Monday, September 7, 2009

Labor Day Blues

The day for the celebration of the American worker is fading as unemployment and uncertainty possibly foretells a winter of discontent.

Labor Day 2009 - Little to Celebrate, Much to Mourn

August 2009 marks the 19th straight month we have lost jobs as a nation ~ that's 6.9 million jobs gone! The Obama top down multi-billion dollar bailout and bank rescue has artificially inflated stocks and credit markets but has left Main Street destitute, jobless and unprotected:

The Obama Administration has tried to re-inflate the credit bubble that just burst by bailing out Wall Street and flooding the banking Industry with more money and debt with the notion that consumers would continue to spend and go further in debt ~ while ignoring the fact that 6.2 million Americans are jobless and most likely in debt.

There is virtually nothing to celebrate this Labor Day except wishful thinking and its dire consequences. The " Green Shoots " politicians crow about is temporary artificially induced growth
( Like Cash for Clunkers and Fat Cat Bailouts ) and will wither away under the cold winter of the long-term problems of toxic loans, bad assets, bank failures, increasing unemployment and severely restricted consumer spending ~ which represents 60% of GNP.
{more - Allen Roland at The Peoples Voice}


Twice as many seniors face poverty as costs rise
The poverty rate among older Americans could be nearly twice as high as the traditional 10 percent level, according to a revision of a half-century-old formula for calculating medical costs and geographic variations in the cost of living.

The National Academy of Science's formula — which is gaining credibility with public officials, including some in the Obama administration — would put the poverty rate for Americans 65 and older at 18.6 percent, or 6.8 million people, compared with 9.7 percent, or 3.6 million people, under the existing measure. The original government formula, created in 1955, doesn't take into account the rising costs of medical care and other factors. {more - The Tennessean}

Real unemployment rate tops 16.8% {and that may be actually low}
The Department of Labor reported a rise in the adjusted non-farm unemployment rate to a 30 year high of 9.7% after the economy shed another 216,000. However, beyond the adjusted payroll number lies a host of employment numbers that continue to raise concern.

The adjusted payroll numbers do not include 2 groups of unemployed workers that the DOL refers to as temporary part-time workers and marginally attached workers. The DOL reported that 9.1 million Americans are currently working part-time due to economic conditions. This group is comprised of workers who have had their hours cut from full-time status or who have been able to find full-time employment. In addition the DOL reported that the number of marginally attached workers grew to 2.3 million. Such marginally attached workers include individuals who are unemployed but have not sought work over the 4 weeks prior to the survey and includes some 758,000 "discouraged' workers that have simply given up. The addition of such excluded groups caused the real unemployment rate to increase to 16.8%. {more - Jarid Brown...The Examiner}

Financial Crisis, US Market Trend
The Inspector General has found the SEC incompetent, but not corrupt. We disagree - the SEC is corrupt, particularly in the Madoff scam. The current SEC Madoff probe is another scam. Money has yet to be found in any substantial amounts. The Fed, the NY fed and the Treasury know where all the money went and that is to offshore havens and Israel. That means high-ranking members of the SEC were in on it. We have not heard the end of this yet, and the results will be shocking.
{more - Bob Chapman}

Food stamp list soars past 35 million: USDA
More than 35 million Americans received food stamps in June, up 22 percent from June 2008 and a new record as the country continued to grapple with the worst recession since the Great Depression of the 1930s. {more}

Destroying A Nation: Money and Murder of the National Sovereignty
If you wanted to destroy the infrastructure that holds our constitutional republic in place, how would you go about that?

As with a controlled demolition you would need to dislodge the foundation from the bedrock where it is anchored and weaken the framework that holds the structure together.

In practice, you would demolish the laws that support the legal and financial structure.

Our constitutional republic would then collapse into its own footprint, meeting no resistance.

Why would a sovereign people who are fully capable of issuing their own money and credit surrender that authority to a supranational oligarchy that issues fiat debt? Abolishing national currencies essentially dissolves national sovereignty.

While media ventriloquists would have us believe rampant and random greed provoked a spontaneous “global financial crisis,” the historical record indicates deliberate and carefully planned destruction of national sovereignty, worldwide. The plans for consolidating private control of global wealth have been in motion for over a century, accelerating exponentially with the frenzy of neoliberal deregulation that enabled financial fraud to metastasize globally. {more - Nikki Alexander}

For many, today is not a reflection of the 'American Dream.' That dream is being destroyed by the Federal Reserve, Wall Street, a corrupt federal government, wars, the military/industrial complex and the growing divide between the haves and the have nots.

Labour Day Blues

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