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