Anyone reading our site knows that Financial Reform is nowhere and what has been passed can be described from Swiss cheese to who let the dogs out.
Well, well, us in the peanut gallery are not alone in that assessment and a bunch of experts are putting forth detailed policy proposals on what should happen. They are on a web 2.0 media campaign to get your attention and I will assume your support too.
A conference, put on by the Roosevelt Institute was held this week. The blog New Deal 2.0 has a host of videos, including the entire conference. They really are going all out on the web 2.0 stuff and even have a website, Make Markets Be Markets, just for their policy proposals and to get real financial reform.
Let me take you back to Christmas Eve, 2009. It was a time to wrap gifts for loved-ones. That's how the Obama Administration felt about the financial industry when it lifted all caps in emergency bailout money to Fannie Mae and Freddie Mac. That means the taxpayer was on the hook for all losses at these two mortgage giants no matter how large the losses.
The move caused a slight stir, but never got the attention of the American public because the announcement was timed to coincide with the peak season of distraction. And so it was forgotten...but not by Fannie and Freddie.
Oh woe to the American worker! The revised Q4 2009 Productivity & Costs BLS report gives some horrific news in terms of job creation and sharing the wealth for the U.S. worker. Firstly, a reminder on how labor productivity is calculated:
Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours of all persons, including employees, proprietors, and unpaid family workers.
When you see soaring productivity, with reduced or low output and unit labor costs down, that means the U.S. worker is getting royally screwed.
Unit Labor costs dropped 1.7% on an annual basis, the largest on record!
In response to this report of $1.4 billion dollars of ARRA funding, that's Stimulus dollars, claiming to create U.S. jobs, instead being funneled offshore to foreign nations, Senators Schumer, Brown, Tester & Casey demand the Obama administration Suspend Stimulus Program Funneling Billions Overseas.
In the wake of a new report revealing that a clean-energy grant program in the stimulus has paid out more than $1 billion to foreign manufacturers, U.S. Senators Charles E. Schumer (D-NY), Bob Casey (D-PA), Sherrod Brown (D-OH) and Jon Tester (D-MT) urged the Obama administration Wednesday to suspend the program indefinitely until the law can be fixed so that funds only flow to projects that will create jobs in the United States.
The ADP employment report shows a loss of 20,000 jobs in February, the smallest decline since February 2008. An amazing revision for last month, 22,000 to 60,000!
Indonesian police have used tear gas and water canon to disperse about 2,000 anti-government protesters who tried to enter the parliament building in the capital, Jakarta.
The scuffles broke out on Tuesday as members of parliament began a debate over the possible impeachment of the country's vice-president and finance minister.
...
His vice president, Boediono, and finance minister, Sri Mulyani Indrawati, approved the bailout and opposition leaders have demanded their resignation saying they must be held accountable for losses to the state.
Believe this or not, Whirlpool received Stimulus funds to create jobs and instead they are closing plants! This is obscene that they are being given funds to create jobs and instead offshore outsourcing them. We should demand at least those funds be rescinded.
It can barely get greedier than this: We're in tough economic times, so Whirlpool receives $19 million in taxpayer funds to create jobs. Then it turns around and announces it will shutter its Evansville, Indiana refrigerator plant and displace the 1,100 workers there. Disgusting.
On The Economic Populist you might have noticed the middle column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.
Sometimes though, one cannot say it better but miss those who did.
Must Read Post #1
We have astounding statistics on how the financial sector has grown and how just a few of our Zombie banks control it in this detailed Naked Capitalism guest post. The combined assets of the 6 largest U.S. banks are now 63% of U.S. GDP!
Recent comments