Thursday, October 15, 2009

Initial unemployment claims were down slightly again last week, off about 10,000. Continuing claims were also down as another 100,000 people fell off the far end of the eligibility rolls and into poverty. Foreclosures continue to increase along with bankruptcies. The really poor don’t bother with bankruptcy of course and no longer have a house to lose. If they can keep the car going from where they camp at night to the part time job and over to the food pantry (and pray they aren’t out of food); all of that makes a good day for the working poor.

There is credit card available now from one of those predatory banks in South Dakota that charges 79 percent interest. Unregulated free market capitalism is alive and well in South Dakota. The reason you get all the predatory credit card offers from South Dakota is because of a landmark Supreme Court ruling. It was one of the first of many steps the "Conservative" court has taken to make America the land of the corporation.

This ruling disemboweled state regulation by allowing corporations to steal across state lines with impunity. South Dakota brought in a lot of jobs by doing away with all regulation but now those jobs are disappearing. These companies are sending the jobs to India or they simply disappear completely as the economy is driven into the ground.

The State of North Dakota on the other hand owns its own bank and loans money at cost and since they "create" their own money the same way the Fed does, they can loan money for as little as one percent. Why emigrate to Sweden when there’s North Dakota?