Ohio lost 112,500 jobs due to trade with TPP countries (In 2015 alone)

[think]

Ohio lost 112,500 jobs due to trade with TPP countries (graphic): EPI

By Olivera Perkins, The Plain Dealer on March 03, 2016 at 7:00 AM, updated March 03, 2016 at 7:50 AM

CLEVELAND, Ohio – Ohio lost 112,500 jobs in 2015 resulting from the United States' trade deficit with countries that are part of the Trans-Pacific Partnership agreement, according to an analysis by the Economic Policy Institute.

That places Ohio sixth, in terms of the percentage of jobs lost to trade with TPP countries, among the 50 states and the District of Columbia ranked in the report released Thursday by the liberal Washington, D.C.-based think tank. The lost jobs represent nearly 2.2 percent of employment in Ohio, according to the analysis.

The total number of lost jobs includes those directly and indirectly impacted by the trade deficit with TPP countries. It also includes the number of jobs EPI says would have been created through the multiplier or "respending effect" had trade with those countries been more balanced.

The TPP is a free trade agreement between the United States and 11 partnership countries, including Canada, Mexico, Japan, Singapore and Malaysia. While the countries have reached final agreement on the trade accord, it probably will not go into effect for several months. The agreement must clear several hurdles, including final ratification by Congress

The trade agreement's opponents, who include many unions, say TPP will lead to job loss. The EPI analysis supports such a viewpoint. Among the factors that would encourage job loss is currency manipulation, which "occurs when a country artificially depresses the value of its currency," according to the analysis, which was co-authored by Robert E. Scott, a senior EPI economist and director of trade and manufacturing policy Research.....

Full article:
http://www.cleveland.com/business/index.ssf/2016/03/ohio_lost_112500_jobs_due_to_t.html

[Octafish]

1. The few new jobs work to put even more money in even fewer pockets.

Ask Larry Summers:

Larry Summers and the Secret "End-Game" Memo

Thursday, August 22, 2013
By Greg Palast for Vice Magazine

EXCERPT...

The year was 1997. US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks. That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks. It was like replacing bank vaults with roulette wheels.

Second, the banks wanted the right to play a new high-risk game: "derivatives trading." JP Morgan alone would soon carry $88 trillion of these pseudo-securities on its books as "assets."

Deputy Treasury Secretary Summers (soon to replace Rubin as Secretary) body-blocked any attempt to control derivatives.

But what was the use of turning US banks into derivatives casinos if money would flee to nations with safer banking laws?

[font color="green"]The answer conceived by the Big Bank Five: eliminate controls on banks in every nation on the planet – in one single move. It was as brilliant as it was insanely dangerous. [/font color]

CONTINUED...

http://www.gregpalast.com/larry-summers-and-the-secret-end-game-memo/

Thank you, think, for the heads-up on EPI. These WTO trade agreements only serve Oligarchs and Fascists -- or at least that's what the record shows.

[think]

3. The banks are a big part of the TPP. Citigroup paid the current Trade Rep $4 mil when he left Citi

to join the Obama administration and preside over the TPP negotiations.

Wall Street Pays Bankers to Work in Government and It Doesn't Want Anyone to Know
By David Dayen - Feb 4th 2015

Citigroup is one of three Wall Street banks attempting to keep hidden their practice of paying executives multimillion-dollar awards for entering government service. In letters delivered to the Securities and Exchange Commission (SEC) over the last month, Citi, Goldman Sachs and Morgan Stanley seek exemption from a shareholder proposal, filed by the AFL-CIO labor coalition, which would force them to identify all executives eligible for these financial rewards, and the specific dollar amounts at stake. Critics argue these “golden parachutes” ensure more financial insiders in policy positions and favorable treatment toward Wall Street.

“As shareholders of these banks, we want to know how much money we have promised to give away to senior executives if they take government jobs,” said AFL-CIO President Richard Trumka in a statement. “It’s a simple question, but the banks don’t want to answer it. What are they trying to hide?”
~Snip~

U.S. Trade Representative Michael Froman received over $4 million in multiple exit payments from Citigroup when he left for the Obama Administration.

~Snip~

http://www.newrepublic.com/article/120967/wall-street-pays-bankers-work-government-and-wants-it-secret

More on Michael Froman:
https://ustr.gov/about-us/biographies-key-officials/united-states-trade-representative-michael-froman

Thank you Octafish as always for your input.

[Octafish]

4. The New Triad

Leg One: Banksters
Leg Two: Regulators
Leg Three: Wall Street

Hop from one leg to another and back again, always doing what's best for the Owners.

Froman's got Dual Citizenship: Wall Street and Washington.

Geithner, in other words, is hired to head the U.S. Treasury by an executive from Citigroup — Michael Froman — before the ink is even dry on a massive government giveaway to Citigroup that Geithner himself was instrumental in delivering. In the annals of brazen political swindles, this one has to go in the all-time Fuck-the-Optics Hall of Fame.

http://blogs.reuters.com/felix-salmon/2009/12/11/michael-froman-and-the-revolving-door/

What the TARP Inspector General said:

Neil Barofsky Gave Us The Best Explanation For Washington's Dysfunction We've Ever Heard

Linette Lopez
Business Insider, Aug. 1, 2012, 2:57 PM

Neil Barofsky was the Inspector General for TARP, and just wrote a book about his time in D.C. called Bailout: An Insider Account of How Washington Abandoned Main Street While Rescuing Wall Street.

SNIP...

Bottom line: Barofsky said the incentive structure in our nation's capitol is all wrong. There's a revolving door between bureaucrats in Washington and Wall Street banks, and politicians just want to keep their jobs.

For regulators it's something like this:

[font color="green"]"You can play ball and good things can happen to you get a big pot of gold at the end of the Wall Street rainbow or you can do your job be aggressive and face personal ruin...We really need to rethink how we govern and how regulate," Barofsky said.[/font color]

CONTINUED... http://www.businessinsider.com/neil-barofsky-2012-8

...For those with integrity, along for the rest of us, it's Austerity Time. Again.

Thank you for standing up to Them, think! The Oligarchs hate it when we act like it's a Democracy.

[think]

5. The statement from the TARP Inspector General sums up the rigged game nicely.

thanks for the additional sources and quotes. Quite enlightening.

It's unfortunate that we've gotten to this point. Hopefully people are beginning to see & understand what is happening behind the veil that shrouds the corporate governmental collusion that is at the heart of the corruption affecting America....

[djean111]

2. I love that little tiny space between "no, the TPP won't cause job losses" and "so what, you deserve

to lose your jobs" - sometimes in the same TPP-shilling reply.
it's coming soon to an OP near you!

No votes or support for anyone who votes for these thing, voted for Fast Track, or shilled for any of it. Not from me, not from my family - and when an employee of the large grocery chain I shop at asked me (quite unexpectedly) if I have heard about the TPP and how bad it is - I said yes. And - I told him which primary candidate enthusiastically shilled for it, and which one opposed it.

Turns out he is voting for Bernie anyway, but he will pass that information on, in conversation, in the break room, at home.

[2naSalit]

6. K&R!!!!

[marmar]

7. TPP Spin Control has been alerted.......

..... someone will be along shortly to offer up a flimsy counter-argument.

[IDemo]

9. This land is my land, this land ain't your land...

[bhikkhu]

8. There may be some creative accounting in that figure

as Ohio added jobs in 2015, its total employed number increased, its total unemployed number decreased, and its unemployment rate decreased.

If 112k jobs were added, Ohio would have an unemployment rate of 2.6% or so, a lower rate than its ever had historically and lower than any state currently. I think it unlikely that if trade were ended with 11 countries Ohio would have undergone a transformation - some very large economic assumptions there.

Not to defend trade agreements in general, but I think the "think tank" may be cooking the books a bit to come up with talking points, as those kind of organizations tend to do.

[nationalize the fed]

10. k&r

Can a nation be considered a "superpower" if it can't make clothes or furniture?

This is treason of the highest kind.

The American people deserve plenty of blame for re-electing those who would sell out the manufacturing base. Ross Perot was exactly right. But he was mocked and ridiculed by the Al Gore's and the Clintons. Because Wall Street is where the money is.

Meanwhile, the US Taxpayer spends $43 million dollars on a single gas station in Pakistan. It doesn't get more disgusting than this.

Shame on the US. Thanks to Bernie for not selling out when it comes to the TPP.