Michael Collins

"The last unemployment report said that for the first time in my lifetime, and I’m not young…we are coming out of a recession but job openings are going up twice as fast as new hires. And yet we can all cite cases that we know about where somebody opened a job and 400 people showed up. How could this be? Because people don’t have the job skills for the jobs that are open." President Bill Clinton, September 2010

Former president Clinton took the lead in selling the notion of "structural unemployment" - a gap between employer job requirements and inadequate skills on the part of workers. Clinton's sales skills are considerable. The thoroughly unsupported notion stuck in the minds of the corporate media and some business leaders.

Remember when all said those GM bail outs were not worth it? Remember when we said give them the money? Well, finally we're seeing some payback, which one sure cannot say about the Bank bail outs.

Here come the Banksters. It was not enough that so called financial reform is Swiss Cheese legislation, full of loopholes. What regulation is left, the banks are going after and seemingly with help from the Government.

Who is their biggest cheerleader? Why, Federal Reserve Chair, Ben Bernanke. From a regulation speech in Chicago:

No one’s interests are served by the imposition of ineffective or burdensome rules that lead to excessive increases in costs or unnecessary restrictions in the supply of credit. Regulators must aim to avoid stifling reasonable risk-taking and innovation in financial markets, as these factors play an important role in fostering broader productivity gains, economic growth, and job creation.

According to Reuters, Goldman Sachs is having a freak out over the Swiss Cheese Financial Reform bill.

Goldman Sachs Group Inc (GS.N) has just a few more months to put its stamp on the Volcker rule, and it is not wasting any time.

Michael Collins

You're headed for bankruptcy court tomorrow. It's been a long and difficult road. You and your husband both worked. You made decent money. Then your husband became ill. There was no sick leave because he worked for himself. His disability insurance had a six-month delay and only covered half of the lost income. That was all you could afford. (Image Wikimedia Commons)

His condition was critical and required medication three times a day at a monthly cost of $2500. Your company plan covered your husband but it didn't cover the medication because the insurance company termed it experimental. It was the sole option for the crippling illness according to the three specialists consulted.

Your husband contributed 40% of the family income. The loss was a big hit but you persevered. You couldn't sell the house, even if you wanted to. It was $150,000 upside down. There was no federal or bank program to relieve that burden. After four months of cashing in a modest 401(k), it became obvious that you couldn't make it. You needed relief and time for your husband to get well.

You consulted your accountant. On his advice, you decided to file for bankruptcy.