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Archive for June, 2013

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CEO’s have shipped tens of millions of our jobs away, on an average of one to three million a year, which has severely weakened our tax base, and redistributed trillions of dollars from the 99 to the 1 percent, leading to the greatest maldistribution of income and wealth in US history, and a nation teetering on third world status. They’ve poisoned us with genetically modified food, led us into wars with lies, polluted our air and caused an outbreak of Autism in the process, and gutted the US economy as badly as any butcher would a deer.

They’ve corrupted our government to the point where it is now a government of the rich, by the rich and for the rich.

They’ve corrupted both the conservative and the liberal wings of the US Supreme Court so that only one of the two wings of the 1 percent are represented and big money will almost always win in that court against the people and the US Constitution.

CEO’s have run their businesses into the ground and have been forced to take trillions of dollars in bailout money from the US government and the Federal Reserve.

Something corrupt and rotten is going on here. The graph below suggests the average CEO pay rate has been heading in the wrong direction for sixty-three years. The graph is also in error. This morning a new study by the Economic Policy Institute came out that shows CEO pay to be 273 times greater than average worker pay, and not 204, which the graph below shows. Perhaps CEO pay compared to average worker pay should be closer to 1:1, or better yet, 1/4:1.

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Yesterday, numerous corporate media outlets continued to show amazement at the recovery of the housing market. Home prices shot up last month at the highest rate in ten years. Here’s what they didn’t report.

The number of mortgage applications represents the demand of buyers to purchase homes, such as houses and condos. From May 5 to June 16 2013, the number of mortgage applications dropped -4.41 percent. What’s more, the number of mortgage applications has remained near historic lows for years. So how can the demand for homes drop while the prices of homes sky rockets?

It’s easy. The big banks, with the approval of the Obama Justice Department, have conspired to take almost two million homes off the market during the last two years. In other words, they’re violating US laws, such as the Sherman Anti-Trust Act. The big banks have also slowed, and in some cases stopped, foreclosing on homeowners in an effort to push home prices higher.

This all redistributes income from the 99 to the 1 percent. First of all, those trillions of dollars of worthless bonds backed by home loans will regain value as the 99 percent pay illegally inflated prices for homes, and those bonds are almost all owned by the 1 percent and the institutional investors (such as Goldman Sachs and hedge funds). Governments and the Federal Reserve own a ton of them, too.

Of course, the 99 percent are now paying for homes at artificially and illegally inflated prices, and the banks and their wealthy shareholders and worthless CEOs are reaping all the profits of this conspiracy in restraint of trade.

The situation is worse for home buyers than I’m stressing because the illegal curtailment of supply is pushing home prices up; buyers are bidding against one another for an artificially dwindling supply of homes. That also means they’re bidding up the price of home mortgages, the interest rates, which are also rising. It’s a perfect scam since the US Department of Justice won’t do anything about it.

In other words, through illegal actions, and with US government blessings, the banksters are making huge profits on homes they’ve forclosed on and with artificially and illegally rising interest rates.

Check out the link below for the number of mortgage applications.

Data: mortgage applications

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The Corporate Welfare Walmart Receives Per Store

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