President Obama, for all practical purposes, is turning out like all of the professional politicians before him – he promised change, help for the poor and disadvantaged, but now it’s obvious that like his predecessor – the wealthy and corporations are the primary benefactors for his flawed stimulus package that the GOP is rallying to block; the economy is worsening at a frightening pace, and as the poor and disadvantaged struggle to make ends meet, Obama and his fellow Democrats are rushing to pour more money into the coffers of the banks and financial institutions.

Economists: Recession getting worse

Survey at private-sector companies forecasts greater job losses and worsening economic conditions in the months to come.

By David Goldman, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — Economists expect an already deep recession to get even worse in 2009, according to a survey released Monday.

Companies will lay off more workers and hoard more cash during the next 12 months (Emphasis Added), according to the National Association for Business Economics survey, a quarterly take from a panel of economists at private-sector companies in various industries. A vast majority of the 105 economists polled believe the country’s gross domestic product will continue to sink in 2009.

If business conditions indeed worsen during the year, they will be sinking from already historic lows. The survey’s measures of consumer demand, profit margins and capital expenditures all hit their lowest-ever levels in January’s edition of the 27-year old survey. MORE

For those of us who still read the MSM, there is hardly a day when more job losses aren’t reported, and the majority of economists are predicting it will get worse – and that’s likely to be an understatement. On CNN’s home page, the first items that caught my attention were more job losses, a trend that is rapidly accelerating. Home Depot is cutting 7,000 jobs, Sprint job cuts will total 8,000, and Financial giant ING is cutting 7,000 jobs. (The ING job cuts affect the US as well as it’s home in Denmark.) A CNN commentary also revealed that Caterpillar will shed 20,000 jobs, and Schlumberger will lay-off another 5,000 employees. One day of news reveals the loss of 47,000 more jobs, and that doesn’t count the bleeding that is destroying the small business sector(s). More job losses are being reported By CNN, however, it’s hard to keep up with the mounting loss of jobs that are binging on another depression – which may be far worse that the Great Depression of the 1930′s before our economy finally, if ever, recovers. .

The dire financial news keeps piling-up, and even though millions of Americans are now unemployed – a number that is far greater than is reported when you consider those who have used up their unemployment benefits or have given-up finding employment are not counted in the overall government’s figures on unemployment – thus making it far higher than reported by the MSM and government. President Obama just signed new Executive Orders which was widely televised, and he offered hope to the Auto industry, he reiterated his promise to create millions of new jobs in the coming years – but not one word was said in regard the short term, and “bailing out” families who have lost everything is evidently not on his agenda.

Yes, Obama is attempting to grant American’s another tax rebate, or “stimulus” if you prefer that language, and that makes him $200.00 better than what President Bush offered the public, which is nothing more than a band-aid on a wound so large that it will offer help for perhaps a month, and then it’s back to wondering how to feed your family and keep a roof over their heads. To add insult to injury, one of Obama’s aides have stated:

Obama aide won’t rule out more money for bailouts

By Emily Kaiser and Kim Dixon

WASHINGTON (Reuters) – President Barack Obama’s top economic adviser would not rule out on Sunday that more money may be needed to stabilize the U.S. financial system as a deep recession increases banks’ losses.

House of Representatives Speaker Nancy Pelosi said earlier that “some increased investment” may be needed beyond the $700 billion approved last fall.

The bailout fund was first pitched as a way to get bad assets off the banks’ books in the hope that doing so would help restore normal lending and get the economy going.

Instead, most of the money has gone to buy stakes in banks (Emphasis added), and both Democrats and Republicans have complained that the cash was doled out with too few strings attached and insufficient oversight. MORE

When you couple that information with the fact that (the) GAO, searching publicly available data filed with the Securities and Exchange Commission, determined that 83 of the 100 largest publicly traded corporations and 63 of the 100 largest federal contractors maintain subsidiaries in countries generally considered havens for avoiding taxes. Dorgan and Levin said they requested the updated report from one several years ago because they are focused on combating offshore tax abuses, which they estimated cause $100 billion in lost U.S. tax revenue each year. This report reveals that the bulk of America’s corporations are paying little or no taxes – yet somehow, the Obama administration and Speaker Pelosi believe that rewarding these tax cheats with taxpayer money will help to restore stability to an economy that is effectively self-destructing.

It was greed and corruption within the financial sector that helped to bring ruin upon America’s economy, they pay little or no taxes, yet this is where the bulk of our taxpayer money is being funneled – evidence that Obama is following in Bush’s footsteps, aiding the rich while ignoring the poor. Is this what we voted for when we elected Barack Obama to the Presidency? The public and even some members of Congress have deep reservations in regard Obama’s bailout plan, and while some of their concerns are well justified, the GOP’s reluctance to authorizing Obama’s stimulus plan is pure hypocrisy! It’s important for us to remember the GOP were the enablers of the corrupt Bush administration, and while they now come forth with their partisan arguments against Obama’s bailout plan, they gave President Bush a green-light to anything and everything that aided the wealthy and placed the burden on the shrinking middle-class (which is becoming almost non-existent) and the poorest segment of our population.

As reported in a previous article, the total spent on lobbying of Congress and federal agencies was $2.55 billion. Data are from the Center for Responsive Politics and include all data made available through April 2007. When you grasp that billions of dollars are being spent by lobbyists each year, ask yourselves where this money is going? Is it being spent on Golf Junkets, gifts, or is a large portion of this money being pocketed by members of Congress and hidden in offshore accounts? When President Bush illegally accessed the SWIFT Banking System, he became privy to many of these accounts and who held them, which I believe, aided by illegal wiretaps, helped him to blackmail Congress, including Democrats, into rubber-stamping whatever he wanted – even though anyone in Congress had to know it was destroying our country from the inside out! Lobbying Congress and spending billions of dollars to influence our government is legalized bribery – and if the public doesn’t react and protest under one of our most basic constitutional rights – taxation without representation – the graft and corruption is bound to continue and affect every decision that is made in our Congress.

John McCain, in a CNN interview I’m listening to as I write this essay, just stated that we need more tax cuts, to repeal payroll taxes, and a host of other absurd ideas which is still holding true to a policy that if followed, is guaranteed to permanently destroy our economy and allow the United States to fall into utter chaos. If the bulk of our major corporations don’t pay taxes, the wealthy are using many of the same tax havens as corporate America – so where exactly is the tax revenue to come from to keep our government running and attempt to pay down our foreign debt?

When will the bail-outs stop? In an article that appeared on Rueters in regard Nancy Pelosi signaling her “willingness” to add to TARP Funds, this paragraph substantiates my belief this recession will get much worse and we haven’t even begun to feel the pain that is forthcoming:

“Billions of dollars in auto and credit card debt held by banks are expected to default in 2009, after the billions in mortgage-backed debt that initiated the financial crisis.” LINK

In a staggering breach of the rule of law, which is predominantly occurring in the banking and financial sectors, huge monopolies are being formed which is contrary to our Anti-trust laws. On the watch of President Obama, another monopoly is being created in the pharmaceutical sector with the upcoming
merger:

Pfizer to buy Wyeth for $68 billion

Cash-and-stock deal will keep Pfizer the No. 1 drugmaker. Company announces sharp drop in profit, and will cut about 10% of workforce.

By Aaron Smith, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — Pfizer announced Monday that it has signed a deal to acquire the smaller drugmaker Wyeth for $68 billion, and thousands of job cuts will follow.

New York-based Pfizer, already the world’s leading drugmaker, becomes even larger following the cash-and-stock deal with Wyeth, based in Madison, N.J.

Pfizer said it would cut 10% of its staff and close five of its manufacturing plants. The company said it employed 81,900 staffers at the end of 2008. The company already cut 4,700 jobs in 2008. MUCH MORE

Besides becoming an even larger monopoly, please note the closure of plants and job losses. When AT&T reached monopoly status (again…) when they merged with BellSouth and it cost Americans a staggering loss of 10,000 jobs. Wal-Mart, our largest monopoly, has forced the closure of how many stores and small businesses? The actual number may not be calculated, but the numbers are bound to be staggering and the resulting job losses make it almost necessary to shop at Wal-Mart if you want to survive in this economy. If that doesn’t meet the definition of a monopoly, nothing does.

Why should we care that these monopolies are being created? Number one, it’s against the law, and Presidents, when they take the oath of office, pledge to uphold our constitution and the rule of law. Presidents do not have the right to decide which laws to enforce, and all should be treated with equal respect to what were the core values of our nation. The danger that monopolies present is the lessening of competition, and when there’s little or no competition for any item or service, the price will be whatever the market can bear which is well demonstrated by the pharmaceutical companies. It’s end result is less jobs and higher prices for the entire public. The Pfizer/Wyeth merger is happening under the watch of Barack Obama. Why? He pledged to us that change was coming, and it is, the continued consolidation of corporations throughout the United States.

Consider the facts:

The Majority of US Corporations pay little or no taxes.

The government is using taxpayer money to bail-out tax cheats and those who actually helped to create this economic crash.

The majority of the people have been against bailing out the banks and financial institutions – but it’s happening anyway, contrary to the will of the people.

Hundreds of millions, perhaps billions, have been paid in executive compensation using TARP funds, YOUR MONEY – and we have no guarantees that it will stop.

Our anti-trust laws, which were used to break-up AT&T, are being ignored and in fact, appear to be given the green-light of the government to acquire more companies. (The below excerpt is from TARP Fund Restrictions Are Proposed in New Legislation. The legislation is being sponsored by House Financial Services Committee Chairman Barney representative a Democrat. The language in this one line has largely been ignored, especially by the MSM – and is so vague that it’s almost meaningless, which will likely allow wealthy corporations to become even larger. This is Taxation without Representation!

The “TARP Reform and Accountability Act of 2009″ (HR 384) would require quarterly reports from recipients on their use of TARP funds, restrict the use of TARP funds for acquisitions, and impose further limits on executive compensation. (Emphasis added) MUCH MORE

Please note that it does not rule out acquisitions, but “restricts” them. The term, in legalese, would appear to grant the Financial Stability Oversight Board the final decision whether or not a corporation can use public funds for acquisitions. With the knowledge that billions of dollars are being spent by lobbyists, we know from past experience(s) that those who have the most money are making the decisions – and I believe that Congress is being unlawfully influenced by lobbyists. If a corporation is in dire need of public assistance, why would they be allowed to use public money to grow larger? The proposed legislation also states that (the oversight committee can) “impose further limits on executive compensation.” Why is the government using any tax dollars – your money, under any circumstances to pay bonuses to wealthy CEO’s that already earn (sic) millions of dollars per year? This legislation is riddled with loopholes – and rather than being clear and concise in legislation that was designed to protect the public (sic), Representative Barney Frank has authored a Bill that if written properly, some inequities within the system would have been alleviated, but as it’s written, this Bill isn’t worth the paper it’s written on and purposely contains loopholes. Barney Frank has the experience and expertise to write iron-clad legislation, but instead of siding with the people, Mr. Frank has evidently succumbed to pressure from those who will be receiving further bailout funds.

To sum-up this essay, I cannot add to the excellent commentary I found on Scholars and Rogues early this morning. I believe the feelings expressed in the next two paragraphs are representative of a large segment of our population, and it rings of the truth – an honest commentary that describes the apparent thrust of our government in general. Further, when you go through the facts as presented above, please read the description of a word we all abhor – but exactly matches what is happening right before our eyes, and nothing but the combined efforts of every American feeling the pain of this recession/depression banding together can change; Sadly, I believe that it will become far worse before the public reacts appropriately – but it’s coming – and faster than any of could imagine. Another commentary on CNN today addressed the rising spate of violent, senseless crimes that seem to be growing by the day. People are depressed, destitute, and many are reaching their breaking point. If “we the people” don’t act soon, our future is bleak and uncertain. If we choose to remain complacent, one thing is certain – the country has been robbed blind, and after all of your money is gone, only one thing of value remains – and that’s your freedom.

Dear America: Thanks for the America. It was tasty. Signed, America

Posted on January 24, 2009 by Mr. Cargo

And whereas the last gasps of the 20th Century forced us to accept the meme, “Government’s job is to outsource everything to the private sector and let the private sector take care of you,” the Bush years gave a massive, shit-smeared thumbs-up to the private sector saying “Fu*k off, it’s not my job to take care of you, get your own” as its higher-ups took everything they could grab from their underlings and their government alike. The government’s job is now to drop bombs, provide a paycheck for life to our neutered politicians, cut welfare checks for rich people and force my generation, which from what I can see was largely left to raise itself, to shoulder the burden of supporting its Boomer parents (The “Me Generation” becomes the “Gimme Gimme Generation”) as they fight tooth and nail over that last delicious shipment of Tasty, Tasty America Bars™ that were once available in every corner market in Mayberry and West Mayberry alike. The private sector’s job is to take everything it can grab through your labor, your rigged retirement plan and whatever money the government can borrow on your signature to keep them in mink; and kick your ass out on the street the second you’re no longer–wait for it–tangibly and materially useful, immediately.

The best way I can put it based on my own personal experiences is that I have been cleverly brainwashed into believing that I am a waste of money and I deserve whatever scraps the higher-ups are willing to fart down onto me, and not a scrap more, as I bust my ass and endlessly, ultimately fruitlessly, clamor with the rest for their assurance that I am indeed worthy–not just of a paycheck–but of a good living. I get backed into a corner, it’s my own fault for not being someone else. My job goes overseas and I starve, I must not have been trying hard enough. My CEO runs off with my retirement and leaves me holding a portfolio full of worthless stock, well, sucks to be me. That’s Wall Street for ya. That’s what you get for trying to play that big, bad market casino like the big guns forced you to do. MUCH MORE

The Definition of Fascism:

Fascism is an authoritarian nationalist ideology focused on solving economic, political, and social problems that its supporters see as causing national decline or decadence.[1][2][3][4] Fascist governments typically seek to prepare a nation for armed conflict with other nations, to defend itself or to expand its state to allow for the growth of a nation.[5] Fascists aim to create a single-party state in which the government is led by a dictator who seeks unity by requiring individuals to subordinate self-interest to the collective interest of the nation or a race.[6][7][8] LINK

Fascist governments permanently forbid and suppress all criticism and opposition to the government and the fascist movement.[9] Fascist movements oppose any ideology or political system that gives direct political power to people as individuals rather than as a collective through the state (liberalism, democracy, individualism); is deemed detrimental to national identity and unity (class conflict, communism, internationalism, laissez-faire capitalism); may oppose major changes to government and other institutions that it proposes (conservatism) and that undermine the military strength and military ambitions of the nation (pacifism).[10][11][12] [13][14][15][16][17][18]

William Cormier

Update: When I wrote this article yesterday, I reported that 47,000 jobs had been lost in one day, although admitted I was having a hard time keeping-up with the deluge of jobs losses which were just being reported; yesterday is being called “Bloody Monday” by CNN, and unfortunately, by the end of the day, the job losses were far higher than I had originally stated:

Bloody Monday: Over 71,400 jobs lost

Seven companies announce massive job cuts in a scary start to the week.

By Julianne Pepitone, CNNMoney.com contributing writer

NEW YORK (CNNMoney.com) — The final week of January began with a bloodbath for the job market, as over 71,400 more cuts were announced on Monday alone. (Emphasis added)

More than 200,000 job cuts have been announced so far this year, according to company reports. Nearly 2.6 million jobs were lost over 2008, the highest yearly job-loss total since 1945.

“It’s all about the consumer, and the consumer’s been hit hard,” said Robert Brusca, chief economist at Fact and Opinion Economics. “It’s a vicious circle as weakness begets layoffs, which beget more spending weakness.” Much More

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