Black People : Now Bernanke is pimping Job Outsourceing, What's next??????

Discussion in 'Black People Open Forum' started by Ankhur, Nov 19, 2009.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    You remember this guy Bernanke, the guy that did this.....New revelations from the New York State Attorney General’s office have all but proven that Federal Reserve Chairman Ben Bernanke and former Treasury Secretary Hank Paulson committed bank fraud crimes in the case of the Merrill Lynch/Bank of America merger that took place last year. New York State Attorney General Andrew M. Cuomo revealed that Paulson and Bernanke illegally suppressed adverse financial data on the merger and threatened to replace the Bank of America CEO and board of directors if the company backed out of the Merrill Lynch merger. “Secretary Paulson has informed us that he made the threat at the request of Chairman Bernanke,” Cuomo wrote in an April 23 letter to Congress.

    And the president decided to keep this Bush stooge in place at the Fed anyhow,
    and then gave the federal reserve more power


    Here is what he is doing now inspite of 50% Black unemployment in some major cities.

    consortiumnews.com

    The Ugly Truth about Jobs

    By Robert Parry
    November 17, 2009

    Federal Reserve Board Chairman Ben Bernanke has given Americans a glimpse of the ugly truth about their future job prospects. Simply put, companies have found that they can shed workers and rely on technological advances and overseas factories to operate with a lot fewer U.S. employees.

    Bernanke told the Economic Club of New York on Monday that some U.S. companies might begin to add workers to meet rising demand, but he added that “other firms, facing difficult financial conditions and intense pressure to cut costs, seem to have found longer-lasting, efficiency-enhancing changes that allowed them to reduce their workforces. …

    “To the extent that firms are able to find further cost-cutting measures as output expands, they may delay hiring.”

    In other words, Americans – from blue-collar manufacturing workers to white-collar office employees – won’t be needed as much in the future by companies that are squeezing more productivity out of the workers that remain and are shifting more jobs overseas.

    That means U.S. unemployment can be expected to stay high and wages low, Bernanke said.

    “Given this weakness in the labor market, a natural question is whether we might be in for a so-called jobless recovery, in which output is growing but employment fails to increase,” the Fed chairman said, suggesting strongly that the answer would be yes.

    “Since December 2007, the U.S. economy has lost, on net, about 8 million private-sector jobs, and the unemployment rate has risen from less than 5 percent to more than 10 percent,” Bernanke said. “Both the decline in jobs and the increase in the unemployment rate have been more severe than in any other recession since World War II.

    “Besides cutting jobs, many employers have reduced hours for the workers they have retained. … These data suggest that the excess supply of labor is even greater than indicated by the unemployment rate alone.

    “With the job market so weak, businesses have been able to find or retain all the workers they need with minimal wage increases, or even with wage cuts. … The best thing we can say about the labor market right now is that it may be getting worse more slowly.”

    Yet, while American jobs were falling off a cliff, productivity – defined as output per hour of work – was soaring, rising at a 5.5 percent annual rate this year, Bernanke said.

    Put all this together and average Americans might want to rethink how they feel about their “free-market” economic system, now that many of them have been made surplus to it. High unemployment also may cause a double-dip recession – and even more layoffs – because jobless Americans won’t be able to pay their mortgages or buy new cars or other consumer goods.

    What to Do?

    So what can be done? The obvious answer is for the government to intervene in creating infrastructure jobs directly and encouraging the private sector to spread the available work around (and not ship so much work abroad).

    However, with the federal government deeply in debt (thanks to George W. Bush’s massive tax cuts tilted to the rich and because of his two open-ended wars in Iraq and Afghanistan), there isn’t much money to devote to any additional economic stimulus.

    Thus, the Obama administration is faced with the dilemma of either borrowing more money or raising taxes on the rich to help pay for programs to increase jobs. Neither prospect is politically attractive, since Democratic “deficit hawks” keep banding with Republicans to block any more borrowing and many politicians are terrified of raising taxes, even if only on millionaires.

    Ironically, the current crisis could have one silver lining, if Americans finally opted for an economic strategy that raised taxes on the rich, who have benefited most from the technological advances and the expansion of international commerce, and shared those productivity gains with more people.

    That might allow Americans to begin enjoying the future that seemed to be beckoning years back, when people thought that machines would make life easier for humans, not harder.

    But many Americans have been sold on the right-wing and neoconservative message that any government effort to address the nation’s domestic needs is dreaded “socialism” and that the government’s primary -- if not only -- role must be to lavish money on the military to “keep us safe.”

    That widespread belief system is the result of three decades of having drummed into their heads Ronald Reagan’s catchy phrase that “government is not the solution to our problem; government is the problem,” a theme repeated endlessly on right-wing talk radio, at Fox News and in a host of other conservative media outlets that dominate the American landscape.

    Simultaneously, the American Left has done little to counter the Right’s propaganda. During those same three decades, progressives invested relatively little in building a message machine that could compete with the Right’s giant megaphone. [See Consortiumnews.com’s “The Left’s Media Miscalculation.”]

    This media asymmetry has had devastating consequences for the American political process. In the 1980s, Reagan had a relatively free hand to go after “big labor”; in the 1990s, working with the triangulating Clinton administration, Republicans pushed through “free-trade agreements” and bank deregulation; and in this decade, Bush slashed taxes for the richest Americans.

    The results are now apparent in home foreclosures, bankruptcies, crumbling infrastructure and neglected cities, as Michael Moore graphically demonstrated in his new documentary, “Capitalism: A Love Story.”

    Stalemated

    But today’s U.S. political/media process doesn’t allow these problems to be seriously addressed. The Washington conventional wisdom is still shaped by the powerful right-wing think tanks and defined by the vast right-wing news media. Mainstream journalists mostly go along to save their careers.

    Many laid-off “Joe the Plumbers” parrot the Right’s fury about the “class warfare” of imposing higher taxes on millionaires. Other rank-and-file Americans tie teabags to their hats and descend on Washington to participate in anti-government rallies, partly organized by corporate interests.

    Over several decades of covering Washington’s neoconservatives, I have marveled at their cynical but not-entirely-false view of the American people as cattle to be herded, corralled, occasionally stampeded and ultimately led to the slaughterhouse.

    The hyped case for war with Iraq was a marvelous example of how the neocons could use lies and deceptions to get young men and women from small towns and big cities across America to go kill – and be killed by – troublesome Arabs in the Middle East, the neocons’ favorite enemies.

    These neocons’ propaganda successes are directly attributable to their dominance of the Washington echo chamber, where they craft cleverly framed arguments from their positions at influential think tanks and then watch as their messages are amplified across the country by right-wing radio hosts, Fox News, the Internet and an array of print publications, including mainstream outlets like the Washington Post.



    full article:
    http://consortiumnews.com/2009/111709.html
     
  2. bientempo

    bientempo Well-Known Member MEMBER

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    just to inject a little reality into the debt picture.

    Amounts taken from
    " treasurydirect .gov / NP/BPDLogin ? application = np"


    Debt at start of Clinton
    Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
    01/20/1993 Not Available Not Available 4,188,092,107,183.60

    Debt at start of George W Bush
    Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
    01/19/2001 Not Available Not Available 5,727,776,738,304.64

    Debt at start of Barack
    Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
    01/20/2009 6,307,310,739,681.66 4,319,566,309,231.42 10,626,877,048,913.08

    Debt for to day
    Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
    11/16/2009 7,632,033,766,420.46 4,399,265,419,869.61 12,031,299,186,290.07


    So much for the old Bush inherited a surplus theory.

    In 8 years Bush increased the debt by 5 trillion. Or an average of 625,000,000,000 per year or an average of 52,083,333,333 per month.

    In 10 months O’bama has increased the debt by 1½ trillion. Or an average of
    150,000,000,000 per month so far an 150% increase per month over Bush
     
  3. Ankhur

    Ankhur Well-Known Member MEMBER

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    that proves that the great con is hat both parties serve the same master, and make wats and means for each other to destroy citizen freedoms while allowing free flow of corporate corruption and graft.

    Carter, played the kind gentle peacemaker, while enacting enough Executive orders to have made the presidency, Imperial.
    Smart and slick enough not to use them himself, they were ut in place for CIA man Bush to take advantage of them.

    Bush played bad cop to Clinton's good cop.
    Bush set up so much hell and covert action around the world that it made outsourcing look like a panacea , to nations fearing they wpould be invaded next,
    so GATT and NAFTA, was established under Clintons regime, as well as the destruction of Glass Steagall.

    This paved the way for Bush to bring in his corporate honchos to loot the nation blind,
    and the present admintration seems to be building from what Bush had started rather then changing it, in any form or fashion
     
  4. KEMAKIL

    KEMAKIL Well-Known Member MEMBER

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    If there is no political will to undue GATT, NAFTA, and outsourcing, and to institute tariffs, workers have a dim future.
     
  5. Ankhur

    Ankhur Well-Known Member MEMBER

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    And take a look at where the idiots that promoted GATT and NAFTA are now!,
    instead of prison or community service they are at the helm of national finance;
    Larry Summers
     
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