Andre Damon
A new batch of economic figures released this week confirms a renewed economic downturn, amidst an intensified assault on jobs and living conditions internationally. The Organization for Economic Cooperation and Development (OECD) said the gross domestic product of its member countries grew by only 0.2 percent in the second quarter of this year, dropping from 0.3 percent in the first quarter. Growth has slowed for four consecutive quarters, hitting the lowest level in two years.
In the United States, Bank of America announced thousands of layoffs earlier this month. The company has come under renewed pressure, with its shares falling more than 40 percent since the beginning of the year. In what appears to be an emergency effort to shore up the bank, Warren Buffett, the multibillionaire financier, said Thursday he would buy $5 billion of newly issued Bank of America stock. The move echoes a similar action on the part of Buffett in 2008, when he invested in Goldman Sachs and General Electric at the height of the financial crash. Such a move, motivated by the overriding concern of the Obama administration to defend the wealth of the financial aristocracy, would do no more to resolve the crisis than previous such measures. On the contrary, it would only further undermine the credibility of the dollar, intensify national divisions, and set the stage for even greater attacks on the working class.
In the United States, Bank of America announced thousands of layoffs earlier this month. The company has come under renewed pressure, with its shares falling more than 40 percent since the beginning of the year. In what appears to be an emergency effort to shore up the bank, Warren Buffett, the multibillionaire financier, said Thursday he would buy $5 billion of newly issued Bank of America stock. The move echoes a similar action on the part of Buffett in 2008, when he invested in Goldman Sachs and General Electric at the height of the financial crash. Such a move, motivated by the overriding concern of the Obama administration to defend the wealth of the financial aristocracy, would do no more to resolve the crisis than previous such measures. On the contrary, it would only further undermine the credibility of the dollar, intensify national divisions, and set the stage for even greater attacks on the working class.
Money grubbers and robbers coming from every direction to pick you clean.
ReplyDeleteThe American Red Cross President and CEO Marsha J. Evans Salary for the year was $651,957 plus expenses.
The United Way President Brian Gallagher receives $375,000 base salary along with numerous expense benefits.
UNICEF CEO Caryl M. Stern receives $1,200,000 per year (100k per month) plus all expenses including a ROLLS ROYCE
Less than 5 cents of your donated dollar goes to the cause.
The American Red Cross President and CEO Marsha J. Evans Salary for the year was $651,957 plus expenses.
ReplyDeleteThat's disgusting, is there no shame any more?
The red cross once provided dole money for Mrs patriot Dole herself .
ReplyDeleteHer and hubby had a nice multiple income tax free thing going for while.
That ensured that the Democrats kept their snouts out of that trough ,after all they have most of the Trade Unions money tied up .
fairs fair.
Its a 2 pig party democracy after all .charities and foundations included .
Families are going hungry to pay the mortgage for fear of becoming homeless. Check out his story.
ReplyDeletehttp://www.independent.ie/national-news/families-in-modern-ireland-skip-food-to-pay-the-mortgage-2859883.html
Charity begins at home and ends when a stranger, a paid stranger knocks on your door or rings on your phone. Help others, don't pay others to do it for you, because they won't.
ReplyDeleteThis whole site is one hugh crock of shit. Things have not changes ONE BIT since the crash of '08. There are still plenty of jobs, building going on, money being spent. We never really had a blip of what everyone else claims is so bad. This whole depression thing is just a bunch of fear mongering, or a plan by the website owner to get rich quick.
ReplyDeleteComing Depression my foot. It never has been coming and this site is going.....to fall by the wayside.
It's a nice day here in the Midwest. Think I will take the 30 foot go fast out for a cruise on the lake. Yes, the lake with several hundred million dollar plus homes. If we were in a depression then I would see more for sale signs and no boat traffic. Just another way I can prove this whole thing is WAY overblown.
9:29 sadly you are correct. Please remember there is a very small minority of us who wish it was much different but living in a clandestine empire means individuals have zero say. Not all of us are mind numbed 30's Germans.
ReplyDelete1:36 sadly you are an idiot and your day is coming.
The same troll was babbling about cruising around in his boat a few months back. A troll living in his mom's basement. I hope mommy has all her savings in stocks.
ReplyDeletedoes seem what we allowed, did, has come back to haunt..but what about..oh ireland or greece, dubai, iceland, japan..bombing runs led by ireland? or greece the largest exporter of the ways of mass media? no, yet they fall also. hmm..maybe it's the world over, not american centric, maybe america has become just another world kingdom, all doing respective ills, all steeped in corruptions of heart and actions, all involved with worshipping mammon according to their means and creating derivatives, all falling down together now. corruption of hearts and minds played out in actions doesn't recognize borders and is worldwide.
ReplyDelete9:29 AM ;
ReplyDeleteBilly Boy honey, come on up from the basement, dinner is ready, would you please wash you hands before you eat. Oh and don't forget to turn off the computer, you know how your father hates you wasting electricity.
1:36 PM; Oh and tell your little brother to turn off the TV and come up for dinner. Afterwards i want you both to do your homework!
ReplyDeleteDo you understand me Junior?
9:29 is just another in a long litny of eggsucking blowhards that cannot come to grips with the real truth. That real truth is that this country created more real wealth in the last 125 years than all other societies of all previous generations
ReplyDeleteCOMBINED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
It may well sink into oblivion tomorrow; it may continue on for another 200 years - nobody knows the future; nobody.
But these mindless idiots forget all of history and are consumed that the USA has done so well; against all odds. They forget about human atrocities that numb the researchers mind; like
Attila, Ivan the terrible, Stalin in same country, Chinese mao, Mobuto of the Congo, Behlavi in Iran, Bin Ali in Tunisia the spaniards and the americas the holy roman empire, the persians; Hitler- hell the list goes on for days and days and the crimes they committed make whatt the USA has done look like a girl scout convention.
If you cannot come to grips with how the human machine works and has worked since the beginning of time and will continue to work tomorrow and the next day; perhaps you should get into a new line of endeavor.
Selling girl scout cookies perhaps?
6.43 who has no real idea of material wealth creation, says ,or wanks on in typical amerikanist economist style:
ReplyDelete"That real truth is that this country created more real wealth in the last 125 years than all other societies of all previous generations
COMBINED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
But then says :
"It may well sink into oblivion tomorrow;"
That is because consumption of past wealth on credit is not really new wealth creation.
In the last decades under the military backed dollar hegemony system American "wealth creation" was exporting trillions of dollars worth of paper dollars and sub-prime and other dud bond paper claims on american future wealth ,claims on america,that were exported to the rest of the world.
Financing consumption and fueling the credit driven property bubbles.
If america ,the consumer of wealth on credit society truly was still a wealth creating society ,not a BANKRUPT ponzi of fictional values and money printing has been ,
how could that "oblivion " be possible?
Only fictional/paper fake wealth can disapear.
For the last few decades de-industrialied america created and counted its paper wealth in shares and bonds and property bubble values
and sold credit claims against future wealth and called that GD"Production" ,while real material wealth production was shifted to the third world .
Government wars and subsidies for empire war industries ,financed by treasury bonds ,that is claims against future government tax revenues have reached their ponzi limits too.
When a ponzi runs out of puff/credit it is difficult for ordinary amerikan dreamers to even buy girl scout cookies with food stamps, or pay for fuel for the car ,let alone the 30 foot runabouts of the macmansion seeking still better off .
But capitalists and Marxists now agree that there is no point investing in american industry or expoiting future american workers as the marxists would say ,when there is no profit that can be got in wealth production now that the credit supply has run out
10:35 just think beyond your hate for a minute and ponder this, "What ever happened to all the gold the spanish took out of the americas ?" 'WEALTH' not used is worthless and any type can just disappear. I'm not trying to defend those people who lived their lives on the credit bubble but you are such a spiteful person that I had to raise my pimpin' hand.
ReplyDeleteOne can measure wealth in a myriad of ways; but any way you slice it - 6:43 is correct.
ReplyDeleteAnd it is; as we've all seen; far, far from perfect
The fact remains however; it is the greatest
wealth building machine ever seen
by ANY measure
And yes; all good things do come to an end - and that end just may be tomorrow - who really does know?
One other point; after all is said and done; at the end of the day today - where is the better place on this earth????
Anybody ???????
Where ?????????
Give me ONE place
You cannot and I rest my case