^{Brought to you by the American Worker - Oops, I guess we can't sponsor this series, sorry, we've all been laid off.}

Good Morning! Rise and Shine! Get that Cup O' Joe...
break out the O.J....hang out with the pooch...time to check out the Funnies.

In a January 2009 ABC interview with George Stephanopoulos, then President-elect Barack Obama said fixing the economy required shared sacrifice, "Everybody’s going to have to give. Everybody’s going to have to have some skin in the game." (1)
For the past two years, American workers submitted to the President’s appeal—taking steep pay cuts despite hectic productivity growth. By contrast, corporate executives have extracted record profits by sabotaging the recovery on every front—eliminating employees, repressing wages, withholding investment, and shirking federal taxes.

The global recession increased unemployment in every country, but the American experience is unparalleled. According to a July OECD report, the U.S. accounted for half of all job losses among the 31 richest countries from 2007 to mid-2010. (2) The rise of U.S. unemployment greatly exceeded the fall in economic output. Aside from Canada, U.S. GDP actually declined less than any other rich country, from mid-2008 to mid 2010. (3)

Washington’s embrace of labor market flexibility ensured companies encountered little resistance when they launched their brutal recovery plans. Leading into the recession, the US had the weakest worker protections against individual and collective dismissals in the world, according to a 2008 OECD study. (4) Blackrock’s Robert Doll explains, “When the markets faltered in 2008 and revenue growth stalled, U.S. companies moved decisively to cut costs—unlike their European and Japanese counterparts.” (5) The U.S. now has the highest unemployment rate among the ten major developed countries. (6).

Even if the settlement being offered by the Obama administration is accepted, it doesn’t give the banks relief on the securities fraud claims or evasion of back fees for recording mortgages.

Reports have begun to appear in the American business press of a possible settlement among banks and their regulators over the mortgage mess in the U.S. The various players in this settlement are leaking stories to business reporters in order to place on the public square their negotiating positions, which can often serve to define the terms of the discussions taking place in private. For those of our readers who are not Americans, we need to apologize in advance for the convoluted, and you might even say ugly, manner in which policy is made in Washington when so many different players are involved. We’ll try to keep the description of what is going on basic and understandable, but don’t be surprised if you feel like you’ve wandered into an abattoir where sausage is being made. First, let’s go down the list player by player, and see what they want out of a possible settlement.