One might notice the comment, Woe to the U.S. worker when productivity metrics are reported. Over and over again, I note that offshore outsourcing is the taboo word among mainstream economists, regardless of the numbers.

Well, it seems I am not alone in that assessment. A New York Times op-ed drives home the point:

There’s a problem: labor productivity figures, which are calculated by the Labor Department, count only worker hours in America, even though American-owned factories and labs have been steadily transplanted overseas, and foreign workers have contributed significantly to the final products counted in productivity measures.

It may be the one-year anniversary of an amazing stock market rally, but economists are sounding rather pessimistic these days.

A growing expectation of a double-dip recession is evident in a new poll of financial executives...the poll found more than half of financial executives predicting another downturn, and most expecting jobs recovery to lag into 2011.

The predictions don't end with just this poll. Nouriel Roubini is also warning of a second leg down, and even more disturbing is this report.

The public is angry. Why should the public pay for the bankers mistakes. Iceland blogger Halldor Sigurdsson

Note: this is a cross-post from The Realignment Project.

Introduction:

Even under the relatively optimistic economic forecast included in the 2011 Federal Budget, unemployment will remain at the 9.8% rate through the end of this year, dropping to 8.9% in 2011 and 7.9% in 2012.  In other words, after four years since the first stimulus, unemployment will remain at recessionary levels. To be fair, the passage of a jobs bill – and the promised efforts to pass further stimulative elements (aid to states, highway money, public works, etc.) – lends some slight hope that this catastrophe might be averted.

However, as we’ve seen with the jobs bill, it’s incredibly hard and slow to get even the smallest elements of a jobs bill through Congress; this makes it highly unlikely that sufficient actions will be taken to bring down the unemployment. However, I do think that it is possible to push through more aggressive jobs measures at the state level in heavily Democratic states that aren’t hamstrung by the Senate’s rules and the Blue Dog Caucus. As I’ve discussed in my 50-State Keynesianism and Job Insurance series, I believe that it’s possible to reform state governments to be successful anti-recession institutions, complementing Congressional action.

Today, I’ll take California and New York as two heavily Democratic states that are also large enough to have a significant impact on the national economy.

^{Sponsored by Senator Jim Bunning - Why not, he already snatched the desperate by the pubes.}

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!

One sometimes hears a repeated exaggeration of the Inuit (inappropriately referred to as Eskimos) language, claiming that they have hundreds of words to describe snow. While the actual number is considerably less, this exurban legend does make its point.

I suspect that centuries from now, historians will remark similarly about 21st century America, stating that they had one thousand names for fraud.

The Blackstone Group: Tax Fraud Incorporated

A year or so ago, it was reported that the private equity firm, the Blackstone Group, was going public. Like many, I gave little thought beyond the fact that they had sought investment from China due to their brittle financial position at that time.

Recently, I came across an excellently written research paper by a law professor at the University of Illinois College of Law, Victor Fleischer, titled Taxing Blackstone.

It's Friday Night! Party Time!   Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!

Eamonn Fingleton is a writer and journalist who has focused heavily on manufacturing and economic development. Fingleton also called out what later would discovered to be hype bubbles,, crashes and crises. He called globalization Unsustainable and Dogma, and surprise, surprise, here we are. The real problem is why we cannot get all of these experts listened to, that said, you can listen to him!

So, we learned today that our economy lost 35,000 in February and the Unemployment Rate was 9.7%. Markets loved it and so did the Obama Administration - what the heck things are getting worse much less slowly - hurray.

Quite frankly this unacceptable. And what kind of response do we get from Washington: a token response of $18 billion "Jobs Bill". This "Jobs Bill" is a joke. We need "overwhelming force" to address this Jobs Crisis.

This is war, this is a major Jobs Crisis. Here are a few more numbers to chew on (ht Calculated Risk):

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.

This may be the only time in my life I will ever utter these words: "We could learn a lot from Indonesia."

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.

What an amazing concept!

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!

Because of the Republicans new found concern for budget deficits, 1.2 million American families will be cut adrift today.

Nearly 1.2 million unemployed Americans - including 27,000 in Wisconsin - face an imminent cutoff of government unemployment checks if Congress cannot pass emergency legislation to extend federal benefits before funding expires Sunday.

^{Sponsored by Adobe Photoshop - Spin through graphing is our specialty.}

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!

How not to use PowerPoint

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

EPers are gonna love this one, it's a Populist rant with lots of factual references and a little conspiracy theory sprinkled on top. The Economic Elite Have Engineered an Extraordinary Coup, Threatening the Very Existence of the Middle Class: