WALL ST PROFIT SOAR! SO DOES FORECLOSURES, UNEMPLOYMENT, POVERTY FOR AMERICANS… AND ILLEGALS OVER OUR BORDERS!
ONE WAY OBAMA SERVICES HIS CORPORATE PAYMASTERS IS TO ASSURE THEM THAT HE WILL SABOTAGE E-VERIFY, HOLD OUR BORDERS OPEN FOR HORDES OF ILLEGALS HEADED FOR OUR JOBS, AND CONTINUE NON-ENFORCEMENT OF LAW PROHIBITING THE EMPLOYMENT OF ILLEGALS. IN FACT, OBAMA’S SEC. of LABOR IS A LA RAZA SUPREMACIST HILDA SOLIS WORKING FOR ILLEGALS, MEXICANS THAT IS.
THERE IS A REASON WHY OBAMA, THE LA RAZA DEMS, MEXICO AND THE U. S. CHAMBER of COMMERCE WANT OPEN BORDERS…it’s all about keeping wages DEPRESSED!
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As dozens of major corporations announced increased second-quarter profits this week, the US working class was hit with a disastrous new round of mass layoffs.
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Profits soar amid mass layoffs
By Andre Damon
23 July 2011
As dozens of major corporations announced increased second-quarter profits this week, the US working class was hit with a disastrous new round of mass layoffs.
On Monday, book seller Borders announced that it would liquidate all of its stores, laying off 10,700 workers. That same day, Cisco, the telecom equipment maker, said it would cut its workforce by 11,500. Within 24 hours, Lockheed Martin, the aerospace company, announced that it would eliminate 6,500 jobs.
At the same time, Caterpillar, the maker of construction equipment, said its profits were up 44 percent in the second quarter compared to last year. Office equipment maker Xerox saw its profits grow 41 percent in the same time.
General Electric’s profits were up 17 percent, PepsiCo’s were up by 18 percent, and McDonald’s, the fast food company, saw a 19 percent increase, reaching a new record.
The energy and mining companies did even better, benefiting from rising gas prices, which reduced the real incomes of American workers by billions of dollars. Halliburton, the oil contractor, said its profits were up by 53 percent in the second quarter compared to a year earlier, while fellow oil contractor Schlumberger said its profits were up by 64 percent.
Most of the major banks likewise said their profits were up significantly in the second quarter. Goldman Sachs announced $1.09 billion in profits, up 57 percent from last year. But even this huge increase was considered a “disappointment” for traders.
JPMorgan said its second-quarter profit was up by 13 percent, despite setting aside a $1.3 billion charge-off for lawsuits it expects in relation to its trafficking of fraudulent mortgages. Citigroup reported a profit of $3.34 billion, up 24 percent from a year ago.
This renewed growth in profits comes at the same time as the sharpest growth in unemployment since 2009. Between March and June, the unemployment rate grew by 0.4 percentage points, to 9.2 percent. In the same period, the number of unemployed people grew by 545,000.
Apple, the world’s largest music retailer and a leading manufacturer of mobile electronics, announced a 95 percent increase in profitability. In its earnings statement, the company said that it was sitting on a cash hoard of $76 billion. This staggering sum, amassed by a single company controlled by a few large shareholders, could put two million people to work full-time for a year.
US corporations have combined cash reserves of $2 trillion. That is enough money to put all the unemployed people in the United States to work for four years, even without any profit generated from their labor.
But fresh off of what is for many a record-breaking second quarter, the companies are refusing to use their newly accumulated cash to hire. In fact, planned mass layoffs have only accelerated.
Even after the disastrous second quarter, the jobs situation is getting worse. Challenger, Gray & Christmas, Inc, the executive placement company, said earlier this week that the number of planned job cuts grew by 11.6 percent, reaching 41,432 last month. This was the second consecutive monthly increase in planned mass layoffs.
New claims for unemployment benefits have likewise moved upwards. After dipping in April to 385,000, the lowest level since 2007, they have steadily grown, reaching 418,000 last week.
The disastrous employment conditions in the private sector are only exacerbated by the aggressive budget cutting carried out by state and local governments, under the whip of cuts to federal assistance.
State and local governments have cut 165,000 jobs so far this year, on top of the quarter million workers they laid off in 2010. But this is only the beginning: analysts expect hundreds of thousands more layoffs this year as cuts in federal aid intensify.
These planned layoffs will only be compounded by the massive federal spending cuts currently being discussed between the Congress and the White House, which would eliminate between $3 and $4 trillion from federal spending. This would mean hundreds of thousands of federal job cuts.
The fact that American corporations were able to accumulate record profits while hundreds of thousands were thrown into the ranks of unemployment is not a coincidence. These profits were generated through the impoverishment of workers, who, desperate for any work available, have increasingly accepted lower wages and worse conditions.
Despite the abysmal employment conditions, mass joblessness has disappeared as a political issue in the United States, with the entire political establishment pushing for cuts to government spending. This absurd and irrational setup is a product of the monopolization of political life in the United States by the super-rich, who are carrying out a full-scale assault on the social conditions of the working class.
In contrast to the ruling class’s anti-social and destructive policy, the working class must present its own political program. The trillions of dollars sitting on the balance sheets of the corporations must be expropriated and used to provide jobs and desperately-needed social services.
This program requires a new mass political movement, completely independent of the Democrats and Republicans, to break the political stranglehold of the corporations, and reorganize society on the basis of social need, not private profit.
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http://mexicanoccupation.blogspot.com/2011/07/jobs-crisis-really-good-time-to.html
OBAMA’S AMERICA: Open & Undefended Borders!
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http://mexicanoccupation.blogspot.com/2011/07/jobs-crisis-really-good-time-to.html
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OBAMA HAS FILLED HIS ADMINSTRATION WITH PRIMARILY LA RAZA PARTY MEMBERS.
Here’s his Sec. Labor, HILDA SOLIS:
While in Congress, she opposed strengthening the border fence, supported expansion of illegal alien benefits (including driver's licenses and in-state tuition discounts), embraced sanctuary cities that refused to cooperate with federal homeland security officials to enforce immigration laws, and aggressively championed a mass amnesty. Solis was steeped in the pro-illegal alien worker organizing movement in Southern California and was buoyed by amnesty-supporting Big Labor groups led by the Service Employees International Union. She has now caused a Capitol Hill firestorm over her new taxpayer-funded advertising and outreach campaign to illegal aliens regarding fair wages:
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Michelle Malkin
The U.S. Department of Illegal Alien Labor
President Obama's Labor Secretary Hilda Solis is supposed to represent American workers. What you need to know is that this longtime open-borders sympathizer has always had a rather radical definition of "American." At a Latino voter registration project conference in Los Angeles many years ago, Solis asserted to thunderous applause, "We are all Americans, whether you are legalized or not."
That's right. The woman in charge of enforcing our employment laws doesn't give a hoot about our immigration laws -- or about the fundamental distinction between those who followed the rules in pursuit of the American dream and those who didn't.
* Obama Administration Challenges Arizona E-Verify Law
The Obama administration has asked the Supreme Court to strike down a 2007 Arizona law that punishes employers who hire illegal aliens, a law enacted by then-Governor Janet Napolitano. (Solicitor General's Amicus Curiae Brief). Called the “Legal Arizona Workers Act,” the law requires all employers in Arizona to use E-Verify and provides that the business licenses of those who hire illegal workers shall be repealed. From the date of enactment, the Chamber of Commerce and other special interest groups have been trying to undo it, attacking it through a failed ballot initiative and also through a lawsuit. Now the Chamber is asking the United States Supreme Court to hear the case (Chamber of Commerce v. Candelaria), and the Obama Administration is weighing in against the law.
To date, Arizona’s E-Verify law has been upheld by all lower courts, including the Ninth Circuit Court of Appeals. The Ninth Circuit, in particular, viewed it as an exercise of a state’s traditional power to regulate businesses. (San Francisco Chronicle, June 2, 2010). Obama’s Justice Department, however, disagrees. Acting Solicitor General Neal Katyal said in his filing with the Supreme Court that the lower courts were wrong to uphold the statute because federal immigration law expressly preempts any state law imposing sanctions on employers hiring illegal immigrants. Mr. Katyal argues that this is not a licensing law, but “a statute that prohibits the hiring of unauthorized aliens and uses suspension and revocation of all state-issued licenses as its ultimate sanction.” (Solicitor General's Amicus Curiae Brief, p. 10). This is the administration’s first court challenge to a state’s authority to act against illegal immigration, and could be a preview of the battle brewing over Arizona’s recent illegal immigration crackdown through SB 1070.
Napolitano has made no comment on the Department of Justice’s decision to challenge the 2007 law, but federal officials said that she has taken an active part in the debate over whether to do so. (Politico, May 28, 2010). As Governor of Arizona, Napolitano said she believed the state law was valid and became a defendant in the many lawsuits against it. (Id.).
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http://mexicanoccupation.blogspot.com/2011/05/sonia-sotomayer-la-raza-party-member-on.html
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Sonia Sotomayor opposes E-Verify requirement
True to form, she said it was illegal to make employers e-verify citizen status of new hires.
Interesting, she says a state cannot force employers to check if employees they are hiring are illegal. Thankfully the court ruled 5-3 supporting law. But now we know for sure just how extreme far left Obama's choice was. We cannot afford Obama to get another term, or you can bet this country will be overrun by illegals. I don't want this country to be poor and corrupt like Mexico, which it will if illegals overrun the country.
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http://mexicanoccupation.blogspot.com/2011/06/obamanomics-how-barack-obama-is.html
Obamanomics: How Barack Obama Is Bankrupting You and Enriching His
Wall Street Friends, Corporate Lobbyists, and Union Bosses
BY TIMOTHY P CARNEY
Editorial Reviews
Obama Is Making You Poorer—But Who’s Getting Rich?
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack Obama was supposed to chase from the temple—are profiting handsomely from Obama’s Big Government policies that crush taxpayers, small businesses, and consumers. In Obamanomics, investigative reporter Timothy P. Carney digs up the dirt the mainstream media ignores and the White House wishes you wouldn’t see. Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics.
Congressman Ron Paul says, “Every libertarian and free-market conservative needs to read Obamanomics.” And Johan Goldberg, columnist and bestselling author says, “Obamanomics is conservative muckraking at its best and an indispensable field guide to the Obama years.”
If you’ve wondered what’s happening to America, as the federal government swallows up the financial sector, the auto industry, and healthcare, and enacts deficit exploding “stimulus packages,” this book makes it all clear—it’s a big scam. Ultimately, Obamanomics boils down to this: every time government gets bigger, somebody’s getting rich, and those somebodies are friends of Barack. This book names the names—and it will make your blood boil.
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Obama Is Making You Poorer—But Who’s Getting Rich?
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack Obama was supposed to chase from the temple—are profiting handsomely from Obama’s Big Government policies that crush taxpayers, small businesses, and consumers.
Investigative reporter Timothy P. Carney digs up the dirt the mainstream media ignores and the White House wishes you wouldn’t see. Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics. In this explosive book, Carney reveals:
* The Great Health Care Scam—Obama’s backroom deals with drug companies spell corporate profits and more government control
* The Global Warming Hoax—Obama has bought off industries with a pork-filled bill that will drain your wallet for Al Gore’s agenda
* Obama and Wall Street—“Change” means more bailouts and a heavy Goldman Sachs presence in the West Wing (including Rahm Emanuel)
* Stimulating K Street—The largest spending bill in history gave pork to the well-connected and created a feeding frenzy for lobbyists
* How the GOP needs to change its tune—drastically—to battle Obamanomics
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