Stocks, at their highest level since the Lehman bankruptcy, surged a day after the Federal Reserve’s decision to buy more government securities.
Waiting until just after the mid-term elections (claiming it did not want to impact them !), the Fed announced it was buying up 600 billion dollars of debt, and lo and behold the next day Wall Street lept to ever higher newer bigger better numbers: DJ index at 11,434.84!!!!
Tellingly, the same day’s news reported that unemployment figures were higher than anticipated, corporate “productivity” was up and labor costs were down. All very happy news for the honchos at Scrooge McDucks. Of course, parsing through this economist’s lingo one can just wonder which and whose “debt” did Uncle Sam buy? Corporate America’s? Well, I give you one guess. And of course “productivity” was up as employment was down, as fewer Americans worked harder and harder for less and less. This is the wave of the future. Or the present. Soon I expect our corporate masters to begin our very own red white and blue award, the Stakhanovites. Sort of like a combo of American Idol and the Oscars, but for those who manage to work 28 hours a day, propped up by big pharm pills, before succumbing to an early and convenient pension-free death.
On August 31, 1935, Aleksei Stakhanov, a thirty-year-old miner working at the Central Irmino Mine in the Donets Basin, hewed 102 tons of coal during his six-hour shift. This amount represented fourteen times his quota, and within a few days of the feat was hailed by Pravda as a world record. Anxious to celebrate and reward individuals’ achievements in production that could serve as stimuli to other workers, the party launched the Stakhanovite movement.
If our corporate lords can only manage this final swindle, Wall Street stands to make another real killing. They are definitely working on it.
Meantime down in the Capitol, having let himself be mugged for 22 months straight, our don’t-want-to-come-across-as-a-threatening-black-guy President has invited the victorious muggers over for a dinner. Now if this were in Italy some centuries ago, it might be interesting. [Once the king of Napoli invited over one of his peers from further north for a dinner and whatnot, and after a gracious bit of hosting tossed the man in a dungeon to rot.] However this seems not to be Mr Obama’s way. Instead it appears his intent is to yet again offer his hand “across the aisle” to have it mangled and tossed back to him again. This all appears to be a re-make of Guess Who’s Coming to Dinner.
Obama Invites G.O.P. Leaders to Dinner
By PETER BAKER 3:02 PM ET
President Obama made the offer as he tried to adjust to a new political order with Republicans ascendant.
* McConnell Says Ousting Obama Is ‘Only Way’
The Republicans, for their part, have indicated they look forward to cooperating with Mr Obama – to say they hope he will support their legislation to repeal the health care bill, privatize Social Security, kill Medicare and all that damned socialist crap, and the rest of their legislative wish-list.