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Archive for August, 2013

Oh, where did it all begin? You should be able to pinpoint the complete corruption of government to the Lewis Powell Memo of 1971, which advocated that Big Corporate Money be used to corrupt government, and establish propaganda machines like the Heritage Foundation and the Fox Propaganda Network, come out with rigged reports by newly established think tanks, and essentially take over government and brain-wash the citizens of the United States in the process. Six months after he wrote the memo, President Richard Nixon nominated Powell, an attorney for a cigarette corporation, to become a US supreme court justice. He was a corporate drone, but others like Clarence Thomas, Samuel Alito, Antonin Scalia and Chief Justice John Roberts followed. In other words, the Supreme Court will always rule exclusively in favor of Big Money over the Constitution and legal precedence, which it has done repeatedly. The government is massively corrupted, and so now it’s a comedic parody.

Check out the video below for what the US government has become since and because of the Lewis Powell Memo.

Bill Moyers video: The Endgame of Democracy

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Happy Birthday Social Security, well, at least a little belatedly. This insurance program became 75 years old on August 14th. It’s probably the most important government program around, especially when it comes to fighting poverty.

While the United States is still in this low grade Depression, the worst since since the Great Depression that spawned Social Security, government safety net programs have been keeping more and more people from falling into poverty.

Social Security is, by far, the most effective anti-poverty program in the United States. Without Social Security, an additional 8.3 percent of Americans, or over 25 million more people, would fall below the SPM poverty threshold. The SPM is a measurement of how great poverty would be without government programs. As you can see from the chart below, Social Security helps lift more people out of the poverty than any other program. Almost 1/4 of all the people living in the USA would be under the poverty level without the program.

Refundable tax credits, such as the Earned Income Tax Credit, kept 2.5 percent, or nearly 8 million Americans above the SPM poverty threshold. Other programs such as SNAP (food stamps), unemployment insurance, Supplemental Security Income, and housing subsidies also have a significant impact on the ability of families to stay afloat.

The chart is from the Economic Policy Institute.


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As predicted here, the short-lived housing bubble nose-dived in July by 13.4 percent. The big banks have conspired to take over 2 million homes off the market in the last two years. In addition, they’re also no longer throwing people out of their homes when they’ve fallen months behind on their mortgage payments. This way more homes are kept off the market. All of this has enabled the banks to jack up home prices even though demand has been at or near record levels. Demand for all home mortgages continues to plummet since May. Mortgage applications are at record low levels right now, and going down, down and down further. Since demand is so low, the question must be asked, why were home prices going up since 2012. A little research shows the big banksters have been rigging the game to jack up home prices. This has been an income redistribution scam, illegally shifting money from the 99 percent in the form of higher home prices, and shifting it to the 1 percent in the form of higher bank profits, dividends and share prices. Don’t expect the Obama regime to do anything about this illegal scam. It probably doesn’t matter any more, at least not for those in the market. But for those who bought homes at illegally higher prices. This rigged game might be over.

Check out the link below for mortgage applications.

mortgage daily news

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History shows that tax cuts for the rich destroy jobs in any number of ways. Tax cuts are used by the 1 percent to put pressure on CEO’s to cut jobs in order to raise profits. They also buy politicians, who then enact legislation on behalf of their financial benefactors to destroy jobs through corporate freely trading your income to the 1 percent treaties, as well as a myriad of other scams.

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Back in 2009 and 2010, we were told the yearly US debt was too high, that if the total US debt went over 90 percent of yearly GNP, it would inhibit economic growth, increase interest rates, and lower GNP and job growth by 2 percent. All of these claims were the opposite of what history shows us. These claims ignored decades of Economic 101 teaching and practice. The people mass producing these lies knew this.

A new study by University of Michigan economists Mile Kimball and Yichuan Wang shows that sequestration, (the term used for automatic cuts to the yearly deficit via a deal reached between Republicans and our dumb-dumb president who apparently didn’t realize the Republicans were trying to use deficit cutting as a weapon to reduce job growth and sabotage the economy so that Mitt Romney could win the presidency in 2012), has reduced GNP growth by 2 percent per year.

If the debt had been run up, the economy would be stronger, albeit still historically weak. As far as interest rates, they’re still at or near historic lows. In fact, the US spends about the same amount of its tax dollars on paying the national interest (as a percentage of GNP) as it did under President Ronald Reagan, about 3.25 percent. That’s because interest rates are so low.

Interest rates and not the debt is the real issue, a fact conveniently ignored by the corporate propaganda machines, erroneously called the corporate media. That’s because the US debt is a revolving debt. The US Treasury Department sells bonds to cover the yearly deficit. Whenever the bonds come due, the government sells more bonds to pay up, but it uses tax dollars to pay the interest due on the bonds.

Sequestration has inhibited job growth for the 99 percent, reduced demand, weakened the economy, created mass suffering, and all for political gains on behalf of the 1 percent and Wall Street.

During this Sequestration period, real interest rates have been negative at times. In other words, the governmennt has been paying 1 percent interest or less on its debt, but the inflation rate has been 1 to 3 percent, and the real effect has been negative percent interest. That means heavy deficit spending could have accomplished massive works projects on roads, bridges and rails on the cheap, all to the benefit of the 99 percent. 

So why would President Obama agree to this stupidity?

According to a recent story in Mother Jones, Wall Street and the 1 percent benefit from Sequestration by keeping unemployment high and wages down. Goldman Sachs has been Obama’s biggest campaign contributor over the last two election cycles. The rest of Wall Street and many big corporations whose stocks and bonds trade on various financial markets benefit from this in the same way.

In other words, Sequestion is another way of rigging the game to ensure income and wealth is transferred from the 99 to the 1 percent.

 

 

 

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Imagine…“A world without democracy, ruled by technocratic parasites, “serving the interests of US and global capital – protecting “investor rights” against national laws and regulations.” That’s a reality being crafted in secret negotiations by the Obama regime. This reality is probably going to happen by the fall. It’s the TransPacific Parnership (TPP). Can this anti-democratic, anti-enviroment, pro-GMO, income redistributing from the 99 to the 1 percent, anti-worker, anti-Consitution monstrosity be stopped? Who knows? But it is another rigged game for the 1 percent in their war against the middle class.

Check out the link below from Truthout.org

NAFTA on Steroids: The TransPacific Partnership and Global Neoliberalism–Truthout.org

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