Economy
October 20, 2009
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ECONOMY
The Roots of our current Great Recession have 3 Principal components:
The exporting of American jobs under the misnomer ‘Free Trade’, the deregulation of American communications and financial industries under the misnomer ‘Free Markets’, and the promotion of American hegemony in the Iraq War under the misnomer ‘Spreading Democracy’ …or whatever the reason was that we supposedly went into that country.
The Iraq War, a conflict originating in lies perpetrated upon earnest but ignorant American citizens by a big government faux conservative administration, is now on its way to becoming the most expense war in US history. At $3 trillion, its out-of-pocket, out-of-budget costs, and incurred future obligations match those of World War II, in inflation-adjusted dollars. But unlike the Second World War, which lifted the US out of the Great Depression, the Iraq war, a W. Bush policy error that blundered into a trap that had been preset by Osama bin Laden, ignited the spiraling energy costs that accelerated our economy’s 4th Quarter 2007 - 0.5 percent contraction to -2.7% by 3d Q of 2008; a condition that further worsened with the 4th Q 2008 credit paralysis that followed the demise of Lehman Brothers.
This nation will not see meaningful economic recovery until these 3 problems are fundamentally addressed.
In the following link, Oxford educated economist Paul Craig Roberts, the celebrated ‘The Father of Reaganomics’, points toward a reasonable solution to the ‘free trade’ troubles that are decimating America’s Middle Class PAUL CRAIG ROBERTS: 94 Years of Serfdom

The current military spending of the United States totals more than the rest of the world’s nations combined, a state of affairs that never before existing in the history of civilization. After 8 Years, Obama’s Military Spending will be 20 Percent Higher, in Inflation Adjusted Dollars, than were the 8 years of Ronald Reagan’s defense spending aganst the collosal military might of the Soviet State; and that projection of Obama’s spending does not even include the 2 wars in which we are presently engaged – Military Budget Analyst Winslow Wheeler Counterpunch
How Goldman Sachs and Citi Run the White House - ANDREW COCKBURN
How Goldman Sachs engineers major market manipulations - MATT TAIBBI, Rolling Stone
After being bailed out last year at an average cost of sixty-six cents for every dollar the taxpayers and their government’s Chinese financial backers loaned to them, Goldman Sachs is back to business as usual and the average Goldman broker will earn about $770,000 this year. That’s 30 percent better than last year when they were helping al Qaeda and Wall Street create the Great Recession - Margareta Pagano, Business Editor, The Independent
America’s $974 billion Military Budget – Winslow T. Wheeler, National Security Analyst
Pull Out of Iraq This Year and Begin Healing Our Own Bankrupted Land - GEORGE McGOVERN
PEROT CHARTS — Charting Government Fiscal Irresponsibility [PerotCharts.com is designed to provide information about the economy and its relationship to Federal Government spending and borrowing]
President Barack Obama on the Federal Budget: Four Principles – President Barack Obama
The “free American” starts off with a 30 per cent tax rate, the same position as a medieval serf – Paul Craig Roberts
Geithner’s Plan Taxes Main Street to Make Wall Street Richer - Dean Baker, t r u t h o u t

Compulsory financing of U.S. military spending is built into the global financial system – Michael Hudson
href=”http://www.thenation.com/doc/20090420/hindery_riegle?rel=hp_currently” target=”_blank”>The Jobs Solution - Leo Hindery Jr. & Donald W. Riegle Jr.
Pay Attention to the Oil Rich Stans, People in Charge Do - Pepe Escobar, TomDispatch.com
Will ‘Trickle Down’ Banking Work Better than ‘Trickle Down’ Economics - Paul Abrams
Can Uncle Sam Ever Let Go? - Patrick J. Buchanan, Human Events.com
Former British diplomat tells of fundamental failure of transparency in government’s dash into the Costly Iraq War - Nigel Morris, Common Dreams.org

Was the Bailout a Scam?
Cuts for Autoworkers, Bonuses for Derivatives Traders - PETER MORICI
Americans Want Justice for Wall Street Crooks - RALPH NADER

It is time for a 0.5% Tobin Tax on Wall Street Speculators to repay the damage done to America’s economy: Watch Jim Cramer on ‘Daily Show’ - The Huffington Post
A Sellout of Our Unemployed - Patrick J. Buchanan
Public Health Insurance is Cheaper and More Effective - DEAN BAKER
Derivatives for Dummies - Katherine Harris
The Lazy Man’s Guide to the Economic Crisis - KATHY SANBORN
Obama’s Budget - PAUL CRAIG ROBERTS

Ed Balls: minister fears rise of fascism amid economic gloom
The economic outlook: 2012 and beyond - Dr. Abbas Bakhtiar
How the US Economy was Lost - PAUL CRAIG ROBERTS
How Credit Unions Survived the Crash - RALPH NADER
Empire at the End of Its Rope - Alan Bock
How the Current Financial Rescue Schemes are Following Hoover’s Failed Model - Ismael Hossein-Zadeh
George Soros and Paul Volcker see no bottom for world financial ‘collapse’ – Reuters
Time Magazine’s ‘25 People to Blame for the Financial Crises’ falsely deflects blame away from Republicans and puts too much blame on Democrats – David Fiderer
President of Special Interests - PAUL CRAIG ROBERTS

Why America Needs Labor Unions - DAVID MACARAY
Nationalize the Banks! - Matthew Richardson and Nouriel Roubini
Trying to Revive the Bubble Economy - MICHAEL HUDSON
Tax Wall Street Speculation - RALPH NADER
Schemes to Rescue Wall Street Gamblers Are Prolonging this Recession - ISMAEL HOSSEIN-ZADEH
Intelligence czar: Economy is top threat to U.S
America Is Broke and Funding Fantasy Wars at the Pentagon - Chalmers Johnson
Stimulus, Yes; Bank Bailout II, No – Robert Kuttner
US Economy may not see full recovery - Counterpunch
The Freefalling Economy - P. SAINATH
How to Fix the Banks - PETER MORICI
GE chief warns US depression threat
It is imperative we not continue the same mistaken policies that got us into this economic mess - Christopher Hayes

The Stimulus Package Get rid of the tax cuts and use the entire package for job creation – Arianna Huffington
It’s no coincidence that many of the protagonists in the current business crisis are MBAs like George W. Bush – Joseph Davis
From Phantom Wealth to Real Wealth – David Korten

Obama Stimulus Plan: Economic Team Makes The Case (VIDEO & PDF) – The Huffington Post
In the Jaws of a Depression - PETER MORICI
Geithner Preparing Overhaul Of Bailout
U.S. debt is losing its appeal for China
The Banks are laughing all the way to the Bank – Rob Larson
The media myth: Detroit’s $70-an-hour autoworker - Eric Boehlert, Media Matters

More Pay for More Productivity is not only the American Way, it is an Essential Way to Bail Out the American Economy - Mike Whitney
Recognize contemporary free trading globalists and supply side economists for what they are: idiots at best, traitors at the worst
The Right Wing continues its Battle with Reality - Fox News: “Historians Pretty Much Agree” That FDR Prolonged the Great Depression – David Sirota
U.S. falls deeper into recession
Pope warned that the world was headed toward ruin if selfishness prevails over solidarity during tough economic times for both rich and poor nations
Obama Warns Economy Will Worsen Before It Recovers
“We have faced difficult times before, times when our economic destiny seemed to be slipping out of our hands. And at each moment, we have risen to meet the challenge, as one people united by a sense of common purpose. And I know that Americans can rise to the moment once again.” BARACK OBAMA
Chrysler is closing all thirty of its plants for at least a month
Obama May Seek a Stimulus Plan Exceeding $850 Billion
California Lawmakers Kill Plan to Raise Taxes, Fight Deficit
Let Wall Street Fail and Use Taxpayer Money to look after those Not Responsible for the mess - A Car Dealer Explains Why the Bailout is a Raw Deal - Dave Lindorff
Bush Signals Swift Decision on Tapping Funds for GM, Chrysler
GM will temporarily close 20 factories to cut 250,000 vehicles from 1st-quarter production
U.S. to use bank bailout to aid automakers
For some Senate Republicans, a vote against the bailout was a vote against the United Auto Workers, and against organized labor in general
Fed Refuses to Disclose Recipients of $2 Trillion
Feds say it’s too dangerous to know where trillion has gone to?
VIDEO: RON PAUL: The Federal Reserve is responsible for creating these economic babbles!
VIDEO: RON PAUL on the global financial crisis

Senate Abandons Automaker Bailout Bid: Merry Christmas From The Job-Killing Senate GOP
Asian Carmakers Clobbered; Dollar Falls Below 90 Yen
The White House and Democrats agree to a $15-billion plan, but ‘bailout fatigue’ looms
The World-wide collapse of trust in the U.S. government, created by the Bush administration, threatens dollar hegemony - Paul Craig Roberts
One of the Significant Roots of our Current Recession lies with the Bush administration’s destruction of national and international trust in our institutions of government - Mike Whitney
Weak outlook for jobs, GDP in 2009
Obama unveils 21st Century New Deal: Jobs, Schools, Roads, Bridges… - December 06
Why Infrastracture? - Steve Coll
US ready to offer Detroit a $15bn bail-out
Unions Aren’t the Problem: Organized labor is also creating a viable middle class, which is important to our democracy
Nobel economics prize winner Paul Krugman says U.S. auto industry will likely disappear
Robert Skidelsky, emeritus professor of political economy at Warwick University in the UK recommends Republicans take up the study of Keynes
To fight off the Republican Recession, the a U.S. Floods the World With More Dollars
The Causes of the Auto Crisis - Kevin Zeese
General Motors Asks FAA to Bar Public Tracking of Leased Corporate Jets
We Have the Money - If Only We Didn’t Waste Money on Military Budgets - Chalmers Johnson
The Triumph of Keynes - China’s Greatest Export - Moshe Adler
Bailout Lacks Oversight Despite Billions Pledged, and per Treasury Department Inspector General “It’s a mess”
A shell-shocked Alan Greenspan reconsiders ‘the invisible hand of the markets - Helen Thomas

Study says most corporations pay no U.S. income taxes
Economy contracts as consumers retreat. This is just the beginning of contraction,” said Sung Won Sohn, an economics professor at California State University, who said the fourth quarter will certainly show another decline in economy, which would meet the traditional definition of recession, or back-to-back quarters of falling activity
The day the foreign bankers turn off the credit spigot to the US Treasury, American arrogance will be tamed - the ‘Father of Reaganomics’, Paul Craig Roberts
VIDEO: RON PAUL after the House was pressured to vote in favor of the bailout
How is our financial crisis affecting Europe?
The Financial Mess simply explained
VIDEO: They want MAMA to make it better… by Rep Kaptur
THIS MAN may have the best LONG TERM solution to the economic crisis!
RON PAUL’S Economic Committee Statement
VIDEO: Too much “politics” is involved in solving the economic crisis
How You Been Doin? - Are You Better Off Now than Eight Years ago?
VIDEO: ECONOMY IN CRISIS? Treasury Sec. Paulson, Fed Chair Bernanke
Warren Buffet Worries about High U.S. Debt levels
28 percent of large corporations doing business in the U.S. pay no taxes
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