population of the US has increased by 10.8 million since 2007.
- The working age population has increased by 6.5 million since 2007, while the work force has only increased by 1 million.
- Only 58.5% of the working age population in the U.S. is currently employed versus 64.4% in 2000, a lower level than in 1978.
| Type of Jobs | 2007 | Today | Change | % Change |
| Manufacturing | 13,879 | 11,670 | -2,209 | -15.9% |
| Construction | 7,630 | 5,604 | -2,026 | -26.6% |
| Mining & Logging | 724 | 745 | 21 | 2.9% |
| TOTAL GOODS PRODUCING | 22,233 | 18,019 | -4,214 | -19.0% |
| Trade & Transportation | 26,630 | 24,785 | -1,845 | -6.9% |
| Education & Health Services | 18,322 | 19,611 | 1,289 | 7.0% |
| Professional & Business Services | 17,942 | 16,734 | -1,208 | -6.7% |
| Government | 22,218 | 22,231 | 13 | 0.1% |
| Financial Services | 8,301 | 7,577 | -724 | -8.7% |
| Leisure & Hospitality | 13,427 | 13,169 | -258 | -1.9% |
| Information Services | 3,032 | 2,711 | -321 | -10.6% |
| Other Services | 5,494 | 5,364 | -130 | -2.4% |
| TOTAL SERVICES | 115,366 | 112,182 | -3,184 | -2.8% |
| ALL JOBS | 137,599 | 130,201 | -7,398 | -5.4% |
| U.S. Population | 299,398 | 310,233 | 10,835 | 3.6% |
| % of Population Employed | 46.0% | 42.0% |
When I hear Obama and his minions blather on about the jobs we have
added in the last six months, I want to break something. The truth is
that the country should still have 64.4% of the working age population
employed today as we did 10 years ago. That means we should have 153.5
million employed Americans today. Instead, we have 130.2 million
employed Americans. That is a 23.3 million job deficit and the Obama
administration crows when we add 50,000 new jobs in a month. Welcome to
iDepression 2.0.
No Way Out
The United States of America is a hollowed out shell of the great
industrial machine that dominated the world after World War II. The BLS
data unequivocally proves this is so. The chart below compares American
jobs in 1970 versus today. The storyline about good paying manufacturing
jobs being shipped overseas is absolutely true. The population of the
United States in 1970 was 203 million. Today, the population of 310
million is 53% higher. During this same time frame manufacturing jobs
have declined from 17.8 million to 11.7 million, a 34% decrease. The
corporate oligarchs that run this country will tell you this is due to
efficiency. The truth is that these jobs were shipped to China in order
to enrich the oligarch CEOs and their MBA efficiency “experts”. The key
disturbing facts from this data are as follows:
- Goods producing jobs as a percentage of all jobs have declined from 31.2% in 1970 to 13.8% today.
- Lawyers, accountants, financial advisors and other paper pushing
professions made up 12.4% of jobs in 1970 versus 18.7% of all jobs
today. - Obese Americans love to go out to restaurants and be served.
Hospitality employees now make up 10.1% of the workforce versus 6.7% in
1970. - Obese, vain, stupid Americans have also benefitted the Health
Services and Education industries as the number of nurses,
proctologists, teachers, school administrators and Beverly Hills TV
surgeons has surged from 6.4% of the workforce to 15.1%. You’d think we
would be healthier and smarter with these figures. We’re not.
| Type of Jobs | 1970 | % of Total | Today | % of Total |
| Manufacturing | 17,848 | 25.1% | 11,670 | 9.0% |
| Construction | 3,654 | 5.1% | 5,604 | 4.3% |
| Mining & Logging | 677 | 1.0% | 745 | 0.6% |
| TOTAL GOODS PRODUCING | 22,179 | 31.2% | 18,019 | 13.8% |
| Trade & Transportation | 14,144 | 19.9% | 24,785 | 19.0% |
| Education & Health Services | 4,577 | 6.4% | 19,611 | 15.1% |
| Professional & Business Services | 5,267 | 7.4% | 16,734 | 12.9% |
| Government | 12,687 | 17.9% | 22,231 | 17.1% |
| Financial Services | 3,532 | 5.0% | 7,577 | 5.8% |
| Leisure & Hospitality | 4,789 | 6.7% | 13,169 | 10.1% |
| Information Services | 2,041 | 2.9% | 2,711 | 2.1% |
| Other Services | 1,789 | 2.5% | 5,364 | 4.1% |
| TOTAL SERVICES | 48,826 | 68.8% | 112,182 | 86.2% |
| ALL JOBS | 71,005 | 100.0% | 130,201 | 100.0% |
The politicians attempting to buy your vote today are promising new
good jobs. One side is going to impose 100% tariffs on all Chinese crap
coming into the country. This will revive domestic manufacturing.
Another side is going to create millions of “green” jobs. Imagine all
the solar panel jobs coming our way. Someone else is going to rebuild
the infrastructure of the country, generating millions of made in
America jobs. Too bad there are only 7 million people in the whole
country that have a construction background. The Federal Reserve is
going to print our way to millions of new jobs by reducing the value of
the dollar, again reviving our dormant manufacturing sector. I can see
Bethlehem, PA firing up the steel mills that have been dead for 20 years
and closing down their casinos. Maybe if we hire some more government
bureaucrats to administer the implementation of Obamacare and the
financial regulations that are eliminating free checking accounts, the
economy will miraculously revive. Paper pushers don’t morph into
construction workers. Criminal Wall Street MBAs don’t become petroleum
engineers. Unemployed waitresses in Riverside, California aren’t moving
to Washington DC to get a great job at Ruby Tuesdays.
The delusions continue. Unless American union workers are willing to
work for $7 per hour with no benefits, the manufacturing jobs are not
coming back from China. The corporate oligarchs and their bought off
cronies in Congress sold the country down the river over the last 40
years. Mega-Corporation profits are at record levels as goods are
produced by slave labor in the Far East at 80% lower costs than they
could be produced in the U.S. With 86% of the U.S. workforce in the
service industry, introducing tariffs on imported goods and devaluing
the dollar will further put the squeeze on the American middle class who
already have been systematically screwed by the ruling elite over the
last 40 years. Our society took 40 years to dig this hole. It is now so
deep, there is no way out. But, look at the bright side. At least we
don’t have to watch bread lines stretching down the block when we are
watching our 52 inch HDTV, holed up in our 5,000 sq ft McMansions,
ignoring the monthly mortgage payment bill, and waiting for our
unemployment funds to be direct deposited into our bank accounts. I get
all teary thinking about it. This is the iDepression 2.0.
The real people of this country who have worked and saved and done
the right things have been beaten down. It is time to stand up to those
in power and take this country back. We need the moral backbone of Ma
Joad at the end of The Grapes of Wrath:
I ain’t never gonna be scared no more. I was, though. For a while
it looked as though we was beat. Good and beat. Looked like we didn’t
have nobody in the whole wide world but enemies. Like nobody was
friendly no more. Made me feel kinda bad and scared too, like we was
lost and nobody cared…. Rich fellas come up and they die, and their kids
ain’t no good and they die out, but we keep on coming. We’re the people
that live. They can’t wipe us out, they can’t lick us. We’ll go on
forever, Pa, cos we’re the people
»
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Congress is full of lawyers making law, advised and financed by armies of lawyers, backed by lawyers in the court system. We vote these pricks into office, these nabobs that produce nothing, save conflict, paperwork, millions of roadblocks big and small, and, oh yeah lots of jobs servicing their undeserved lifestyles.
We deserve them, for having idolized for several generations now this type of opportunistic personality("socially dominant" types with a bit of brains and looks on their side) over that of the creator and builder and healer(nerds that studied and strove and soldiered on).
The lawyers won the war against the engineers long ago, and now are having at their one remaining rival profession, the doctors. Obamacare is partly about the primacy of the lawyer class over not just doctors in their domain, but over everyone, forever.
This is bunk - lawyers (and law students in particular) are getting it up the ass just like everyone else. Laid off (or never hired to begin with) and saddled with hundreds of thousands in non-dischargeable student loans....
Well good for them!
In other news, China is run by engineers.
Sucks to be a lawyer... They ain't good for shit anyway. Except figuring out how to break the law without going to jail...
http://www.youtube.com/watch?v=a43kowi2ncI&feature=related
Boooohoooo! I cry elephant tears for those oppressed lawyers. They can all burn in hell.
Oh, OK, gotcha, then Congress and politics in general isn't chock full of lawyers.
Thanks Thisson!
maybe bunk in general, but the ACLU self-haters, well, not so much. - Ned
Cry me a fuckin' river.
"socially dominant" types with a bit of brains and looks on their side"
Have you ever been to DC? Monica Lewenski was the best a President of the USA could do!!!!!!!!!!!!!!!!!!!!!!!!!
With few exceptions, we are one ugly ass city.
nice article. the recent-history sum up was nicely laid out.
TD & Folks, Did you notice that today is the first World Statistics Day celebrated by the World Bank.
Let's celebrate the second ultimate keynesian tool (the moneyprinter is the first)! Statistics!
TV Reporter: I think our audience would like some answers.
Oliver: I lost someone. She meant everything to me.
TV Reporter: So, for that you want, what, a merit badge and special rights?
Oliver: No. No, you're right, I'm not special. This isn't about who I am, it's about what I do. And--and I don't think I'm the first rich boy who felt that way. It was John F. Kennedy who once said, "Ask not who what your country can do for you, but what you can do for your country."
TV Reporter: So now you're comparing yourself to a fallen hero of this country?
Oliver: Well, why not? He saw the hero in all of us. I'm not dwelling on revenge for past atrocities, or looking ahead to what I can gain from a few tax breaks. Drilling oil wells in the ocean, putting up razor wire fences to keep out immigrants who only want what our grandparents wanted. In this world of armchair bloggers who created a generation of critics instead of leaders, I'm actually doing something. Right here, right now, for the city. For my country. And I'm not doing it alone. You're damned right I'm a hero.
Someone explain how money from the printing is flowing overseas? Can't we prevent stimulus money from going overseas? If not just stop the stimulus. Meantime inflation is starting to come on line. If china collapses from inflation I would think all markets will go down , just an observation about interest rate hikes yesterday, I am watching what happens in china.
Nope.
Nope, but the USA can make it worthless, suckas!
Someone explain how money from the printing is flowing overseas? Can't we prevent stimulus money from going overseas?
If I'm not mistaken, Germany insisted the IMF put some skin in the game with Greece and it was done with US participation. So here we all are, lepers in a hot tub with the heat still rising.
"Someone explain how money from the printing is flowing overseas?"
Whenever someone asks some really obvious question like this, demonstrating an almost militant ignorance, I have to ask, are they 11 years of age? Because if they are in the 30s, or 40s, or older, one must assume they are legally blind (an acceptable reason), or have been guzzling booz while dumbing themselves out on non-stop sports TV viewing?
Geez, like you are completely unaware of the dismantling of the American economy over the past thirty to forty years?
The blog author stated that America has been hollowed out! Get it?
When the stimulus pumps money into the transportation industry, it goes overseas to purchase railroad cars, and related vehicles, from THEIR transportation industry.
When the vast majority of factories, production facilities, IT centers, R&D labs, have been offshored, then that's where this supposed stimulus funds go.
Without a viable economy to invest in, the banksters rule.
Oh, BTW, the banksters rule.
You shouldn't be watching what happens in China, you should be aware of all the scumbags that Obama has appointed (like Bush, Clinton, Bush, Reagan, Carter and Nixon before him) to screw the American workers and citizens.
It wasn't coincidence when Carter appointed Linda Chavez to his administration, and she stayed on for the Reagan administration, then left to form the neocon Manhattan Institute.
It wasn't coincidence when Judy Miller, after writing those planted stories in support of the Iraq invasion for her special buddy Dick Cheney, left the NY Times and ended up with a good paying job at the Manhattan Institute.
And it isn't coincidence that Secretary of Commerce, Gary Locke, who as governor of Washington state offshored plenty of state government jobs there, has been busy signing waivers so a chunk of that stimulus fund goes overseas.
Get it?
Fed Swap Lines.
South Korean battery makers for the Vaunted Volt.
- Ned
http://www.foreignpolicy.com/articles/2010/10/11/think_again_global_agin...
According to a recent Rand Corp. study published in Health Affairs, more than 40 percent of Americans ages 50 to 64 already have difficulties performing ordinary activities of daily life, such as walking a quarter mile or climbing 10 steps without resting -- a substantial rise from just 10 years ago. Because of this declining physical fitness among the middle-aged, we can expect the next generation of senior citizens to be much more impaired than the current one.
My pops is 74 he just had to get an oxygen tank ... He smoked 2 packs a day until he was 60.
But the easy life, crap food, t.v. life keeps most unfit but happy, until ...
Not a bad idea to get a job in healthcare.
I was just on a cruise for my honeymoon. I have never seen so many fat f*cking Americans in all my life!!! It almost made me sick just thinking about it.
Be sure never to attend the Iowa State Fair...
Or the Old Country Buffet ~ 3035 S.Cicero, Illinois.
Funny stuff! We had an all-you-can-eat buffet place here that had turnstiles that allowed people into the restaurant. Not kidding. If you were a really fat-assed POS you could NOT get into the place. They knew they'd be eaten out of business -- but fast. No apologies or instructions were posted. I saw some really chunky butts get squeezed thru those turnstiles, grunting and snorting all the way. It was enough to make ya up-chuck what you just ate.
You must be in Kansas.
Sounds like everything is going according to the Rand Corps. plan...
http://exiledonline.com/war-nerd-apocalypse-never/
t usually comes down to gun talk. That really makes me laugh. As if small arms would get you through the end of the world. Oh, I get the idea. In fact there was this joke when I was in high school that summed it up nice: “Q: What is the definition of a survivalist? A: Somebody with a rifle and the address of a Mormon.” Because everybody knew those Mormons were required by an official memo straight from God to Joseph E. Smith, Jr. to stockpile canned goods for a year in their tidy little basements. If you had a rifle, the idea was, you just strolled over to their house and either ordered them out if you were feeling all interfaith-cuddly or shot the whole bunch, although with those Mormon birth rates you’d be using up a lot of ammo on basically harmless people.
Well, they were harmless back then. I suspect if you kicked down the door of the average Mormon house now you’d get a face full of buckshot. People are meaner than they used to be.
But being tough, being armed to the teeth and ready to kick ass, that wouldn’t save you either if it all came down. It’d come down to dull stuff that nobody wants to think about, like organization. That’s what really hits me about these survival fantasies: it’s always about holing up in your house with guns and ammo and years of video-game wet dreams bouncing around in your head.
WAR NERD !!!
http://www.joebageant.com/joe/2010/08/understanding-america.html
I have seldom met an American who thought this is a good thing, and seldom met one who understood how the ruling class got so rich. Simply put, it was through constant cultivation of bigger and more labyrinthine government, creating legal and technical complexities to sluice money nationally and globally in their direction, and to cover their asses in the process. The results are such things as 3,000 page health care bills (defining which corporate elites get which parts of the cake), or the 2,000-page NAFTA and its 9,000 tariff product codes.
Once the public was buried in such a maelstrom of legal paperwork, computer transactions, modeling, etc., it was easy to argue that the world had become so complex that the skills and brains to operate it were extremely rare and those who had them were fucking geniuses. These are people who dwell in such airy realms that we should pay them vast amounts of money and never question their decisions. That's how we got such oblivious duds as Timothy Geithner (who never held a nongovernment related job in his life) running the Treasury, and tens of thousands of the Empire's pud whackers, ranging from petty legal commissars, on up to the Alan Greenspans of this world -- a bumbling arrogant old fart who never had a clue but understood the rules: Look enigmatic and blow whichever administration is in power.
Yup.
This is part of the malaise, The Cult of Personality.
We go hook line and sinker for those at the top of the establishment. Popular culture reinforces this. We infuse the rich and famous with mythical / magical traits.
Some of the dumbest people I know are in management, making millions upon millions. They have nice cuff links, good haircuts, a firm handshake and as long as they don't have to say anything that requires any thought, the crowd goes "Oooh, and Ahhh".
Just laughing to myself right now about the rich symbolic terrain of the fight club and how Tyler in one scene is about to be castrated by the cops because he had told them to do so if such a situation arose ... Now that turns the Cult of Personality on its head, doesn't it?
Gordian Knot
Don't forget a tax policy that is designed to keep the peasants of today from accumlating and passing wealth on to future generations of their family. The Estate (or "Death") tax, for example, forces a number of small to middle farming families to sell off the farmstead to large corporate farming interests that have no such concerns.
The reason why US Labor is so expensive is that US wages include the costs of carrying so many parasites (taxes to support wasteful government, artificially inflated rents, sales taxes, union dues, etc etc.).
http://spectator.org/archives/2010/07/16/americas-ruling-class-and-the/p...
Never has there been so little diversity within America's upper crust. Always, in America as elsewhere, some people have been wealthier and more powerful than others. But until our own time America's upper crust was a mixture of people who had gained prominence in a variety of ways, who drew their money and status from different sources and were not predictably of one mind on any given matter. The Boston Brahmins, the New York financiers, the land barons of California, Texas, and Florida, the industrialists of Pittsburgh, the Southern aristocracy, and the hardscrabble politicians who made it big in Chicago or Memphis had little contact with one another. Few had much contact with government, and "bureaucrat" was a dirty word for all. So was "social engineering." Nor had the schools and universities that formed yesterday's upper crust imposed a single orthodoxy about the origins of man, about American history, and about how America should be governed. All that has changed.
Today's ruling class, from Boston to San Diego, was formed by an educational system that exposed them to the same ideas and gave them remarkably uniform guidance, as well as tastes and habits. These amount to a social canon of judgments about good and evil, complete with secular sacred history, sins (against minorities and the environment), and saints. Using the right words and avoiding the wrong ones when referring to such matters -- speaking the "in" language -- serves as a badge of identity. Regardless of what business or profession they are in, their road up included government channels and government money because, as government has grown, its boundary with the rest of American life has become indistinct. Many began their careers in government and leveraged their way into the private sector. Some, e.g., Secretary of the Treasury Timothy Geithner, never held a non-government job. Hence whether formally in government, out of it, or halfway, America's ruling class speaks the language and has the tastes, habits, and tools of bureaucrats. It rules uneasily over the majority of Americans not oriented to government.
The two classes have less in common culturally, dislike each other more, and embody ways of life more different from one another than did the 19th century's Northerners and Southerners -- nearly all of whom, as Lincoln reminded them, "prayed to the same God." By contrast, while most Americans pray to the God "who created and doth sustain us," our ruling class prays to itself as "saviors of the planet" and improvers of humanity. Our classes' clash is over "whose country" America is, over what way of life will prevail, over who is to defer to whom about what. The gravity of such divisions points us, as it did Lincoln, to Mark's Gospel: "if a house be divided against itself, that house cannot stand."
You've said some far out shit before Gully, but that was spot on. Un-junk for you. Back to zero.
Did you notice how White House and Fed people age really fast, as if they get counted in dog-years. But not Timmy. Maybe he really is Pinnochio?
It's all that ink - it's like oil of olay. Hasn't helped Benny much, but Timmy can at least chip some whenever he wants.
Perhaps he learned the benefit of daily bubble baths from Greenspin?
Looks like Timmah showed up a day late for his cash for clunkers!
Somethin tells me this boys cheese has dun sliped off his cracka! (Green Mile)
Yawn....market continues upward. Economy continues slow growth, but growth just the same. No iDepression, no double-dip. Just an economy slogging through for years to come.
'Growth' sure if youre gulliable and dumb enough to believe what the liars tell you!
Yawn....market continues upward. Economy continues slow growth, but growth just the same. No iDepression, no double-dip. Just an economy slogging through for years to come.
Harry how about this ...
I think the wheels are coming off.
You say we have years of slogging through ...Dow 10,800 is the middle. If January 1st comes about we are above 10,800 I donate 100$ to ZH. If dow is under 10,800 you donate.
Or if dow goes up 1,000 from today I donate. If dow drops 1,000 from today you donate ?????
Dow 10,800 is the middle of what?? Dow could easily be in the 10k's on 1/1. That's a muddling economy. Market will stay in a range.
Now 1,000 points, that's a different story. I don't see anyway possible we'll be 1000 Dow points lower on 1/1. If that's the bet, I'm in.
So we have a bet.
Dow below 10,127 on or before 1/1 I win. You donate $100.00
Dow hits 12,127 on or before 1/1 you win. I donate $100.00
It's a deal. Officially noted.
Why don't you guys donate to ZH regardless?
Why not say you'd donate MORE to ZH than you already do?
Donate To Zero Hedge
I don't necessarily disagree with your viewpoint, but I think I'd wait until after the elections to make the bet. If the (R)'s gain control, it will likely give wall street a false hope, and cause the market to rally.
lol... false hope? I say less spending, and no unemployment extensions... short the mother on the news- just like QE2
Rallies don't come from Wall Street "false hopes" any more. They come from the PD/POMO/QE pumps. The wall street insiders are consistently selling, at a ratio of over 2000:1. We all know the R's are probably a shoo-in so it's "priced in", right? Wall Street knows this and no matter what their firms are (being instructed to) doing, they are all dumping their own stock. Because they know, it's unsustainable.
Harry will win by Dec 10th. - my prediction
And what happens if the DOW hits both 10,127 and 12,127 before 1/1? Anyone want to qualify that just in that case? Who wins?
(While this is specifically about Blacks, any idea how many White families feel the same way?)
http://www.eastbayexpress.com/gyrobase/rich-black-flunking/Content?oid=1...
"The black parents feel it is their role to move to Shaker Heights, pay the higher taxes so their kids could graduate from Shaker, and that's where their role stops," Ogbu says during an interview at his home in the Oakland hills. "They believe the school system should take care of the rest. They didn't supervise their children that much. They didn't make sure their children did their homework. That's not how other ethnic groups think."
So Jim Quinn what is the purpose of your post other than to ridicule people collecting unemployment as slovenly and obese brats. You yourself claim that this is 40-year hole that we are not going to dig ourselves from unless unions accept $7 hour jobs with no benefits. Of course the solution is tariffs, only shills would argue otherwise.
Tariffs are not a solution. The solution is to make American labor more competitive. We can do this by lowering the costs American labor must shoulder - high taxes, high rents, etc. Let housing prices crash. Reduce taxes. Reduce government spending. If we do, eventually it will make more financial sense to produce here than abroad.
"The solution is to make American labor more competitive."
Truly, an obvious giveaway that you are either making big bucks in the jobs offshoring industry or you are commenting from the inside of a mental institution, Thisson!
How about trillions in tax recovery from the over 70% of American-based multinationals and corporations who refuse to pay their federal taxes by employing an wide array of tax evasion and avoidance schemes: parking capital offshore, profit laundering through offshore finance centers, transfer pricing, profit shifting, hiding debt and true capital, etc., etc.
Next, tariffs, definitely a solution. Next, firing squads to set the example --- as they do in the labor arbitrageur's fav place, China --- of what happens to corrupt CEOs and the politicians they own.
Economic democracy for all, or the guillotine for the many!
Why and when do they park money or send jobs offshore? When taxes are too high, and regulation too much of a burden. Merchants know no borders. There is a pure math problem here. How do I as a business reduce my cost of doing business, in order to STAY IN BUSINESS.
+1
Stop spending above private wages to public workers/servants.
Tariffs increase inefficient markets. Government spending = inefficient spending. Both hurt our economy. We need low governance; allow pure competition and price discovery (house prices should crash).
+1
Stop spending above private wages to public workers/servants.
Tariffs increase inefficient markets. Government spending = inefficient spending. Both hurt our economy. We need low governance; allow pure competition and price discovery (house prices should crash).
The purpose of the article was to offend douchebags like yourself. Did it work?
You are not going to convince me that tariffs or protectionism will not work. I have the whole of history on my side.
Sure, they "work" beautifully. That is why in places like Brazil that most of the jobs and production were done by Brazilians but the place remained a relative economic hell hole for so many years.
If the answer is to impoverish the whole society so that we can level the playing field for most people in it, then go with tariffs and protectionism. You will still have a ruling class desperate to cling to its power and to take the fruits of your production.
At the end of the day, you will be marched into the fields to keep the production up so that they are fed. BTW, ever seen the Dachas of the old Communist Party elites in Eastern Europe? Most of them pale in comparison to the houses the poor in the US live in.
Tariff(s) worked beautifully against US southern states didn't it?
And didn't that Civil War just make you feel all warm?
You are a fucktard, Quinn!
Why don't you write about REAL spending?
You, disgusting Ami, how much money do you approve to be spent on WARS and WEAPONS?????
It's YOU and every American guilty of the situation we have everywhere on the planet!
You, most of you Americans live as thieves. Now it's coming back to you what you've done to the world. You fully deserve it and I hope this will crush you.
Americans didn't invent war - people have been killing each other for millenia, and thieving in between, or haven't you noticed? You do live on this planet, right? And your country has never started a spat with others for selfish gain, right?
Incidentally, it isn't military adventurism that has bankrupted the USA - they aren't the long arm of Rome. You might be surprised to know that the biggest monetary obligation they have by far is for social programs, not wars. In fact, they could fight 100 iraq's for the cost of SS + medicare.
Yes, it's not America involved in
War in Afgh.
War in Iraq
Drones and murder in Pak
Preparing war withYemen
Preparing war with Iran
Involved in Africa
170 military bases around the world!
Name me another country so much involved in wars!
No, you didn't invent it, but YOU fight it all over the world! And when you don't fight with wapons you kill with your dirty $$$$!
Now you feel the same heat as the people you have put in chains. The FEMA camps are for you. Suck it now or revolt like the French do! Even if their mentality is damned socialist, they wont't bend over like you do, cowards! You are divided and your oligarchs use this. You are too stupid to understand that.
And yes there are small countries which never had wars with their neighbours unless being attacked.
You, Amis, only exploit the world where ever you can. First the English, now you! Predatory countries will get their reward, I hope!
Since you brought up France, let's add ideological slavery to the list of things people fight with. You think that invasion and occupation and currency manipulation are the only forms of warfare? Try Pol Pot on for size, from the ever-reliable wikipedia (for more gory details, google it yourself):
"After switching to a technical school at Russey Keo, north of Phnom Penh, he qualified for a scholarship that allowed for technical study in France. He studied radio electronics at the EFR in Paris from 1949 to 1953. He also participated in an international labour brigade building roads in the Federal Republic of Yugoslavia in 1950. After the Soviet Union recognised the Viet Minh as the government of Vietnam in 1950, French Communists (PCF) took up the cause of Vietnam's independence. The PCF's anti-colonialism attracted many young Cambodians, including Saloth."
There's a french-made butcher for you. Studied in good 'ol Gaul, where he met the canonical frenchie philosopher radicals who wanted to export their own ideological fifedom, but without getting their cowardly hands dirty. So as willing accomplices are easy to find when it comes to butchering people, they recruited others to actually exert the effort.
So much for the innocence of the french. The blood of the killing fields traces its poison roots to your "damned socialist" country. I guess I'm wondering why you are so smug, given your history.
Revolt like the french do? Whatever reason would you have for a revolt in your socialist paradise? The irony is that the fact you are even rising up indicates that you have been divided, and conquered. Welcome to the club, ami.
The French are revolting! Yes, indeed.
+ 1000. Sad but true ..
Jonathan Cleese ?
1) Before throwing stones about the American people's cajones, read the American Declaration of Independence. The founders of our country knew the people would face oppression once again. They were well studied in former empires and human nature. The first set of instructions against oppression are to ALTER our form of government. Alter means attempting to change course. That is exactly where the American people are at. Perhaps the people will succeed without the use of force, I hope for the best but tend to prepare for the worst.
But as life is not linear and human nature predictable, the situation on the ground in America is turning from oppression to tyranny as the government fights for its own survival first and foremost. That leads to the second set of instructions coded in the Declaration of Independence which is to ABOLISH the government. I may be wrong but if it does get to that point, abolishing will cut off rentiers income flowing abroad meaning an attempt at silencing the rape victim (American people) which brings me to my next point.
2) The American people are guilty of one thing and one thing only. Being put to sleep in a debt-induced coma as household balance sheets eroded underneath. Pain is always the catalyst of change when it comes to nations or unions. Fascism is hard to spot in a population, especially in a debt-induced coma. The American version reminds me a lot of Mussolini Corporatism. Consider every cycle has a beginning and an ending.
3) Leadership in banking mandraked the wealth over forty years to the East (including your beloved French leaders huh-ha-hough) and the multinational companies followed. This was laziness by leadership and using debt to provide ever increasing benefits in an exchange for a vote. An individual that works two jobs currently where both Dad AND Mom to pay for the debt hangover while corporatism siphons off the remaining crumbs in punishment enough and a very large wake-up call. While stable jobs are still being exported (and U.S. productivity surged 2000-2010 but now dropping) demonstrates the American people were anything but lazy freeloaders which Jim Quinn insinuates. I definately don't always agree with the man on his positions but I do know he works crazy hours to pay for his family and middle class lifestyle.
4) France is burning down their country for what reason? An end to unsustainable promises made by your politicians over decades. Of course the organizers of the razings all blame Sarkozy widely reported on Fascism global news networks, the only guy attempting to bring fiscal discipline to the country. I just bet you think he is a dick too that will get his just dessert eh? 3 months paid vacation in France, six hour work days and retiring at 50 was a great gig while it could be had but it was NOTsustainable. No different than 20 doctor visits a week from retired Boomers, illegal aliens or welfare Moms driving around in Cadillac Escalades was sustainable here in the United States. Buying votes on debt is an old game. But don't get off that somehow you have some form of moral superiority. And speaking of which what country had the highest private donor record to other countries for four decades straight? I'll fill you in, it WASN'T FRANCE or any other European country. The French are the only culture on earth I have found I can't do business with.
5) You had best hope for the worlds sake the American people can alter our form of government and the rape victim is not silenced. Otherwise, you will learn to be speaking Russian in a few years or ruled by an Islamist. Because that is what suits current Kingmakers, thugs to rule the West while they grow their investments in the East. One big happy feudal family, no? When America frees itself for it is always underestimated, unlike my Grandparents I will not be in support of any form of global effort to rid yourselves of your new masters. But I can respect the Russian people more than certain European cultures, the majority there have worked long hours since the fall of the Soviet Union to have a pot to piss in. So has the American people.
As for leadership that sold off in the mandraking bonanza of the last few decades, this kind of person is who will be waiting on you serving your food and drinks to you and your kids. Its going to be one glorious party for all no doubt about it! And China never allowed itself to be the lap dog. You "great" dealmakers are about to be blindsided. Even a poor I.T. tech manager like me learned to translate Mandarin to unicode in 2003. The age of secrets is coming to a close and good riddance! Perhaps all of us collectively on earth can build a much bigger supply chain after the fall of this Era of Stupidity still using the 3D model and enter the Age of Knowledge 4D.
Best of luck competing with three major powers all battling for global hedgemony. Moonbases and submarines will be the next big luxury ticket item for particular leadership. The United States government does have a choice, evolving into a free market with a low-capital base but that is enough. I wager many people here would support such an endeavor and it might be a far better choice to evolve considering the alternatives.
PS: I'll finish my rant against frenchie by demanding an end to CAPTCHA. I'll give ZH the tech to allow fly-by blogging without the right spam filtering code in exhange for never seeing that piece of shit technology again at this place.
Stay down desgust, stay down.
http://apnews.myway.com/article/20101020/D9IVB2I80.html
The new military policy about gays. Don't know, dont care. Soon our military will smell sweet and be full of "nancy boy" pole polishing , hired killers. Don't you just love it when a plan comes together?
Don't know and don't care.
Your "manhood" feeling a little threatened, is it?
Real men don't care about this kind of crap.
And, yes, I have served.
George Washington is not THE George Washington. What makes you think Jim Quinn is THE Jim Quinn?
well, "why don't you tell us what you really think" cause "I THINK YOU SHOULD START PAYING FOR THAT PROTECTION WITH A NEIGHBORLY INVASION." If Goldman does it job right "they'll be the banker for you AND your enemy." Now onto the subject of your people's beautiful women. You know you really should....
But seriously Jim, what is the point of your article? Most of it argues (well) that we're in trouble but there is nothing we can do.
But at the end you say we must "take our country back." What does that mean?
I proposed solutions in a previous article.
http://theburningplatform.com/blog/2010/10/10/my-tea-party-platform/
Enjoy the rally and move on.
http://www.youtube.com/watch?v=IRVdiHu1VCc
http://friuch.com/mike-rowe-and-the-truth-of-blue-collar-work
Today, I had the pleasure of viewing Mike Rowe’s TED talk on what he’s learned from doing the Discovery Channel show “Dirty Jobs” [LINK]. TED Talks, if you haven’t seen them, are often inspirational [LINK]. I’ve embedded the Mike Rowe talk below and I want to summarize his main argument on how he feels “we” have declared war on blue collar jobs:
I am not going to say that these arguments are flawless but the point is clear – Western societies don’t respect trades jobs like we used to. No big deal, right? Back in January of this year, I wrote a piece on how a looming labour shortage in BC is going to cripple our efforts to maintain and upgrade our infrastructure in this province – a point that Mike Rowe raises in his talk as well [READ]. Enrolment in trades programs at post-secondary institutions are down across the board. Here’s a quote from the TED talk:
Our situation in Canada is no different. We’re spending money on infrastructure right now but our capacity to supply the labour needed to do the work is diminishing rapidly and, as I am suggesting, will be almost non-existent by 2015. All of these issues gave me pause to think about why I left the trades at a young age and turned to “creative class” work (to borrow the Richard Florida term).
Gully,
You touch on many topics dear to my heart here. Who is going to rebuild our roads/bridges/electrical grid? We seem intent on chasing out the immigrants that are doing all this for us as we sit at our desks and shuffle papers and go to meetings.
Nobody wants their children to go into the trades in this country, as it is looked at as a sign of failure to work with your hands. If the PTB can't keep this Ponzi of an economy from collapsing, WTF are all these paper pushers going to do?
There won't be any money to pay the skilled tradesmen/women to build and fix things either.
I'm reminded of the passage in "One Second After" where the former executive lady almost thinks getting gang raped was a fair trade for a bowl of watery soup.
As a simple test to see how well you will fare if TSHTF, go get a manual screwdriver, a 1 1/2 inch screw and a solid piece of wood. See if you can screw it all the way in and all the way out without stopping.
edit: then do it for 8 hours straight tomorrow.
Gimme a quality Phillips #2 bit chucked up in a Yankee 9/64ths drill and I'll race ya!
If you tell a American woman that you work hard for a living, they know full well you will never be able to fund their fantasy life that they envision courtesy of watching shows on the boob toob. Maybe I am being too judgmental and negative?
No, just truthful.
quite a sweeping generalisation there, although I'm sure some "American women" fit your description. . . might they be the ones you and your friends consider "hot" - therefore they are more "in demand" and as commodities, can command more for their "price"?
you may want to ask yourself what you want an American woman for, and what you're willing to pay for that service. . . you mention her "fantasy life" - what is yours?
and yes, I'm being somewhat facetious, but the truth is, most people in amrka have learned expectations now, and the dudes want what they see in porn, therefore the chicks want. . . paid.
a genuine relationship might take more work than either side is prepared to do any more, just sayin'.
Eating humble pie.
psshh, here, have a scoop of ice cream, sweeten it up!
I think you made a great point but I will expand on it a bit. The divide and conquer politics swung in the favor of women, at least here in the Northeast.
That caused a lot more broken homes, divorce etc. It is all about taxing at the bell curve after all to support more socialism. Paying for the lawyers and courts and such as well is all good because after all, they provide such lovely productivity in the way of returns to themselves. If your a guy and have kids and get divorced up here, forget about it. The wife will take 70% one way or the other and your left paying support and alimony after that. Every gent I see going through this is hosed to the point they quit their employment. And in a strange new twist this last decade, it was the women folk doing the lions share of extramarital hanky panky as the guy went off to work two jobs or 60 hr work weeks to still pay for the pad. A survey was done here in New Hampshire. 83% of men said they would not marry. Some good gents too that fought the good fight for the kids but this does bring up your salient point about the women expecting money.
Maybe your right, the guys were expecting sex driven ladies but I don't have too many of my married friends telling me the wives were extra exploratory because of the money like in porn films. Maybe that is why men turn to porn or maybe because they are broke and can't afford to impress the ladies with better stuff or going out anymore to get special evening rewards.
In general, from what I see, most women love the guys that are handy with the tools. Some may marry for money, but they will sleep with the gardener if you don't crash around in the garage fixing some things around the house yourself from time to time. It never seemed to occur to them that making $50 an hour and paying a laborer $15 to cut the grass was far more wise. But I digress. One thing I can say is the new breed of women taking on the establishment are putting the men to shame. Hell hath no fury like a woman scorned. Pure wisdom in that saying.
But as mentioned I realize how divide and conquer politics work. Strong family units are bad for looting at the top. The society has been turned totally inside out. A lesson of evil genius that historians will no doubt be studying for centuries.
I want you to know that I appreciate your taking the time to actually address my post thoughtfully Raging Debate, and you bring up lots of good points. . .
it cannot be denied that the discord in relationships, particularly marital ones, is coming from both sides, and I'm not trying to make the argument otherwise. . . in my opinion there has been a breakdown in what "relationships" are "supposed" to be for - are they for sex? or companionship? or having children? etc. . . there are plenty of media versions on offer, but having listened to lots of folk, men and women, complain about their relationships, or what's "out there on offer" - there's a real disconnect in expectations, and few seem willing to acknowledge, or discuss that with their partners, which is mind-boggling really! there's this meme that wives "shop, clean, & look after the kids" and husbands "earn, and fix stuffs" - okay, maybe in the 50's/60's that was more the norm (for the middle class - working class pretty much always had 2 earners), but it hasn't been the case in decades, has it?
so what are the new role-models? ideally, people would realise things are pretty free-form, and they can negotiate their ideal relationship with the one they fancy - but people are still acting out old "courtship" rituals based on fantasyland, and no one does any serious talking about expectations until after the damn ceremony! by which time, the dis-illusionment sets in, and it's downhill till they separate.
television, movies, media, music - they all shape our idea of "love" and relationships, but how real can that be? people who imitate what they are media-fed aren't real - and how can you truly relate to fake?? all that role-playing of "characters" in one's head is made to disappoint - that's consumer-culture, chasing the un-obtainable, set up to fail repeatedly. . .
from over here, I see a lot of women who just *shrugged* on the long-term relationship, got on with having a "career" - which means they had their own money, could buy their own house, etc. - so they took a leaf out of the guy's script, and they can pick 'n' choose their sexual partners, etc. - is that better? maybe for some, not every woman wants the marriage/family life. . . nor does every man, right?
my point about "chicks" wanting to be "paid" was only as a reference to being seen as a sexual commodity - as in, guys wanting to get laid chatting up what attracts them in the moment. . . most culturally "attractive" women know their relative "worth" and will work that vein accordingly -why not? if your value is as a sexual object, then you will also realise that value will decline over time (age), and make the proper moves to secure your wealth, right? it's not cheap to maintain those nails, hair and "inflatables", ^^
the thing about porn is that it uses the "hot chick" story, and it's the "average joe" that scores, which is guaranteed to make both sides loathe the other - the "hot chick" knows she's seen as trash, discarded when used, and that her assets are interchangeable with other "hot chicks". . . the "average joe" cannot fathom why real life "hot chicks" aren't interested unless he's got the bucks, and he's furious when he gets the cold shoulder for his attempts to score. .
please think about how this degrades all relating between individual humans. . . no one is being seen, no attempt at truly getting to know someone based on attributes other than physical. . . it's all so shallow, and it keeps people occupied and in drama, which of course means those in charge get to continue with their pillaging. . .
doesn't have to be this way, and it isn't true across the board, but it's definitely a part of the whole story. . . we are all responsible for who we are, and self-discovery that discards the cultural non-sense fed to keep us dissatisfied is a great path, in my opinion. . .
your final paragraph holds much truth, and I wish the best to you sir.
Some really interesting counter points. Agree on your assessment about porn and the average guy gets to score with the super hot disposable chick. But I suppose if you are ahem... endowed like a porn star it might mean your less loney than other average Joes.
More interesting in your response Cathartes was highlighting how traditional relationships are evolving and I observe that is happening on a global basis. I believe the worst part of marriage is the legal contract through the State.
I believe much healthier relationships stem from the necessity of appealing to a spouse encouraging them to stay in a monogomous relationship. Child support should always remain and this should not be one sided as it is in New Hampshire.
My commentary highlighted how the legal contract was being abused by females at this time. Back in the 1970's, it was the males that received the favoratism. That time and the womens liberation movement seemed to mark this gradual change to independence between couples. In the short term, it is ugly as social revenge is extracted from the guys. But I think long term State sanctioned marriage going away will be much better for society. Couples can always have a ceremony to celebrate in any event. And yes, I do know chicks that told me these last couple of years all they want is to find someone to party with from time to time and then have the guy go away.
if we're going to get into "legal contracts" within a relationship context, I'll have to bail on the discussion I'm afraid - it's a hornet's nest of opposing opinions that could be a thread in itself, eh? *smiles*
but I'll agree with you that the legal "favouritism" ebbs 'n' flows - it wasn't all that long ago that "wives" (legal term) were not permitted "credit" apart from their husband - I believe it was 1974 that the Equal Credit Opportunity Act began to share rights that historically gave privilege to white males first. . .
and of course, with women entering the workforce, corporations could take advantage of paying them less, and wages stagnated for all except the top tier, concentrating wealth in fewer and fewer hands. . .
you mention "women's lib" bringing a change to the "independence between couples". . . consider what values are prized most now - competition, independence, ruthlessness, logic, vs. those ridiculed - co-operative, caring, feelings - the latter are traditionally "assigned" to females, and mocked in males - I think females are just emulating the traits given more "value" in culture now, everyone gets to act like the "male" - which means "relationships" are undergoing a massive rethink - marriage has traditionally been less advantageous for females, more a business contract than social, and it's recently been pushed as a "love" arrangement, only about a century or so. . .
which is why I think people need to recognise what "social engineering" is, and how it is used by nationstates to extract what it needs from dutiful "citizens". . . and how powerful porn is, training the mind via orgasms to view humans as objects to be used. . . rather like the gov't and corporations do to us all, hmm?
Well done CA!
"Unless American union workers are willing to work for $7 per hour with no benefits, the manufacturing jobs are not coming back from China."
Americans in Texas get paid about $8/hr plus "benefits" to stay at home.
Try hiring people in Texas at $9/hr plus company-paid insurance for entry-level manufacturing. People generally aren't interested because they only net eight bucks a day to get off their asses. I refuse to get into a bidding war with my destroyer; I would rather quit.
Home Depot used to start college kids out at $9.00/hour. Now they start them out at $7.00/hour. There are many adults working at that wage too. To my way of thinking this is not really a job but this is all they can find. Then we can talk about Walmart and their bullshit too. The new reality will not be pleasant to the college grads who are now getting out of school and cannot find any gainful employment. They always thought that life in this country would continue on, like it did for their parents but I am afraid that is not the case. Soon (and I am sure this is already happening)_older adults who have lost their retirement funds in the markets, etc will be competing for high school students for crappy sacker and stocker jobs at the big lot stores etc. I remember listening to Limbaugh over the years talking about how America is becoming a service sector economy. I always felt that that meant, that the slaves would be serving the masters at slave wages. And so. It is happening. The middle class is dying and fast.
You know...$8-$9 per hour would be just fine...if prices were allowed to correct.
If houses came in a good 40%, if the CFTC would enforce rules on commodity trading that would halt the endless bid pumping, if studid Americans quit dropping $500 here and there on gadgets they do not need, if folk stop trading in cars every three years, if folk would stay home and raise babies rather than buying expensive wardrobes and parking slots, if if if only America lived like the Average Joe, happy in his work, simple in his desires, and quietly living and enjoying his little corner of the world.
It is a relative thing. Unfortunately, the culture is so befuddled right now with crap pumped at them through the television and strange sense that seems to need to change everything every five minutes, the constant slave to whatever feeling might happen by. Cultural rot.
But I'm talkin' good old American revival, I guess.
I love it ... amen brother. Toss the t.v. in the dumpster stop letting your 12 year old daughter dress like a whore, read, read, read. It helps. So many issues .... Keeping up with the joneses budget buster'
+1
stop financing our demise in D.C. this is not freedom.
bring power back to state and local governments, end the fed, end fractional reserve counterfeiting, open up our national economy to competing currencies including gold and silver.
prices would then take care of themselves, and we could get back to rewarding hard work and savings rather than the criminal Wall Street Industrial Complex, Political Industrial Complex, and the International Banking Cartel.
https://secure.wikimedia.org/wikipedia/en/wiki/Farm_Aid
Farm Aid started as a benefit concert on September 22, 1985, in Champaign, Illinois, held to raise money for family farmers in the United States. The concert was organized by Willie Nelson, John Mellencamp and Neil Young, spurred on by Bob Dylan's comments at Live Aid earlier in that year. (Dylan said, "I hope that some of the money...maybe they can just take a little bit of it, maybe...one or two million, maybe...and use it, say, to pay the mortgages on some of the farms and, the farmers here, owe to the banks....") Nelson and Mellencamp then brought family farmers before Congress to testify about the state of family farming in America. Congress subsequently passed the Agricultural Credit Act of 1987 to help save family farms from foreclosure.
http://www.time.com/time/arts/article/0,8599,2023006,00.html
In the 1980s, American farmers were hit hard by what were, at the time, the worst economic conditions since the Great Depression. Droughts ravaged the fields, property values plunged, loan interest rates soared, thousands were forced off their land and faced foreclosure and bankruptcy. The number of suicides among male farmers in the Upper Midwest reached double the national average, according to a study by the National Farm Medicine Center. And in 1985, the Los Angeles Times dubbed farm policy one of the "toughest issues confronting Congress."
That was a time when the corporations were seizing private farms because their cronies the banks, has talked the ignorant farmers into buying too many things they really couldn't afford with money they did not have. So they fell behind on their payments and the banks foreclosed and then the corporate food concerns stole the land from the private citizen because food is power and in the new world, they simply do not want independent thinking and existing Americans on their own land , raising their own food etc. as Thomas Jefferson had often talked about 200 years ago.
well observed, and I'm sure you can see the same game playing out even now with the "housing bubble" and all the homes now being foreclosed on. . .
food is power, and corporate food is poison.
every day amrka is being sprayed with aluminium and barium, and so many other toxins. . . and Monsanto has a new GMO seed patented for resisting the aluminium in the soil. . . no coincidences.
http://farmwars.info/?p=2927
@ High Planes Drifter, Best Post of the Day!!
In Santa Monica Ca. they have a huge homeless population. If you go to downtown LA , blocks from the Staples Center ( Lakers ) you will see hundreds of people that live on the street or in/out of the homeless shelter and it looks exactly like Depression 1.0
Hundreds of homeless is huge? And the population of Sata Monica is what; about 88K?
This seems unusual to you? I would imagine some of those hundreds of homeless are even from Santa Monica.
Before you throw this out as some kind of evidence of depression, tell us how many homeless were in Santa Monica 5, 10, 15 and 20 years ago for a comparison.
We are not even in recession, much less a depression. I recall some guest posted an article to "redefine" depression since, well, the facts didn't agree with his conclusion regarding the state of this economy.
When you show me the GDP to back it up, then I can see a point about the "Great Depression 2.0" Otherwise, post this kind of material under a section entitled "FICTION"
By the way, have you guys taken the time to thank the Chairman today? He allowed mom and pop to buy back in yesterday at reduced prices and now he has set in motion a profit making machine; the Markets!!! Hope no one missed the boat this time.
http://chilaborarts.wordpress.com/2010/09/12/real-unemployment-30-5-what...
The writer of this article and most everyone, Rosie included, have simply missed the boat.
The world has no ended. The airlines aren't making money flying empty. Apple didn't gross $20B selling Ieverythings to the Chinese.
Things just aren't nearly as bad as this group wants to believe.
But don't worry. There will be a correction and next time, for God's sake, pay atention to Harry and Leo. Buy the dips and gain some wealth why don't ya?
Exactly. I think a lot of people are angry that the meltdown happened already and it rebounded. They missed it. So they think another one will happen. That was a once in a lifetime event.
Will there be some corrections along the way? Of course. But now it should be clear that you buy those corrections. Fool me once....
Nothing has 'rebounded' except imaginary stocks.
Well, so far my profits on these imaginary stocks have yielded cash in my pocket.
I wouldn't know it from reading comments here, but sure enough I went to the grocery store yesterday and they were more than happy to take my US dollars in exchange for food and drink.
Imagine that. And because of the progress in these imaginary stocks, I have far more of those dollars than I did before.
Same here. Was able to put a new roof on the house, buy a new Mac, pay off my wife's new car, all with the "imaginary" stock yields this year.
Some people win in Atlantic City and Vegas too.
Most don't...
Divide those imaginary stocks or cash in your pocket by the price of cotton, gold, food, fuel oil, healthcare, used cars or utilities and what exactly do you have left?
A ton more than all the people who have been short.
History is full of people who had more dollars than they did before - Austria, Hungary, Germany, Zimbabwe...
Yes and just think about the poor bastards who tried to short them. They lost even more.
Representing the "poor bastards trying to short them" corps, we didn't all lose our shirts. Your premises are wrong. Not only have I made a net profit, I have made it relative to the increase in gold and the devaluing of the dollar. What kinds of coconuts do you measure your profits in Harry?
My point is simple but somehow always misunderstood here. If inflation drives the market up making your money worth less at least you have more of it if you went along for the ride. The guys who continued to short into it, lose twice.
BTW: As I've stated here several times, my biggest holdings by far are precious metals.
So after all those brilliant moves starting, I assume, with purchase of 20 lbs bag of Eagles in 2003, and precisely executed longs and shorts when needed, you did all these “Was able to put a new roof on the house, buy a new Mac, pay off my wife's new car” without any problems? Wow man, now I will do exactly what you say!
Harry thinks pomo is recovery, fraud is normal in a recovery process, with no jobs we can grow our way out of debt, student loan debt, credit card debt, piggy bank destroyed, inflation in things we need , 100 dollar oil looming.... Green Shoots
The securitization market has been vaporized, the pixi dust that fannie,freddie have sprinkled about have taken hold.... Harry thinks housing prices have stabilized, even though fannie,freddie are the floor in the market. Bwwaahaaaa ...
Everything is ok, all the problems have been solved, the debt is gone .... start up the music ...
lol, man I thought guys like you were gone. Back for more trolling I guess? Fun times, fun times.
The debt doesn't matter. Bailouts don't matter. Expanding government doesn't matter. Eroding middle class doesn't matter. Looming austerity doesn't matter.
But man, lookit I got some money in my pocket and a new roof! Sweet!
The stock market is bread and circus...good luck riding that tiger.
You were saying the same shit in October 2007 when the market was 14,000 on its way to 6,500. Tell me you saw the crash coming and got out of the way. I love fairy tales. You perma-bulls disgust me. Please contest the facts of my article rather than spewing how the market did today.
You were saying the same shit in October 2007 when the market was 14,000 on its way to 6,500. Tell me you saw the crash coming and got out of the way. I love fairy tales. You perma-bulls disgust me.
I was saying the same shit?? No, I wasn't. Actually I wasn't around here then. I did see it coming. Bought gold and bonds. Both kept me in the game without losing money while I traded long and short at the time.
So perma bull? Nope. When it's trending down, I short, when the Fed is pumping it, I buy. Sorry if that upsets your idiotic preconceived notion of my trading positions.
Your full of shit Harry old boy. Gold went down harder than stocks in 2008 moron.
Thanks for telling me all the gold I bought in the upper 300's "went down harder than stocks". You're a wonderfully idiotic soul.
Harry
You are a classic anonymous blogger who gets off on telling other anonymous people how smart you are. You're full of shit.
You bought gold in 2008 in the $300s? Your tall tales are getting really good. Tell us some more.
We wait breathlessly for your investment wisdom.
No, I did not buy gold in 2008 in the upper 300's. I've posted this for a long time here. Bought all my gold on ebay. Yes, ebay. A dude would sell Eagles in quantities of ten. It was Fall 2003 and I bought as much as I could afford against my wife's wishes.
Sold some in 2007 when I wanted to pay off some properties. Still hold a large quantity.
Funny thing is way back then, I was convinced by a doomer site to buy gold because of all of the upcoming problems he was seeing in housing starting to form. Made sense to me.
Notional value and too much risk for the reward to play stocks. Day trading would have been profitable but boring. I like innovating. But I did go all in on my business investment into Healthcare marketing with big pharma in 2008 so your general point is not lost on me No Mas.
Also, about your Chairman comment. Chairman Bernanke is showing some independence and tilting some things slowly in favor of the American people. Good for him! This has been noticeable (at least to me) over the last year. Nasty politics and potential double-crosses, hurricane headwinds do take time to work through and I do understand the banking environment at the top. But if I were him, I would go ALL THE WAY toward free market capitalism.
Chairman Bernanke would get more rallying calls from this place of that I don't doubt it for a second. A 4D model invented in the 18th Century requires 4D evolving. No stuffing the genie back in the bottle on the Information Age, going for a bigger supply chain using carrots with higher gross margin and less net profit is the way forward for CB not a super pyramid. Facebook is an example of a 4D model. Zuckerman makes a dime a user a month, but has seventy million active users. The sticks of supply side and secrets of the 3D model is becoming yesterday. If I wanted to find out what any member of CB is up to, I'll just ask my 17 year old kid, or maybe even my 15 year old. Crowding into private circuit tech to attempt to continue 3D makes the world smaller for CB's and their families, not bigger! The tipping point of the world arriving at this place of 4D seems lost on CB's. Here, I'll start to explain it a bit better as Greenspan himself was catching on but couldn't articulate in testimony when he mentioned 'The Flaw': http://ragingdebate.com/politics/feeling-upset-because-the-american-population-wont-wake-up-as-the-us-falls-apart .
Personally, I would rather have a virtual monument being seen for a century or two evolving CB forward for the benefit of mankind than be remembered as the goat of history. I am starting to think Chairman Bernanke gets it. No easy choices, that is for sure.
And those two sons I mentioned, I intend to look them in the eye on my deathbed and proclaim no regrets, carry on. If I die today, same deal they know Dad did what was right and are prepared for the coming hardships. I had to teach them REAL history and human nature, they were only mildly taught the sanitized versions in school.
http://www.herecomeseverybody.org/2008/04/looking-for-the-mouse.html
I was recently reminded of some reading I did in college, way back in the last century, by a British historian arguing that the critical technology, for the early phase of the industrial revolution, was gin.
The transformation from rural to urban life was so sudden, and so wrenching, that the only thing society could do to manage was to drink itself into a stupor for a generation. The stories from that era are amazing-- there were gin pushcarts working their way through the streets of London.
And it wasn't until society woke up from that collective bender that we actually started to get the institutional structures that we associate with the industrial revolution today. Things like public libraries and museums, increasingly broad education for children, elected leaders--a lot of things we like--didn't happen until having all of those people together stopped seeming like a crisis and started seeming like an asset.
It wasn't until people started thinking of this as a vast civic surplus, one they could design for rather than just dissipate, that we started to get what we think of now as an industrial society.
If I had to pick the critical technology for the 20th century, the bit of social lubricant without which the wheels would've come off the whole enterprise, I'd say it was the sitcom. Starting with the Second World War a whole series of things happened--rising GDP per capita, rising educational attainment, rising life expectancy and, critically, a rising number of people who were working five-day work weeks. For the first time, society forced onto an enormous number of its citizens the requirement to manage something they had never had to manage before--free time.
And what did we do with that free time? Well, mostly we spent it watching TV.
We did that for decades. We watched I Love Lucy. We watched Gilligan's Island. We watch Malcolm in the Middle. We watch Desperate Housewives. Desperate Housewives essentially functioned as a kind of cognitive heat sink, dissipating thinking that might otherwise have built up and caused society to overheat.
And it's only now, as we're waking up from that collective bender, that we're starting to see the cognitive surplus as an asset rather than as a crisis. We're seeing things being designed to take advantage of that surplus, to deploy it in ways more engaging than just having a TV in everybody's basement.
I liked this comment. Gin mills. While we sitcom TV others watched financial news, Bob Villa and other educational shows. But the point is somewhat the same. TV was part of the Information Age. And I think the Information Age began with the invention of the telegraph. All in all, evolving forward can't be stopped. Unfortunately for the global citizen, some think otherwise.
https://www.nytimes.com/2010/05/23/opinion/23kristof.html?_r=1&hp
There’s an ugly secret of global poverty, one rarely acknowledged by aid groups or U.N. reports. It’s a blunt truth that is politically incorrect, heartbreaking, frustrating and ubiquitous:
It’s that if the poorest families spent as much money educating their children as they do on wine, cigarettes and prostitutes, their children’s prospects would be transformed. Much suffering is caused not only by low incomes, but also by shortsighted private spending decisions by heads of households.
CNBS's heat map is the gate way to the matrix.....
the us has been like this since the 1970's....people that notice just die over time.
http://www.marketwatch.com/story/story/print?guid=0A25D660-CA48-11DF-ACD...
America on the brink of a Second Revolution Commentary: 2010 elections guarantee gridlock, anti-capitalist class warBy Paul B. Farrell, MarketWatch
ARROYO GRANDE, Calif. (MarketWatch) -- “What’s distinctive about the Tea Party is its anarchist streak -- its antagonism toward any authority, its belligerent self-expression, and its lack of any coherent program or alternative to the policies it condemns,” warns Jacob Weisberg in Newsweek. But why not three cheers for the Tea Party Express?
Admit it, something historic is brewing. And yes, it’s good for America, even the anarchy. Revolution is renewal. Tea-baggers want to take on both parties, “restore honor” and “take back the country.” Bring it on, the feeling’s mutual.
Obama: GOP pledge a disastrous planPresident Barack Obama used his weekly radio address Saturday to accuse Republicans of overlooking the middle class by creating policies that would benefit only the rich while making a pledge of his own to continue supporting the national economy.
OK, maybe most Americans just silently mimic the words, “we’re mad as hell, won’t take it any more.” But watch out: After November the campaign’s shrill rhetoric explodes into action.
Tea-baggers are kicking the revolution into high gear. Debt is sinking America. Both parties are to blame. So vote out incumbents. Spare no one. We need new leadership, another Reagan or Truman. Congress better get the message: Cut that budget, or they’ll dump the rest of you in the coming Great Purge of 2012.
Unfortunately they’re tone deaf. Congress cannot see past the election. All that changes in November.
So thanks Tea Party, Vegas odds must favor a Second American Revolution. Actually, the revolution is already roaring, hot, it’s about time. The GOP and the Dems had more than a decade. But America’s worse off. We need a real revolution to restore sanity … or we can kiss democracy and capitalism good-bye, permanently.
Warning: Another revolution will cost investors 20% more lossesYes, big warning, the Second American Revolution will extract painful austerity, not the “happy days are here again” future touted by tea-baggers. For years it’ll be impossible for most of America’s 95 million investors to develop a successful investment or logical retirement strategy.
Why? Political chaos will translate into extreme volatility and a highly unpredictable stock market. Result: Wall Street will lose another 20% of the value of your retirement portfolio in the next decade, just as Wall Street did the last decade. So if you think you’re “mad as hell” now, “you ain’t seen nuthin’ yet!”
Here’s the timeline:
Stage 1: The Dems just put the nail in their coffin by confirming they are wimps, refusing to force the GOP to filibuster the Bush tax cuts for America’s richest.
Stage 2: The GOP takes over the House, expanding its war to destroy Obama with its new policy of “complete gridlock,” even “shutting down government.”
Stage 3: Obama goes lame-duck.
Stage 4: The GOP wins back the White House and Senate in 2012. Health care returns to insurers. Free market financial deregulation returns.
Stage 5: Under the new president, Wall Street’s insatiable greed triggers the catastrophic third meltdown of the 21st century Shiller predicted, with defaults on dollar-denominated debt.
Stage 6: The Second American Revolution explodes into a brutal full-scale class war rebelling against the out-of-touch, out-of-control greedy conspiracy-of-the-rich now running America.
Stage 7: Domestic class warfare is compounded by Pentagon’s prediction that by 2020 “an ancient pattern of desperate, all-out wars over food, water, and energy supplies would emerge” worldwide and “warfare is defining human life.”
What’s behind our 2010-2020 countdown? It became obvious after reading the brilliant but bleak “Decadence of Election 2010” report by Prof. Peter Morici, former chief economist at the International Trade Commission. He sees no hope from America’s political parties, just a dark scenario ahead.
Here are the 10 points we see in his message:
1. Expect nothing positive from Dems, the GOP or Tea PartyYes, we’re all “justifiably ticked off.” But “Democrats, Republicans, and yes the Tea Party offer little that is encouraging.” Earlier Morici warned: “Democratic capitalism is in eclipse. … Politicians have deceived voters,” and are “suffering from delusions of grandeur, self deception and good old-fashioned abuse.”
2. Democracy has become too-big-to-govern … by anyone“The current economic quagmire is a bipartisan creation.” Bush failures led to a “Great Recession … reckless Wall Street pay and fraud, a breakdown in sound lending standards by Fannie Mae, Freddie Mac … Countrywide, and a huge trade deficit with China and on oil” leaving “Beijing and Middle East royals with trillions of U.S. dollars that they invested foolishly” in bonds “financing the housing and commercial real estate bubbles.”
3. Clinton, Bush, Obama policies all feeding revolutionary flamesEven before Bush, “all was set in motion by bank deregulation engineered by Clinton … Secretaries Robert Rubin and Lawrence Summers … Clinton’s deal to admit China into the World Trade Organization” handed “China free access to U.S. markets” while blocking exports. Earlier Dems blocked “domestic oil and gas development” and froze “auto mileage standards.” Obama “finally imposed higher mileage requirements,” but after pushing offshore drilling, he “punished the entire petroleum industry” for the BP disaster.
Will Pelosi allow tax vote?Indiana Republican Congressman Mike Pence and Stephen Moore discuss taxes.
4. Bush’s biggest mistake: Goldman CEO Hank PaulsonMorici admits: If Bush is “culpable for anything, it was to not see the gathering storm on Wall Street.” Worse, his Treasury picks were disasters: [John] Snow was clueless, Paulson devious. He conned a clueless Congress into bailout trillions, “believing banks could borrow at 3% and lend at 5 and pay MBAs three years out of school five-million-dollar bonuses to create mortgage backed securities.” Greed drove the Bush Treasury.
5. All partisan political leaders are destined to sabotage AmericaOne thing is clear to Morici: Not only were America’s leaders a “bunch of second-rate incompetents” on both the Clinton and Bush teams, “Obama’s ratcheting up government spending and taxes won’t fix what’s broke, and neither will the GOP prescription of tax cuts and deregulation.” Get it? Democracy is in a classic double-bind, no-win scenario.
6. America’s democratic capitalism trapped in systemic failureMorici simply dismisses “Obama’s two signature initiatives -- health-care reform and financial services reregulation.” They “simply don’t work.” Why? Politicians “failed to address the root problem, Americans pay 50% more for doctors, hospitals and drugs, than subscribers to national health plans in Germany, France and other decadent socialist European countries.” Yet, insurers hate reform, will self-destruct America first.
7. Wall Street’s insatiable greed is a virus that never sleepsWall Street banks are “back to their old tricks,” warns Morici, “hustling municipal governments into the kind of quick-fix budget schemes, like selling parking meters and airport fees.” Why? Wall Street’s “hustling shoddy corporate bonds that lack adequate collateral and may never be repaid” to justify their absurd mega-bonuses. And they’ll keep doing it till the revolution creates a new non-capitalist banking system.
8. New political leaders offer no hope -- Wall Street rules AmericaGOP’s next leaders will fail: “Cutting taxes and mindless deregulation are not the answer.” We need the revenue. They have no real plan to trim “$1 trillion from federal spending … few believe deregulation will fix health care or Wall Street.” The GOP has no “effective government solutions to health care, Wall Street, fixing trade with China, and dependence on foreign oil.” And the Tea Party “only offers a purer form of failed Republicanism. Tax and spend less, and turn the country over to the robber barons.”
9. Praying for a messiah, we’re sleepwalking till the revolutionMorici’s solution: America “needs a prophet, another Harry Truman or Ronald Reagan.” But we’ll never get one, until a catastrophe hits. Wall Street’s so greedy, so corrupt, so untouchable, so much in control, they will bankroll and control all future “prophets.”
10. The Second American Revolution comingYes, extreme austerity: “Americans must accept fewer government-paid benefits -- for the rich, the poor and those in between -- and must acknowledge the market works best most of the time, but it is not working in health care, banking, China, and oil.” Huh? Sounds like classic economist’s double-speak: “The market works most of the time” … except the market doesn’t work at all in the four biggest economic sectors? Fuzzy thinking?
Morici warns, we need “new approaches to regulating, yes regulating, what the medical industry charges, bankers pay themselves, what Americans tolerate and buy” and “guiding big oil and car companies to sustainable solutions.”
Holy cow, he suddenly sounds more like a liberal politician than conservative economist. Yes, he’s reflecting the total chaos coming on the short road to the Second American Revolution.
In the end, however, you have to admit the good professor does make a lot of sense: “Sounds radical but running the world has never been a choice between statism and anarchy,” says Morici.
Choice? Unfortunately, he offers a false choice: Running America effectively means accepting “that the private sector is not the enemy and government is not evil, but neither can serve the other, and us, if value is not seen in each.”
Laudable, but impossible because once the GOP Tea Party of No-No is back in power, compromising is not on their agenda, “gridlock” is. So anarchy is the only choice -- they will never, never work with Democrats … until forced by the Second America Revolution when the middle class finally rises up and overthrows the greedy wealth conspiracy of Wall Street, Washington, CEOs and the Forbes 400.
Till then, anarchy rules as the conspiracy keeps looting Treasury, stealing from taxpayers, conning us all.
Can we just skip to stage 5 or 6?
We were discussing the Paul Farrell article here on my article on the pyramid of thought 'The Flaw': http://ragingdebate.com/politics/feeling-upset-because-the-american-population-wont-wake-up-as-the-us-falls-apart
Why you are getting junked Gully is beyond me.
This is the single best article I have read that completely summarizes the situation and how we got here. I would also add that the corporations helped by pushing relaxed immigration rules so as to cheapen their workforce, only adding to the headcount of those now out of work. We saw this in Silicon Valley and we saw this in lower skilled jobs across the country.
"Now, there's one thing you might have noticed I don't complain about: politicians. Everybody complains about politicians. Everybody says they suck. Well, where do people think these politicians come from? They don't fall out of the sky. They don't pass through a membrane from another reality. They come from American parents and American families, American homes, American schools, American churches, American businesses and American universities, and they are elected by American citizens. This is the best we can do folks. This is what we have to offer. It's what our system produces: Garbage in, garbage out. If you have selfish, ignorant citizens, you're going to get selfish, ignorant leaders. Term limits ain't going to do any good; you're just going to end up with a brand new bunch of selfish, ignorant Americans. So, maybe, maybe, maybe, it's not the politicians who suck. Maybe something else sucks around here... like, the public. Yeah, the public sucks. There's a nice campaign slogan for somebody: 'The Public Sucks. F*ck Hope.'"
"I have solved this political dilemma in a very direct way: I don't vote. On Election Day, I stay home. I firmly believe that if you vote, you have no right to complain. Now, some people like to twist that around. They say, 'If you don't vote, you have no right to complain,' but where's the logic in that? If you vote, and you elect dishonest, incompetent politicians, and they get into office and screw everything up, you are responsible for what they have done. You voted them in. You caused the problem. You have no right to complain. I, on the other hand, who did not vote -- who did not even leave the house on Election Day -- am in no way responsible for that these politicians have done and have every right to complain about the mess that you created.
Only flawed candidates the bank owners can control make it through the electoral meat grinder.
Jefferson decried the party system as a pox on Amerika...
I knew I was on to something with this "don't vote" idea. Thanks for the crystallization. If we keep it up, maybe we can make the 2012 elections a non event. If we last that long.
Depression my ass. The phone poles in my area are littered with available job openings.
You mean multilevel foreclosure tax scams?
Make $$$$$ working from home!
Now hiring:
Need people to post job offerings on phone polls.
22.5% Shadow Stats old news.
Try 30.5% defacto unemployment...
http://chilaborarts.wordpress.com/2010/09/12/real-unemployment-30-5-what...
Perhaps the author could go file a claim with EDD and see about getting those foods stamps? Or maybe just push themself away from the desk for a moment and see the real world of ex-tax payers being reduced to seeking government handouts. Another cheap attack on the unemployed.
Yes, aren't we lucky, comrade?
How make-work jobs are any better than direct welfare is lost on me.
yeah, but when's Mr. Market gonna care?
Living the Dream
http://www.youtube.com/watch?v=acLW1vFO-2Q
This is a very cleverly disguised article that purports that there is nothing that unemployed Americans can do! Of course, the author advances nothing more than elite's propaganda. The workers for one can emulate the French or the Greeks and strike, or they can revolt. There are way too many shills and political cronies that hide behind keyboards advancing theories that unemployed must accept what is happening to them. Hey Quinn I got a $7 per hour job for you picking up your beer bottles from your desk.