Tag Archives: economy

Business/Economics, International, U.S.

What Economic Recovery? Japanese banks following the money to…Vietnam

September 30, Japan’s Mizuho Financial Group will invest big time in a major Vietnamese bank, Vietcombank, all in an effort to profit off Vietnam’s explosive economic growth.

Even officials with the U.S. bank Citigroup is amazed at how well Vietnam’s economy is doing.

Currently Vietnam’s GDP is at 6.11%.  Very good, but less than their 2010 GDP, which was 7.18%.  The annual GDP for the U.S. is stagnating between 1% and 2%!

The down side to Vietnam’s explosive growth, is that most Vietnamese are being left behind in the dust of poverty.  Fast economic growth comes with the paradox of increased poverty, because most of the quick profits end up in the pockets of the few (and they do not trickle it down).

Business/Economics, U.S.

What Economic Recovery? So much for any Job Stimulus, more than half of U.S. companies will NOT hire

“The findings of this survey show declines in each category of economic measurement.”-Jim McNerney, Chairman of Business Roundtable and Chairman, President and CEO of The Boeing Company

September 29, according to Business Roundtable, more than half of the biggest companies in the United States will not hire any new employees for at least six months.

In a huge change of corporate confidence, the latest survey shows only 36% of U.S. companies plan to hire new employees.  Just three months ago it was 51%.  That’s a big drop, and remember, the survey covers the upcoming end of year holiday season.

140 Chief Executive Officers took part in the Third Quarter 2011 CEO Economic Outlook Survey.   The survey showed not only declines in planned hiring, but in expected sales and corporate spending.

Business/Economics, U.S.

Global Economic Class War: Wall Street protestors grow to thousands, protests spreading to other cities

Two weeks later, instead of fizzling out like so many greedy corporate America loving right wing nut jobs predicted, the Occupy Wall Street protestors are still there, and they’re growing, nearly 2,000 at last count.

On top of that, ‘Occupy’ protests are spreading to other cities.  Some have fizzled out, while others continue.

In Los Angeles, on September 26 protestors gathered when President Barack Obama arrived for a $35,000 per plate fundraiser.  Most people in the LA area make less than $35,000 per year: “The ‘little man,’ the ‘American every man,’ just isn’t getting their voice heard. When you need $35,000 to donate to a campaign to get your voice heard, to have a meeting, that’s not democracy!”-protestor

Now, September 29, hundreds of union workers are demonstrating at LAX: “It’s just hard because the economy is bad as it is, even if they say the recession is supposed to be over, for too many people they are still in bad state and in dire need.”-Robert Branch, protestor

The Occupy Chicago rallies are in their 5th day. About 20 people started the protest on September 23, and some of them are still camped out in front of the Federal Reserve Bank of Chicago.  Some reports say the number of demonstrators are slowly increasing, about 40 as of September 28.

Several big name celebrities, and academics have made speeches during the Occupy Wall Street protests.  Protestors in New York city say they will march on New York police headquarters.  They say it’s in retaliation for the way police have been treating fellow demonstrators. So far 100 protestors have been arrested.

People are amazed at how many highly educated protestors there are: “These are the most over educated crowd of people that I’ve even seen in my life.  People come out of college and there are no jobs.”-Daniel Levine, student at Baruch College

A university professor, and security expert, says the people of the United States don’t have the guts to turn their protests violent, like in Europe: “Americans have become too complacent with the way their society is being run.”-Patricia DeGennaro, World Policy Institute/New York University

If you don’t think the Occupy Wall Street protestors are in it for the long haul, then explain why they have formed a “winterization committee”.

 

 

 

Business/Economics, U.S.

What Economic Recovery? Some damn good reasons why college is a waste of money!

The cost of getting a higher education in the United States has increased by 29% in just the past five years, and, despite the rhetoric from Corporate America and universities, many jobs taken by college graduates do not require a college degree!

First off, approximately two thirds of all college students graduate with student loans. For the first time in U.S. history the total amount of student loan debt now exceeds the total amount of credit card debt!

Secondly, at least one third of college graduates are working jobs that don’t need a college degree: There are more than 100,000 janitors that have college degrees.  317,000 waiters and waitresses have college degrees.  Approximately 365,000 cashiers have college degrees.  24.5% of all retail salespersons have a college degree.

Next time a college recruiter pesters you, or your kids, ask them to guarantee, in writing, that they’ll get a job relating to their degree, and that it’ll pay enough to justify the student loan debt!

Business/Economics, U.S.

What Economic Recovery? So much for christian Rick Perry’s job creation record: Texas lays off nearly 1,000 teachers

September 29, according to the Federal Bureau of Labor Statistics, last month Texas fired 900 people from education related jobs.

It’s part of the U.S.$4 billion in cuts to Texas public schools, that Governor Rick Perry approved this year!

As an example of how bad it’s getting in Texas; near Austin, two newly built schools are empty this year because the Leander school district can’t afford to put teachers in them.

 

Business/Economics, U.S.

Government & Corporate Incompetence: U.S. unemployment now officially a “National Crisis”, economic situation “Unheard Of”

“This unemployment situation we have, the jobs situation, is really a national crisis. We’ve had close to 10% unemployment now for a number of years and, of the people who are unemployed, about 45% have been unemployed for six months or more. This is unheard of!”-Ben Bernanke, Federal Reserve Chairman

September 29, the man in charge of the central bank of the United States now admits that what is going on with the U.S. economy has never been dealt with before.

Bernanke also admitted that the U.S. is no longer a free trade nation, and that it no longer cares about the people, when he said that the U.S. must learn from fast developing nations, like China, which has adhered to discipline budget policies, embraced free trade, made public investments and supported education.


 

Business/Economics, International, U.S.

Passing the Buck: Obama blames Arab Uprisings and Europe for bad economy in the U.S.

“The changes that have taken place in the Middle East sent oil prices up, and that gave a shock to the world economy.”-Barack Obama, President of the United States

First off, President Obama, oil prices are no where what they were a couple of years ago. What’s been driving up the price of gas (which is just as high as when oil was more than $100.00 per barrel) is not the current price of oil, but refineries that’re purposely keeping production of gas below the demand for gas (which makes the price go up).

Secondly, it was your attack on Libya, President Obama, that caused oil prices to go up!

President Obama also blamed the Europeans: “Some of the challenges that we’ve had over the last several months actually have to do with the fact that in Europe we haven’t seen them deal with their banking system and their financial system as effectively as they needed to.”

First off, if the U.S. banking system wasn’t so involved with the European banking system the U.S. wouldn’t be as affected by their problems.

Secondly, many of the actions taken by European banks, that got them into trouble, were the same mistakes that got U.S. banks into trouble.  By the way, those banking troubles started here in the United States, and have yet to be resolved!

Stop passing the buck President Obama!

Business/Economics, International

Global Economic Class War: China now has property tax, on the rich

For those of you who think things are the same all over the world, think again.

Until the beginning of this year China did not have property tax.  Now two regions/states have instituted property tax, officially it’s to try and curb inflation, and real estate speculation.

In Chongqing and Shanghai, a property tax has been imposed on high end real estate.  The lowest price at which taxes are charged is for properties that sell for 9,941 yuan ($1,554) per square meter.

In Chongqing, the tax applies to existing residential properties, while in Shanghai it falls only on properties that were purchased after its adoption date.

The new taxes are due in October, and those who fail to pay will be subject to fines, restrictions on their ability to go abroad, or exposure in the media.

Business/Economics, U.S.

Rage against the System: U.S. Postal Workers finally standing up, protesting U.S. Congress created postal crisis!

I stated in earlier postings that the U.S. Congress is behind the USPS crisis!  Now postal workers, risking job loss, are protesting the actions of Congress in destroying the Postal Service.

Recently, PBS Newshour’s interviewed U.S. postmaster general, Patrick Donahoe, and Fredric Rolando, president of the National Association of Letter Carriers.  They both pointed out that the U.S. Congress is holding back on money earned by the USPS, and that was a primary reason the Postal Service is in trouble.

Also, U.S. Congressman, and the main stream media, continue the false notion that the USPS gets money from taxpayers, and therefore cutting the USPS would help the government’s budget cuts.  Many citizens still believe that the USPS is paid by tax money!

The United States Postal Service does not make money off taxpayers, they are solely funded by the postage they charge (prices are controlled by U.S. Congress, not the USPS), and other products they sell.  The cuts being made to the USPS will have no affect on U.S. government debt!

Now members of all five unions representing postal workers will go on strike, violating their contracts (to be safe the postal unions are not calling them strikes, they’re calling them “rallies”).  Why violate their contracts? Why not?  It’s become obvious that the U.S. Congress wants to shut them down anyway!

Congress is demanding that USPS make another $5.5 billion in payments to Congress (supposedly to meet required Federal benefits).  But this is what’s causing the problems.  Last year Congress overcharged the USPS, then refused to give a refund!

One union official says the U.S. Congress has actually overcharged the USPS to the equivalent of 75 years worth of Federal retirement plan contributions.  This leads me to believe the Congress is using the non-taxpayer Postal Service funds to pay for running a broke government!

 

 

Business/Economics

Proof the Elites are Money Hoarders, or Financial Idiots, not Trickle Downers: Prince Charles made no donations to charity for the past 2 years!

The Daily Telegraph (aka Telegraph) reports that even though evil British Prince Charles made more than 4 million pounds (U.S.$6.3 million) from his A G Carrick company, he has donated zero to charity!

A G Carrick (a pseudonym for Prince Charles) sells artwork created by the the Prince, and his web site claims that they donate profits to charity.

Clarence House, spokesman for the Prince admitted “no charitable donations were made in the year”.  House went on to trip over his own statements regarding the profits of the company: “A profit of £25,590 was made by A G Carrick and dispersed to charity.” Forty-five minutes later, House changed the statement to “No profit was made and therefore the accounts do not show a dispersion of profit to charity.” Then House confirmed “The profit was used to cover A G Carrick’s loss from the previous financial year as is standard procedure.”

Can you say; lies, lies and more lies?

The Telegraph article goes on to explain that most of the money goes to pay employees of the Prince, who’re involved with selling his paintings. It also says that financial statements from A G Carrick show the company is 1 million pounds (U.S.$1.6 million) in debt, and that debt is being passed on to the future King of England!  So either they’re lying, or even elites are idiots when it comes to financial management!