Identity Politics and Economic Reality

The election was won by identity politics. Black people voted for President Obama by over 93%, Hispanics 71% and Asians 73%. The exit polls show 55% of women voted for Obama, whereas 59% of white people voted for Romney. Ninety percent who thought the economy is good voted for Obama. Those who thought it is not so good voted for Romney by 60% margins.

Why Romney lost so big is a topic really outside our purview, yet we'll put in our 2¢ that it might be due to campaign rhetoric on policies promised. Unfortunately, there are words and there are deeds. What has the Obama administration done economically for the demographic groups who gave President Obama a second term?


unemployment rates by major demographics


Food Stamp Usage Reaches Record High with 15% of America on Food Stamps

Food stamp usage has soared to a new record high of 47,102,780. As of August 2012, 1 in 6.7 people are on food stamps in the United States. That's 15.0% of people living in America are on food assistance. The United States population in middle of August 2012 was 314,484,000 and this figure includes everyone, including Americans overseas. Food stamp usage increased 2.9% from August 2011 and 0.9% from July 2012.

food stamp usage graph

Since October 2007, food stamp usage has increased 74.4%. Population has increased 3.9% during the same time period. That is how badly America is hurting.

Banks Launder Money With Impunity

laundering moneyHSBC is a bank. They are also a money launderer. Last week the Senate subcommittee on investigations, part of the Senate Committee on Homeland Security and Government Affairs, issued a report (pdf) and held a hearing, U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History. Contained within is a laundry list, if we can use the pun, of HSBC evil doings and how they mechanically laundry money for drug cartels, terrorists and tax evaders.

This is over a decade past 9/11 and seemingly HSBC has been operating with impunity. One of the conduits for money laundering is correspondent banking. Correspondent banking is when one financial institution provides services to another financial institution to move funds, exchange currencies, cash monetary instruments, or carry out other financial transactions. Even though in 2002, correspondent banking was recognized as a primary method to fund terrorist activities, the doors have not been shut.

Correspondent accounts continue to provide a gateway into the U.S. financial system, and wrongdoers continue to abuse that entryway.

Below is what has been done since 9/11, yet correspondent banking is alive and well.