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Wall Street actively discouraging companies from hiring? Class Warfare, by any other definition...
I hope everyone reads Robert Reich's latest offering from up in the balcony at the TPM Cafe.
Particularly THIS very important passage:
"Wall Street analysts are happy with Ford's "commitment to keeping capacity in check," according to the Wall Street Journal. Ford shares rose 5.2 percent Friday. "Keeping capacity in check" is the Street's way of saying "no new hiring." In fact, the Street is advising investors to sell the stocks of companies that talk openly of expanding capacity." (my bold)
It is just more proof that there really is a class war going on in the U.S. between the rich and the middle class, and the rich are the aggressors.
Which has never really been in doubt, but listening to the likes of Grover Norquist or Dick Cheney talk, one would think the wealthy class is under siege, why those poor old rich folks just don't know where their next dividend check will come from...
My only question, are they so determined to raise their total percentage that they are willing to gamble with the future itself, to the point they would rather see it all collapse than surrender the smallest share to the very people who created that wealth in the first place? Isn't it in the best interests of the wealthy class to give resources to that American middle class consumer machine that heated up the global economy in the first place?
Why WON"T they use some of their increased wealth to help the Main Street economy get back on track? Is this some cosmic merchant-of-venice curse, they want the authority more than they do the profit? Is their pound of flesh worth more to them than their own future?
Are they that desperate to call themselves "Master?"
Particularly THIS very important passage:
"Wall Street analysts are happy with Ford's "commitment to keeping capacity in check," according to the Wall Street Journal. Ford shares rose 5.2 percent Friday. "Keeping capacity in check" is the Street's way of saying "no new hiring." In fact, the Street is advising investors to sell the stocks of companies that talk openly of expanding capacity." (my bold)
It is just more proof that there really is a class war going on in the U.S. between the rich and the middle class, and the rich are the aggressors.
Which has never really been in doubt, but listening to the likes of Grover Norquist or Dick Cheney talk, one would think the wealthy class is under siege, why those poor old rich folks just don't know where their next dividend check will come from...
My only question, are they so determined to raise their total percentage that they are willing to gamble with the future itself, to the point they would rather see it all collapse than surrender the smallest share to the very people who created that wealth in the first place? Isn't it in the best interests of the wealthy class to give resources to that American middle class consumer machine that heated up the global economy in the first place?
Why WON"T they use some of their increased wealth to help the Main Street economy get back on track? Is this some cosmic merchant-of-venice curse, they want the authority more than they do the profit? Is their pound of flesh worth more to them than their own future?
Are they that desperate to call themselves "Master?"
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Like that TARP fellow who calls for cuts in Social Security.
I don't get it.
We have heard the message clear as a bell. THEY DON'T GIVE A DAMN!!!
July 27, 2010 4:25 PM | Reply | Permalink
Isn't it in the best interests of the wealthy class to give resources to that American middle class consumer machine that heated up the global economy in the first place?
Ah, but there are greener pastures in the offing.
July 27, 2010 4:52 PM | Reply | Permalink
Thanks Ellen
July 27, 2010 7:07 PM | Reply | Permalink
There is a provision in the Finance Reform bill that mandates that there be a hiring requirement for women and minorities....The fact that they are not hiring is no surprise--they are sitting on $2 trillion in cash --big corporations that is...Shameless fools.
Further destroying the middle class:
Deficits/Taxbreaks and the truth:
Please read this article..great graphs and stats...! http://www.cbpp.org/cms/index.cfm?fa=view&id=966
July 28, 2010 1:07 PM | Reply | Permalink
Of course they are. Ever since the "recovery in profits" started they've been driven by cost-cutting, not increased sales. There's a domestic demand shortage and no appetite at all to give people the money they need to spend.
Of course, giving people that money is the government's job. And the government blew it.
July 27, 2010 5:10 PM | Reply | Permalink
No, it's not the governments job. It's the people's job. You want money, work. It's that simple. Can't find work? Start your own business. This idea that companies are welfare agencies that employ people out of charity is insane. As people demand higher and higher wages and benefits, they are replaced with machines or outsourced to cheaper locations. Or the company goes broke. People who complain about outsourcing have no problems buying the cheapest product on the shelf. If there was an advantage to being made here, it would be made here. If there is not, it will not. It's that simple.
July 28, 2010 2:30 PM | Reply | Permalink
If you progressives really want to piss off Wall Street get your phony baloney Democrats in Congress to support the following measures:
1. Secure the Border with the National Guard.
This will shut down all those Mexicans coming up North and competing for low wage jobs, these same jobs would actually increase in pay once the Border is secure.
2. Put an immediate moratorium on immigration along with foreign worker and student VISAs.
This will open millions of high paying technical and professional jobs to US Citizens and reduce the cost of college education because Colleges would have to complete for American students only.
3. Slap tariffs on everything coming out of China heading into the USA.
This will bring back the manufactering base back the the U.S where it belongs and force China to float their currency on the open market to help pay off our national debt.
These 3 measures would guarantee an American economic recovery the US has never seen before and fueled by increase in jobs and wages.
p.s. Don't hate me because I'm brilliant, hate me because I'm right.
July 27, 2010 5:40 PM | Reply | Permalink
your brilliance is all in your mind...
yours and yours alone.
Like most dim bulbs, you are compelled to mention it, as if to prove it to yourself.
July 27, 2010 5:50 PM | Reply | Permalink
Never mind me, what about the measures for an American Economic Recovery?
July 27, 2010 5:54 PM | Reply | Permalink
Lookout, they're shooting the messengers these days.
JEP07 has a good question, except questions are easy.
How about some solutions, before it is too late.
Maybe a good solution would be bring the troops home and mind our own business. What is our business?
Posted elsewhere
Thomas Jefferson knew it when he wrote, "Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gain." Mayer Amschel Rothschild knew it when he said, "Give me control of a nation's money and I care not who makes the laws." William Henry Vanderbilt knew it when he said, "The public be damned." Businesses know it when they use every possible ruse to avoid paying taxes, they know it when they offshore jobs and production, they know it when the engage in war profiteering, and they know it when they take no sides in wars, caring not an iota who emerges victorious. IBM, GM, Ford, Alcoa, Du Pont, Standard Oil, Chase Bank, J.P. Morgan, National City Bank, Guaranty, Bankers Trust, and American Express all knew it when they did business as usual with Germany during World War II. Prescott Bush knew it when he aided and abetted the financial backers of Adolf Hitler.
http://www.silverbearcafe.com/private/07.09/oligarchy.html
July 27, 2010 7:15 PM | Reply | Permalink
No, that would be a 'Great' solution, saving us trillions of dollars and untold American lives from propping up phony Democracies with Sharia Law embedded into their Constitutions.
We would also need to return our troops HOME from being station in overseas bases and close these bases down ASAP.
But my earlier posted solutions are sound and need to implemented right away to start the American Economic Recovery.
July 27, 2010 7:50 PM | Reply | Permalink
last word?
July 27, 2010 11:15 PM | Reply | Permalink
taxing the wealthy is good for the wealthy...
July 27, 2010 11:16 PM | Reply | Permalink
How?
July 28, 2010 3:56 PM | Reply | Permalink
See Smoot - Hawley for a rebuttal to your trade idea. It's been tried before, it results in disaster.
July 28, 2010 2:11 PM | Reply | Permalink
Different time, different disaster!
The were almost 123 million people living in America in 1930, we have close to 310 million now, meaning our manufacturing base should be able to produce enough goods and service to meet the needs of our growing population without foreign capital or investment. There is no reason why we can't be self sufficient again.
The increase in tariffs would be beneficial to our US economy and job growth along with reducing our foreign debt, not to mention force US capital and manufacturers overseas to relocate back to America.
The current course we are on is certainly heading us right into a giant iceberg and make no mistake like the Titanic we are surely going to sink and hit bottom, it's only a matter of time.
I'm sure my solutions would put us on a safer course, if not a more prosperous one, so vote for me!
July 28, 2010 3:45 PM | Reply | Permalink
Simply not true. Free trade good, tariffs bad. It's that simple. Every time governments try protectionism, they cause disaster. Millions of American jobs depend on trade. Barriers to trade cost jobs. Any barrier we enact will be countered by our trading partners, and the world economy grinds to a halt. It's been done before. It does not work.
July 28, 2010 4:55 PM | Reply | Permalink
I don't know if you have been paying attention to current events, but "Free Trade" has been kicking our asses here in America and besides Karl Marx was an advocate of free trade to bring down capitalist nations and move them towards socialism, did you know that?
Our Founding Fathers oppose free trade because there were more important things than foreign trade...Economic independence was one.
Self-sufficiency in the vital necessities of our national life was another and making America a manufacturing power was the third. Taxes on imports is something Washington, Hamilton and Madison all agreed on. Congress was to pass it's first Bill, the Tariff Act of 1789.
Do you really think China is practicing "Free Trade" with US?
If it's called "Free Trade" are we free not to trade with Dictators, Tyrants and non-Democratic nations?
If free trade is best the thing going for all nations, how is it that every modern state that rose to an international powerhouse...Britain before 1846, the United States from 1860 to 1914, Germany from 1870 to 1914, Japan after World War II and China today...was a protectionist nation?
None of those nations followed the model of Milton Friedman. All of them, including the US adopted the economic nationalism model of Alexander Hamilton. Another good reason to restore the Republic and the Constitution to its rightful place in Government.
It's time to protect our combine Asses...bravo...bravo!
July 28, 2010 5:38 PM | Reply | Permalink
Jerks from all trades, masters of none.
July 28, 2010 6:36 AM | Reply | Permalink
"Expanding capacity" for Ford would likely mean more capital investment in factories and robots, not in lots more jobs.
Besides, we are building more cars than we will be able to keep fueled with imported gasoline.
July 28, 2010 11:46 AM | Reply | Permalink