Business

War on An Economy in Crisis

  • Posted on: 27 July 2010
  • By: Connecticut Man1

With billions having been tossed into Iraq without any accountability at all, is it surprising in any way that the GOP's complete financial incompetence has left the nation in tatters?

Yesterday, the Special Inspector General for Iraq Reconstruction (SIGIR) released its findings on how the money was spent from a special Iraq reconstruction fund set up by the Department of Defense (DOD) between 2003-2007. The account used Iraqi oil money to fund the reconstruction of Iraq. SIGIR concluded that 96 percent of the $9.1 billion the reconstruction program cannot be accounted for by the DOD:

A US federal watchdog has criticised the US military for failing to account properly for billions of dollars it received to help rebuild Iraq. The Special Inspector General for Iraq Reconstruction says the US Department of Defence is unable to account properly for 96% of the money. Out of just over $9bn (£5.8bn), $8.7bn is unaccounted for, the inspector says. [...]

The funds in question were administered by the US Department of Defence between 2004 and 2007, and were earmarked for reconstruction projects. But, the report says, a lack of proper accounting makes it impossible to say exactly what happened to most of the money.

Now we need to look at what we can do to fix some of this, right? First, let us define some of the problems:

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A bit on the new consumer protection agency +++ FinReg with Thom Hartmann and Matt Taibi

  • Posted on: 23 July 2010
  • By: Connecticut Man1

Over at My Left Nutmeg the Working Families Party is gunning to get Senator Chris Dodd to do the right thing and push for a vote on Elizabeth Warren for the new consumer protection agency (CPA):


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Open Thread - Crises of Capitalism

  • Posted on: 10 July 2010
  • By: Connecticut Man1

A talk from RSA Animate that is definitely outside of the realm of typical discussion you will hear anywhere in the USA since it the words and thoughts of David Harvey, a real Marxist.

In this RSA Animate, radical social theorist David Harvey asks if it is time to look beyond capitalism towards a new social order that would allow us to live within a system that really could be responsible, just, and humane?

Note that the real Marxist agrees with Glenn Beck saying that he "has a certain truth", as in a certain amount (or grain) of truth Harvey attributes to framed discussions coming from every political ideology on this issue.

Hope it made ya think. And think again...  And this thread is open!

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It's DeFault of The Rich

  • Posted on: 9 July 2010
  • By: Connecticut Man1

The kings and queens of the real world monopoly (and 10 digit welfare checks) are walking away from their million dollar homes now. Via Balloon Juice:

I can’t wait to hear how Republicans try to pin this shit on black people and Fannie Mae and Barney Frank.

A little bit from the article - "Biggest Defaulters on Mortgages Are the Rich" - below the fold.

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How Can Tax Cuts Make This Pile Of Money Trickle Down?

  • Posted on: 7 July 2010
  • By: Connecticut Man1

They've got their massive piece of the pie... And they want more.

Corporations Sitting On $1.84 Trillion Cash

From last month: U.S. Firms Build Up Record Cash Piles,

U.S. companies are holding more cash in the bank than at any point on record, underscoring persistent worries about financial markets and about the sustainability of the economic recovery.

The Federal Reserve reported Thursday that nonfinancial companies had socked away $1.84 trillion in cash and other liquid assets as of the end of March, up 26% from a year earlier and the largest-ever increase in records going back to 1952.

The problem is reduced demand. Continuing unemployment means that the economy is not producing demand, so businesses are not willing to risk investing in meeting demand, which means they are not hiring, which means unemployment continues.

Seriously? They are already hoarding vast sums of money - probably trying to figure out how to offshore it with our jobs too - and the GOP plan, the highly desired plan of corporations and the their rich owners, is giving them more with tax cuts for the listless elites. That will just be a bigger welfare check than the ones we already floated Wall Street for doing absolutely nothing to fix the disaster they created.

Meanwhile, the screech of the typical village idiot corporate shills and deficit peacocks is getting shrill:

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False Sense of Security From Masters of Econ Disasters And The Markets Empty Threats

  • Posted on: 24 June 2010
  • By: Connecticut Man1

It is becoming pretty darn clear that the fools that created the economic disaster think they can push us through it on their wishful thinking. Idiots like Geithner are painting rosy pictures of what they are doing - with Obama noddingly approving of it - and hoping you, the average American and the ones that are still being crushed economically, won't notice. Yves there:

Geithner Yet Again Misrepresents TARP “Performance”

Meanwhile and according to Paul Krugman,

Against The Super-Asinine, The Gods Themselves Contend in Vain


Brad DeLong wonders how the proponents of tight budgets and tight money are prevailing in the midst of mass unemployment, low interest rates, and incipient deflation.

It’s actually not all that surprising. Horrifying, but not surprising.

The case for expansionary policies in the face of a slump is intellectually difficult; Keynes described the writing of the General Theory as a painful process of discovery, and so it is. The natural instinct of almost everyone is to think that tough times require tough measures, and that if the economy is suffering, the government should tighten its own belt. It would take a clear consensus from economists to overcome that natural bias.

And that consensus has, of course, been lacking — largely because a significant proportion of the economics profession has spent the last three decades systematically destroying the hard-won knowledge of macroeconomics. It’s truly a new Dark Age, in which famous professors are reinventing errors refuted 70 years ago, and calling them insights.

While we bear in mind that there may be real solutions that will stop this disaster from happening again, and the need to really address the results of it honestly, there are the underlying rules of a market whose obscene motto for years was:

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A Toxic Big Oil Market Storm?

  • Posted on: 17 June 2010
  • By: Connecticut Man1

I was watching Bloomberg's In The Loop with Betty Liu this morning and they were doing a piece on Big Oil and BP featuring a hedge manager's view of what is going on in that market that I found a bit interesting, the video isn't up yet but what piqued my interest had already been covered in Bloomberg Businessweek the other day:

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There is more to this than "just jobs"

  • Posted on: 20 May 2010
  • By: Connecticut Man1

Campaign for America's Future has an interesting story up on how free trade has been integral in crushing our economy. In discussing his book, “The Betrayal of American Prosperity,” author Clyde Prestowitz hits on many issues like the incentives that China has used to draw in manufacturing jobs and their many investments in big ticket infrastructure items as well a combination of other lesser factors that are driving the industry to set up shop in China:

On the website of the American Chamber of Commerce in China, an article confirms that the Chinese government was “influential in persuading Intel to setup its semiconductor manufacturing plant in Dalian,” and notes that, among other things, the Chinese government is building high-speed rail links, new highways and port facilities that would support new industry in Dalian and surrounding areas.

These are just some of the many economic investments that China is making in revamping their entire economy.

Recently, during our world wide economic disaster and our own ongoing Healthcare Reform debate, I and many other Bloggers had noted that China was making a major investment creating a new Single Payer healthcare system partly as a way to drive down the costs for Corporations and partly as a long term job creation strategy in order to create an entirely new economy for their nation of higher paying medical jobs that repay not only the government in the tax base they create as a means of recouping some of the initial investments but also repay the Corporations that may have shoulder some of the burden's of healthcare costs with healthier workers that will, in the long run, be more productive. Sick workers have always been a drain on any economy where workers have little to no access to Doctors and have to show up to work sick or miss more days of work because they can not afford the proper treatment. Never mind the burdens on governments when, like in the USA, people that can not afford healthcare walk in to Hospitals when they are so sick they are often at a point where treatment is more costly than if they had been able to access treatment earlier on.

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StopTheChamber.com coverage of Massey Energy Board Meeting protest, May 18, 2010

  • Posted on: 20 May 2010
  • By: luaptifer

Orginally posted 2010-05-19 17:43:01 -1000 - promoted by roxy

May 19, 2010 — "StopTheChamber.com was at the Massey Energy Board Meeting protest at the Jefferson Hotel in Richmond, VA on May 18, 2010, and we talked to a union member, and some environmental activists form Mountain Justice, and we get to hear a little ole' timey music."

 

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