Tag Archives: economy

Business/Economics, U.S.

Real reason jobs are lacking: Corporate America is broke, lying about profits

The U.S. Census Bureau reports that the number of U.S. citizens living in poverty increased to 43 million, in 2009 (the most recent survey data).

If corporations keep reporting profits, why aren’t they hiring more people?   Paul Sheldon Foote says corporate America is still “cooking their books”, the recovery is false: “…how is it possible for example for American banks to report increases in income and have their stocks go up when all they’re doing is releasing reserve accounts on their balance sheet.”

Also: “If in fact you are playing games with the accounts creating reserve accounts and releasing reserve accounts and playing other accounting tricks you are publishing false financial statements. This is what has been happening.”

Foote is an Accounting Professor at California State University in Fullerton.

 

Fukushima

TEPCo to entomb Fukushima Daiichi Reactor 1

Tokyo Electric Power Company, and Nuclear and Industrial Safety Agency officials, announced that a shield will be built to entomb Reactor 1, at Fukushima Daiichi nuclear plant.

It was discovered that Reactor 1 did indeed experience fuel rod melt down!  To try and reduce the amount of radiation spewing from the reactor a shield will be built around it. Construction will start in June.  TEPCo still has to deal with contaminated water pouring from the building.

Business/Economics, International

Japanese car makers lose Billions since March 11

Japanese vehicle makers announced they’ve lost billions since the March 11 disasters.

Toyota was the biggest loser at $1.3 billion. Honda lost $900 million and Nissan almost $500 million.

The biggest problem for the Japanese car makers is the loss of production, due to lack of parts.  The lack of parts is due to the “just in time” supply model that most of Japan’s industries rely on.  This model means that the big producers do not make their own parts, and they don’t keep a lot of spare parts on hand.  Instead they rely on smaller producers to supply those parts.  Also, the smaller producers can not keep a stockpile of parts on hand, because they can’t afford to.

The March 11 disasters resulted in 60% of Japan’s nuclear plants going off line. Japan’s industries are almost totally reliant on electricity from the nuclear power plants.  The result was factories all over Japan shut down.

Japanese car makers didn’t even try to forecast their performance for the next year, because the lack of electrical power will continue, at least ’till the end of the year.

Fukushima

Japan official: Flooding Reactor 1 with more water is a wasted effort, due to total melt down?

Officials with Japan’s Nuclear and Industrial Safety Agency say it’s too late now that fuel rods in Fukushima Daiichi Reactor 1 have melted down!  Tokyo Electric Power Company officials wanted to pump more water into the reactor, in the hopes of stopping the meltdown.

Nuclear Safety officials think the melted rods have cooled enough in the water at the bottom of the reactor, that there might not be too much concern.  However, TEPCo believes that holes in the reactor vessel have been created by the meltdown, which is causing large amounts of radioactive water to pour into the Pacific Ocean.

The Agency suggested that TEPCo should inject water only to the point of keeping the bottom of the reactor filled.

Fukushima

Cesium spreading across Japan!

Two prefectures bordering Fukushima Prefecture, have discovered that plants are contaminated with cesium.

Tochigi and Ibaraki Prefectures have cesium contamination well about safe limits.  As much as 3,600 becquerels of cesium has contaminated pasture land, and crops!  The government’s safe limit is 300 bequerels.

Farmers are being told not to feed their animals the grass.  Crops are so contaminated that farmers are being told not to harvest, or ship their crops.  Some contaminated parsley had already been shipped to market.

 

 

 

 

Fukushima

Fukishima Daiichi Reactor 1 officially in Meltdown

13 March 2011, Tokyo Electric Power Company has announced that fuel rods in reactor 1 have melted.  Government officials think this might be the cause of holes where highly contaminated water is pouring from.

TEPCo officials say that most of the fuel rods have melted and are now melting through the bottom of the reactor.  Officials think the melted rods are cooling down at the bottom of the reactor because there is still water there.

TEPCo is now trying to find out how much water is actually in the reactor, and come up with a new plan to address the meltdown.

Business/Economics, U.S.

Wall Street deliberately “Crashes the System” to control the government

“Anytime Obama tries to put forward a policy to reform the system, or to do something for increasing wages, Wall Street crashes the sytem.”-Max Kaiser, former stock broker

Ever wonder why the stock markets suddenly drop, for no apparent reason, or for very weak reasons?  Max Kaiser, a former stock broker, says it’s a sign that the United States is being manipulated by corporate America.

The reason that Wall Street wants to control the government, and the Federal Reserve, is to keep interest rates near zero, so corporations, and big speculators, can keep borrowing on the cheap.

“The cost for borrowing for hedge funds and players on Wall Street is actually negative 2% when you factor in all the subsidies, and give aways that the Obama administration has given the banking industry.”-Max Kaiser

If Kaiser is correct, then it means that corporate America is making money just by borrowing money.

 

 

 

Business/Economics, U.S.

Week of Action, Californians protesting bad jobs and budget cuts

“We are in the middle of a recession. We need to get out of the recession by moving forward with good jobs, not poverty jobs.”-Mike Chavez, Labor Expert

California has one of the highest unemployment rates in the U.S.; 12.3% as of March 2011.  In Los Angeles County it’s 12.6%.

State workers are facing benefits cuts up to 30%.  This week Californians are protesting the bad economy, and the state and local budget cuts, in a Week of Action.

“This is the 21st century, we need to go forward, not backward.”-protester

Fukushima

Fukushima Daiichi Reactor 3 still flooding ocean with Cesium!

Even after Tokyo Electric Power Company plugged a leak, Reactor 3 is still pouring water contaminated with cesium into the Pacific Ocean.

The water is pouring out of a pipe containing electrical cables, but officials still don’t know where the water is originating.  The latest tests of the ocean water showed cesium contamination at 620,000 times safe limits!