Thursday, August 13, 2009

The good old days are back if you miss the uniform

Despite the Happy Talk from the Fed today, the numbers were all bad. Retail sales were way down again despite a boost from clunker cash. Even Walmart’s sales were off substantially but they reported good profits, these turned out to be from cutting inventory signaling they expect things to get worse, not better. Manufacturers and retailers cut inventory for the tenth straight month while the trade deficit continued to widen as we produce less and borrow more. The Dollar continues to decline in value making everything more expensive.

Jobs also continue to be cut and so the weekly Unemployment claims were up again. The total number of people on the rolls is down but that’s only because for a lot of people the life line is gone. Home foreclosures have set a new record and home prices continue to decline. This makes refinancing impossible for many people who do find new jobs but still face homelessness. As many as half of home mortgages are underwater. Already at record levels, Bankruptcies were up 8% from last month and up 32% over last year.

From the Les Miserables department, if you are late with payments while unemployed, it will likely keep you from getting a job as the corporate fascists check your credit history. Some states are moving to ban this practice but look to the Bush appointees on the Federal Appeals Court to strike down these laws as they have been quietly consolidating corporate power over the past eight years.
Chief Justice Roberts has ordered the rehearing of a case this fall that will likely set in stone the absolute supremacy of corporations in America once and for all. This case could eliminate any attempts to restrict corporate spending on elections and lobbying. It could make any sort of reform of insurance companies or any other corporate practice an exercise in futility as corporations would have the ability to overwhelm any campaign against them.

It is not in the corporate interest to create jobs or to do anything that aids in the economic recovery. The worse that things get, the better it is for them as they continue to consolidate power. Business failures mean nothing, the assets are simply transferred to a different corporation. The barely concealed corporate support for the brown shirt birthers and deathers will likely become more blatant. With all restrictions on corporate political spending lifted by the Roberts court this fall you will doubtless see this taken to a level not seen since the thirties. Brown Shirt thugs, torch light parades, book burning and kristallnacht; it’s a good time to be a fascist again.