Friday, August 23, 2013

This Account is Suspended for non-compliance

New unemployment claims did increase during the previous week but are relatively low with the moving average still declining. This indicates that we'll probably see the usual number of jobs created this month. Mostly low paying jobs of course, the kind that don't lead to any sort of real recovery for the middle class.

Conservatives, (and this includes a lot of Democrats) simply don't want to admit that our economic problems are a matter of high level policy, and not some sort of natural order that they really can't change. When I say 'high level', I mean policy created at think tanks that are paid for by billionaires  then pushed through the media by people with 'credibility' who read from the scripts that they are given. I don't mean just the 'news' people, but people with academic credentials who do know better, but they like their paychecks better than what's good for their country.

Maybe these people rationalize that the country is doomed and they need to take care of themselves, or maybe they were selected specifically for their complete lack of scruples. After decades of domination by the Republicans the government is also chock o' block with the 'heck of a job Brownie' types who weren't selected for their scruples.

You can say what you want about Obama really being just a corporate shill, and you might be right, but the Republicans in the Senate have kept 25% of the Cabinet level jobs unfilled. This leaves a lot of Republicans in charge, and if at all possible until President Cruz (or insert the name of some other idiot of your choice), until another Republican takes office in 2017. Then you'll see the usual rotation of former government hacks into the offices of Wall Street law firms and corporate offices at high salaries, and the loyal up and coming 'heck of a job Brownie types' will be appointed into government positions.

This brings us to the Dodd-Frank Act that was passed during the brief 55 day window when Dems had 60 Senate votes. It was intended to rein in the Wall Street banks, or at least to keep them from being bailed out again after the next crash. Obama had all the head regulators from various agencies, departments and commissions (dominated by Republicans and 'bought out' Democrats), the President had them all over to the White House monday. He chided them to actually write some regulations that would make the Dodd-Frank Act enforceable. This job was only supposed to take a year at most, it's been three.

The next banking collapse could be a real doozy and it doesn't look like we're going to be prepared to deal with it at all. Twitter @BruceEnberg, and watch what you say on Twitter, bankers can do anything, but Twitter enforces its rules


Ronmac said...

Not to worry. When the next banking collapse comes, they've already got it covered. They (the banks) intend to grab money out of your saving accounts to cover their losses. In exchange, you'll get a piece of paper saying you now have equity in that bank. All G-20 nations are laying the legislative groundwork for this.

This equity is probably not worth the paper it's printed on as the banks can spin any future profits into shell holdings. A small price to pay. In the past we used to settle our differences with bombs and bullets with thousands coming back in body bags. So we should be grateful the rulers of international finance have found a more humane way to fight their economic wars.

Meanwhile in entertainment news actor Ben Affleck has been named the new Batman. Insiders say there will be a slight tweaking of the Batman franchise where Affleck is a Wall Street lawyer by day with a "slight addiction problem" but dons the Bat garb at night to battle the banksters.

Dave said...

My youngest grandchild is one year old. I look at her and her big sister and wonder what they've been brought into. I wonder what we brought these little ones' parents into. The Reagan plague was upon us even when they were born.

The economic and political order order of the day, since the children of the '80s were born, has been to strip away as much power and wealth from the middle class as possible. All the nonsense about the flag, the Bible, and beating up on dark-skinned people was just a cover for that real agenda.

The low paying jobs we're seeing now are a continuation of the plan. So is turning out people from schools who don't know anything.

I wonder how long this mess can go on? When will the environment get bad enough that we see human die-offs as opposed to the ones about bees. How long will the social order hold up with more and more people seeing less and less of a future?

Maybe there are political solutions. Maybe they're beginning to happen. I hope they are and that we're not too late.