Many Americans have blamed business for the slow rate of jobs growth…..and for me they deserve all the criticism……it is all about their bottom line…..screw the country and especially screw the people……
Americans, all Americans, need to wake up to the fact they they, corporations, are NOT on the side of the people……they fund crap like the GOP and all the time they get corporate welfare….
we need to take this country back from sleazy politicians and fat cat bankers……who’s with me?
How American businessmen are ruining American business — and the U.S. economy – The Week.
This would have been the perfect gift for the country to give to its people on the joy of the season……start putting the thieves that work at banks in prison…….wishful thinking I know but at least one country has done the right thing…….(read on)…..
There has been lots of mumbling and grumbling about what the bankers were allowed to get away with when they caused the economic meltdown of 2008……..they have made obscene bonuses and still walk among us even after about 50% of the population lost lots of their coveted nest egg that they were depending on for a comfortable retirement….the American Dream was crapped on by the banks and the thieves they employ……some Americans have called for these crooks to be jailed for they basically robbed the population of their funds….but so far they got bigger bonuses and are not help responsible for their actions…….what to do…..what to do?
The small island country of Iceland has shown the world what should be done to these cons……
(Newser) – Iceland has done something highly unusual with some of the bank chiefs blamed for the country’s 2008 financial collapse: put them on trial and sent them to prison. Four former Kaupthing Bank bosses have been sentenced to between three and five years for market abuses relating to a deal where a Qatari sheikh bought a confidence-boosting stake in the bank with money that had been provided by the bank itself, the BBC reports.
Prosecutors said the loans, made soon before Kaupthing collapsed under massive debts, were made solely to boost the bank’s share price, reports Reuters. The bank’s former chief executive and chairman of the board received prison terms, along with one of its majority owners and the chief of its Luxembourg branch. The sentences are the heaviest Iceland has ever handed down for financial fraud, but prosecutors say a bigger case against Kaupthing is in the works
And that my friends is how you hold con artists responsible for their actions……America should follow suit….but NO…we fine them and let them return to the actions they were doing that caused the economic collapse……where is the logic here?
Here we go again…..and again…….
By now we all have had enough of the crap that Congress spreads……we can debate who is to blame…..but the truth is ………..WE ARE TO BLAME! By we I mean us voters that keep electing the same morons year after year and then we cannot understand what went wrong….
But while we are scratching our heads and bitching about those damn Dems or Repubs or the Tea Partyers the economy is losing ground quickly….and that cannot be a good thing no matter where you stand or who you listen to on the radio……
(Newser) – As lawmakers scramble to strike a last-minute deal that would allow the government to keep borrowing money, Fitch Ratings issued a shot across the bow this afternoon: It put the nation’s AAA on a “negative” watch, reports MarketWatch, meaning a downgrade is possible unless things get resolved soon. “The prolonged negotiations over raising the debt ceiling (following the episode in August 2011) risks undermining confidence in the role of the US dollar as the preeminent global reserve currency, by casting doubt over the full faith and credit of the US.” (Full text here.) The nation hits its debt-ceiling limit on Thursday. For the record, Fitch and Moody’s still have the US at the highest AAA rating, though Standard & Poor’s downgraded its rating during the 2011 crisis, notes Business Insider.
Pat yourself on the back….you have f*cked the country……and GOOD!
Day 14 and we are approaching the debt deadline…..do you know what extent that the damage will be?
Just what is there to look forward to if all the games breakdown?
What Should We Expect if the United States Defaults? | Center for American Progress.
We all have seen the news about the demise of Detroit….at least the filing for bankruptcy……but what solutions if any are there open to the city and the state?
Actually my first thought was….will the taxpayer be on the hook for the bankruptcy? But alas, I do not see the government stepping in to help Detroit. Why? Too many other cities are near the same situation as Detroit and a precedent cannot be set….no matter how good it would be……just cannot have the government involved in any bailout.
My first thought for a solution was mediation…….I would imagine that those on the Right would not like this because it would most likely include unions and we all know what the Right thinks about them……well the lies they believe……but mediation? What is mediation?
First, you identify the problem….get parties together and see what the biggest problem is for them both……then there is the information gathering phase where mediators accumulate as much info as possible on the two sides……next,identify the biggest problem…….move on to meeting with the two sides and let them voice their ideas and then move on to solving the problem.
I like this because both sides have an equal voice and an equal chance of success……probably not gonna work for Detroit…..the problem is money and there is NONE. So, this solution is out of the question…..
In today’s climate…the most obvious at least for Michigan, is the emergency manager, which has been used on numerous occasions by Gov. Synder….if you are not from Michigan may not know what an emergency manager is……but guess what? I will tell you…….!
An emergency manager can:
- Hire/fire local government employees
- Renegotiate, terminate, modify labor contracts with state treasury approval
- Sell, lease, or privatize local assets with state treasury approval
- Revise contract obligations
- Change local budgets without local legislative approval
- Initiate municipal bankruptcy proceedings
- Hire support staff
An emergency manager cannot raise taxes.
My guess is that the EM will push hard for the bankruptcy……..I do not see where this will solve Detroit’s problems.
In my opinion…..the EM is unconstitutional and undemocratic….any time that the elected reps are by passed by any government is, in my book…undemocratic….an outright assault on democracy…………..but since I do not live in Michigan I am not an expert….but if some one who does would like to comment…I am open to a debate…..
The solution is a hard one…..but eliminating the democratic solution is NOT the answer.
Have you heard enough about the royal larva about to be squirted out? Do I sound uncaring? I am! We fought a revolution so I do not have to be concerned with what the royalty is doing….and I exercise my right!
By now you have heard about the bankruptcy of the city of Detroit…….whether you got it from MSM or papers or gossip….the statement is true….Detroit is in deep doo-doo……but what happened to force this decision…..and there are many…….
Detroit’s bankruptcy may not have surprised many people—“this has been coming for ages,” one pained city worker tells the New York Times—but it does have everyone talking. What went wrong? What happens next? We’re glad you asked.
- Much of the problem stems from the decline in the auto industry, which, according to The Week’s timeline, began in the ’70s, when the gas crisis spurred interest in more efficient imports. But things really sped up around 2000. Since then…
- Unemployment has tripled, peaking at almost 28% in 2009. Today it’s at about 16%.
- Crime has spiked, with homicide rates now at historic highs, USA Today reports. Police take an average of 58 minutes to respond to calls.
- Many residents, particularly middle class ones, have fled in response; the city’s population has dropped 25% since 2000. That exodus has left 78,000 city structures abandoned.
- All of which has led to a 30% plunge in tax revenue over a decade.
- That’s made city services even worse. “There’s no way Detroit can afford to service 140 square miles anymore,” economist Eric Scorsone tells NBC News. “So for parts of the city if your streetlight’s out, they’re not going to fix it.” Indeed, 40% of the city’s streetlights don’t work.
- And hanging over the city are massive unfunded pension obligations, currently totaling $18 billion, or $25,000 for every resident. The city’s top two creditors are its General Retirement System and Police and Fire Retirement System, the Detroit Free Press reports.
- City officials have insisted that day-to-day city business will go on unimpeded; they’re free to use their cash on hand to fund public works.
- Detroit will get an automatic stay on all its bills and all lawsuits against it, though it’ll still have to pay secured creditors, according to USA Today.
- A judge will have to agree that things are bad enough to warrant bankruptcy. Assuming that happens, the city will craft a reorganization plan, hopefully with the support of creditors.
- That will surely involve cuts to pensions, something the unions are staunchly against.
- Whatever happens will be watched closely. “Everyone will say, ‘Oh well, it’s Detroit,'” Scorsone says. But “it’s the same in Chicago and New York and San Diego and San Jose. … They may not be as extreme as Detroit, but a lot of them face the same problems.”
Detroit is in deep doo doo…….but there may be a slight hiccup in the filing for bankruptcy…….for all you pseudo-constitutional wiz kigs…it could be…..wait for it…….unconstitutional!
One little snag emerged today regarding Detroit’s bankruptcy filing: A county judge declared the move unconstitutional and ordered the bankruptcy withdrawn, reports the Detroit Free Press. Judge Rosemary Aquilina also slammed the “rush to bankruptcy court” as unfair to the city’s pension boards, which were in the process of trying to block such a filing—in Aquilina’s own court. The judge said she’s worried that a federal bankruptcy judge, unbound by state law, will slash pensions, prompting this exchange:
- “We can’t speculate what the bankruptcy court might order,” said an assistant attorney general.
- “It’s a certainty, sir,” said Aquilina. “That’s why you filed for bankruptcy.”
The judge promised to make sure that President Obama sees her ruling, and she thinks he will make sure that existing pensions were honored. “I know he’s watching this.” Immediately after her ruling, the state’s attorney general filed an appeal with the Michigan Court of Appeals, reports the Detroit News. A quick decision is expected. It’s also possible that a federal bankruptcy judge will weigh in—even though the city filed for Chapter 9, a bankruptcy judge still must determine whether the city qualifies.
We can blame many things and most people do…..depending on your political orientation…..one of the most outstanding reasons at least in my mind is the……automobile! Kinda ironic, huh? And let’s not forget the American Dream also contributed…….I cannot wait for all the mental midgets that will take exception to this statement….I look forward to it! Basically, Detroit suffered from mismanagement and a victim of its own success.
Let me qualify my assertions. The auto industry made Detroit and most of Michigan…..it gave the people a good well paying job…..which in turn gave them more disposable income and that is where the American Dream kicks in….a house in the suburbs, 2 cars in the garage and a better life…….so basically, the auto made Detroit and is now killing it……..the people tool flight from the city in search of a better life and the auto made it possible…..so the auto help make them a better life and in turn they drove away from the city for the suburbs. Thus slowly but slowly the quality of life in the city began to worsen to the point it is today.
I listed many things that contributed to the decline of Detroit….but to me it was the auto that drove (pun intended) the final nail in its coffin……..once revenues decline any city, even yours, can face the music of decline.
Part 2 of this post will be the solutions….at least as I see them…….please be patient as it is a doozy of a problem….;it make take a couple of days before the post….
I enjoy a good conspiracy theory as well as the next guy…..I mean we have had good ones over the years….the Grassy Knoll, all the 9/11 stuff, ancient aliens caused the plague, and so on……I’m guessing that my readers have a few that they like over others…..like I said I good conspiracy is very entertaining.
Recently, I read one that made me chuckle aloud…….
(Newser) – Forget all those complicated economic explanations. The real reason for the financial crisis was simple: Bankers were doing too much coke, says a professor and former UK government drugs adviser. The drug made bankers “overconfident,” prompting them to take “more risks,” says David Nutt. Cocaine fueled their “culture of excitement and drive and more and more and more,” he says. It’s not Nutt’s first controversial statement, the Telegraph notes: He was fired from the government after saying ecstasy and horseback riding were about even, safety-wise; he’s also claimed that alcohol is more dangerous than heroin.
I wish I could say something clever, but this is beyond lunacy……thoughts?