Taking Stock Of The Economic Picture
Lets look at what has occurred over the past couple years to supposedly save the economy. The big thing was the TARP nonsense where Congress was hill-jacked under the threat of Marshall Law into giving the financial industry near a trillion dollars to supposedly buy up toxic housing. No sooner than they got the loot they switched and let the institutions like AIG pay off their debts to Goldman Sachs 100% on the dollar with the TARP money. Did this TARP shenanigans save the economy? It sure did for Goldman Sachs' economy.
Just before this bailout when the government knew we were going south economically, Bush gave us an advance on our income tax returns which the oil companies got when they jacked up the price of gasoline to around five bucks per gallon in some places. The following year everybody had the money deducted from their tax refunds if they got one at all. Many had to pay the cash advance back at a time when they had just lost their jobs. Credit cards were often the only avenue to pay the bills. The credit card companies saw this happening and began to sharply restrict or remove credit privileges.
Right around TARP time the government began bailing out auto manufacturers by loaning them money where sensible banks would not do so. Additionally, the cash for clunkers began destroying cars to lure Americans into going into hock for a new car. You got a few thousand for doing this and the car companies marked up their prices accordingly during this government bizarre red dot special. The car prices and future sales dropped once clunkers ended.
Then the government gave $7500 interest free to all first time new home buyers followed by $8000 outright cash gift to first time home buyers from the taxpayers. Naturally the prices of homes temporarily increased accordingly or at least stopped dropping as fast.
All the while the government kept the recently unemployed in extended benefits until just recently. At the same time the government hired then fired then rehired census workers each step of the process counting it as a new job created to make the employment numbers look good. Now that the extended unemployment benefits have been ended and the census is ending these folks have no jobs or income.
Now all the CNBC "experts" wonder about this so-called jobless recovery. Well I'll defy anyone to give me one thing the above policies have done to create any real job growth! The government paid off the bad debts of their bankster friends, gave away free extended unemployment benefits, paid to destroy cars so Americans would borrow more money to finance a new car and hired hundreds of thousands of temporary workers to ask inappropriate questions not required for the census. Did the first time home buyer pay off create jobs? Did any of this nonsense really create jobs? Trillions of dollars spent with no real job creation. Now the banksters want to be paid back for the trillions by the fewer remaining working taxpayers. Every day more people are out of work but if they are not collecting unemployment benefits then they are not considered unemployed. They are just not looking for work so they don't count. But I'll bet the vast majority of them would be happy to accept work if it were available. However, there's not much success fishing in the desert so most anglers don't bother casting.
The CNBC talking heads wonder about a jobless recovery while never discussing these simple truths. Where's my beef? Where's the jobs for the trillions borrowed and spent? Now the banksters expect to be repaid the trillions but all we have are our roads, stations, national parks, ports, etc. as well as our income and other taxes. The banksters will own America and Americans too.
Just before this bailout when the government knew we were going south economically, Bush gave us an advance on our income tax returns which the oil companies got when they jacked up the price of gasoline to around five bucks per gallon in some places. The following year everybody had the money deducted from their tax refunds if they got one at all. Many had to pay the cash advance back at a time when they had just lost their jobs. Credit cards were often the only avenue to pay the bills. The credit card companies saw this happening and began to sharply restrict or remove credit privileges.
Right around TARP time the government began bailing out auto manufacturers by loaning them money where sensible banks would not do so. Additionally, the cash for clunkers began destroying cars to lure Americans into going into hock for a new car. You got a few thousand for doing this and the car companies marked up their prices accordingly during this government bizarre red dot special. The car prices and future sales dropped once clunkers ended.
Then the government gave $7500 interest free to all first time new home buyers followed by $8000 outright cash gift to first time home buyers from the taxpayers. Naturally the prices of homes temporarily increased accordingly or at least stopped dropping as fast.
All the while the government kept the recently unemployed in extended benefits until just recently. At the same time the government hired then fired then rehired census workers each step of the process counting it as a new job created to make the employment numbers look good. Now that the extended unemployment benefits have been ended and the census is ending these folks have no jobs or income.
Now all the CNBC "experts" wonder about this so-called jobless recovery. Well I'll defy anyone to give me one thing the above policies have done to create any real job growth! The government paid off the bad debts of their bankster friends, gave away free extended unemployment benefits, paid to destroy cars so Americans would borrow more money to finance a new car and hired hundreds of thousands of temporary workers to ask inappropriate questions not required for the census. Did the first time home buyer pay off create jobs? Did any of this nonsense really create jobs? Trillions of dollars spent with no real job creation. Now the banksters want to be paid back for the trillions by the fewer remaining working taxpayers. Every day more people are out of work but if they are not collecting unemployment benefits then they are not considered unemployed. They are just not looking for work so they don't count. But I'll bet the vast majority of them would be happy to accept work if it were available. However, there's not much success fishing in the desert so most anglers don't bother casting.
The CNBC talking heads wonder about a jobless recovery while never discussing these simple truths. Where's my beef? Where's the jobs for the trillions borrowed and spent? Now the banksters expect to be repaid the trillions but all we have are our roads, stations, national parks, ports, etc. as well as our income and other taxes. The banksters will own America and Americans too.
posted by Tomás Estrada-Palma at
6:32 AM
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