Kind of an anti- climactic day.
The Tea Bag contingent was ushered onto the national stage, presumably to make some changes we can believe in.
Oh .. and … the Fed promised to shovel a meager $90 billion a month in money down a rathole for the next six months or so.
How about those Redskins?
Goodbye Democratic Party, we loved ya! You were the velvet glove on Adam Smith’s invisible fist.
Goodbye, Obama, you lying sack of shit. We never got the change you sold us. Instead there was more handholding for finance bigs, a Fed – Treasury money laundering operation, extend and pretend, institutionalized corruption and hot money.
Goodbye unemployed, you’re totally screwed now. Somebody has to take the fall for the robbery of America and it’s you. If you’re lucky Uncle Sam will give you a new cardboard box to live in every year @ Christmas time. The USA is a christian nation, after all …
Goodbye Chimerica, It was another faint hope peddled by the business ubermeisters that China could keep bailing out the waste- based American economy. It’s done it before, taking away those unwanted high cost manufacturing jobs so more could buy new cars on credit. Now what? China has embraced the waste- based model itself and now has an excuse to give America the finger.
Goodbye Eurozone, perhaps there is a market in the future for US made weapons systems to facilitate re-arming the mighty Wehrmacht. Can Berlin clone Rommel or Manstein from toenail clippings? Does it have a plan for rolling the panzers over Ireland? Greece? Portugal? Do they really need a plan? What are the overseas markets really ‘jittery’ about, anyway? Sieg Heil, Angela!
Goodbye banks, you were careful what you wished for but got it anyway! How much of those reserves can your boys spirit away to Curacau and Antigua before the mortgage mess comes crashing down on your heads?
Goodbye American middle class, you seem to have forgotten that to exist as such you must stand up for yourselves rather than lie to yourselves.
Goodbye American business. Other than armaments, what does America sell anymore? Chickens? Why have business at all when crime is more profitable. The challenge of the new regime will be to sell the advantages the robbers possess as virtues.
Businesses “are not going to be seen as a pool of funds to be pillaged by Congress anymore,” said Curtis Dubay, a senior tax policy analyst at the Washington-based Heritage Foundation, a research organization that usually sides with Republicans.
Who pillaged whom, again? Is this the sort of rationalization to come? A lie repeated enough becomes the truth, eh, Curtis Dubay?
Goodbye the fetish of leisure and luxury. Naked rapaciousness is ascendant, pledged to the way of thinking that advantages are meant to be made use of, that the ends justify whatever means. The antithesis of luxury is work and rape is hard work.
Goodbye free trade, we hardly knew ya!
EDIT: When in New York last summer I queried economist Steve Keen about a correlation he uncovered between increases in base money and rising unemployment. I asked him about it and he felt the relationship was a coincidence rather than causation.
In the meantime I examined the possible mechanism that would allow companies to fire staff and hire money. This would be internal finance or bank links that could access central bank funds @ the risk- free rate. Most large companies can do this by way of finance subsidiaries or finance relationships with client banks.With the Fed announcing an increase in the monetary base of roughly 25% over the next six months I have been looking for the first layoff announcements:
Xerox made a third quarter profit of $258 million, but has been pushed into a reorganization plan by the worsening economy. As part of that, the company will lay off 5% of its staff, which will translate into around 3,000 job cuts.
Xerox CEO and chairman Anne Mulcahy said: “To better align our operations with these changes, we’re accelerating actions to reduce our cost base and drive operational improvements across the board, giving us more flexibility in our business and in this unpredictable economy.”
This news follow the announcement that Yahoo is laying off 1,500 staff, and chip maker Micron has said it expects to lay off 3,000 employees, Vnunet said.
Coincidence? I’ll let you be the judge …