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"There's a Huge Difference Between What is Good for American Companies Versus What is Good for the American Economy"

George Washington's picture




 

Washington’s Blog

As I wrote last year:

Some of the top economists say that America has suffered a permanent loss of jobs:

  • JPMorgan Chase’s Chief Economist Bruce Kasman told Bloomberg:

    [We've had a] permanent destruction of hundreds of thousands of jobs in industries from housing to finance.

  • The chief economists for Wells Fargo Securities, John Silvia, says:

    Companies
    “really have diminished their willingness to hire labor for any
    production level,” Silvia said. “It’s really a strategic change,” where
    companies will be keeping fewer employees for any particular level of
    sales, in good times and bad, he said.

  • Former Merrill Lynch chief economist David Rosenberg writes:

    The
    number of people not on temporary layoff surged 220,000 in August and
    the level continues to reach new highs, now at 8.1 million. This
    accounts for 53.9% of the unemployed — again a record high — and this is
    a proxy for permanent job loss, in other words, these jobs are not
    coming back. Against that backdrop, the number of people who have been
    looking for a job for at least six months with no success rose a further
    half-percent in August, to stand at 5 million — the long-term
    unemployed now represent a record 33% of the total pool of joblessness.

  • Nobel Prize winner Edmund Phelps and Pacific Investment Management Co. Chief Executive Officer Mohamed El-Erian say
    the fallout from the deepest recession in more than five decades is
    driving the so-called natural rate higher, perhaps to 7 percent.

And Former Labor Secretary Robert Reich wrote yesterday:

The
basic assumption that jobs will eventually return when the economy
recovers is probably wrong. Some jobs will come back, of course. But the
reality that no one wants to talk about is a structural change in the
economy that's been going on for years but which the Great Recession
has dramatically accelerated.

Under the pressure of this awful
recession, many companies have found ways to cut their payrolls for
good. They've discovered that new
software and computer technologies have made workers in Asia and Latin
America just about as productive as Americans, and that the Internet
allows far more work to be efficiently outsourced abroad
....

In addition, as AP reported last year:

"I
think the unemployment rate will be permanently higher, or at least
higher for the foreseeable future," said Mark Zandi, chief economist and
co-founder of Moody's Economy.com.

***

"The linkage
between growth in the economy and growth in jobs is not what it was. I
don't know if it's permanently broken or temporarily broken. But
clearly we are not seeing the sort of increase in employment that one
would normally expect," said [Bruce Bartlett, a former Treasury
Department economist].

AP noted yesterday:

Corporate profits are up. Stock prices are up. So why isn't anyone hiring?

Actually,
many American companies are — just maybe not in your town. They're
hiring overseas, where sales are surging and the pipeline of orders is
fat.

 

***

 

The trend
helps explain why unemployment remains high in the United States,
edging up to 9.8% last month, even though companies are performing
well: All but 4% of the top 500 U.S. corporations reported profits this
year, and the stock market is close to its highest point since the 2008
financial meltdown.

 

But the jobs are going
elsewhere. The Economic Policy Institute, a Washington think tank,
says American companies have created 1.4 million jobs overseas this
year, compared with less than 1 million in the U.S. The additional 1.4
million jobs would have lowered the U.S. unemployment rate to 8.9%,
says Robert Scott, the institute's senior international economist.

 

"There's
a huge difference between what is good for American companies versus
what is good for the American economy," says Scott.

***

Many
of the products being made overseas aren't coming back to the United
States. Demand has grown dramatically this year in emerging markets
like India, China and Brazil.

And President Obama pointed out in October that tax laws are a large part of the reason that so many jobs are being shipped abroad:

For
years, our tax code has actually given billions of dollars in tax
breaks that encourage companies to create jobs and profits in other
countries.

***

[Some] in Washington have consistently
fought to keep these corporate loopholes open. Over the last four years
alone, [some congress members] in the House voted 11 times to continue
rewarding corporations that create jobs and profits overseas -- a
policy that costs taxpayers billions of dollars every year.

 

That
doesn't make a lot sense. It doesn't make sense for American workers,
American businesses, or America's economy. A lot of companies that do
business internationally make an important contribution to our economy
here at home. That's a good thing. But there is no reason why our tax
code should actively reward them for creating jobs overseas. Instead,
we should be using our tax dollars to reward companies that create jobs
and businesses within our borders.

What's Good for the Big Companies Ain't So Good for America

We've all been taught "What's good for [the big company] is good for America".

But as Jim Quinn writes:

As
a percentage of national income, corporate profits are 9.5%. They
have only topped 9% twice in history – in 2006 and 1929. When you see
the paid Wall Street shills parade on CNBC every day proclaiming the
huge corporate profit growth ahead, keep these data points in mind. Do
profits generally rise dramatically from all time peaks?

 

 

You
might ask yourself, if corporations are doing so well how come real
unemployment exceeds 20%? The answer lies in who is generating the
profits and how they are doing it. It seems that the fantastic profits
are not being generated by domestic non-financial companies employing
middle class Americans producing goods. Pre-tax domestic nonfinancial
corporate profits are not close to record levels as a share of
national income. They exceeded 15% of national income once in the late
1940s, and repeatedly topped 12% in the 1950s and 1960s; in the third
quarter of this year, they were 7.03% of national income. I wonder
who is making the profits.

According to BEA data, financial
industry profits and “rest of world” profits — that is, the money
U.S.-based corporations make overseas — are relatively much higher now
than they were in the 1950s or 1960s. And the taxes paid by
corporations are much lower now than they were then, as a share of
national income. The reason that corporate profits are near their
all-time highs is that Wall Street corporations and mega multinational
corporations are making gobs of loot and paying less of it out in
taxes.

And as I noted
last year - paraphrasing President Obama - companies that do business
internationally do not make nearly as much of a contribution to our
economy here at home as they should:

Daniel Gross points out
that part of the reason that the American stock markets are going up
even though unemployment is rising and the real economy suffering is
because multinational corporations headquartered in the U.S. are
experiencing strong sales abroad ....

 

The fact that companies based in America are raking in profits from sales abroad is good for American workers, right?

 

No.

 

Gross points out that American workers don't benefit because a lot of the goods sold abroad by American multinationals are made abroad:

If
companies participated in foreign markets primarily by exporting
U.S.-made goods, this shift would be good news for the U.S. economy and
workers. But that's not how it works. In fact, in the months after the
global credit meltdown, U.S. exports plummeted. They bottomed in April,
at $120.6 billion, and though they have been rising, the August 2009
total is still 20 percent below the August 2008 total.
Globalization is changing the way we do business. It's not a matter of
U.S. companies exporting goods—burgers, soda, cars, software—made in the
United States to Beijing but rather, making goods overseas and selling them overseas...

 

"Based
on a Russian fairy tale and produced in Russia using local talent, the
film is the latest step in Disney's broad push into local language
production," the FT reports. As Disney CEO Robert Iger put it:
"We would not be able to grow the Disney brand … if we just created
product in the US and exported it to the rest of the world." If Book of Masters succeeds,
it will be good for Disney's American shareholders but won't do a
whole lot of good for its U.S.-based employees. Or consider American
icon General Motors. GM's sales in China are rocking. In the first
nine months, the company sold 1.3 million cars in China, including more
than 181,000 in September. By contrast, GM in the United States in the
first nine months sold 1.5 million cars in the United States, down
36.4 percent from the year before. And in September, GM sold just
156,673 cars in the United States. That growth in China is good for
GM's shareholders and for some of its executives. But since most of the
cars sold in China are produced there, with parts produced by
suppliers in China, rising sales in the Middle Kingdom won't translate
into jobs for unionized workers in the Middle West.

 

The rising
U.S. stock market and a weak, slow-growing U.S. consumer sector aren't
really in contradiction. Given the large-scale trends transforming the
global economy—and the role of large U.S. companies in it—it may be
possible to have a sustainable rally in American stocks without a
sustainable rally by American consumers.

Don't Multinationals Pay A Lot in Taxes?

 

Well, at least the multinationals are paying a good chunk of taxes into the American economy, right?

 

Not exactly.

 

The Washington Post notes:

About
two-thirds of corporations operating in the United States did not pay
taxes annually from 1998 to 2005, according to a new report scheduled
to be made public today from the U.S. Government Accountability
Office...

 

In 2005, about 28 percent of large corporations paid no taxes...

Dorgan
and Sen. Carl M. Levin (D-Mich.) requested the report out of concern
that some corporations were using "transfer pricing" to reduce their tax
bills. The practice allows
multi-national companies to transfer goods and assets between internal
divisions so they can record income in a jurisdiction with low tax rates
...

[Senator]
Levin said: "This report makes clear that too many corporations are
using tax trickery to send their profits overseas and avoid paying their
fair share in the United States."

Indeed, as Pulitzer prize winning journalist David Cay Johnston documents,
American multinationals pay much less in taxes than they should
because they use a widespread variety of tax-avoidance scams and
schemes, including:

  • Selling valuable assets of the American
    companies to foreign subsidiaries based in tax havens for next to
    nothing, so that those valuable assets can be taxed at much lower
    foreign rates
  • Pretending that costs were spent in the
    United States, so that the companies can count them as costs or
    deductions in the U.S. and pay less taxes to the American government
  • Booking
    profits as if they occurred in the subsidiary's tax haven countries,
    so that taxes paid on profits are at the much lower safe haven rate
  • Working
    out sweetheart deals with certain foreign governments, so that the
    companies can pretend they paid more in foreign taxes than they
    actually did, to obtain higher U.S. tax credits than are warranted
  • Pretending they
    are headquartered in tax havens like Bermuda, the Cayman Islands or
    Panama, so that they can enjoy all of the benefits of actually being
    based in America (including the use of American law and the court
    system, listing on the Dow, etc.), with the tax benefits associated
    with having a principal address in a sunny tax haven.
  • And myriad other scams

As Johnston documents, the American economy is hurt by the massive underpayment of taxes by the huge multinationals.

But at least the stock market helps the average American, right?

Well, as I pointed out in March:

Even Alan Greenspan recently called
the recovery "extremely unbalanced," driven largely by high earners
benefiting from recovering stock markets and large corporations.

***

As economics professor and former Secretary of Labor Robert Reich writes today in an outstanding piece:

Some
cheerleaders say rising stock prices make consumers feel wealthier and
therefore readier to spend. But to the extent most Americans have any
assets at all their net worth is mostly in their homes, and those homes
are still worth less than they were in 2007. The "wealth effect" is
relevant mainly to the richest 10 percent of Americans, most of whose
net worth is in stocks and bonds.

As I noted in May:

As of 2007, the bottom 50% of the U.S. population owned only one-half of one percent of all stocks, bonds and mutual funds in the U.S. On the other hand, the top 1% owned owned 50.9%.

***

(Of course, the divergence between the wealthiest and the rest has only increased since 2007.)

And professor G. William Domhoff just updated his "Who Rules America" study, showing that the richest 10% own 98.5% of all financial securities, and that:

The
top 10% have 80% to 90% of stocks, bonds, trust funds, and business
equity, and over 75% of non-home real estate. Since financial wealth is
what counts as far as the control of income-producing assets, we can
say that just 10% of the people own the United States of America.

 

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Fri, 12/31/2010 - 10:59 | 839386 KickIce
KickIce's picture

What do you expect when you layoff the majority of your customers.

These CEOs should be having a "duh" moment but they can't see past the current quarter.

Fri, 12/31/2010 - 07:46 | 839208 David99
David99's picture

China prepares for war 'in all directions' Peter Foster, Beijing

CHINA is preparing for conflict ''in every direction'', its Defence Minister says.

''In the coming five years, our military will push forward preparations for military conflict in every strategic direction,'' General Liang Guanglie said in an interview published by state-backed newspapers in China.

''We may be living in peaceful times, but we can never forget war, never send the horses south or put the bayonets and guns away.''

Koreas on alert

Miners in big trouble, big plunge

Fri, 12/31/2010 - 09:15 | 839270 sethstorm
sethstorm's picture

Good to see that they know that the developed world isn't going to be 100% in favor of selling out to them. 

 

 

Fri, 12/31/2010 - 06:22 | 839181 David99
David99's picture

USA is broke, 33% population living on food stamps

Fri, 12/31/2010 - 06:15 | 839177 David99
David99's picture

China is increasing interest rates by 0.25 basis points and Bank CRR by 0.50 in January 2011 before Chinese New Year

Fri, 12/31/2010 - 05:55 | 839172 David99
David99's picture

Pilbara faces cyclone risk

A tropical depression over Australia could develop into a cyclone over the next few days and bear down on offshore oil and gas installations, and iron ore shipping zones, Australia's Bureau of Meteorology said today.

Gale-force winds may develop along the Pilbara coast in Western Australia by Saturday as the storm makes its way out to sea, though flooding was not expected due to the storm's steady movement, the bureau said in a warning notice.

BHP Billiton, Rio Tinto and Fortescue Metals export hundreds of millions of tonnes of iron ore mined annually from inland Pilbara deposits via coastal terminals at Port Hedland, Dampier and Cape Lambert.

Also Cockatoo Coal ceases operations as mine flooded , Anglo American AAL has closed few mines

Anglo American plc Declares Force Majeure

Be Careful with longs of miners

Fri, 12/31/2010 - 05:10 | 839166 David99
David99's picture

Australia Floods Cover Area the Size of France, Germany

All the miners, AAL, Rio Tinto, BHP etc. are in real very big trouble but Corporates & Media will never report any bad news as they all work with Fraud Street gang with the support of FED

Fri, 12/31/2010 - 02:44 | 839123 honestann
honestann's picture

As long as "big companies" and "small companies" and "all companies" have no influence on government, they are probably not too much problem.  Today, however, federal and state governments are effectively run to serve huge companies... period.

Individual humans are effectively completely irrelevant.  And due to this process, huge companies, and the elitist predators who control them, are the destroyers and enslavers of mankind.

End all "fictitious entities" (organizations, which includes government, corporations, societies, unions, etc).  Sure, let people associate freely, but pay attention only to  individual humans, and only let each individual represent himself and nobody else (and certainly not thousands or millions of others).

Fri, 12/31/2010 - 01:15 | 839077 TonyForesta
TonyForesta's picture

I'm long on gold, guns, and ammo. 

Thu, 12/30/2010 - 23:38 | 838999 twittering as s...
twittering as stocktradr's picture

"the richest 10% own 98.5% of all financial securities"

 

one is where one is because of oneself.

 

this is america where a one comma trader can become a two comma trader.

 

"What is Good for American Companies"

 

Making money.

 

"What is Good for the American Economy"

 

Making money.

 

what is good for a trader.

 

Making money.

 

a trader trading a complete trading plan continuously makes more money than one loses.

 

Happy New Year!

 

good trading on you.

 

twittering as stocktradr

 

 

 

 

 

Thu, 12/30/2010 - 22:28 | 838930 essence
essence's picture

Laws get put in place by Congress.

Why ANYONE ... would vote for an incumbent congress critter is open to debate

My guess is:

1) they offer to extend your ....tax loophole, benefit, retirement, gov contract
2) americans are just too frigging stupid to put 2 and 2 together.

What's the figure for incumbents getting reelected... something like 95%.

 

Folks... there'll be NO change for the better untill the bulk of the existing congress
is replaced. The status quo is hopelessly captured by monied interests.

So... exactly what's needed longer term?

probably something such as:

1) public financing of elections (to prevent corporate/public union buyoff)

2) term limits,  having a chris dobb or barney frank in charge of an important
committee year after year is very harmful.

Just say no to incumbents.

Oh, ... did I mention that Congressmen get to retire with pension and medical
benefits after 5 years.

How the hell did that ever come to be?

And if you aren't outraged by it, then I guess you deserve whatever happens to you.

 

 

Fri, 12/31/2010 - 00:58 | 839065 JustACitizen
JustACitizen's picture

They voted for it - just like automatic raises - unless they vote against them. Nice business if you can get it.

 

I do agree that voting the scumbags out is the best answer. And then voting out the next set of scumbags...and so on. I haven't missed a primary or general vote since 1990. However, it should be noted that these guys and girls have gotten really good at distractions (i.e. abortions/right to choose/gay marriage/sanctity of marriage/gays in the military/death panels/flag burning/guns/bibles/pro union/anti union/fair pay/gun rights) Pretty much anything that keeps an ordinary voter from paying attention to the fact that the representatives votes are bought and paid for by someone - besides the voter.

 

You have folks frothing at the mouth to be kept "safe" such that they are willing to take any abuse the government feels like dealing out to them. If that isn't the most "un-American" attitude - I don't know what is. I believe that none of us is guaranteed anything - not even another day. I also do not believe that we are necessarily "owed" anything. If the jackass companies want to do everything overseas - great - just don't pretend that you are an American company and that you deserve our business or the nation's protection. As for the shareholders - f them too - they've made an investment - maybe it's good maybe it's not so good - they have no guarantees either. One thing is for sure - 95% of the boards suck and the so called management will always walk with a lot more than they are worth.

 

P.S. Whoever is junking me - thank you - it sucks to be ignored...lol.

Fri, 12/31/2010 - 10:27 | 839337 GreenSideUp
GreenSideUp's picture

+++++++++++++++

Fri, 12/31/2010 - 09:13 | 839268 sethstorm
sethstorm's picture

While not the most appealing view, it is one I can agree with. 

Those companies are only American for the sake of protection - those Third World countries would not reliably protect them.   One corrupt move exposed, and they're toast. 

Thu, 12/30/2010 - 22:10 | 838914 Akrunner907
Akrunner907's picture

I am suprised that this is an article - it is common knowledge.   Companies, especially those with international operations, are not beholding or consider nationalistic ideals.  Instead, they are focused on the primary driver that is "maximizing shareholder wealth".  If you are a global corporation, you only look at market share and sales volume in your different markets, and do not worry about the borders of countries.  They are qausi-omnipotent.

Fri, 12/31/2010 - 09:00 | 839255 sethstorm
sethstorm's picture

Then fix that problem.

Thu, 12/30/2010 - 22:06 | 838911 David99
David99's picture

China prepares for war 'in all directions' Peter Foster, Beijing
December 31, 2010

CHINA is preparing for conflict ''in every direction'', its Defence Minister says.

''In the coming five years, our military will push forward preparations for military conflict in every strategic direction,'' General Liang Guanglie said in an interview published by state-backed newspapers in China.

''We may be living in peaceful times, but we can never forget war, never send the horses south or put the bayonets and guns away.''

Fri, 12/31/2010 - 04:34 | 839156 Bob Sponge
Bob Sponge's picture

I've wondered if China would wage a war to refocus civil unrest if it develops due to their economy slowing or collapsing. I think they would.

Thu, 12/30/2010 - 21:58 | 838900 Mark Medinnus
Mark Medinnus's picture

There's a Jack the Junker loose in this thread.

Sat, 01/01/2011 - 19:45 | 841944 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

I am Jack's raging junk button.

Without me, Jack could not regulate his heart rate, blood pressure, or breathing.

Thu, 12/30/2010 - 22:12 | 838915 JustACitizen
JustACitizen's picture

Yes - I seem to have collected quite a few - too bad he/she/it has nothing more to contribute.

Thu, 12/30/2010 - 23:22 | 838985 Mark Medinnus
Mark Medinnus's picture

Agreed.  And kinda odd neither of us has been junked here yet.  Guess Jack's slackin'.

Fri, 12/31/2010 - 01:47 | 839099 Mark Medinnus
Mark Medinnus's picture

or not

Thu, 12/30/2010 - 21:16 | 838860 JustACitizen
JustACitizen's picture

The great thing about capitalism and free markets is that they will succeed in spite of the stupidities or short-sightedness of any of the current practioners.

 

Wall St. was the source of most of what ails us - perhaps after a good financial collapse as a colonnic - things will eventually get better.

Thu, 12/30/2010 - 22:35 | 838936 penisouraus erecti
penisouraus erecti's picture

Agreed. (when amended for kinda capitalism and kinda free markets)

Thu, 12/30/2010 - 21:27 | 838871 George Washington
George Washington's picture

Free market?

Ha ha ha!

Thu, 12/30/2010 - 21:29 | 838873 JustACitizen
JustACitizen's picture

GW - You are right - I was kind of carried away by the moment. Howsabout "kinda free markets and kinda capitalism" - you know - the kind where you can lose money too.

Thu, 12/30/2010 - 21:11 | 838856 hammel123
hammel123's picture

I like all these experts opining long after the horses left the barn, where were you in 1994 when they pushed though GATT. At least they tried to fight it in Europe, here, Clinton sold it well

here's the record

http://www.youtube.com/watch?v=4PQrz8F0dBI

 

Thu, 12/30/2010 - 21:59 | 838883 penisouraus erecti
penisouraus erecti's picture

+ Interesting insight from a British financier and corporate raider/asset stripper.

Thu, 12/30/2010 - 21:23 | 838869 JustACitizen
JustACitizen's picture

Well, I certainly wasn't blogging on the internet back then. On the other hand - I did vote for Ross Perot - just on the basis of his stance on "free trade". It certainly wasn't his confidence inspiring appearance or voice.

Fri, 12/31/2010 - 00:51 | 839061 DaveyJones
DaveyJones's picture

or his good looks :/

Thu, 12/30/2010 - 21:06 | 838853 David99
David99's picture

BHP & AAL under selling pressure

Thu, 12/30/2010 - 20:20 | 838787 David99
David99's picture

Casino will be under heavy pressure in 2011 inspite of criminal FED's daily POMO's

Thu, 12/30/2010 - 20:19 | 838782 David99
David99's picture
Weaker world growth likely in 2011

Braving high unemployment and unsustainable levels of debt and budget deficits in Europe and the US, the world economy is expected to slow in 2011 with economists cutting their forecasts for growth in developed countries.

Thu, 12/30/2010 - 19:34 | 838707 penisouraus erecti
penisouraus erecti's picture

"For years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries."

Perhaps, but why are we taxing businesses in the first place? Isn't that a hidden tax paid for with higher prices, lower quality, etc? Also, business goes where it is welcomed, and not where it is unwelcome. The CEO of Intel stated recently that it cost an additional billion (4 as opposed to 3) to build a plant in the US than in many other countries. Less than 10% of that is due to the higher wages and most is due to the unfriendly regulatory environment presented to businesses. EPA, OSHA, litigation, taxes, etc. I also read recently where they are building a new plant in the US, so they are biting the bullet and spending the extra money and keeping some jobs at home. But, they are richer than God - how many businesses can afford to do that and stay in business for long? Most prefer to do business where they are welcome, and avoid places where they are not.

 

Thu, 12/30/2010 - 21:01 | 838841 JustACitizen
JustACitizen's picture

Technically speaking - they do business where they can make a profit - welcome or not.

 

They may choose to locate a production facility where they are welcome - but the truth is they locate where they can get competent cheap labor with acceptable quality, where they can dispose of hazardous waste from the production process cheaply. By your way of thinking - there should not be a business in Europe at all - taxes Check/ unions Check/ environmental standards Check / litigious environment Check - do I need to go on?

 

You are right - why are we taxing companies - shouldn't we the citizens and workers bear all of the expenses for them? Oh yeah - we are.

 

Exactly how long have you been in the business world? Intel wouldn't do a damn thing for the country - unless it had an economic reason to do it. Patriotism - don't make me laugh.

Thu, 12/30/2010 - 19:29 | 838697 JR
JR's picture

A prize winner, George. Thanks!  Really powerful. Really… I can't say enough!! What a lot of work.  It almost is the definitive explanation for the American economy. 

Tragically, every multinational act of duplicity has the consent of the U.S. Congress.  All the prized racketeering practices of the mob (numbers, protection, blackmail, prostitution, extortion, and all the rest) apply to this banker-directed economy.

These alien loyalties have hijacked America.

Thu, 12/30/2010 - 19:08 | 838661 Bicycle Repairman
Bicycle Repairman's picture

These are American companies.  In what way are they "American" companies?

Thu, 12/30/2010 - 18:18 | 838597 greenewave
greenewave's picture

Bank of America is a Public Disgrace and Should be PUT OUT OF BUSINESS!! The BANKING ELITE have cost TAXPAYERS TRILLIONS in FUTURE BAILOUT MEASURES and the AMERICAN PEOPLE are SUFFERING!

To find out more about the TRUTH of the recent MORTGAGE SCAM, watch the YouTube video “BANK OF AMERICA ~ A PUBLIC DISGRACE” at (http://www.youtube.com/watch?v=cXDpOBOS94A).

Anonymous-

This is absolutely appalling and I am dumbfounded why the American people aren’t RIOTING in the STREETS as we speak. Thw civil and political unrest we’ve seen in Europe is without a doubt coming to the United States!

Bend over America and enjoy getting SCREWED by the BIGGEST BAILED OUT BANK in the Country!!

Thu, 12/30/2010 - 18:28 | 838621 JustACitizen
JustACitizen's picture

Not to put too fine of a point on it...but...really??? No one here noticed.

 

If you are issuing a call to arms - you would be better off hijacking a carrier wave and sending it through to the 3g/4g cells and WiFi hotspots. Suggest you start with the line "No more free downloads because of ___________ (in this case Bank of America). No more Facebook would also work...

Thu, 12/30/2010 - 18:09 | 838578 Dr. Porkchop
Dr. Porkchop's picture

I bought a mini-speaker for an mp3 player at Wally World and the packaging had an American flag about the size of a stamp with very small print that said 'Designed and engineered in the USA.'

The average consumer, having the attention span of a gnat, sees the flag and assumes, if they even think about it at all.

American companies in name only. The one I love the most is the American flag lapel pins that are made in China.

Thu, 12/30/2010 - 17:38 | 838507 topcallingtroll
topcallingtroll's picture

I hate to be such a troll but only a troll can speak the truth. If all you have going for you is a high school education and a passive desire to be employed and no specific skills you are in for a world of hurt. Generation y and millenials are lazy and have never experienced real work. They really expect everything to be handed to them just like mommy and daddy spoiled them. I am not surprised corporations prefer to hire foreigners because I also wont hire an american born lazy ass. I grew up middle class but i dug ditches and washed dishes in high school because my parents expected me to earn my spending money. Immigrants know how to work. They still have a work ethic and moral values. Only native born americans have stolen from me in the workplace. Disciplined responsible immigrants and their kids as well as those in the east are going to eat your lunch. They are motivated and dont feel like they are too good to do honest labor.

Fri, 12/31/2010 - 00:47 | 839055 DaveyJones
DaveyJones's picture

apparently you don't hate it that much. It's all the lazy thieving native born workers fault? The corporations, financial included, have not stolen anything?, have not bribed corrupt officials, dumped their garbage and collected free money paid for by all those lazy americans? Those lazy middle class americans who continue to work harder for less wages and less benefits?   

Fri, 12/31/2010 - 08:06 | 839217 nmewn
nmewn's picture

+++++++++++++

Fri, 12/31/2010 - 17:25 | 840407 DaveyJones
DaveyJones's picture

happy new year nmewn. hope yours an your family's is a good one 

Sat, 01/01/2011 - 20:55 | 842037 nmewn
nmewn's picture

Little late catching up...Happy New Year to you too Davey.

And don't forget to eat your black-eyed peas, for luck. It's a Southern thang...but it works...don't ask me why...LOL.

Thu, 12/30/2010 - 21:37 | 838880 New_Meat
New_Meat's picture

troll: I'm eagerly awaiting your call for the top-after all, it is in your nature, n'est ce pas?

But on your maybe 20% correct argument about Gen y and ..., well, ya gotta look.  I'll second your comments about some (illegals) immigrants doing hard work.  And I'll trump that with the whole crowd on the "birthright citizenship" track (locally, we associate them with Our Dear President's Auntie Zietunie, e.g.

http://www.cbsnews.com/8301-503544_162-20017043-503544.html -- I cite CBS because it might be fake, but it is more or less accurate).

Some-work ethic.  Some-moral values, but that is more problematic if their first action in U.S. is, well, illegal.

Eat one's lunch-yep, jungles have tigers, no matter the source.

But most importantly, when is the top?

- Ned

Thu, 12/30/2010 - 20:47 | 838832 nmewn
nmewn's picture

"Immigrants know how to work."

I don't even know what that means.

"They are motivated and dont feel like they are too good to do honest labor."

Just check the green card...we're pretty much over the whole slave labor thingy here.

Thu, 12/30/2010 - 19:24 | 838688 penisouraus erecti
penisouraus erecti's picture

"I hate to be such a troll but only a troll can speak the truth."

OK, that is amongst the stupidest four or five things I've read on ZH, but there is a grain of truth to some of what he says. I think he paints with too broad a brush. I've experienced 'lazy asses' from all continents, though in general a higher percentage are US born than immigrants. But, that's just my anecdotal evidence. I don't think it can be seriously denied though that the US has turned in to an entitlement society. If it weren't, would we be in the situation we're in with government expenditures skyrocketing, and debt up the ying-yang??

 

Thu, 12/30/2010 - 18:12 | 838586 Dr. Porkchop
Dr. Porkchop's picture

I threw hay for farmers, cut grass and piled wood. I never shovelled shit, but I might have to after being near this comment.

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