Wall Street’s Toxic Message

When the current crisis is over, the reputation of American-style capitalism will have taken a beating—not least because of the gap between what Washington practices and what it preaches. Disillusioned developing nations may well turn their backs on the free market, warns Nobel laureate Joseph E. Stiglitz, posing new threats to global stability and U.S. security.
By Joseph E. Stiglitz July 2009

Amen Joseph, this isn't capitalism we've lived through, developed by the few to enhance the few, this is just what any criminal element would love, and have. Started back in the days of reagan, and forecast that when it collapses it'll take the whole down with it, it was rapidly sped up during the previous 8 years. And even though many were being extremely used they fell for it, thinking that the little crumbs, and a lot of credit, would boost their stand in society!!

And the so called 'captains of industry' will fight extremely hard to keep the con and graft going, and they'll even have many regular folk arguing on their side, saying they really do deserve all that compensation and personal/company perks, even when they fail

This Is Your Community Too!!

Is Anybody Listening?

Many have already heard about the kids from Pomona California Village Academy High School, many have probably caught their little eight minute video that has launched them into the National Spotlight and Political Debate on what this Country is now going through. But this isn't new it's just affecting many more kids and families now, with more added each day. Kids can't learn and achieve any dreams they might have if their families are struggling and their living those struggles daily.

Last night on the PBS News Hour they showed a report on these kids and their videoed thoughts and feelings, that report is directly below.

Correspondent John Larson
Produced by: Karen Foshay; Edited by: Alberto Arce, Michael Bloecher, "Lil" Joe Whiting
Published On: March 19, 2009 4:41 PM

KCET SoCal Connected

It was a class project born out of a discussion of the American Dream. Five months later, it made it into a speech given by President Obama. “it” is an eight minute video titled, “Is Anybody Listening.” It’s the first person accounts of students struggling with foreclosures, hunger and the threat of becoming homeless.



The video feels like a twenty-first century version of a Dorothea Lange portrait. One student told us his American dream is modest - to have a refrigerator full of food. The goal of making the video was to get the attention of the nation’s leaders, specifically the President. It took a few months, but just last week, the video made it to the White House and President Obama told the students in a speech he is listening and promised to fight for their right to the American Dream. Although there is no assurance the President’s promise will change the lives of these Pomona kids, they are hopeful and for now are declaring “mission accomplished.”

If you are interested in helping the teenagers in the video, please contact Rick Motz at Village Academy High School, (909) 397-4900×2600.

KCET SoCal Connected Homepage

KCET SoCal Local

We live in an economic ideology called capitalism. We are taught that if we work hard, and in any job, develop the skills needed we can prosper and advance. Capitalism is supposed to be a system of sharing the profits of the work that goes into the making of or the services rendered. A bottom up economy, hard work, quality products and services, the bottom line grows and all should share in the benefits of that growth, from the top down.

These kids are no different than kids before them or that will come. All are endowed with gifts, each unique. Some will want and need the further education afforded in our universities and colleges, others will want to put there gifts to the test in many area's of employment, hobbies, and lives. All will continue to learn the lessons of life by living and growing. Most will find they have even more gifts as they mature. Most will want, and should get, the respect for what they do in their lives and in what they do in their working lives.

In just 8 minutes, the students from Village Academy High in Pomona articulated the struggles of millions of Americans. They did it by making a video called, "Is Anybody Listening?" and you'll be surprised to find out who is.

Is Anybody Listening - Where It All Began

Some how we've allowed that system to corrupt itself, businesses buying out smaller businesses to make huge corporations thus taking competition away by shutting down some as they absorbed others discarding the workers as they expanded, the money changers and business executives started reaping huge wages, benefits and business perks worried more about the money side and the investor than in quality product and customer service. This has left those producing he work with falling starter wages and stagnation in growth wages no matter how much is givin to their jobs as prices of commodities have risen.

The kids from Village Academy High in Pomona get the chance to meet President Obama.

Obama Visit

We once had a growing economy, workers had to fight for some of their share, and continue fighting, but it did grow, their was a sharing in the success on all levels.

How do I know, I grew up in it and than joined it. Workers would get raises on their quality of work, where most worked became their second families, their would be pretty much regular raises, I've known small investors, who did so on long term investing in companies, that reaped more wealth from those investment, than what they're meager wages produced, able to leave huge sums to their children. I watched as small businesses grew into larger and larger corporation, not through buyouts but quality work and service.

As our new President says, and many understand, a strong economy is bottom up not top down, if there really is that much money at the top for the money changers and business executives than that's where it's frozen, as the workers have become commodities to be brought in or discarded according to number figures on paper, everything is tossed aside for a bottom line percentage.

Bill Moyers Journal - Economy

March 20, 2009

Bill Moyers sits down with socialist historian Mike Davis for his critique of the government's response to the economic crisis and how he thinks it compares to Roosevelt's New Deal. Mike Davis is a writer and historian, who currently teaches creative writing at University of California, Riverside.

Watch the discussion

More about Mike Davis.

"We need more protests. We need more noise in the street. At the end of the day, political parties tend to legislate what social movements and social voices have already achieved in the factories or the streets or in the civil rights demonstration."

American Dissenters Dissident voices from Tom Paine to Ralph Nader.

Bill Moyers talks with Marta Peláez, president and CEO of Family Violence Prevention Services, Inc., a domestic abuse shelter in San Antonio, TX, for perspective on the human face of the economic downturn and how it may be pushing more families over the edge.

Watch the discussion

More about Marta Peláez

"Last year, at this same time, I had 68-70 on my daily census, women and children. Today, I just called this morning, we had 184 women — 114 of those people are children."

How to Safeguard Your Community Against Domestic Violence

What's One Thing Needed.......

Workers must once again unite, we've seen enough obscene behavior from the money changers and those they help as well as our representatives.

One place leaders can and should come from is the ranks of our returning soldiers, already well disciplined, many with great leadership qualities, and having experienced the worse man can bring on his fellow man.

We will find business and rank and file workers, leaders all, within those ranks!

"Spreading The Wealth"!! That's How This Country Grew!!!!

I was born in '48 and grew up in the time after WWII and the rapid growth of not only a Great Economic Expansion but the Envy of the World to the American Worker and our Products and Services. We had the power and wealth hungry who tried to suppress but we also had intelligent business minds and workers willing to fight that brought about growing wages, safety in the work place, respect for the worker, and so much more, which gave respect and expansion to not only the employer but the companies, The company owners, the executives, the worker, and for those public companies shareholders were all reaping the rewards of that wealth sharing, that's what built the strong and ever expanding middle class and helped some break out of that and join the upper crust of the wealthy. It was the Only Successful way a true capitalist society that can achieve and expand further. Decent expanding wages for a workers hard work and company dedication gives them the ability to purchase goods and services which in turn gives growth and prosperity to other companies and workers.


This is what this writer is pointing out, as others do

Actually, it has been part of the American economic system since its founding

What is the present day GOP trying to sell everyone with statements like this: "You can spread butter on toast, we can share the love, but we are not going to share the wealth," said the Republican gubernatorial candidate. And why are so many buying this crap?


The PBS Newshour did a series of reports this past week, 10-20 to 10-24-08, on an important subject that really needs to not just be discussed, we've been doing that for years, but needs immediate implementation, meaning it should have started many yesterdays ago, many. In this series, on the first day, Ray Suarez made this statement:

"In the first half of the last century, Americans went on an infrastructure-building spree, and we've made good use of the things that were built, but we've been reluctant to pay to replace and repair thousands of miles of bridges, tunnels, roads, instead choosing to cross our fingers and rely on the good work of our parents, grandparents, even great-grandparents."

My highlight but think about what those that came before built for us, I do, as I watch our economy get rid of the businesses that built replacing with lower wage jobs of service, even the growth jobs in the 90's are now fetching less at start and stagnant wages after.


In waiting for each days report I happened on an interview with one I economist I admire, why because when he spoke he knew what he was talking about and spoke it in terms that most could understand. That was Paul Volcker and he said this in the interview:

"It seems to me what our nation needs is more civil engineers and electrical engineers and fewer financial engineers"

You can find writeup on the interview here at a site I happened on called BloggingStocks, which led me to the Charlie Rose interview with Volcker which I will place the links and interview video below.


But this is the NewsHour series that I think is a must see, and stop talking about, but do not only because it's past time for the need but because of the jobs it will create and with decent wages will spin off even more jobs and much needed growth. Each of these are covering different infrastructure needs, and after watching this first one I wish they would have covered other subjects but when it comes to infrastructure the list is very long and growing, not just repair but new.


This series was done in conjunction with others and they have a site set up called Blueprint America covering their subject material and added material.

Part 1 Aging Bridges Among Country's Infrastructure Woes

As the economic crisis continues, a similar crisis looms in the country's aging infrastructure. In the first of a series of reports, Ray Suarez takes a look at Pennsylvania's bridge problem and how it may impact future economic recovery efforts.

You can find the transcript here.

I live in the south now and because it isn't as cold here, and probably also because of the clay soil, they don't bury their water or drain pipes very deep. Well apparently we've long crossed the line of replacing lines, it seems to happen on an almost weekly basis, on bright sun shiny days and warm nights, they have a water main break, some creating huge damage and taking days to repair, most creating traffic tie ups which waste time and fuel.


Over the years all we've heard is talk after talk after talk........about things like Infrastructure, alternet energy sources, better vehicles that get huge amounts of millage per gallon of gasoline {on that one what do we have but vehicles with ever expanding toys that drivers shouldn't be playing with but still getting single to teen miles per gallon}, there's a long list of talk, and that's all we've been doing Talking!

Part 2 Increased Decay Strains Budget-strapped New Orleans Port

Even before Hurricane Katrina, the structural flaws of the port of New Orleans, combined with increased shipping volume, strained the infrastructure resource. Ray Suarez examines the port's struggle to fund improvements and keep up with its competition.

You can find the transcript here

Look around your communities and listen to the reports, I know there are problems that are just being, and have been, patch work projects, Major upgrades and improvements are way past due and patching only creates more wasted time and monies.


Speaking of just talking, in the report above they mention the Panama Canal. I was stationed there prior to Vietnam, from '68-'70, and they were talking than about needed expansion and or another canal.

Part 3 Population Growth Burdens Roads, Schools and State Programs

Amid explosive population growth, Arizona tackles the traditional problems of urban sprawl as it tries to create a new model for livable communities. Ray Suarez reports on the Valley of the Sun's transition in the face of growing infrastructure demands.

You can find the transcript here

Part 4 Chicago Airport Faces Serious Growing Pains

Ray Suarez examines Chicago O'Hare Airport's battle to increase its capacity and problems with the entire air traffic system.

You can find the transcript here

They don't have the report from friday up on the site yet, not even the transcript, there was a companion report talking to experts that is up but I'll try and continue this post with another adding in what I was originally going to write for this one. But here's the Charlie Rose interview with Paul Volcker which according to the site took place on 10/09/2008.





Once again:

"It seems to me what our nation needs is more civil engineers and electrical engineers and fewer financial engineers," Volcker said.

There's alot of talk about 'Communism', 'Socialism', and 'Marxism' coming from the Presidential Campaign of one who is married to a very wealthy woman, inherited wealth, and according to reports his choice of a running mate isn't doing to shabby neither, but still that campaign figured it could use their donated monies to purchase some extremely expensive duds for the lady.


The question is why this talk, apparently to further spin the meanings of those words as their talking heads, the rush, and the off shoots of his and now fox having been trying for years to do, if you read the definitions they point to the rovian, and others, goal, a One Party, weak representation, Single Person Leader, short of dictatorship or dictatorship, U.S. Government!!

com.mu.nism
Show Spelled Pronunciation [kom-yuh-niz-uhm] Show IPA Pronunciation
–noun
1. a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.
2. (often initial capital letter) a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party.
3. (initial capital letter) the principles and practices of the Communist party.
4. communalism.
Origin:
1835–45; < F communisme. See common, -ism

But the most eye-opening of them all came, it would appear, when the Alaska Governor somehow drew a connection between Barack Obama's tax policy and an encroaching, nightmarish, communist government. Which is exactly what they themselves are trying to achieve, reason for the Double Speak about taxes, not wanting the middle class to receive any cuts and making sure they don't pay their fair share! And the thing is regular folks are falling right into their propaganda and actually arguing for them, against themselves, again!

so.cial.ism
Show Spelled Pronunciation [soh-shuh-liz-uhm] Show IPA Pronunciation
–noun
1. a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
2. procedure or practice in accordance with this theory.
3. (in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles.
Compare utopian socialism.

Origin:
1830–40; social + -ism

To McCain supporters, it's his way or socialism


Not wanting to make what they deserve from their hard physical and mental work, dedication to well I don't see much of that, do see workers giving only up to what the employer is willing to give them or not caring much at all, doing just enough to pass till payday.

Marx.ism
Show Spelled Pronunciation [mahrk-siz-uhm] Show IPA Pronunciation
–noun
the system of economic and political thought developed by Karl Marx, along with Friedrich Engels, esp. the doctrine that the state throughout history has been a device for the exploitation of the masses by a dominant class, that class struggle has been the main agency of historical change, and that the capitalist system, containing from the first the seeds of its own decay, will inevitably, after the period of the dictatorship of the proletariat, be superseded by a socialist order and a classless society.

Alot of folks are looking back on what Marx and Engels were sellin and thinking hey they might have had something their, but like the so called 'conservatives' have done to the word 'liberal', many who denigrate haven't a clue what it means let alone even know 'conservative', have turned that word description into a dirty word, or they've tried while destroying 'conservative' and 'republican'.


And what are their wants:

fas.cism
Show Spelled Pronunciation [fash-iz-uhm] Show IPA Pronunciation
–noun
1. (sometimes initial capital letter) a governmental system led by a dictator having complete power, forcibly suppressing opposition and criticism, regimenting all industry, commerce, etc., and emphasizing an aggressive nationalism and often racism.
2. (sometimes initial capital letter) the philosophy, principles, or methods of fascism.
3. (initial capital letter) a fascist movement, esp. the one established by Mussolini in Italy 1922–43.
Origin:
1915–20; < It fascismo, equiv. to fasc(io) bundle, political group (see fasces ) + -ismo -ism

With a new descriptive word label coming soon from one of their think? tanks!!

What's Coming Next, or Is Collapse Over, Nope!

I'm not an economist and the only real numbers I crunch are my personal expenses and when bidding construction jobs putting together those costs and percentages which in these latter years of my life, preferring more to do the work, I have done very little of, except while doing the work to bring a better quality for hopefully a bit cheaper cost in material and professional skill.


Watching what is now taking place in banking and the dream new capitalist economy that's been sold for a number of years isn't really a big surprise to this common man, many were forecasting exactly what would happen if we followed the sales pitch.


Following is a report from CBS that hits on the next shoe to drop or dropping already as we've seen with the collapse of a number of finance institutions but not yet talked about but part of what we the tax payers are already bailing out.


CBS News Investigates: Credit Derivatives Comprise $54.6 Trillion Of Risk Among Few Banks Left Standing

“This bill will, in my judgment, raise the likelihood of future massive taxpayer bailouts. …if you want to gamble, go to Las Vegas. If you want to trade in derivatives, God bless you.”

That was North Dakota Senator Byron Dorgan’s statement on the floor of the Senate - not this week or last, or even during the last six months as Wall Street collapsed - but back in 1999.

Four years later in a letter to shareholders, billionaire investor Warren Buffett followed with his own warning, calling derivatives “weapons of financial mass destruction” controlled by “madmen.”

Steve Kroft looks at some of the arcane Wall Street financial instruments that have magnified the economic crisis.

What worries financial insiders most is the $54.6 trillion of risky credit derivatives concentrated among the few banks left standing.

Today, the same commercial banking heavyweights thought to be the most safe, JPMorgan, Citigroup Inc. and Bank of America, hold 92 percent of all the disclosed credit derivative contracts, according to the Office of the Comptroller of the Currency {PDF}.

There's another huge storm on the horizon, we've already been experiencing for many years but ignoring the size of the detestation coming. we've been sold another bill of goods, mostly by one particular political party, the GOP, and that bill of goods has been the thought process that a Nation in Deficit is a strong financial situation, much of those deficits monies heading into the pockets of the private sector while we the tax payer pay the monies needed and the ever rising interest accumulated as we borrow from other nations. They sold it so well that many think it's perfectly fine to live their own lives in personal deficit, using free wealth, Plastic and Loans!


CONSUMER CREDIT OUTSTANDING


The Next Meltdown: Credit-Card Debt

Rising rates are accelerating credit-card defaults and soured debt could further undermine the financial system

There's a video at the Business Week site above as well, and instead of talking about what may be coming, as to consumer debt, they talk about which cards are better for you, still selling the hype!


Federal Reserve Statistical Release


Standard of living squeezes middle class

Credit card and other consumer debt, not counting the dramatic growth in mortgages, has soared 150% since 1994, more than four times faster than inflation, ...

Ron and Laurie Kopack are educated, hard-working suburban Detroit homeowners who, by American middle-class standards, should have earned comfortable family evenings, a little peace of mind and a few luxuries. Instead, they are struggling.
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Ron, an electrician, spent most of his summer living in a tent city while doing flood repairs in Iowa because he couldn't find work at home. Laurie, who just got a bachelor's degree but is paid only $15 per hour, faces $30,000 in student debt and a teenager coming of age with his dad often gone.

"The whole American dream, that's a snow job," Laurie says. "I mean, who tried to sell us that? Is that to keep us good consumers?"

The Credit Card Debt tsunami already breaking over us and how to fix it

Overall, Americans today carry $2.6 trillion in all kinds of consumer debt, up 24% from just 2003, according to the Federal Reserve.

We once had a Nation, not long ago, and never really worked completely right, but was on the road heading in what looked liked the right direction. We were envied around the world for our work force and products. Top executives made more money if their companies made better profits. Innovation came from employee's, long term, who through their hard work, dedication, and regular wage increases gave to their companies, second families, what was needed to enhance that companies reputation and customer satisfaction, building better profit margins. Investors were usually long term and as the companies grew saw their investments increase through regular dividends and reaped their gamble when selling usually when near or in retirement.


We shunned and condemned extreme profiteers and shady business practices geared for quick wealth of a few, we stopped doing business with companies that took short cuts in what they offered, products and services thus bringing them down and raising up further those that worked for their good reputations.


No longer, we've made a u-turn on that direction and now praise and hold up as successful those who we once shunned and condemned. They started using relatively simple schemes with little catch phrases and words to gain quick extreme wealth and stature in the society they were setting up, the workers became just bodies carrying out what was needed in the ever changing schemes, coming on quick enough so they weren't recognized as such.


We didn't stop what was happening, we readily joined in, many thinking that what was great for the few would somehow touch them as well raising them up to those lofty ranks, we even built lives around the coming rise, much of it on borrowed monies, living beyond the reality we really had.


What will rise out of the collapse of that which we built, or will anything rise!

Oh and by the way, the bin Ladens of the World, have won, as the economies of the advanced Collapse!

America pays the piper, big time pt.1

Robert Parry: After 28 years of drunken optimism and blind nationalism the US wakes up to a grim future



Parry's article at Consortiumnews.com

Bio

Robert Parry is an American investigative journalist. He was awarded the George Polk Award for National Reporting in 1984 for his work with the Associated Press. In 1995, he established Consortium News as an online ezine dedicated to investigative journalism. From 2000 to 2004, he worked for the financial wire service Bloomberg. Major subjects of Parry's articles and reports on Consortium News include the presidency of George W. Bush, the career of Army general and Bush Secretary of State Colin Powell (with Norman Solomon), the October Surprise controversy of the 1980 election, the Nicaraguan contra-cocaine investigation, the efforts to impeach President Clinton, right-wing terrorism in Latin America, the political influence of Sun Myung Moon, mainstream American media imbalance, United States Defense Secretary Robert Gates, as well as international stories . Parry has written several books, including Lost History: Contras, Cocaine, the Press & "Project Truth." (1999) and Secrecy & Privilege: Rise of the Bush Dynasty from Watergate to Iraq (2004).