Busted: Bankers and The Global Economy

July 19, 2009

Economic Depression: American Resentment Flickers Against Corporate Wealth

money green with envyThe recession and the rising gulf between the haves and have nots; investment bankers versus newly impoverished and unemployed Americans is changing viewpoints. At one time, any company reporting record profits was certain to earn applause for this was seen as the American way. Americans were firmly invested in what they believed was the trickle-down theory of economics. The scam that investment bankers have pulled on the world with their highly staked leveraging games has changed much of this sentiment. Now that institutions that formerly made up the investment banking capital of the world are recovering with the intent of paying back taxpayer-backed Federal Reserve bailout money, Americans are leering at the possibilities that nothing has been learned from the crisis of financial literacy that prevails itself upon the world.

Writer David Segal has introduced the idea that class resentment is to blame as investment bankers continue to rake in the speculation-based financial dough based on the same numbers games that brought the nation to the edge of financial oblivion. The reality runs much deeper. In the eyes of Americans, the reality isn’t about making money, but how money is earned. Americans feel that they are being scammed because the nation operates by multiple sets of rules depending on how much money and influence you can peddle. Even members of Congress like Charles Schumer have demonstrated that they believe Americans are simply brutes to be used by the system to bolster corporate along with government wealth and influence.

Now that the likes JP Morgan Chase and Goldman Sachs are reporting fantastic encouraging numbers after having enjoyed bailout at the expense of Americans and the system at large, Americans see that the victory is very hollow. Recent financial victories in American are without benefit to anyone that doesn’t directly play the insider financial games on Wall Street. Multinational corporations continue to rule the roost behind the scenes, taking more out of America than they put in. Profit without personal responsibility is king. Most of America continues to be in great pain and America already knows that recent financial victory on Wall Street is a result of the same deluded thinking and policy that still threatens to destroy the financial system. It is not a system based on honesty and real numbers, but simply a gambling game of manipulation and opportunity.

The fact is that the Federal Government likes the control and authority that it wields in the banking community as a result of the bailout. The same can be said for the money that government has invested in the corporate structure. Uncle Sam holds the cards as the government maintains a front row seat at AIG. This is the only means that government now has to rein in the continued greed and avarice of Wall Street and corporate investors. The system hasn’t been reinvented as promised nor have sufficient reforms taken place to insure the safety of financial system on any level. We are still living in the last century. Nothing has changed. That is why government is so quiet about what is a hollow victory on Wall Street. ~ E. Manning

June 29, 2009

American Employment Continues to Plunge

Filed under: corporatism, economy, globalization, government, security — Tags: , , , , , — digitaleconomy @ 11:04 am
America continues labor freefall

America continues labor freefall

American employment statistics
It appears that the labor market in America is at an stupendous low, with 59.7% of Americans projected to be employed using traditional government statistics. As we have discussed on this website, the plight is actually much worse.

June 6, 2009

Joblessness and Government Economists

Filed under: economy, money, security — Tags: , , , , , , , , — digitaleconomy @ 11:56 am

congrats economy cardSend a card to your favorite unemployed American.

If important economists say it, it must be true.

April 18, 2009

The Obama Deception or More?

Note from a friend:
Hey!
I know this is long, but, you have to watch this! It is a very long documentary! The best and most informing, current, and alarming information is towards the end. Watch the whole thing! It is almost two hours long… but very informing and well worth it. Your freedoms and way of life are being torn down, bit-by-bit, and before you know it, you will be so entrenched… and neither you or I can do anything about it! We are all (the whole world) being forced into paying homage to an unseen, deplorable, and downright evil empire! Don’t believe me? Watch it!

Regardless of what you think, the current plight of the world isn’t about Obama as the film opens. John McCain in office would have yielded a similar result if you believe any of this information and if you observed Republicans and lawmakers in office during the last eight years. The history reaches farther back than that. This crisis has been a work in process. In the meantime, the information on this website generally supports the conclusions of the Obama Deception. You don’t need to be a person of faith to realize what the world is looking forward to. How you react is another matter altogether. Upcoming events may cause you to have faith in Bible prophecy and the legitimacy of the Bible.  Regardless of what you think, the “International Society of Bankers” have been very busy. Your security and well-being is not their concern. ~ E.M.

(more…)

February 18, 2009

More Fraud for Global Economy

sir-allen-stanford1Most people that have considered the recent plight and cause of the downturn in the global economy have realized that Bernard Madoff is just another tip of the iceberg where fraud is concerned. Now U.S. officials have added philanthropist Sir Allen Stanford of the Stanford Group to their short list of finance fraudsters.

Stanford is accused of “massive fraud,” although this writer cannot see how Stanford’s fraud is any worse than the Madoff fraud or for that matter, banking fraud by financial institutions and bankers that started the global economic downturn and housing collapse to begin with.

I suppose the idea that Stanford’s fraud is “massive” is supposed to make us feel better in that justice is being done. Bunk. We have a long way to go baby until the criminals that belong behind bars, the perpetrators of global financial ruin are removed from their posts. Most offenders of gross financial illiteracy are still operating with impunity as the U.S. government casts there eyes in the distance in the hope of looking for other scapegoats.

sir-allen-stanford-and-moneyStanford is one of those convenient scapegoats ripe for the picking. Until this writer sees action against the current bevy of offending bankers, people in high places that sanctioned criminal activity and financial ruin while supposing to know better, the U.S. government has little credibility in tracking offenders or really cleaning up the banking and finance mess that plagues the nation or the world. ~ E. Manning

January 27, 2009

U.S. Unemployment Reality

John Williams, founder of Shadow Government Statistics, calculates that the jobless rate is a full 10 percent higher than the government is reporting.

Unemployment: Jiggering with Accounting

Unemployment: The Skinny about Obama’s Stimulus

Obama: When is a Stimulus not a Stimulus?

barack-and-energyWhen is a U.S. government stimulus not a stimulus? The latest rendition of the $825 billion economic stimulus plan won’t be spent very quickly for what President Obama has specified to the American public. What do I mean? The Congressional Business Office released data that suggests that it will take longer than expected to boost the economy. Why? The government wouldn’t be able to spend at least one-fourth of a proposed $825 billion economic stimulus plan until after 2010. Even then, only about 12% of the stimulus is actually being used for stimulus.

According to the preliminary report, the government would spend about $26 billion of the money this year and $110 billion in 2010. $103 billion would be spent in 2011, $53 billion would be spent in 2012 and $63 billion between 2013 and 2019. That is stretching the total stimulus plan for a decade.

Wouldn’t you like to see the report for yourself? Now that the details have seen the light of scrutiny, those wonderful PDF files that American taxpayers have paid for have been rendered unavailable in a similar fashion to the EESA budget details in 2008.

The Obama administration said $3 of every $4 in the package should be spent within 18 months to have maximum impact on jobs and taxpayers.

• Less than $5 billion of the $30 billion set aside for highway spending would be spent within the next two years, the CBO said.

• Only $26 billion out of $274 billion in infrastructure spending would be delivered into the economy by the Sept. 30 end of the budget year, just 7 percent.

• Just one in seven dollars of a huge $18.5 billion investment in energy efficiency and renewable energy programs would be spent within a year and a half.

• About $907 million of a $6 billion plan to expand broadband access in rural and other under-served areas would be spent by 2011.

• Just one-fourth of clean drinking water projects can be completed by October of next year.

• $275 billion worth of tax cuts to 95 percent of filers and a huge infusion of help for state governments is to be distributed into the economy on an uncertain time line.

What is the stimulus really for?

• The House stimulus bill includes an extra $87 billion in federal aid to state Medicaid programs.

• It allots some $120 billion to boost state and city education programs.

• There’s $4 billion for state and local anti-crime initiatives in the legislation, not to mention $30-plus billion for highways and other infrastructure projects.

• $6.9 billion to help state and local governments make investments that make them more energy efficient and reduce carbon emissions.

• $87 billion to states, increasing through the end of FY 2010 the share of Medicaid costs the Federal government reimburses all states by 4.8 percent, with extra relief tied to rates of unemployment.

• $120 billion to states and school districts to stabilize budgets and prevent tax increases and deep cuts to critical education programs.

Overall, about one-quarter of the entire $825 billion recovery package would be devoted to activities crucial to governors, mayors, and local school boards. Out of 157 items, 117 have nothing to do with job production or employment/economic stimulus per Representative Mark Kirk.

The bottom line is that the latest stimulus plan is not an economic stimulus plan at all, but rather a bailout for government entities and federal programs. Most of the stimulus money that has been planned to be spent this year is not for economic stimulus at all. The nation needs more economic “energy” put in the right places if we are going to spend the money at all. ~ E. Manning

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