The DOW plunged early today but closed up at the end despite a really bad report on retail sales. A modest gain in sales for the month of May had been predicted but a sharp drop occurred instead. The standard excuse of bad weather seemed to satisfy the market but falling wages were among the real culprits driving down the economy.
Consumers are also heavily burdened with debt and the credit card companies took advantage of Congress allowing them time to jack the interest rates to 30% on existing balances before the practice was outlawed. This now illegal act is sucking billions out of the economy and is adding to the Wall Street bonuses. Usury used to be illegal in all states but the activist judges appointed by Ronald Reagan changed that. (states rights you know, just like slavery)
Here’s a tip, when a conservative uses the word “de-regulation”, point out that what he really means is “de-criminalization”. Most of the practices that have brought us to the brink of the abyss used to be illegal and some of it still is, but no one has enforced the law for thirty years.
When the drill baby, drill crowd says if we de-regulate the oil industry and then everything will be great; what they mean is that the happenings in the Gulf would be de-criminalized. Just like it is in Nigeria where this kind of disaster happens all the time and it costs BP nothing. Great if you own stock in BP and not beach front property in a third world country like Nigeria or the US. The coast of Nigeria used to have an ecology much like Louisiana and now we will match them again.
The crushing poverty and rampant crime the Nigerians enjoy in their libertarian paradise is well within our reach as we march toward a totally corporate America. One good thing has come inadvertently from the decline of state finances. States are now quietly closing all the youth prisons the Republicans built during their law and order heyday in the 1990’s.
Locking up the kids for long terms into adulthood made a lot of money political cronies. It did nothing for the crime rate as a high percentage of the ones who spent their teens and early twenties in prison went on to become hardened criminals. Much cheaper community based programs have in only a couple of years driven down arrest rates to where these monuments to conservative philosophy now stand empty and are being closed. If conservative activities were re-criminalized then the prison guard jobs would not be lost. www.prairie2.com