Posts Tagged ‘bailout’

OH, AMERICA!

December 2, 2009

Patriot's Dream

ABSTRACT

15 Signs American Society Is Coming Apart at the Seams By David DeGraw, Amped Status,  edited excerpt from the Amped Status report, “The Critical Unraveling of U.S. Society.”  LINKto full report at END of ABSTRACT.

Are we nearing a tipping point as rapacious elites push a heavily armed populace too far?

The economic elite have launched an attack on the U.S. public and society is unraveling at an increased rate. You may have missed it in the mainstream news media, but statistical societal indicators are reading red across the board. Let’s look at the top 15 statistics that prove we are under attack.

1) The inequality of wealth in the United States is soaring to an unprecedented level. The U.S. already had the highest inequality of wealth in the industrialized world. Since the crisis, the gap between the top 1 percent and the remaining 99 percent of the U.S. population has grown to a record high.

2) As the stock market went over the 10,000 mark and surged to a 13-month high, the three big banks that took taxpayer money and benefited the most from the bailout have just set a new global economic record by issuing $30 billion in annual bonuses this year, “up 60 percent from last year.” Goldman Sachs is on pace for the best year in the firm’s history, and it is also benefiting by only paying 1 percent in taxes.

3) The profits of the economic elite are “now underwritten by taxpayers with $23.7 trillion worth of national wealth.”

As the looting is occurring at the top, the U.S. middle class is just beginning to collapse.

4) Workers between the ages of 55 to 60, who have worked for 20 to 29 years, have lost an average of 25 percent off their 401k. During the same time period, the wealth of the 400 richest Americans went up by $30 billion, bringing their total combined wealth to $1.57 trillion.

5) Home foreclosure filings “hit a record high in the third quarter (of 2009)… They were the worst three months of all time… some experts estimate that next year will be even worse.”

President Obama has enacted a $75 billion taxpayer funded program that has been a spectacular failure in stemming the foreclosure crisis and another massive waste of billions of taxpayer dollars.

6) 25 million people are unemployed or underemployed.

We have 25 million people who urgently need to increase their income, and they’re quickly running out of options. “The president’s chief economic adviser warned that the nation’s unemployment rate could stay ‘unacceptably high’ for years to come.”

The New York Times reports: “Americans now confront a job market that is bleaker than ever in the current recession, and employment prospects are still getting worse.

Economist Nouriel Roubini, just reported on unemployment stating: “Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening…. So we can expect that job losses will continue until the end of 2010 at the earliest. The jobs just are not coming back.”

7) As the few elite banks thrive, there have been 123 U.S. bank failures this year. The troubles put taxpayers at risk of losing as much as $5.1 billion invested in the banks since TARP was launched in October 2008.”

8) As bankruptcies surge across the board, 10 U.S. states are on the verge of bankruptcy, with several ready to declare a financial state of emergency. California, Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin, raising the likelihood of higher taxes, more government layoffs and deep cuts in services.”

9) This is occurring at a time when the “federal budget deficit for the fiscal year that just ended was $1.4 trillion, nearly a trillion dollars greater than the year before.”  In total, “U.S. public debt topped $12 trillion for the first time in history, meaning Congress would have to raise the debt ceiling to prevent a shutdown of government operations.”

Economist Dean Baker explains the risk “If the debt limit is not passed, then at some point the government will not be able to pay workers and contractors. It won’t be able to send out Social Security checks or make payments for Medicaid and unemployment insurance to state governments. And, it will not be able to make interest payments on government bonds, effectively defaulting on the national debt.”

10) Although the government’s official figure tries to low-ball the number, 47.4 million U.S. citizens live in poverty, and the U.S. poverty rate is the highest in the industrialized world.

Predictably, homelessness is rising at an increased rate as well. “The fastest growing segment of the homeless population is families with children.”

Children have been hit especially hard by the economic crisis:

11) One out of every two children in the United States of America will need to use a food stamp… to EAT!

Washington Post report: “The nation’s economic crisis has catapulted the number of Americans who lack enough food to the highest level since the government has been keeping track, according to a new federal report, which shows that nearly 50 million people — including almost one child in four — struggled last year to get enough to eat… ‘This is unthinkable. It’s like we are living in a Third World country,’ said Vicki Escarra, president of Feeding America.”

These numbers don’t take into account the millions more unemployed throughout 2009.

This a national tragedy. But it gets much worse.

12) In 2008, according to the Census Bureau, the number of U.S. citizens without health care grew to a record 46.3 million.

13) Lack of health insurance has caused 45,000 preventable U.S. citizen deaths in the past year. The American Journal of Medicine recently released a study that stated, “Nearly two out of three bankruptcies stem from medical bills, and even people with health insurance face financial disaster if they experience a serious illness.”

Studies report that: 17,000 children have died due to lack of health care; 2,266 U.S. veterans have died in 2008 due to lack of insurance.

The Senate continues to strip meaningful amendments from a health care bill that wouldn’t even take effect until 2013; the health care bill is going to fall far short of meaningful reform and continue to rig the game in favor of large insurance company profits at the expense of the U.S. population. Change is not on the horizon.

The economic hit men have now hit the United States and millions of American citizens are now effectively sentenced to a slow death.

And the clock is ticking…

14) The gun and ammunition manufacturing industry in the United States has over 200 companies producing billions of dollars in annual revenues. This huge manufacturing base cannot fulfill demand quickly enough.

Americans are arming themselves to the teeth!

15) In the past year, 100 new armed militia groups have been formed, as militia members have doubled in numbers. One federal authority recently said, “All it’s lacking is a spark. I think it’s only a matter of time before you see threats and violence.”

So let’s break down these numbers.

You have 50 million people in desperate need of money, have no health insurance and can’t afford to get health care of any kind. They are running out of options fast, and time delayed is time closer to death.

The richest 1 percent have never had it so good.

We are sitting on a powder keg.

Read the rest of the report here.

Denial isn't a river in Africa.

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“Hell of a job, Brownie!”

November 20, 2009

"Hell of a job, Brownie!"

Rising CO2 Will Cause Catastrophic Sea Level Rise Finds Antarctic Study by Louise Gray, Environment CorrespondentThe Telegraph/UK

Sea levels could rise by up to six metres if the world fails to get pollution under control, according to the latest study in the Antarctic.

The British Antarctic Survey is the latest research to warn of the consequences of increased greenhouse gases on the Earth’s climate. Carbon dioxide is rising at record rates putting the world on a pathway for a 6C rise in temperature, which will cause a sea level rise of up six metres, threatening coastal cities like London, New York and San Francisco.

The recent studies add pressure on world leaders to agree to an international deal on climate change at a UN summit in Copenhagen this December.

http://www.commondreams.org/headline/2009/11/18-6

How Limousine Liberals, Water Oligarchs and Even Sean Hannity Are Hijacking Our Water Supply By Yasha Levine, AlterNet.

A group of water oligarchs engineered a disastrous privatization scheme to make a fortune out of California’s most precious natural resource.

A group of water oligarchs in California have engineered a disastrous deregulation and privatization scheme. And they’ve pulled in hundreds of millions of taxpayer dollars without causing much public outrage. The amount of power and control they wield over California’s most precious resource, water, should shock and frighten us — and it would, if more people were aware of it. But here is the scary thing: They are plotting to gain an even larger share of California’s increasingly-scarce, over-tapped water supply, which will surely lead to shortages, higher prices and untold destruction to California’s environment.

California is in year three of a fairly nasty dry spell. And some very powerful forces are not letting this mini-crisis go to waste, fiercely lobbying Governor Schwarzenegger and Senator Dianne Feinstein, paying off corporate shills like Fox News’ Sean Hannity and capitalizing on people’s fear of drought to push a massive waterworks project that will pump more water, build more dams and keep sucking the state’s rivers dry. …This drought hysteria is nothing more than political theatrics, a scare tactic backed by big agribusiness to strong-arm California voters into building a multi-billion dollar system of dams and canals that would not really help small farmers — of which there are very few anyway — but would deliver more water to corporations, subsidize their landholdings, fuel real estate development and enable large-scale water privatization. At its core, it is a war waged for water by California’s megarich on everyone else.  READ MORE:

http://www.alternet.org/water/144020/how_limousine_liberals%2C_water_oligarchs_and_even_sean_hannity_are_hijacking_our_water_supply

Rachel Maddow Interview with Former Evangelist Frank Schaeffer: Christian Right Is ‘Trolling for Assassins’ AlterNet.

Schaeffer: “There is a crazy fringe [receiving] messages that have been pouring out of FOX News … talking about doing away with Obama, asking God to kill him.”  READ MORE:

http://www.alternet.org/rights/144054/rachel_maddow_interview_with_former_evangelist_frank_schaeffer%3A_christian_right_is_%27trolling_for_assassins%27

Shocking Benefits of Legalizing Pot By Ami Cholia, AlterNet.

There are some pluses to legalization that you probably haven’t heard about.

The war on drugs may be a noble intention, but the illegal growing of marijuana is destroying our environment.

Primarily run by Mexican drug cartels California’s illegal growers aren’t your typical peace-loving hippies of the 70s. These men live illegally on farms all summer, putting tons of waste into the soil and water. Pesticides drain into creeks and enter the food chain, sickening wildlife.  Each plant also uses about 15 gallons of water per day soaking up a large part of the water resources around.

Organized crime groups who cash in on the drug war’s distortion of supply and demand dynamics have little regard for the environment. Even illegal growers of organic marijuana impact the environment by felling trees in national forests to make room for illicit grow sites. The plants are seasonal, but the environmental damage lasts forever.

There is a serious exception to be made. Many medical – legal – marijuana growers are among the most responsible citizens around. They buy soil in bulk, use rat traps instead of poison, water with timers and drip systems. They have very little physical impact on the land.

Outside of the obvious benefits of hemp — bio-diesel, burns cleanly, soil builder, better cheaper paper, etc. — organic and sustainable practices for growing marijuana would bring in tons of revenue for the states, clean up the environment, and save the government $150 billion on policing and courts, since 47.5% of all drug arrests are marijuana-related.

We’re not promoting drug addiction.  The positive benefits to the environment by making marijuana legal definitely seem enough to take action.

Even Glenn Beck seems to think this is worth it.  READ MORE:

http://www.alternet.org/environment/144052/world%27s_biggest_polluters_strike_a_deal%3A_u.s._and_china_agree_to_comprehensive_clean_energy_and_climate_plan?page=3

World’s Biggest Polluters Strike a Deal: U.S. and China Agree to Comprehensive Clean Energy and Climate Plan By Joseph Romm, Climate Progress.

The overall plan is much more ambitious in scope and depth than anticipated.

A comprehensive plan for U.S.-China cooperation on clean energy and climate change was announced in Beijing by President Barack Obama and President Hu Jintao. The plan contains directives to create various institutions and programs addressing a wide array of cooperation on clean-energy technologies and capacity building, including very important efforts on helping China build a robust, transparent and accurate inventory of their greenhouse gas emissions.

These efforts include cooperation in the following areas:

1.      Greenhouse Gas Inventory.

2.      Joint Clean Energy Research Center. (Factsheet)

3.      Electric Vehicles. (Factsheet)

4.      Energy Efficiency. Building on the Ten Year Framework on Energy and Environment Cooperation, government officials of both countries will “work together (Factsheet)

5.      Renewable Energy. (Factsheet)

6.      21st Century Coal. The two countries will “launch a program of technical cooperation to …develop clean coal and carbon capture and storage technologies.” (Factsheet)

7.      Shale Gas. The U.S. and China will “assess China’s shale gas potential, promote environmentally-sustainable development of shale gas resources, conduct joint technical studies to accelerate development of shale gas resources in China, and promote shale gas investment in China through the U.S.-China Oil and Gas Industry Forum, study tours, and workshops.” (Factsheet)

8.      Nuclear. The two countries reaffirmed the goals of the Third Executive Committee Meeting of the Global Nuclear Energy Partnership to promote the peaceful use of civilian nuclear energy, and “agreed to consult with one another in order to explore such approaches—including assurance of fuel supply and cradle-to-grave nuclear fuel management so that countries can access peaceful nuclear power while minimizing the risks of proliferation.”

9.      Public-private partnerships on clean energy. A new U.S.-China Energy Cooperation Program (ECP) will “leverage private sector resources for project development work in China across a broad array of clean energy projects, to the benefit of both nations.”

The two countries hope that the upcoming United Nations climate change summit in Copenhagen will follow this example and focus as much on bottom-up technological strategies for achieving real reductions in emissions as it will on top-down targets for carbon caps.  READ MORE:

http://www.alternet.org/environment/144052/world%27s_biggest_polluters_strike_a_deal%3A_u.s._and_china_agree_to_comprehensive_clean_energy_and_climate_plan?page=3

Push to Curb Credit-Card Rates Fades as Democrats resist consumer outcry by Michael KranishThe Boston Globe

WASHINGTON – Efforts in Congress to cap credit-card interest rates are faltering because of opposition from Democrats and a lack of specific support from the White House, despite growing consumer outrage over a rush by banks to impose rates as high as 30 percent.

During the 2008 presidential campaign, Barack Obama vowed to back a strict limit on credit-card interest rates. But the White House is not yet behind any plan.

The Senate soundly defeated legislation in May introduced by Senator Bernard Sanders, the Vermont Independent, to cap most credit-card interest rates at 15 percent. Nearly half of the Democratic senators joined Republicans in defeating the measure, 60 to 33.

Consumer groups say the problem of skyrocketing interest rates has worsened since that vote, as banks scramble to boost rates in advance of a new rule scheduled to take effect in February, requiring banks to give consumers a 45-day advance notice of rate increases.

Sanders said many of the credit cards in the hands of American consumers are issued by four banks that received taxpayer bailout money after last year’s economic meltdown: Citigroup, Bank of America, JP Morgan Chase, and Wells Fargo.

“People are disgusted. We bailed these [companies] out and they then had the gumption to raise interest rates on the American people,” Sanders said in an interview. Sanders said he plans to reintroduce his proposal to cap rates at 15 percent; he predicted it will have more support this time.

http://www.commondreams.org/headline/2009/11/18-7