CNN's The Buzz: Wall St. celebrates profits while national unemployment worsens

[brentspeak]

http://money.cnn.com/2009/10/21/markets/thebuzz/index.htm?section=money_mostpopular

Where are the %&@*!# jobs?
Repeat after us. There is no strong recovery without job growth. There is no strong recovery without job growth. Why does Wall Street not get that?

By Paul R. La Monica, CNNMoney.com editor at large
Last Updated: October 21, 2009: 2:08 PM ET

NEW YORK (CNNMoney.com) -- Is anybody out there hiring? Seriously. I'm not looking for a job but I'd like to know if any major corporations are actually looking to boost their headcount anytime soon. Do I hear crickets?

Investors are continuing to celebrate healthy third-quarter earnings reports in what's turning out to be a far less scary October than usual for stocks. But a lot of the better-than-expected profits are coming thanks to job cuts.

snip

Sun Microsystems (JAVA, Fortune 500) announced Tuesday evening that it was planning to cut 3,000 jobs -- about 10% of its total workforce -- while it waits for regulators to approve its sale to software giant Oracle (ORCL, Fortune 500).

snip

I hate to beat a dead horse here. Heck, I think this horse has already made a trip to the glue factory. But how can Wall Street remain in such a celebratory mood this earnings season when http://money.cnn.com/2009/10/06/markets/thebuzz/index.htm?postversion=2009100612">all signs point to more job losses and rising unemployment as far as the eye can see?

[RainDog]

1. We're at stock market crash levels of inequality

someone posted this link on another thread (sorry to not credit exactly but please id yourself) about riots, rebellion and more as the consequence of current circumstances.

the author notes that SINCE 1980 the middle class has been dealing with the MASSIVE redistribution of wealth from the middle class to the rich.

FDR was the reason there was no revolution in the U.S. when this same wealth inequality existed. Democrats, it is time to step up and LEAD this nation out of this mess.

The Republicans are totally discredited. The ONLY reason, apparently, that Democrats will not lead is that they are not Democrats. Republicans have destroyed this nation by deregulation and tax breaks for the rich.

It is time to fix this nation.

FUCK THE REPUBLICANS.

[OhioChick]

2. K&R n/t