Category Archives: Business/Economics

Business/Economics, International, U.S.

Venezuela & Iran Working to Create New, New World Order

On Wednesday, October 20th, Iranian President Mahmoud Ahmadinejad, and Venezuelan President Hugo Chavez, announced they had signed several energy deals, and, that they are working towards a new world order of their own.   Ahmadinejad stated; “We are united and determined to end the current injustice which dominates the world and replace it with a new world order based on justice.”

Iranian President Mahmoud Ahmadinejad embraces Venezuela's President Hugo Chavez during a welcoming ceremony for Chavez in Tehran, Iran on October 19, 2010. UPI/Maryam Rahmanian Photo via Newscom

Ahmadinejad also said; “If one day, my brother Mr Chavez and I and a few other people were once alone in the world, today we have a long line of revolutionary officials and people standing alongside each other. The enemies of our nations will go one day. This is the promise of God and the promise of God will definitely be fulfilled.”

Iranian President Mahmoud Ahmadinejad and Venezuela's President Hugo Chavez during a welcoming ceremony for Chavez in Tehran, Iran on October 19, 2010. UPI/Maryam Rahmanian Photo via Newscom

An example of how ignorant our government, and U.S. political advisers, have gotten, foreign policy analyst, Rick Casper said this deal between Iran and Venezuela was proof that U.S. sanctions are working.  What an idiot!  He also said; “There is no other country willing to do business with Iran except Venezuela.” Idiot!  Who do you think is building Iran’s nuclear power plant?  Russia!  Iran also has deals with China, and many Central Asian countries, as well as European countries.  This is the level of intelligence of U.S. foreign policy analysts?

Business/Economics, International, U.S.

Venezuela Building Nuclear Plant, says Yankee Empire Behind World Aggression

It’s interesting how our government, and main stream media, is so rabid about going after Iran’s nuclear power ambitions.   And now, in the back yard of the United States, Venezuela has signed a deal with Russia to build a nuclear reactor. I’m not seeing any rabid war mongering coming from our government, or media, about it.  Mmmm.  Here’s what U.S. State Department spokesman Philip Crowley had to say about it; “It is certainly a right of any country to pursue civilian nuclear energy, but with that right comes responsibilities,”.  Not as tough sounding as with Iran.

ITAR-TASS: MOSCOW, RUSSIA. OCTOBER 15, 2010. Russian president Dmitry Medvedev, Venezuela's president Hugo Chavez (R-L) sign agreements at the Kremlin. (Photo ITAR-TASS/ Mikhail Klimentyev) Photo via Newscom

Hugo Chavez, President of Venezuela, is traveling the world.  His first stop, Russia, where he gave a speech denouncing the United States, and expressing sorrow for the fall of the Soviet Union.  The nuclear plant deal was part of a larger economic deal with Russia.  Another part of the deal involves the sale of Venezuela’s stake in four oil refineries that are co-owned by a German company.   Other petroleum deals with Russia involve the sale of Venezuelan assets co-owned by British Petroleum (BP, remember those guys).  Gee, that doesn’t sound like a communist thing to do?   Chavez stated; “I’m a socialist, but also a good merchant.”

KIEV, UKRAINE. OCTOBER 18, 2010. Venezuela's President Hugo Chavez (C) touring the Antonov aircraft assembly plant in Kyiv, accompanied by its President and General Designer Dmitry Kiva (L). Photo ITAR-TASS / Vladimir Sindeyev Photo via Newscom

Chavez also stopped in Ukraine, and had a tour of the famous Antonov aircraft factory.

In a Russia Today interview, President Chavez blamed the current violent state of the world on the “…Yankee Empire.” (I wounder how many U.S. citizens know that ‘Yankee’ refers to them).  Russian President Medvedev said Russia and Venezuela are working to create a world order not dependent on the United States; “…a world order where our future would not depend on the will, desire, or mood of some country, but on joint efforts of the international community, and, indeed, internal development.”

Business/Economics, International, U.S.

French Strikers Blockade Airports. Don’t Get It?

The anti-government strikes continue in France. Strikers are now blockading airports.  French police opened access to most oil depots, although strikers managed to re-blockade one oil depot.  Liquid Natural Gas workers are now refusing to unload ships carrying LNG.  The French Government is saying they have things under control, and that strikers, like the high school students, will stop, because of an upcoming school holiday.

French striking workers block the Charles-de-Gaulle airport in Roissy near Paris October 20, 2010. Striking public sector workers disrupted travel across France as trade unions kept up their resistance on Wednesday to an unpopular pension reform due for a final vote in the Senate this week. REUTERS/Gonzalo Fuentes (FRANCE - Tags: CIVIL UNREST EMPLOYMENT BUSINESS TRANSPORT POLITICS)

Why is the retirement age increase so important to French workers? Basically because it was a long hard fight to get a retirement system, and now they see this as baby steps to taking it away.  It is a quality of life issue for the French.    Here’s what retired French policeman, Michel Fourgues, had to say: “I am a retired police officer, and we have known times when we earned very little money, but it did not bother anyone. Today we have a pension, we deserve one, and we wish the same thing for the younger generation.”

Demonstrators march through the streets to protest the French government's attempt to raise the minimum retirement age in Paris on October 19, 2010. Trade unions and students have staged nationwide street marches and disruptive strikes throughout France over the last few weeks. UPI/David Silpa Photo via Newscom

Another issue is jobs.  France has an unemployment rate of almost 25% for workers under 25 years of age.  So, naturally the youth feel threatened by an increase in the retirement age.  One protester’s sign read: “Grandpa took my job.”

A demonstrator marches through the streets to protest the French government's attempt to raise the minimum retirement age in Paris on October 19, 2010. Trade unions and students have staged nationwide street marches and disruptive strikes throughout France over the last few weeks. UPI/David Silpa Photo via Newscom

I don’t get it. People in the United States are facing increasing retirement age, yet no one seems to care as much as the French care.  Isn’t quality of life important?  You really want to work most of your life at jobs you hate, and, compete with your own children, or even your grand children?  I don’t get it.

Business/Economics, U.S.

Wells Fargo Making Profits, How? Magic?

Another big bank involved in foreclosing on homeowners, is reporting record profits.

OAKLAND, CA - JULY 22: A customer uses an ATM at a Wells Fargo Bank office July 22, 2009 in Oakland, California. Wells Fargo reported an 81 percent increase in second quarter profits with earnings of $2.58 billion, or 57 cents per share compared to $1.75 billion, or 53 cents per share one year ago. (Photo by Justin Sullivan/Getty Images)

According to the Mercury News, Wells Fargo posted a $3.3 billion profit for the 3rd quarter.  That’s 3.1% higher than last year, and yet, the bank’s actual revenues were down from the previous year, by 7.1%.  How do you get profits that are up from the previous year, when your revenues are down from the previous year?

Time for some math.  The formula for figuring profits is:

Profit = Revenue – Costs, or, Revenue – Costs = Profit

However you look at it, basically you can not have an increase in profits with  decreased revenue.  Unless you’ve somehow come up with a way of eliminating your costs, or some other accounting Magic?  (take some economics or accounting courses and you will find lots of Magic being used)

As far as foreclosures go; John Stumpf, Wells Fargo’s chairman and chief executive, says they are following the rules.

SAN FRANCISCO - APRIL 27: A Wells Fargo security guard attempts to move a protestor from the front of the building during a demonstration outside of the Wells Fargo Bank shareholders meeting April 27, 2010 in San Francisco, California. Hundreds of people held a demonstration outside of the Wells Fargo Bank shareholders meeting to protest Wells Fargo's alleged involvement in the financial collapse and excessive CEO and executive bonuses. (Photo by Justin Sullivan/Getty Images)

In a CNN/Fortune article Wells Fargo tries to make themselves look like the lesser evil in the housing foreclosure conspiracy.   Wells Fargo claims they are foreclosing only 1 in 12 mortgages (oh that’s not a lot?), compared to Bank of America with 1 in 7 mortgages being foreclosed.

CHICAGO - APRIL 09: A Wells Fargo sign hangs on the door of a Wells Fargo home mortgage office on April 9, 2009 in Chicago, Illinois. Wells Fargo & Co said it expects to post a record $3 billion first-quarter profit exceeding analysts� expectations. (Photo by Scott Olson/Getty Images)

Business/Economics, U.S.

Housing Start Numbers BS say Contractors

According to a CNN report, despite housing construction start numbers being up, contractors says actual construction is flat.

The official Federal government housing start numbers only indicate the number of construction permits approved by local governments.  Contractors say that banks are refusing to finance most new construction.

NORTH LAUDERDALE, FL - AUGUST 11: A building permit is seen on the wall as workers refurbish a home that Habitat for Humanity bought in a foreclosure sale on August 11, 2010 in North Lauderdale, Florida. In the nationwide program the organization purchases bank-owned homes and turns them into safe, decent, affordable place to live. (Photo by Joe Raedle/Getty Images)

“Remember a couple of weeks ago when they came out and said guess what the recession was over? That rumble you heard was the construction industry laughing their ‘friggin’ brains out,” says contractor Paul Kinney, owner of a top 500 home building company in the United States.  Another problem is that some U.S. banks agree to fund a project, then, as the project is about to start, they cancel the funding.

Contractors are saying that most big construction projects that do get built, are being built with foreign money.

Business/Economics, U.S.

Bank of America in the Hole, Because of Debit Cards?

Today Bank of America, one of the big banks behind the housing foreclosure fiasco, announced a $7.3 billion dollar loss for the 3rd quarter.

Was it due to the foreclosure mess?  B of A is blaming the loss on the new limits on debit card fees.  Debit cards?  Are they sure limits on debit card fees caused them a $7.3 billion loss?

A customer stands at a Bank of America ATM machine in downtown Los Angeles October 8, 2010. Bank of America Corp expanded on Friday its suspension of foreclosures to include all 50 U.S. states as anger grows at how lenders have prepared documents to support evictions. The U.S. Senate Banking Committee will hold hearings after next month's elections to look into allegations that the nation's largest lenders have improperly foreclosed on struggling borrowers. REUTERS/Fred Prouser (UNITED STATES - Tags: BUSINESS)

According to a CNN article, if B of A throws out the loss from limited debit card fees, they would have made a $3.1 billion profit.   Bank of America says most of the money it made came from credit cards and, no surprise, mortgages.  And what about those foreclosures?  Bank of America says it will restart the process, after an internal review found no issues.

WEST PALM BEACH, FL - AUGUST 27: Francois Cenadi (R) sits with a Bank of America negotiator as she tries to restructure her mortgage loan during a Neighborhood Assistance Corporation of America's 'Save the Dream' tour stop at the Palm Beach Convention Center on August 27, 2010 in Palm Beach, Florida. The tour, which makes stops around the United States, has on hand hundreds of mortgage counselors from various mortgage companies. (Photo by Joe Raedle/Getty Images)

Business/Economics, International, Opinion, U.S.

French Strikers Kickin’ Ass, viva Nouvelle Révolution Française!

French strikes continue, should we dare call it Nouvelle Révolution Française?  Even French high school students are going head to head with riot police!  Today, the students have blockaded schools and set fire to cars.  Strikes actually started more than a month ago, and have only gotten bigger, viva les Français!

ATTENTION EDITORS - FRENCH LAW REQUIRES THAT THE FACES OF MINORS ARE MASKED IN PUBLICATIONS WITHIN FRANCE. High school students shout slogans as they block the entrance of the Thiers high school to demonstrate over pension reform in Marseille October 18, 2010. The banner reads High school students on strike . REUTERS/Jean-Paul Pelissier (FRANCE - Tags: EMPLOYMENT BUSINESS EDUCATION CIVIL UNREST)

According to the French news agency, AFP, around 1500 gas stations have run out of fuel.  Workers at 11 of France’s 12 oil refineries have joined the country wide strike, protesting a two year raise in retirement.

French striking workers block the entrance of the oil refinery of Grandpuits, east of Paris, October 18 , 2010. France started to tap its industry strategic reserves as a growing number of pumps in French petrol stations were drying up on Monday at the start of a second week of action by refinery and port strikers to block fuel supplies over an unpopular pension reform bill. REUTERS/Benoit Tessier (FRANCE - Tags: CIVIL UNREST EMPLOYMENT BUSINESS ENERGY)

On Sunday French truck drivers joined the strike, blocking the country’s major highways.  Half of all airline flights in and out of France have been canceled.

French striking truck drivers demonstrate over pension reform on a motorway near Fresnes-les-Montauban, northern France, October 18, 2010. French truck drivers staged go-slow operations on highways, rail strikes intensified and petrol stations ran out of fuel on Monday as protests gathered pace ahead of a Senate vote on an unpopular pension overhaul. REUTERS/Pascal Rossignol (FRANCE - Tags: CIVIL UNREST EMPLOYMENT BUSINESS TRANSPORT)

This is a major event taking place in Europe, with implications for the United States, yet, the U.S. Media is barely covering it.  Why?  Maybe it’s because the Corporate Controlled U.S. Media, and our Government, doesn’t want us getting any ideas?

The amazing thing is that the French are striking over a proposed two year increase to their retirement age, it hasn’t even become law.  Actually the retirement age issue is the final straw for most French.  They’re tired of constantly getting screwed over by their leaders.  Which brings me to my point, again, what’s up America?  We’ve endured so much more hyperbole here in the United States, yet where is the public outrage?

Maybe Americans are waiting for November elections to see change.  Idiots!  How many generations of Americans have played that losing game?  History shows that we the People have only gotten screwed over and over by our so called leaders!

Thomas Jefferson, a founder of the United States, and our 3rd President, warned:  “Single acts of tyranny may be ascribed to the accidental opinion of a day; but a series of oppressions, begun at a distinguished period and pursued unalterably through every change of ministers, too plainly prove a deliberate, systematic plan of reducing [a people] to slavery.” —Thomas Jefferson: Rights of British America, 1774. (*) ME 1:193, Papers 1:125

Wake Up America!

Business/Economics, U.S.

Citi Makes Billions in Profits, Says Forclosure Process “Sound”.

Citigroup, one of the big banks involved in home foreclosures,  is reporting a $2.2 billion profit for the 3rd quarter.

In a Wall Street Journal article, Citigroup officials continue to claim they have done nothing wrong in the country’s foreclosure fiasco, and therefore will not stop seizing homes.   However, in a recent Bloomberg article, it was revealed that Citigroup has suspended dealings with a Florida law firm that was handling its foreclosures in that state.

Citigroup’s profits may be due, in part, to the sale of its stake of student loans, to Discover, and the sale of other assets.

Business/Economics, Opinion, U.S.

Millions of French Continue Strike Against Government. Wake Up America!

For the forth day millions of French people are continuing a country wide strike against their own government.  Why?  Because their government wants to raise the retirement age from 60, to 62.

Private and public sector workers demonstrate over pension reforms in Marseille October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Jean-Paul Pelissier (FRANCE - Tags: EMPLOYMENT BUSINESS POLITICS CIVIL UNREST)

Millions of French workers striking over a two year increase in retirement, while Americans continue to take it in the rear with taxpayer bailouts of banks that screwed over the financial industry, banks that are screwing over homeowners with a foreclosure fiasco, a Federal government that is screwing over its citizens in favor of corporations, and state governments that are cutting budgets to the bone because no one seemed to see the coming economic collapse.  Hello!

A man holds a placard which shows a caricature of French President Nicolas Sarkozy and reads Urgent, retired, quickly ! during a demonstration over pension reforms with private and public sector workers in Lyon October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Robert Pratta (FRANCE - Tags: POLITICS EMPLOYMENT BUSINESS CIVIL UNREST EDUCATION)

People, the United States of America was founded by Revolution.  That Revolution inspired other famous revolutions, like the French Revolution.  The French obviously have no problem continuing that tradition.  But what happened to the birth place of modern citizen revolt, called, the United States?  Many of the founders of the United States stressed the importance of periodic Revolution by the people in order to keep government in check.  Yet, it is considered un-American to talk about Revolution.  That is a sure sign that our country has been high jacked, and is being run by people who have no intentions of doing what is right by the People.

Firemen demonstrate over pension reforms in Nice, southeastern France, October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Eric Gaillard (FRANCE - Tags: CIVIL UNREST POLITICS EMPLOYMENT BUSINESS)

Maybe it’s because the People have become too dependent on their governments to solve everything. The proof of that is the election of Barak Obama, because the People hoped he would bring change from the top down.  But here’s what Obama said, several different times: In 2008 “Real change comes from the bottom up, not the top down.” (goqnotes.com), and again in 2010, “Real change comes from the bottom up, and that is why we are here.” (c4ss.org).  Comedian Jay Leno has even questioned Obama’s running for President because of these statements.  After all, if real change comes from the bottom, why did Obama run on the Hope of bringing Change to the United States?  Because the People are lazy, or fearful, and Hope that the government will do it for them. Another way to take Obama’s ‘change comes from the bottom’ statements, is that he is subtly telling us that we, the People, are the ones who need to take action, to Revolution.

French students shout slogans during a demonstration over pension reforms with private and public sector workers in Lyon October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Robert Pratta (FRANCE - Tags: CIVIL UNREST POLITICS EDUCATION EMPLOYMENT BUSINESS)

Or maybe it’s because, despite increasing school budgets year after year, since I finished high school in 1982, the quality of our grade school education has dropped like a rock. Americans are dumbed down. A prime example of our failing education system, both public and private, is the wacko political candidate named Christine O’Donnell.  In a recent debate she stated that we were in Afghanistan to “…finish the job…” against the Soviet Union (www.youtube.com).  What?  I thought it was to get Osama bin Laden because of September 11th, 2001?  She also said we were in Afghanistan in the “…80s and 90s…”.  Nooo, I don’t think so, not officially anyway.  We supported Afghans (Afghans that we are now fighting) in their fight against the Soviets, which ended in 1989.  Also, the Soviet Union ceased to exist in 1991.  There is an old saying: Stupid is as stupid does. (Maybe she really is a witch because her supporters seem to be under a spell)

A small group of police stand on alert during a march through the streets protesting the French government's attempt to raise the minimum retirement age in Paris on October 19, 2010. Trade unions and students have staged nationwide street marches and disruptive strikes throughout France over the last few weeks. UPI/David Silpa Photo via Newscom

Or maybe it’s because our government is actually spending our taxpayer dollars to spy on those of us who do stand up and challenge the system. Yes, the state of Pennsylvania revealed that they hired a company, co-owned by Israelis, to spy on activists.  They spent 103,000 taxpayer dollars to do so.  It was part of a Homeland Security operation.  The result?  Pennsylvania Bureau of Criminal Investigations chief, George Bivens, said the Israeli-American company’s spy report on the activists “…is unsubstantiated gossip.” (english.aljazeera.net).  So they just took the taxpayer money and ran?

A demonstrator wearing a mask of French President Nicolas Sarkozy marches through the streets to protest the French government's attempt to raise the minimum retirement age in Paris on October 19, 2010. Trade unions and students have staged nationwide street marches and disruptive strikes throughout France over the last few weeks. UPI/David Silpa Photo via Newscom

People of the United States, we can not afford to act like the proverbial frog in a pot of water, that is slowly heated until it’s too late to escape, and we are boiled alive.  Wake up!

Business/Economics, Idaho

Idaho Higher Education a Must by 2018. Political Candidates Fail to Help Idaho Students

According to a Georgetown University study, Idaho will see an 61% increase in jobs requiring some level of higher education, by 2018.  Last night, during the Idaho gubernatorial debates, all three candidates, Gov. C. L. “Butch” Otter, Keith Allred and Jana Kemp, failed to explain how they would help Idahoans with college.

The candidates seemed to miss the fact that the number one issue with potential college students is cost.

As a non-traditional college graduate (I went to college late in life because it seemed like the only way to progress in the workplace was to get a degree) I can tell you the piddly grants are not enough, you must get student loans.  I also worked part time because the loans did not cover my family’s living expenses.  But who wants to get a loan that will be with you until you die?  I was never told how student loans are exempt from bankruptcy, or about the cases where graduates lost their apartments, and their jobs, because they couldn’t make the full student loan payment.  Why couldn’t they make their payments?  Because the jobs they got with their degrees didn’t pay them enough.  I also learned that it’s only the Federal loans that can be deferred.  I have two private loans and they could care less that I can not make their full monthly payments.  One of them actually sent me fake court documents with a letter that said if I didn’t start paying in full, that the next court documents would be real.

My oldest daughter is currently working full time in Boise, and she attends Boise State University thanks to student loans (even working full time she can’t afford the college expense).  My other two adult kids have decided that if the cost of going to college means getting into lifelong debt, then it’s not worth it.  They are right!  Crap, I could have bought a house with the money I owe for college, and it would have been a better investment!

So what did Otter, Allred and Kemp have to say about the issue of higher education?  Basically they all agreed that it was an issue of concern, because Idaho was going to need more college graduates for its workforce.  Otter and Allred said students should look into going to a community college, if they are worried about cost.

Eastern Idaho Technical College says its part time credit fee is $82.00, full time fee of $884.00.  Idaho State University (my Alma mater) says its current part time fee is $273.00 per credit (much more than what I paid), full time $2,708.00.  That’s a big difference between an eastern Idaho vo-tech and an eastern Idaho university.  Don’t forget those are just the credit fees. There are other fees and book costs, all of which have been going up.  Also, the per credit cost of the vo-tech seems low, but, that is only $60.00 less than what I paid when I started attending ISU.

When it comes to money, potential college students are not dumb.  Why get into debt when the job you get with your degree most likely will not pay you enough to meet living expenses and your student loan payments?  Vo-tech seems the most practical choice, and they usually help you find a job with your degree.  But if your sights are set on a higher degree forget it.

Jana Kemp talked about, basically, an add campaign to raise awareness of the importance of higher education. That is already happening, but it doesn’t address the concerns of students, and their families, about affording college.

Keith Allred mentioned a program where high school students can get college credits by enrolling in courses run by colleges.  That’s true, but, you still have to pay a per credit hour fee, and for some families it’s still unaffordable.

Butch Otter mentioned the expansion of financial aid, but the majority of so called financial aid still comes in the form of loans.

So, once again, the problem is cost. Is it affordable, and can the student avoid a huge debt burden?

Essentially, not one of the candidates said anything about bringing down the actual cost of higher education, or making it easier for students to pay for college without incurring a heavy debt burden, or making sure the jobs that want college graduates will pay enough to cover all expenses.  Even though all three candidates are college and university graduates, it appears they are out of touch with the current reality of getting a higher education.