Been a good day in the Global Markets...
-391 pts dropped to 10,733 as of closing -- I told you so~
And we say the word "Good" because as much as the corporations and financial media tell you, the stock market does not affect lives of the bottom 80% as much as they like to pretend it does. Let's put it this way-- they weren't hiring yesterday and if the market spiked 10,000 pts higher today, the corporations wouldn't start hiring next week. So let them lose a lot of $$...
But don't worry market lovers- it will probably spike 800pts or something tomorrow because of all the "great deals" this created, or other hogwash.. (** I Swear to you- I have CNBC on for last hour as background noise, and it is a constant Hard Push to Buy! Buy!.. Bargains Galore.. Get your cash in the market Now!! Also teasers of government or bank interventions to help the markets... anything to keep the fucking Investor in the market -- its quite comical and SAD!)
The Liars in corporate media are saying the sell off is based on a "fear" of a double-dip recession. Are you kidding? A "fear" of one. I guess when you're dealing with the same delusional people who believe that Greece's financial crisis is something new and surprising, this is par for the course, to use a cliche from a 'sport' I hate.
We said it before and will say it again.. the recession first began in December 2007. It took President Bush 10 months to publicly and outwardly admit it (when he was pitching Congress to pass the original TARP). The nation and most of the industrialized world has been in the Same recession without a real break for 45 months now. When a recession occurs for 36 straight months, the official term is 'depression'. Thus, in reality, we're living through one.
So why is it everyone says 'recovery'? We addressed this question before as well... A council of Harvard academics sat around a table in June 2009 and declared it. And it was 'official' and people like happy endings. In addition, this was done because when you inject 'recovery' into an ongoing financial calamity, it prevents the word 'depression' from being uttered. You have recession #1, then an imaginary break, then recession #2 referred by with the cutesy term "double dip"-- Politicians like that much better, and admit it, don't you just think of delicious yummy ice cream when 'double dip' is uttered?
I'm tired of the world catering to the markets. They do not create well paying jobs. Their sole fiduciary is to their stockholders, so no matter how much money is pumped into their coffers in the hopes they will create jobs and allow wealth to 'trickle down', they Won't! US Corporations have collectively over $1.5 Trillion dollars sitting in banks and collecting interest which could be used to create employment. But they won't and have Zero incentive to.
There are simple ways to create jobs that no politician seems to have the Guts to carry out:
1) The government take a page from FDR and mass hire millions of workers in all fields- from engineering to teaching; from technology to the arts. And this is key-- pay they a higher wage than what the private sector is paying. Corporations must be Forced to raise their wages and not to cut them 15-25% as they have been to new applicants.
2) Use carrot/stick policies on corporations-- hire more people and we'll cut your corporate taxes and give other incentives. You must hire First. If you choose not to, the govt will raise taxes so high on you, that you'll wish you had hired your fellow citizens.
3) I call it the "Nike" tax since I hate that company so much, though it would apply to all US based corporations- if you are an American company, you must manufacture at least 20% of the totality of the products you sell in the US and using US labor do it. If not, your merchandise will be excise taxed by 20-50% on top of what you're charging. No longer can a company kill the American worker yet try to benefit from the American consumer. The fees and fines collected would be used to provide grants and other assistance to American start-ups who would keep their manufacturing domestic.
Simple questions are sometimes best responded to with simple answers.
Q: Why is unemployment so high?
A: Business does not feel like hiring.
Q: Why?
A:It has no incentive.
Q:Why don't politicians do more?
A: Most (even Dems) cater to Wall St & believe in "trickle down"
Q: What will it take to fix things
A: 3 things- A government that increases hiring on its own, which forces businesses via economic bullying to start re-hiring again, and investment in upstart businesses and entrepreneurs who will create jobs of tomorrow but need financial assistance to get started.
Now that solutions are laid out, just gotta find a President to implement them.
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