The Lobbyists are gearing up in hopes of obtaining more methods to flood the U.S. labor market with cheap, controllable foreign labor. The target is to include their agenda in the upcoming Comprehensive Immigration Reform legislation. As a result, we have been inundated with lobbyists lies, planted articles and even faux pas Congressional hearings, all geared to media spin the public. CEOs are even having summits, all to make sure they obtain more foreign labor so these businesses do not have to hire Americans.
Attorney General Eric Holder, the highest law enforcement officer in the land, said he cannot prosecute the big banks because that would endanger the global economy. This is an admission the world is run by the banks and not governments or the rule of law.
The Dow hit a record high yet for most of America this means little. While some fawn and fan over the high rise stock market, here are some stories that actually matter to real people with real lives.
There is another round of bad news for most Americans. A study shows the top 1% of America's rich captured 121% of the income gains for the two years after the 2007-2009 recession was declared over. U.C. Berkeley Economist Emmanuel Saez released his study Striking it Richer: The Evolution of Top Incomes in the United States early this month to much press. It truly is astounding. Gone is America's strong middle class where work was rewarded.
Payday loans have to be the poster child for exploiting the poor. People should never get a payday loan. Selling blood or begging in the streets is a better option. The Pew Chartable Trust has been on the warpath to expose these exploitive sorts of financial ripoffs which it turns out are quite the profitable business.
The United Kingdom's bond rating was just downgraded by Moody's from AAA to AA1, in part due to the U.K.'s austerity measures which repressed economic growth.
For once he's right. President Obama came out blasting against the upcoming sequestration as a major threat to the U.S. economy. He's right. These draconian cuts, $85 billion for FY 2013, will be enacted starting in March 2013 if Congress doesn't stop it. The CBO estimates this year's budget costs will cost the United States a full 1.5 percentage points of GDP.
Nowhere is the evidence of unbridled corporate greed stronger than in what the financial crisis did to the U.S. economy. The losses are staggering. Economic growth was killed to the tune of over $13 trillion. Homeowners lost a whopping $8.1 trillion in home values.
Wall Street is now winding their way through the swiss cheese loophole maze financial reform is. Remember credit default swaps, those deadly, bad math, bad computation derivatives which were behind the financial crisis?
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