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Jobless Claims Jump to Record, Durable Orders Slide

Obama Calls Wall Street Bonuses ‘Shameful’

Few Ways to Recover Bonuses to Bankers

Meanwhile in Paris the wizards of haut couture carry on, making goods for the above mentioned banker’s female objects:

And off not so far away from these Parisian catwalks, is another place, the Gaza strip, where the attire is decidedly different:

Needless to say the American economic crisis, like most things American, impacts much of the rest of the world.  With some deliberate and carefully orchestrated policies, America took upon itself the role of prime consumer of the globe, and other nations fed us, running up our debt.  More deviously, American corporations looking to better their bottom lines and enrich their CEO’s, shifted American jobs to cheaper, less regulated realms, and encouraged newly impoverished Americans to continue their spending binge, using credit cards, phony mortgage wealth, and what not, to keep the wheels of profiteering rolling.  Now the jig is up, and in a last heist the bankers have just waltzed off with another 350 billion of taxpayer’s money, tossing themselves bonuses for a job well done – the country may be up shit’s creek, but they all have scampered with literally billions of usable taxpayer dollars, convertible into actual tangibles (at least for the moment), and it appears there’s not really any legal means for Uncle Sam to recoup the theft.  Indeed in their view a job exceedingly well done – they made billions, trillions for themselves, and as a final pay-off, in order to “rescue the system” they received another little bonus of $350,000,000,000 of public funding, just to make their retirement a little less difficult.   This was done in plain sight, with their man Paulson hustling the Congress for instant no-accountability funds or the system would fail.       It had already failed, and tossing more money at it merely compounded the failure, though it has surely further enriched the perpetrators a lot more.

Perhaps it is time for vigilante justice?

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One Comment

  1. I was reading around this morning, sampling the hysteria, you might say, and it occurred to me that history isn’t exactly on our side. In 1930 Hoover signed into law the Smoot-Hawley act, which was a protectionist bill. You might call it his version of our stimulus package, and things got a whole lot worse, didn’t they? Obama’s hero, FDR, further complicated the problem. His solutions took the better part of a decade to reap any kind of result, and it could be argued that without the US jumping in to fight Mein Fuehrer, it might’ve taken longer even. More recently, Japan tried these stimulus measures and got a solid decade or more of recession for their efforts. What is the price of doing nothing? That’s never been done before. The CBO predicts that if we do nothing this thing will be over in six months. I know it’s antithetical to human nature to do nothing, but our best efforts are going to create a sucking black hole of debt for generations.

    Maybe it’s deflation that is most worrisome to those ivy leaguers running the show now in the White House. They may believe that hyper-inflation is manageable, even preferable. Because once prices start to fall down the shitter (watch for the falling price of food- that’ll be your tip-off), deflation is official, and that means DEPRESSION.


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