The Economics and Politics of Ignorance

[PSPS]

The Economics and Politics of Ignorance: 4 Reasons Why Wall Street, Politicians, and the Mainstream Media Don’t Care About the American Middle Class.

Congratulations! We are now the future proud owners of $700 $810 billion in the most toxic, putrid, rancid, and horrific mortgages that humankind has ever encountered. On Friday as the Congress went through their Broadway-like charade of actually debating and acting like they care about middle America, the bill which was just rejected on Monday was passed even though the 451 page new Senate bill was essentially the 110 page bill that was rejected just earlier in the week. The market at one point was up 300+ points with only a few hours before closing. Where did the DOW end the day after we sold out America to Wall Street? Down 157 points. Why? Because after this anti-climatic Wall Street bailout the American people now need to confront the reality that their politicians, Wall Street, and mainstream media don’t give a damn about them. Why? I’ll give you 4 reasons.

Point #1 - Employment

First, if you were actually paying attention to some of the market fundamentals employment is still horrific. The data came out Friday morning but most people were glued to the bailout bill passage. September saw 159,000 jobs evaporate, the worst month in over 5 years and our 9th consecutive month of job losses:



In fact, not one single job has been created in 2008! We have lost a total of 760,000 jobs this year and given that we need about 150,000 jobs created each month simply to keep pace with our demographics, this is not a good trend. I was surprised in both the Presidential and Vice Presidential debates that no moderator even brought up this fact regarding employment. We have lost 760,000 jobs this year and the only question on the economy is about the $810 billion Wall Street handout? I have provided an extensive overview of the 451 page bill and if you spend the time to read it yourself, you will end up with a few questions at the end including, "how in the world does this help out the average American?" It doesn’t and the job picture is reflecting this and will continue to reflect this even after this Lotto jackpot was just won by Wall Street. In a way, maybe it is a blessing that it got passed. Why? Because after a few months Main Street is going to realize (if they don’t already) the politicians, pundits, and Wall Street all lied about this deal. It is not going to help. And what does help mean? They haven’t even specified how they are going to value nuclear waste mortgages yet we’ve just given them a blank check. Get ready for this next line, "we need MORE money or else!"

Much more at:
http://www.doctorhousingbubble.com/the-economics-and-politics-of-ignorance-4-reasons-why-wall-street-politicians-and-the-mainstream-media-dont-care-about-the-american-middle-class/

[panAmerican]

1. Look for other states and industries looking for bailout "loans" just like CA

It's only a matter of time. IMHO NJ is probably not too far behind in making requests. Gov Corzine is another Goldman alum, and he also managed to further put the state budget into the ground.

[blue97keet]

2. This is supposed to revive"confidence" in credit markets?

A reverse auction of toxic waste? Paulson and Bush looked like bank robbers leaving the scene of the crime after the signing.

[Hydra]

3. Didn't they though?

"Would you like a side of fries with your $700 Billion?"

[unblock]

4. "not one single job has been created in 2008"

careful, we're talking about aggregate numbers, here.

the company i work for has hired this year! :)

[Hydra]

5. "It's the employment, stupid!"

Everyone is talking about liquidity and more debt- how are we going to pay for that when people are using credit cards for the essentials?

This is pretty basic, and our leaders have to know this already. Why are they digging us deeper?

[OakCliffDem]

6. Kick