Monday, October 4, 2010
Monday, October 04, 2010 3 comments
One of the things Obama promised when taking office was that the Anti-trust Division of the DOJ would again take its job seriously. This is possibly one of the first of many actions against the loot and pillage business plan of predatory capitalism, the big corporations have had a free hand for so long that most Americans don’t remember when it wasn’t this way.
State and local officials are planning their budgets and are still struggling with diminished revenue streams and the possibility of Republican control of Congress. Municipalities are going to need to layoff 900,000 people when the Federal stimulus money runs out and this will cripple local government and could start a stampede to Chapter 9 bankruptcy court.
This all assumes that Congress doesn’t advance more money and this is why Republicans are pulling out all the stops in November. With control of the House, they could stop dead any spending and deliver the coup de gras to a middle-class based economy. More bankruptcies would also help fuel a deflationary spiral making it possible for the super rich to acquire still more of the nations wealth for pennies on the dollar. Welcome to the new golden age.
The corporate wisdom is to wait either for the stock market to crash and buy their own stock for a fraction of what it’s worth or wait until the economy goes south and do some mergers and acquisitions to further consolidate their monopolies. The amount Obama spent on actual stimulus is a tiny fraction of what these bloated corporations are sitting on and this really is taxpayer money. Sure the Federal Reserve created it out of thin air but it has our name on it we will ultimately pay for it. This free money was supposed to make our economy go again, but I forgot, it’s not our economy anymore. It belongs to the top 1/10 of one percent and they’ll do what they want with it.