Saturday, September 14, 2013

OBAMANOMICS: Soaring bank profits and crimes - Soaring foreclosures and unemployment


AMERICA RULED BY WALL STREET CRIMINALS.
OBAMA’S BANKSTER DONOR’S PROFITS ARE SOARING. SO ARE THEIR CRIMES AND FORECLOSURES!

CALL IT OBAMANOMICS!

There is one thing to blame, and we know what it is. It isn't as simple as: Washington cares more about bank profits than bankrupt people.

Employment Down, Profits Up: The Aftermath of the Financial Crisis in 1 Graph

By Derek Thompson

http://cdn.theatlantic.com/newsroom/img/posts/Screen%20Shot%202013-09-13%20at%201.45.08%20PM.png

Six years after the recession started, five years after the crash, and four years after the recovery began, the share of the country with a job has declined by more than 7 percent. And yet ... corporate profits are crushing, again. The stock market is setting weekly nominal records, again. Home prices are rising, again. Finance is flush, again.

The financial crisis supposedly "changed everything." It really hasn't. Why not?

Here's where I feel like I'm supposed to tell you to get mad, and how to get mad. But the thing is  ... get mad at what, exactly? At whom? The lesson of this story -- and of the graph that leads this piece -- isn't as simple as: There is one thing to blame, and we know what it is. It isn't as simple as: Washington cares more about bank profits than bankrupt people.

The frustrating lesson is: Lots of people messed up inside of a messed-up system.

Take, for example, the protagonist of the U.S. government's recovery efforts: the Federal Reserve. The Fed's go-to weapons -- cutting short-term interest rates to zero and quantitative easing (giving the banks cash for their less liquid assets) -- accomplished many important goals. It not only averted a meltdown, but also set the stage for record-breaking years of profits. Meanwhile, median household incomes are still declining. Unemployment is still more than 7 percent.

This is a failure of Fed leadership. It's absurd for Bernanke to focus on historically low inflation while the employment-population ratio continues to drop. But it's the system, too. The Fed is not designed to easily and immediately put money in the hands of households. A first-order effect of QE is that banks have more dollars to lend. A second-order effect is that families and firms that want loans (for mortgages, for offices) will get better terms. A third-order effect is that people with money will be more confident in the economy when they think the Fed has its foot firmly planted on the accelerator. All of this should help typical, cash-strapped families. Richer companies can hire more people and good feelings breed good feelings. But the Federal Reserve doesn't write checks to households. It doesn't drop money from helicopters on Sun Belt exurbs.

The federal government can "drop money" into bank accounts. In fact, it did. It's called a tax credit. It was a part of the 2009 stimulus -- a huge, historic, essential effort to help American families, directly. But the stimulus was also way too small. Whose fault was that? The White House, for being so famously wrong about how bad unemployment would be? The Bureau of Economic Analysis, for being so famously wrong about how fast the economy was shrinking? Republicans, for rejecting every follow-up effort to stimulate the economy? Washington, for clearly and repeatedly preferencing the values of the rich over the poor?

The answer is ... yes. They were all all fault. For different reasons. Washington's fiscal policy has been a tactical, statistical, philosophical, and moral failure.

But once again, there are personal failures and systemic failures. The Republican Party's attention to the debt over the last five years -- interrupted occasionally by threats to default on it -- has helped starve state budgets, leading to more than 700,000 jobs being cut from total government since the recession began. But the never-ending election cycle that dominates Washington turns representatives from both parties into telemarketers for the rich, depriving electeds of feedback from their poorest and neediest constituents. Long-term unemployment might be the most important economic crisis of the next few years. On Capitol Hill, it's literally difficult to find people who care about it. Their attention is simply ... elsewhere.

In the opening months of the crisis, the tools and attention of the economy's protectors were focused on the banking system -- whose failure would have precipitated an economic meltdown for everyone. But soon, the banks were recovering and Americans weren't. We could have done more. We should have. We didn't. It was a failure of bad thinking inside a bad system.


 
DO WE REALLY NEED AMNESTY FOR MILLIONS OF LOOTING MEXICANS?
Jobless rate is a national scandal, and nobody in Washington cares

By Brent Budowsky

http://mexicanoccupation.blogspot.com/2013/09/jobless-rate-is-national-scandal-and.html


The new jobless numbers are out, and the core jobless rate is a punishing 7.3 percent. It would be much higher, except the number of Americans who became depressed and just dropped out of the labor force is now at its highest in 35 years.

 
The real jobless rate is almost double that. This is a scandal. Shame on President Obama. Shame on Republicans. Shame on Congress. And shame on the media.


DURING OBAMA’S FIRST TERM, TWO-THIRDS OF ALL JOBS WENT TO IMMIGRANTS, BOTH LEGAL AND ILLEGAL. OBAMA SABOTAGED E-VERIFY TO EASE MORE LA RAZA MEXICANS INTO OUR JOBS and VOTING BOOTHS!
FIRE LEGALS only to HIRE ILLEGALS on the cheap… but how  “cheap” is Mexico’s looting and occupation???

LAY OFF AMERICANS TO HIRE ILLEGALS… IT’S THE AMERICAN WALL STREET LOOTERS’ WAY!

Of course, the U.S. unemployment rate is at 7.3 percent, with millions of American workers at all skill levels out of work, and millions more so discouraged that they have left the work force altogether. In addition, at the same time the corporate officers seek higher numbers of immigrants, both low-skill and high-skill, many of their companies are laying off thousands of workers.


 

 

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