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Obamanomics -- Bad news for America is bad news for 'Rats
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Lickin' Ass And Goin' Insane
Nov 16, 2009, 11:44:40 AM11/16/09
to
Obamanomics -- Bad news for America is bad news for 'Rats
http://www.examiner.com/x-29940-Long-Island-Independent-Examiner~y2009m11d12-Employment-Down-Stock-Market-Up-and-Wall-Street-is-Still-Perverted
On Friday of last week, we got the (un)employment figures from the US
Government BLS (Bureau of Labor Statistics) for the month of October.
The United States lost 190,000 jobs and the unemployment rate went up
from 9.9% to 10.2%. Total unemployed from table U-6 in the BLS report
(page 19), which is defined as "Total unemployed, plus all marginally
attached workers, plus total employed part time for economic reasons,
as a percent of the civilian labor force plus all marginally attached
workers" went from 17.0% to 17.5%. Some say that this is the real
unemployment rate.
The Reaction on Wall Street - Elation!
The Dow was up almost 75 points that day and a few days later it hit a
new high for the year.
My Reaction - Disgust!
But why, you may ask, would the market go up on a day when the country
received such bad news? This is a prime example of how the priorities
and culture of Wall Street have been twisted over the last century to
the point where the only thing that matters now is the bottom line.
And you may have no idea how accurately that last part of the
statement describes the revenue reports of many public companies these
last few quarters and the subsequent market gains. (I'll save that one
for another article.)
Now back to the perversion that is Wall Street. Allow me to
demonstrate, but first just a little background. How have the biggest
Wall Street firms made most of their money lately? Hint: it's not by
providing needed goods and services. It is by what is known as
proprietary trading, i.e. trading their own accounts with your money
which they borrow from the Fed at close to 0% interest. How is that
possible? Companies like Goldman-Sachs were able to get almost
overnight approval from our government to become bank holding
companies in order to get access to the Fed (taxpayer) funds.
So why did the market go up? The Federal Reserve has things set up
perfect for the Wall Street gang. The Fed has promised that interest
rates will stay low as long as is the economy is bad. So when we get
bad data, the market (Wall Street) is happy, nay overjoyed, at the
prospect of continued nearly free money to borrow in order to
speculate and make massive profits which are then paid out in the form
of fat bonuses to the top people at these firms. So don't worry, as
long as you stay unemployed your old 401k should be safe!
http://www.examiner.com/x-29940-Long-Island-Independent-Examiner~y2009m11d12-Employment-Down-Stock-Market-Up-and-Wall-Street-is-Still-Perverted
On Friday of last week, we got the (un)employment figures from the US
Government BLS (Bureau of Labor Statistics) for the month of October.
The United States lost 190,000 jobs and the unemployment rate went up
from 9.9% to 10.2%. Total unemployed from table U-6 in the BLS report
(page 19), which is defined as "Total unemployed, plus all marginally
attached workers, plus total employed part time for economic reasons,
as a percent of the civilian labor force plus all marginally attached
workers" went from 17.0% to 17.5%. Some say that this is the real
unemployment rate.
The Reaction on Wall Street - Elation!
The Dow was up almost 75 points that day and a few days later it hit a
new high for the year.
My Reaction - Disgust!
But why, you may ask, would the market go up on a day when the country
received such bad news? This is a prime example of how the priorities
and culture of Wall Street have been twisted over the last century to
the point where the only thing that matters now is the bottom line.
And you may have no idea how accurately that last part of the
statement describes the revenue reports of many public companies these
last few quarters and the subsequent market gains. (I'll save that one
for another article.)
Now back to the perversion that is Wall Street. Allow me to
demonstrate, but first just a little background. How have the biggest
Wall Street firms made most of their money lately? Hint: it's not by
providing needed goods and services. It is by what is known as
proprietary trading, i.e. trading their own accounts with your money
which they borrow from the Fed at close to 0% interest. How is that
possible? Companies like Goldman-Sachs were able to get almost
overnight approval from our government to become bank holding
companies in order to get access to the Fed (taxpayer) funds.
So why did the market go up? The Federal Reserve has things set up
perfect for the Wall Street gang. The Fed has promised that interest
rates will stay low as long as is the economy is bad. So when we get
bad data, the market (Wall Street) is happy, nay overjoyed, at the
prospect of continued nearly free money to borrow in order to
speculate and make massive profits which are then paid out in the form
of fat bonuses to the top people at these firms. So don't worry, as
long as you stay unemployed your old 401k should be safe!
zzpat
Nov 16, 2009, 7:00:14 PM11/16/09
to
On Nov 16, 10:44 am, "Lickin' Ass And Goin' Insane"
<KickinNamesTakesItInThe...@yahoo.com> wrote:
Companies like Goldman-Sachs were able to get almost
> overnight approval from our government to become bank holding
> companies in order to get access to the Fed (taxpayer) funds.
> So why did the market go up? The Federal Reserve has things set up
> perfect for the Wall Street gang. The Fed has promised that interest
> rates will stay low as long as is the economy is bad. So when we get
> bad data, the market (Wall Street) is happy, nay overjoyed, at the
> prospect of continued nearly free money to borrow in order to
> speculate and make massive profits which are then paid out in the form
> of fat bonuses to the top people at these firms. So don't worry, as
> long as you stay unemployed your old 401k should be safe!
<KickinNamesTakesItInThe...@yahoo.com> wrote:
Companies like Goldman-Sachs were able to get almost
> overnight approval from our government to become bank holding
> companies in order to get access to the Fed (taxpayer) funds.
> So why did the market go up? The Federal Reserve has things set up
> perfect for the Wall Street gang. The Fed has promised that interest
> rates will stay low as long as is the economy is bad. So when we get
> bad data, the market (Wall Street) is happy, nay overjoyed, at the
> prospect of continued nearly free money to borrow in order to
> speculate and make massive profits which are then paid out in the form
> of fat bonuses to the top people at these firms. So don't worry, as
> long as you stay unemployed your old 401k should be safe!
This is only partially true. While the fat cats get richer, their
stock also goes up and you can invest in that stock.
You have the information in front of you but all you can do with it is
bitch. Try making some money with it.
http://www.google.com/finance?q=Goldman-Sachs
If you'd have bought $5000 of GS at $59.20 earlier this year, you'd
have nearly $10,000 today.
So you can do one of two things...bitch or make money. You're a
republican, so you'll bitch...it's what Fox and Limbaugh tell you to
do so you can't help yourself.
But as soon a republican says he'll GIVE you another tax cut, you'll
vote for him, even if you know ever single penny of that tax cut comes
from money borrowed from your children and even if that tax cut
amounts to $10 a month.
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