Category: Economy

copyright © 2010 Betsy L. Angert.  BeThink.org

As you gobble that fine food, be it steak, a frankfurter, roasted chicken, or an omelet, please, sit back relax. Put your feet up and stay a while.  I will furnish the entertainment in the form of a film. Meatrix is fun, fascinating, and far from folly.  This presentation is playful; the message profound.  

You may recall the fairy tales you loved as a child.  The plots varied, although all had elements of mystery.  Adventures were abundant.  Tots were often so engrossed in the tales, they barely noticed that the themes taught a life lesson.  Meatrix is as the fables you once anxiously awaited and even asked others to read aloud to you.

cross-posted from Sum of Change

Yesterday, despite the persistant rain, thousands of people showed up on K Street in Washington, DC to protest the actions and lobbying efforts of big banks and to demand economic justice. The Washington Post is comparing the anger to what we have seen at Teaparty protests.

–Mark Freeman, foreclosure victim and SEIU member

   While there is plenty of talk about the economic recovery, there is barely a whisper about what is just a few weeks ahead. It’s not any one thing. It’s a combination of three (and possibly four) different events that will deliver devastating body-blows to the economy.

  They are all being talked about, but no one that I’ve seen has put them all together.

That’s where I come in, the doom-and-gloomer, with the news that no one wants to think about, but you are better off knowing now rather than later.

On a vote to buck the Banksters and help out everybody except our financial wizards, the Senate passed the Dick Durbin Amendment to reform Debit fees with a whopping 64 votes. In even more unlikely anti bankster behavior, 17 GOP Senators voted FOR the bill.

   As of the typing of this article, hell has yet to begun to freeze.

The final vote tally was 64-33.

Voting in favor: 46 Democrats, 17 Republicans and Independent Sen. Bernie Sanders [I, VT].

Voting against: 9 Democrats, 23 Republicans and Independent Sen. Joseph Lieberman [I, CT].

   Good ole Joey Lieberman. He’s with us on everything but the war and Barack Obama.

   But this is a great win that will benefit everyone who isn’t a MegaBank or n executive or a servant of them, and a win for everyone else, but, as always, politics make strange bedfellows.

More below the fold.

  One of the most misused and abused terms in language today is “free market”.

The definition of a free market is business governed by supply and demand, and not restrained by government regulation or subsidy.

  This definition is often used in conjunction with environmental regulation and minimum wage laws, but almost never with trade between firms and corporations. Which is the problem, because without government protections this “free market” wouldn’t exist.

Hat tip to crooksandliars.com

Someone email [email protected], stat.

If you have seen or heard of the “I Need A Freaking Job” billboard in Buffalo, NY that small business man Jeff Baker and his brother put up or the “movement” website they have started, you might have taken it for a grassroots movement.

   And if job creation grows at the rate it is at through the end of the year, More Jobs Might Be Created This Year Than During George W. Bush’s Entire Presidency

   So, the “I Need A Freaking Job” thing might seem genuine, even, dare I say, grassroots.

Except it isn’t, and Jeff Baker’s brother, Scott Baker, works for Andrew Breitbart of Brietbart.tv..

   Houston, we have Corporate astroturf FAIL.

More below the fold

     

  The price of gold surpassed its 2009 peak today, hitting an all-time record high of $1,232.50 an ounce. The reason for this is quite simple – Europe is printing nearly $1 Trillion dollar to stem their financial crisis and the markets think all that money will be wasted.

  This is leading people to blasphemous conclusions.

 “People are in panic mode,” said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. “There is absolute panic over the risk of contagion spreading to other countries in Europe. Yields on Treasuries are so low, people are starting to look to gold as an alternative.”

  “This is the beginning of the unraveling of fiat currencies,” said Michael Pento, the chief economist at Delta Global Advisors Inc. in Huntington Beach, California. “Money has to be backed by something. People are beginning to realize that gold is the world’s reserve currency.”

  “When the sovereign-debt crisis laps onto our shores, there will be a global realization that gold, not the dollar, is the world’s reserve currency,” Pento of Global Advisors said.

  When the stock market plunged 1,000 point in half of an hour on Thursday, the immediate rumors were of a “fat finger” trader who punched in $16 billion instead of $16 million. It’s a disturbing idea, that a single trader could cause such financial destruction, but its better than the alternative – that the stock market plunge happened while the markets were functioning the way they were supposed to.

 Since the original rumor, the facts have been revealed – there was no “fat finger”. The stock market crashed on Thursday because that is the way the system is set up to function. Thus was should expect this event to happen again in the not so distant future.

Michael Moore’s new film puts spotlight on Petaluma company

By Jeremy Hay, Press Democrat

In “Capitalism: A Love Story,” which opens today around the country, Moore takes aim at what he characterizes as a capitalist culture run amok.

He holds up the bakery – with 117 employees and $24 million in annual revenues – as an example of a successful capitalist alternative, where workers are as powerful as executives, profits are shared equally and workers are valued for more than their labor.

“This could be potentially a new model,” said Cory Fisher, a field producer and researcher for Moore. “A way for workers to feel engaged and not marginalized, and that they have a stake in their future.”

[…]

“They stood out,” she said. “They’re successful, their workers are able to make a living wage, they seem empowered and happy and you just start to look around and wonder, “Why aren’t other companies doing this?”

Why aren’t other companies doing WHAT?

Starting their own, Employee Owned Business.

In case you missed it the stock market lost about a 1000 points a few days ago — all in a matter of minutes.

It was in “free fall” — market traders were bailing left and right.

With the Greek Euro Debt crisis, serving as a back-drop — Stock Prices in rapid decline, was the last thing Institutional Fund managers wanted to see.  Kind of makes you want to sell ‘before it’s too late’ too.

Many of them did.  

But then almost magically, the stock market fall slowed, paused, and then begun a similarly rapid return.  The bungee chord dynamic, reached its limit — and thankful — rebounded.

But what if next time, the Market gets spooked like that, and goes into a cascade of frenzied selling … what if the next time …

It just keeps falling ?    say goodbye to those 401k and Pension funds     [if you haven’t already, that is].

One must be careful when invoking comparative politics.  If politics is indeed local, nothing could be a greater challenge than making sweeping generalities between different countries without understanding the full context.  Having said this, I have followed the recent UK General Election campaign with much attention and interest over the course of the past few weeks.  Those who follow politics to any degree often look for emerging trends which might promise some early clue to predict the future.  Much of what enraged and inspired Britons to turn out in relatively large numbers (provided they were able to vote at all), are the very same issues driving an anti-incumbent maelstrom, the results of which on our shores we will not fully understand until early November.