"During the month, some 432,000 people in the US gave up looking for a job." EVEN AS JEB BUSH, HILLARY CLINTON and BERNIE SANDERS PREACH AMNESTY! AMNESTY! AMNESTY!
"The American phenomenon of record stock values fueling an ever greater concentration of wealth at the very top of society, while the economy is starved of productive investment, the social infrastructure crumbles, and working class living standards are driven down by entrenched unemployment, wage-cutting and government austerity policies, is part of a broader global process."
HILLARY CLINTON'S BIGGEST DONORS ARE OBAMA'S CRIMINAL CRONY
BANKSTERS!
"A defining expression of this crisis is the dominance of financial speculation and parasitism, to the point where a narrow international financial aristocracy plunders society’s resources in order to further enrich itself."
Federal Reserve documents stagnant state of US economy
Federal Reserve documents stagnant state of US economy
By Barry Grey
21 July 2015
The US Federal Reserve Board last week released its semiannual Monetary Policy Report to Congress, providing an assessment of the state of the American economy and outlining the central bank’s monetary policy going forward. The report, along with Fed Chair Janet Yellen’s testimony before both the House of Representatives and the Senate, as well as a speech by Yellen the previous week in Cleveland, present a grim picture of the reality behind the official talk of economic “recovery.”
In her prepared remarks to Congress last Wednesday and Thursday, Yellen said, “Looking forward, prospects are favorable for further improvement in the US labor market and the economy more broadly.”
She reiterated her assurances that while the Fed would likely begin to raise its benchmark federal funds interest rate later this year from the 0.0 to 0.25 percent level it has maintained since shortly after the 2008 financial crash, it would do so only slowly and gradually, keeping short-term rates well below historically normal levels for an indefinite period.
This was an expected, but nevertheless welcome, signal to the American financial elite, which has enjoyed a spectacular rise in corporate profits, stock values and personal wealth since 2009 thanks to the flood of virtually free money provided by the Fed.
"But as Yellen’s remarks and the Fed report indicate, the explosion of asset values and wealth accumulation at the very top of the economic ladder has occurred alongside an intractable and continuing slump in the real economy."
In her prepared testimony to the House Financial Services Committee and the Senate Banking Committee, Yellen noted the following features of the performance of the US economy over the first six months of 2015:
* A sharp decline in the rate of economic growth as compared to 2014, including an actual contraction in the first quarter of the year.
* A substantial slackening (19 percent) in average monthly job-creation, from 260,000 last year to 210,000 thus far in 2015.
* Declines in domestic spending and industrial production.
In her July 10 speech to the City Club of Cleveland, Yellen cited an even longer list of negative indices, including:
* Growth in real gross domestic product (GDP) since the official beginning of the recovery in June, 2009 has averaged a mere 2.25 percent per year, a full one percentage point less than the average rate over the 25 years preceding what Yellen called the “Great Recession.”
* While manufacturing employment nationwide has increased by about 850,000 since the end of 2009, there are still almost 1.5 million fewer manufacturing jobs than just before the recession.
* Real GDP and industrial production both declined in the first quarter of this year. Industrial production continued to fall in April and May.
* Residential construction (despite extremely low mortgage rates by historical standards) has remained “quote soft.”
* Productivity growth has been “weak,” largely because “Business owners and managers… have not substantially increased their capital expenditures,” and “Businesses are holding large amounts of cash on their balance sheets.”
* Reflecting the general stagnation and even slump in the real economy, core inflation rose by only 1.2 percent over the past 12 months.
The Monetary Policy Report issued by the Fed includes facts that are, if anything, even more alarming, including:
* “Labor productivity in the business sector is reported to have declined in both the fourth quarter of 2014 and the first quarter of 2015.”
* “Exports fell markedly in the first quarter, held back by lackluster growth abroad.”
* “Overall construction activity remains well below its pre-recession levels.”
* “Since the recession began, the gains in… nominal compensation [workers’ wages and benefits] have fallen well short of their pre-recession averages, and growth of real compensation has fallen short of productivity growth over much of this period.”
* “Overall business investment has turned down as investment in the energy sector has plunged. Business investment fell at an annual rate of 2 percent in first quarter… Business outlays for structures outside of the energy sector also declined in the first quarter…”
The report incorporates the Fed’s projections for US economic growth, published following the June meeting of the central bank’s policy-setting Federal Open Market Committee. They include a downward revision of the projection for 2015 to 1.8 percent-2.0 percent from the March projection of 2.3 percent to 2.7 percent.
That the US economy continues to stagnate and even contract is indicated by two surveys released last week while Yellen was testifying before Congress. The Fed reported that factory production failed to increase in June for the second straight month and output in the auto sector fell 3.7 percent. The Commerce Department reported that retail sales unexpectedly fell in June, declining by 0.3 percent.
These statistics follow the employment report for June, which showed that the share of the US working-age population either employed or actively looking for work, known as the labor force participation rate, fell to 62.6 percent, its lowest level in 38 years.
During the month, some 432,000 people in the US gave up looking for a job.
The disastrous figures on business investment are perhaps the most telling indicators of the underlying crisis of the capitalist system. The Fed report attributes the sharp decline so far this year primarily to the dramatic fall in oil prices and resulting contraction in investment and construction in the energy sector. But the plunge in oil prices is itself a symptom of a general slowdown in the world economy.
Moreover, a dramatic decline in productive investment is common to all of the major industrialized economies of Europe and North America. In its World Economic Outlook of last April, the International Monetary Fund for the first time since the 2008 financial crisis acknowledged that there was no prospect for an early return to pre-recession levels of economic growth, linking this bleak prognosis to a general and pronounced decline in productive investment.
The American phenomenon of record stock values fueling an ever greater concentration of wealth at the very top of society, while the economy is starved of productive investment, the social infrastructure crumbles, and working class living standards are driven down by entrenched unemployment, wage-cutting and government austerity policies, is part of a broader global process.
The economic crisis in the US and internationally is not simply a conjunctural downturn. It is a systemic crisis of global capitalism, centered in the US.
A defining expression of this crisis is the dominance of financial speculation and parasitism, to the point where a narrow international financial aristocracy plunders society’s resources in order to further enrich itself.
While the economy is starved of productive investment, entirely parasitic and socially destructive activities such as stock buybacks, dividend hikes and mergers and acquisitions return to pre-crash levels and head for new heights. US corporations have spent more on stock buybacks so far this year than on factories and equipment.
The intractable nature of this crisis, within the framework of capitalism, is underscored by the IMF’s updated World Economic Outlook, released earlier this month, which projects that 2015 will be the worst year for economic growth since the height of the recession in 2009.
A NATION RULED AND LOOTED FROM WALL STREET
On the Democratic side, the same essential reality prevails,
albeit masked by the pretense that the Democratic Party is the party of working
people, and the populist rhetoric of some of the Democratic challengers to
former secretary of state Hillary Clinton.
NATIONAL DEBT
CRONY OBAMANOMICS – HOW
OBAMA SQUANDERED AMERICA FOR HIS LOOTING WALL STREET BANKSTERS!
http://mexicanoccupation.blogspot.com/2013/09/the-reality-of-obamas-crony-capitalism.html
$3.39T Quantitative Explosion: Fed Owns More
Treasuries and MBSs Than Publicly Held Debt Amassed From Washington Through Clinton.
JUDICIAL
WATCH:
OBAMA
RANKS AS THE MOST CORRUPT PRESIDENT IN MODERN AMERICAN HISTORY
BARACK
OBAMA and the DEATH of the AMERICAN MIDDLE-CLASS.
WITH THE MIDDLE-CLASS DEAD AND
BURIED, WILL THE MEXICAN FASCIST PARTY of LA RAZA “The Race” HELP OBAMA BUILD
HIS DICTATORSHIP? Do a search for Obama and La Raza Fascism!
RASMUSSEN POLL: Hillary Clinton is a bad
clone of Barack
Obama owned by the same
bankster paymasters as Obama
CRONY CAPITALISM and the FALL of A DEMOCRATIC NATION
OBAMA’S LOOTING BANKSTERS AGREE TO FUND HIS
DICTATORSHIP…. They owned him from day one!
“The
vast sums of money pocketed by bank executives are bound up with activities
that range from borderline legal to flagrantly illegal. Nearly all of the CEOs
included on the list head banks that have been the subject of multiple
investigations and fines related to the rigging of global interest and foreign
exchange rates, mortgage fraud, money laundering, tax evasion and other crimes.”
OBAMA-CLINTONomics:
CEO PAY 300 TIMES GREATER
THAN WORKERS…. AMNESTY WILL MAKE THOSE FIGURES SOAR HIGHER!
“Historically
speaking, the rise in CEO compensation is tied to the global decline of
American capitalism and the increasing financialization of the economy. In 1965
the ratio of CEO to worker pay was 20 to 1. By 1978 the ratio had only grown to
30 to 1. It was only in the 90s that CEO pay reached absurd heights, rising
from 59 to 1 in 1989 to 376 to 1 in 2000.”
“In 2014 the
Russell Sage Foundation found that between 2003 and 2013, the median household
net worth of those in the United States fell from $87,992 to $56,335—a drop of
36 percent. …While the rich also saw their wealth drop during the recession,
they are more than making that money back. Between 2009 and 2012, 95 percent of
all the income gains in the US went to the top 1 percent. This is the most
distorted post-recession income gain on record.”
OBAMA-CLINTONomics:
the final death of the
American middle-class
AMNESTY:
IT’S ALL ABOUT KEEPING WAGES DEPRESSED.
"While it is
not spelt out directly, the BIS critique of the present policies is an
expression of the fact that, in the final analysis, the source of all forms of
profit is the surplus value extracted from the working class. Therefore, the
only way for capital to overcome its crisis and restore stability is a massive
increase in exploitation."
While the growth of social inequality has dramatically
accelerated following the 2008 crash, this is a continuation of a decades-long
process. The report notes, “Top 1 percent incomes grew by 80.0% from 1993 to
2014. This implies that top 1 percent incomes captured almost 60% of the
overall economic growth of real incomes per family over the period 1993-2014.”
In fact, the US government’s response to the 2008 crash has been
dedicated to inflating the wealth of the super-rich while driving down incomes
for the vast majority of the population. The White House has protected Wall
Street executives from legal prosecution, while the Federal Reserve has handed
out trillions of dollars in cheap money through “quantitative easing” programs,
leading share values to triple on major US exchanges.
On Thursday, US President Barack Obama plans to unveil what he
has called a major new policy initiative in a speech in La Crosse, Wisconsin.
The proposal entails new federal rules that would make an additional 3 percent
of the US population eligible for overtime pay. If adopted, the change would
add a mere $1.3 billion to worker’s wages annually. This is a tiny fraction of
the trillions of dollars that have been transferred to the financial elite
since the 2008 financial crisis.
THE
MAN THAT CALLED HIS HOAX “HOPE & CHANGE”
'Incompetent' and 'liar' among most frequently used words to describe
the president: Pew Research Center
“The larger fear is
that Obama might be just another corporatist, punking voters much as the
Republicans do when they claim to be all for the common guy.”
OBAMA: SERVANT OF THE 1%
Richest one percent controls nearly half of global wealth
The richest one percent of the world’s population now controls 48.2 percent
of global wealth, up from 46 percent last year.
The report found that the growth of global inequality has accelerated
sharply since the 2008 financial crisis, as the values of financial assets have
soared while wages have stagnated and declined.
OBAMA’S CRONY BANKSTERS DESTROY THE GLOBAL ECONOMY
OBAMANOMICS:
The escalation of global financial parasitism
In fact, the US government’s response to the 2008 crash has been
dedicated to inflating the wealth of the super-rich while driving down incomes
for the vast majority of the population. The White House has protected Wall
Street executives from legal prosecution, while the Federal Reserve has handed
out trillions of dollars in cheap money through “quantitative easing” programs,
leading share values to triple on major US exchanges.
OBAMAnomics:
OBAMA AND HIS WALL STREET CRONIES LOOTING AMERICA!
These are only the most striking of a barrage of numbers reported in
recent weeks, demonstrating that for the US financial aristocracy, the Crash of
2008 has been used to engineer a historic redistribution of wealth.
HILLARY CLINTON: DEDICATED SERVANT
TO
THE 1%, OBAMA’S CRIMINAL CRONY
BANKSTERS and DISCIPLE of OBAMA-
CLINTONOMICS for
the super-rich.
The central aim of Clinton’s speech
was to reassure the American financial oligarchy that, despite her occasional
lukewarm denunciations of corporate criminality and social inequality, she is a
right-wing, pro-business defender of Wall Street.
The speech makes clear that a Clinton
presidency will pursue the same pro-Wall Street policies of the Obama
administration, seeking to expand the fortunes of the super-rich at the expense
of the great majority of society, while invoking “fairness” and “equality” as
window dressing.
Hillary bellies up to Obama’s banksters – She reeks of the smell
of BRIBES and BAILOUTS
Hillary
and Obama’s crony criminal banksters…. their looting has just begun!
OBAMA'S CRIMINAL
BANKSTERS DESTROYED MORE THAN A TRILLION DOLLARS IN THE AMERICAN MIDDLE-CLASS'
HOME EQUITY. THEY WERE REWARDED WITH MASSIVE BAILOUTS WHICH THEY USED TO BUY
COMPETITORS. NOT ONE BANKSTER WENT TO PRISON!
Hillary Clinton has
vowed to take the banksters to new heights of looting!
THE ULTIMATE LOOTING of AMERICA BY BIG BANKSTERS
STARTED UNDER BILLARY CLINTON. THEY’VE PULLED IN HUGE BRIBES FROM BANKSTERS
SINCE THEN.
“President
Bill Clinton repealed the law in 1999. Glass-Steagall has long been popular
with liberals, who argue the repeal was part of the deregulation they say led
to the 2008 financial collapse.”
WE CAN’T
AFFORD MORE OBAMA-CLINTONomics serving the super-rich!
JOBS 71% GO TO FOREIGNERS.
While the growth of social inequality has dramatically
accelerated following the 2008 crash, this is a continuation of a decades-long
process. The report notes, “Top 1 percent incomes grew by 80.0% from 1993 to
2014. This implies that top 1 percent incomes captured almost 60% of the
overall economic growth of real incomes per family over the period 1993-2014.”
In fact, the US government’s response to the 2008 crash has been
dedicated to inflating the wealth of the super-rich while driving down incomes
for the vast majority of the population. The White House has protected Wall
Street executives from legal prosecution, while the Federal Reserve has handed
out trillions of dollars in cheap money through “quantitative easing” programs,
leading share values to triple on major US exchanges.
On Thursday, US President Barack Obama plans to unveil what he
has called a major new policy initiative in a speech in La Crosse, Wisconsin.
The proposal entails new federal rules that would make an additional 3 percent
of the US population eligible for overtime pay. If adopted, the change would
add a mere $1.3 billion to worker’s wages annually. This is a tiny fraction of
the trillions of dollars that have been transferred to the financial elite
since the 2008 financial crisis.
JOBS
OBAMA-CLINTONOMICS:
Keep wages depressed with endless hordes of illegals jumping our borders, jobs
and welfare lines!
“But any serious
look at the latest figures reveals why Jim Clifton, head of the Gallup polling
agency, has denounced the official unemployment rate as a “big lie” that
largely ignores the continued prevalence of mass unemployment in the United
States.”
“Obama’s trivial proposal
on overtime pay is in line with the record of his entire presidency, which has
sought to impose the full cost of the global capitalist crisis on the backs of
the working class, while doing everything possible to protect and expand the
wealth of the financial oligarchy that controls political life in the United
States.”
Barack
Obama… the man that conned a nation and still called it “CHANGE”… but was only
Bush’s 3rd & 4th terms.
THE
YEAR WAS 2009…
OBAMA’S WALL
STREET and the LOOTING of AMERICA – SECOND TERM
The corporate cash hoard has likewise
reached a new record, hitting an estimated $1.79 trillion in the fourth quarter
of last year, up from $1.77 trillion in the previous quarter. Instead of
investing the money, however, companies are using it to buy back their own
stock and pay out record dividends.
Megan McArdle Discusses How America's
Elites Are Rigging the Rules - Newsweek/The Daily Beast special correspondent
Megan McArdle joins Scott Rasmussen for a discussion on America's new Mandarin
class.
PATRICK
BUCHANAN: OBAMA’S ASSAULT ON AMERICA
BEGINS AT OUR BORDERS
“Yet nothing
that happens on these borders imperils America so much as what is happening on
our own bleeding border with Mexico.” Patrick Buchanan
JUDICIAL WATCH SOUNDS THE ALARM!
THE ILLEGALS’ CRIME TIDAL WAVE in our
OPEN and UNDEFENDED BORDERS!
“In
all, the newspaper identified 424 released illegal immigrants convicted of
sex-related crimes in the records obtained under the lawsuit. Around half
appeared in the national public sex offender registry as required by law. Of
the registered sex offenders, 53 failed to re-register after ICE released them
and the agency didn’t bother to follow up.” JUDICIAL WATCH
AMERICA’S
THIRD-WORLD INVASION… isn’t it really ONLY about keeping wages depressed???
AN AMERICAN SEES and SPEAKS…
REALITY OF THE LA RAZA SUPREMACIST OCCUPATION:
I'm half Mexican, I live on the U.S. / Mexico
international border - exactly 1.6 miles from the International bridge.
Listen, the VAST majority of these ILLEGAL SQUATERS do
NOT - I repeat - DO NOT want to become U.S. citizens.
They see the U.S. as a MEAL TICKET, they DON'T want to
pay taxes, wave an American flag, learn our language or follow our laws.
Mexico - far, far away from the fancy seaside resorts
some of you all may have visited is a HELL HOLE.
These ILLEGAL ALIENS see
the U.S. as an extension of "their area" with NO CONCERN or
aspirations to be "Americans."
REALITY CHECK:
"The American Southwest seems to be slowly returning to
the jurisdiction of Mexico without firing a single shot." --- Excelsior,
the national newspaper of Mexico
40% of Federal Criminal Cases in 2013 Were in Districts
on Mexican Border
ORE AT
THIS LINK:
non-deportation rate drops — to 99.2 percent
Saturday, May 18, 2013
The
Homeland Security Department has granted legal status to 99.2 percent of all
illegal immigrants who have applied under President Obama's new non-deportation
policy for young adults, according to the latest numbers released Friday.
DEPORTATION LIES:
Obama’s conspiracy to surrender to our borders to Mexico as he fights for the
borders of Muslim dictators over there.
HOW OBAMA-CLINTONomics made the RICH much RICHER and handed
us the tax bills for their crimes and bailouts!
"There
is a populist and conservative revolt against Wall Street and financial
elites,
Congress and government," Democratic pollster Stanley Greenberg
warned in
an analysis this week. "Democrats and President Obama are seen as
more
interested in bailing out Wall Street than helping Main Street."
JUDICIAL WATCH: OBAMA RANKS AS THE MOST
CORRUPT PRESIDENT IN MODERN AMERICAN HISTORY
BARACK OBAMA and the DEATH of the AMERICAN
MIDDLE-CLASS.
JUDICIAL WATCH:
The Rise of Barack Obama and
the Rapid Fall of America
THE RISE OF BARACK OBAMA and the
FALL of AMERICA
HOW A SOCIOPATH CONNED A NATION CALLING IT “HOPE &
CHANGE” AND THEN BECAME GEORGE BUSH’S THIRD & FORTH TERMS ON STEROIDS.
Meanwhile,
millions of native-born Americans, especially men, have abandoned the job
market altogether. The percentage of men aged 25 to 54 who are working or
looking for work has dropped to the lowest point in recorded history.
The (real) state of American society as 2015 begins
6 January 2015
As the New Year begins, the social crisis gripping
tens of millions of working people in the United States is worsening. Hunger,
poverty and long-term joblessness remain at the highest levels in decades,
while vital social services continue to be slashed.
The constant of domestic policy—enthusiastically pursued by
both big-business
parties—is an unrelenting assault
on the working class.
AMNESTY: IT’S ALL ABOUT KEEPING WAGES DEPRESSED WITH ENDLESS
HORDES OF ILLEGALS JUMPING OUR OPEN BORDERS!
CRONY CAPITALISM: How Obama’s Crony
Capitalism destroyed the
American Middle-
Class and made his virtual dictatorship
possible.
"Upon coming to office, however, Obama pursued the most
right-wing agenda in US history. It quickly emerged that whatever vague
promises he made were insincere, and that his administration was committed to
an acceleration of the policies of the Bush administration— overseeing a
historic transfer of wealth to the rich, escalating military violence abroad,
and deepening the attacks on democratic rights within the United States."
“That President Obama would lawlessly bring in more cheap
labor at the request of corporate interests at a time when tens of millions of Americans are unemployed speaks volumes.”
DROP BY
MEXIFORNIA…. hunt for an American born, English speaker in any service or
construction sector job!!!
“Meanwhile,
millions of native-born Americans, especially
men, have abandoned the job
market altogether. The
percentage of men aged 25 to 54 who are working or
looking
for work has dropped to the lowest point in recorded history.”