It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Wall Street’s approach to the poor has always been to drive them deeper into the ground.
As there is no money to be made from the poor, Wall Street fleeces them by yanking away their entitlements. It has always been thus. During the Reagan administration, Wall Street decided to boost the values of its bond and stock portfolios by using Social Security revenues to lower budget deficits. Wall Street figured that lower deficits would mean lower interest rates and higher bond and stock prices.
Republicans have extraordinary animosity toward the poor. In an effort to talk retirees out of their support systems, Republicans frequently describe Social Security as a Ponzi scheme and "unsustainable." They ought to know. The phony trust fund, that they set up to hide the fact that Wall Street and the Pentagon are running off with Social Security revenues, is a Ponzi scheme. Social Security itself has been with us since the 1930s and has yet to wreck our lives and budget.
After the latest crisis brought on by Wall Street’s dishonesty and greed, trusting Wall Street to manage anyone’s old age pension requires a leap of faith that no intelligent person can make.
Wall Street has got away with its raid on the public treasury. Now, pockets full, it wants to pay for the heist by curtailing Social Security and Medicare. Having deprived the working population of homes, jobs, and health care, Wall Street is now after the elderly’s old age security.
High-paying manufacturing jobs are rapidly disappearing, only to be replaced by low-paying, and oftentimes menial, service sector jobs that produce absolutely nothing of value, according to the U.S. Labor Department’s 2009 Occupational Employment and Wages report.
The report found that retail sales, cashiers, general office clerks, food preparation and service workers, and nurses were the occupations with the highest levels of employment in 2009.
In fact, nine of the top 10 jobs in the survey pay such low wages that they put a worker supporting a family of four in near poverty.
The bailout means nothing. Everyone still lost everything. The economy just didn't implode and we are propping it up while we sell off pieces (as we have already done).
Originally posted by GreenBicMan
reply to post by Vitchilo
At least you guys are "green friendly". That is priceless in my book.
...the “President’s Working Group on Financial Markets” is manipulating all markets,
but particularly the gold and silver markets.
It won’t be long, within two weeks that a class action lawsuit,
one of many by silver owners, will be filed against JPM Morgan Chase
for manipulating the silver market. That should get Wall Street’s and
Washington’s attention. This kind of suit is very difficult to defend against.
Like Barrick Gold not many years ago, they admitted taking direction from
the US government for hedging in the gold market, so will Morgan defer to
the US government to explain their actions. Irrespective, Morgan will lose
and the manipulation of the silver market and probably the gold market will end.
Originally posted by Vitchilo
Hendry: 'I Would Recommend You Panic'
In this widely watched BBC video, Hugh Hendry of hedge fund Eclectica Management recommends the world panic over the ongoing European debt crisis and then the group debates whether perpetual bailouts and a much longer slowdown are preferable to a real purging of the system and a much shorter recession that would also see major reforms.
At about the 3 minute mark, you’ll hear Hendry call for the system to be purged,
Let’s take on a recession. It’s going to be tough. People are going to lose their jobs. They’re going to lose their jobs anyway. We can spread this over 20 years or we can get rid of it over 3 years.
I'm pretty sure he won't be on CNBC anytime soon!
France warns on credit rating
France admitted on Sunday that keeping its top-notch credit rating would be "a stretch" without some tough budget decisions, following German hints that Berlin may resort to raising taxes to help bring down its deficit.
Euro zone trade unions are preparing for possible confrontations in the coming week if governments impose austerity measures or labor reforms unilaterally.
Good luck to do that. Unions are really strong, especially in France.
Originally posted by DangerDeath
Another dead frog leap today, eh?
It seems that the market has plugged the leak.
Gov. David Paterson said Tuesday he's putting together a plan that would lay off thousands of state government workers at the beginning of next year to help balance the state budget.
Paterson said he'll direct state agencies to begin picking positions that could be eliminated starting Jan. 1.
That date marks the expiration of a no-layoffs pledge Paterson gave public employee unions last year in exchange for an agreement to reduce pension costs. It would also be the day he leaves office. A final decision on layoffs would fall to his successor.
"It's the only way we're going to get $250 million in work force reductions from public employees. ... We are in the elementary stages of establishing a plan," Paterson said. "The reality is right now it takes a long period of time to schedule the layoffs. I want this ready to go for the next governor."
In an effort to control the message and release what it says is accurate information about the Gulf Coast oil spill, the Obama administration will no longer do joint briefings with BP, senior administration officials said Monday. Instead, all briefings will come from the administration's point man on the disaster, Adm. Thad Allen.
The move comes amid growing concerns from the White House that BP is delivering inaccurate information and not being transparent, the officials said.
According to one official, the last straw was Saturday, when they say BP officials downplayed the possibility that the amount of oil flowing could actually increase from BP's latest strategy to cut the pipe and cap the leak. Carol Browner, Obama's assistant on energy and climate change, has said the flow of oil could increase by as much as 20 percent when the riser is cut.
The euro has been down so long, maybe there is no place for it to go but up?
The seasonally-adjusted unemployment rate across the 16-nation euro zone rose to 10.1% in April from 10% in March, the European Union statistics agency Eurostat reported Tuesday. Economists had expected the rate to hold steady at 10%.
Greece will sell 49 percent of state railway OSE and 39 percent of Hellenic Post but will maintain its stakes in telecoms company OTE and utilities PPC unchanged, ministers said on Wednesday.
The cash-strapped government will also sell 23 percent of Thessaloniki Water utility EYATH and fully privatize casinos, the ministers told a news conference.
Citigroup's CitiFinancial unit will shut 330 of its U.S. branches and cut between 500 and 600 jobs, in an effort to cut costs at the business and make it more attractive to potential buyers.
Citigroup said on Tuesday that it would shut about 18 percent of CitiFinancial's 1,833 U.S. branches and stop making loans at another 182 branches.
“However, the performance of our credit ratings for U.S. residential mortgage-backed securities and related collateralized debt obligations over the past several years has been deeply disappointing,” he said. “Moody’s is certainly not satisfied with the performance of these ratings.”
Moody’s, Standard & Poor’s and Fitch Ratings face scrutiny by Congress and state insurance regulators after assigning top grades to U.S. subprime-mortgage bonds just before that market collapsed in 2007, sparking the financial crisis. Moody’s said last month it may be sued by the U.S. Securities and Exchange Commission for filing false and misleading descriptions of its credit-ratings policies.