The NewGround Blog
[Note: This post from Karl Denninger at The Market Ticker so completely captured my state of mind that I felt compelled to re- post it here in its entirety. I also encourage you to visit his blog for consistently high quality economic analysis and insight. We do need to jerk these politicians’ chains and either force to work for us, or throw them all out and start over.]
On the eve of the August recess, members are reporting meetings that have gone terribly awry, marked by angry, sign-carrying mobs and disruptive behavior. In at least one case, a congressman has stopped holding town hall events because the situation has spiraled so far out of control.
“I had felt they would be pointless,” Rep. Tim Bishop (D-N.Y.) told POLITICO, referring to his recent decision to suspend the events in his Long Island district. “There is no point in meeting with my constituents and [to] listen to them and have them listen to you if what is basically an unruly mob prevents you from having an intelligent conversation.”
Well Tim, guess what: you work for your constituents, not the other way around. (more…)
Thanks to the Ticker Guy – Karl Denninger @ The Market Ticker – for the chart, the data for which comes directly from the US Dept of Commerce Bureau of Economic Analysis.
Not a lot to cheer about in those numbers, and, the deeper you look in them, the worse the findings.
Goldman, with it’s agent Henry Paulson, operating as Secretary of the Treasury and using the full power of the US government, eliminates competitors (Lehman and Merrill) and gets bailed out indirectly via AIG. And now they are making “profits”? This is crony capitalism in extremis.
Even the New York Times scorns these scoundrels, and amazingly, applauds bill O’Reilly at Fox News for doing likewise.
Something closer to the current zeitgeist was captured last week by Bill O’Reilly, the Fox News commentator, who likened Goldman Sachs bankers to pigs during a scathing segment on his TV show. “You’ve got to make an example of the big boy,” he fumed in a rant about the company’s tax-avoidance methods, suggesting Goldman ought to be punished for failing to cough up its fair share of taxes. “And this is the big boy.”
See Windfalls for Bankers, Resentments for the Rest – NYTimes.com for more details on
The associated article can be found here, however, this graph provides far more useful info than the article’s text.
This video speaks for itself and makes me proud to be an American.
I rarely agree with Robert Reich on anything, so i found myself shocked to be in complete agreement with this post regarding the long, slow climb we face in resurrecting the US economy, Reich says
In a recession this deep, recovery doesn’t depend on investors. It depends on consumers who, after all, are 70 percent of the U.S. economy. And this time consumers got really whacked. Until consumers start spending again, you can forget any recovery…
Problem is, consumers won’t start spending until they have money in their pockets and feel reasonably secure. But they don’t have the money, and it’s hard to see where it will come from. They can’t borrow. Their homes are worth a fraction of what they were before, so say goodbye to home equity loans and refinancings. One out of ten home owners is under water — owing more on their homes than their homes are worth. Unemployment continues to rise, and number of hours at work continues to drop. Those who can are saving. Those who can’t are hunkering down, as they must.
Eventually consumers will replace cars and appliances and other stuff that wears out, but a recovery can’t be built on replacements. Don’t expect businesses to invest much more without lots of consumers hankering after lots of new stuff. And don’t rely on exports. The global economy is contracting.
Lots of articles commenting on the One and his socialist buddies, but the Michael Ramirez cartoon above sums it up succinctly. Other commentary on the “coup” that wasn’t (Zelaya arrest by Honduran military) and the coup that almost was (Zelaya illegal referendum) includes:
Investors Business Daily – Banana Democrats
Wall Street Journal – Honduras Defends Its Democracy
The Enterprise Blog – Honduran Cowboy Falls Out of Saddle