Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘recession’

The Trump Depression

Posted by Warm Southern Breeze on Sunday, October 18, 2020

Trump’s economy is SO BAD

How bad is it?

Trump’s economy is so bad, that he has LOST MORE than was gained under his administration.

When he took the Oath of Office in January 2017, POS45 was given a THRIVING economy by his predecessor, the Black Democratic President (that’s GOT to gall POS45, don’t you know!?!) Barack Hussein Obama.

Federal Reserve Economic Data (FRED) from the St. Louis Federal Reserve, presented graphically data from the U.S. Bureau of Economic Analysis about our national economy.

And, just for funsies, and perspective, data from the First Quarter 2005 until Current – 2nd Quarter 2020 is shown.

And as you can see plainly, the last time the economy was performing at this level, was in the 1st Quarter 2015 – over 5 years ago.

5ive years.

That would be the next-to-last year of President Obama’s 2nd term.

Yeah.

Trump has

SQUANDERED AWAY EVERYTHING,

AND THEN SOME!

Kinda’ sounds like a Bible parable, or some such thing.

Isn’t that what he’s done historically with his casinos and their 6 associated Chapter 11 bankruptcies?

But look also at this: The sudden precipitous decline, the rapidly massive downturn in Trump’s economy is the WORSTTHE WORST (he likes superlatives) – since records began being kept in 1947. Maybe even worse than the Great Depression.

But look also at this: The sudden precipitous decline, the rapidly massive downturn in Trump’s economy is the WORSTTHE WORST (he likes superlatives) – since records have been kept in 1947. Maybe even worse than the Great Depression.

Trump’s economy is now at the point
where Obama’s economy was
in the 1st Quarter 2015.

Put another way, Trump has Read the rest of this entry »

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$16T Is Not COVID-19 Costs, It’s Racism’s Costs

Posted by Warm Southern Breeze on Wednesday, October 14, 2020

40 acres and a mule.

That was the promise which was authorized and made to freed slaves by General Tecumseh Sherman in Special Field Order No. 15 on January 16, 1865, during the last days of the Civil War.

It was promptly broken by President Johnson, who was a slave owner, and had become President upon Lincoln’s assassination.

America has been breaking promises at least since 1776.

America has broken numerous promises to, and treaties with Indians (Native Americans).

America broke numerous promises to Blacks – and, still is.

And, in large part, America has broken faith with the Common Man at least ever since 1980, so that now, “corporations are people, my friend.” {So said Mitt Romney while campaigning at the Iowa State Fair to be the Republican party’s Presidential Nominee in August 2011.}

I wish that America’s politicians
(especially the GOP)
cared more for The People
than for corporations.

Anyone that loves America, loves her people, loves the idea of liberty, of equality, and guaranteed rights under law, should also love honesty, justice, and responsibility. And one simply CANNOT examine any segment of American history without acknowledging the horrific and grotesque inequity present FROM THE BEGINNING of this nation. It’s written in the Constitution, for heaven’s sake!

Women did not have the right to vote (suffrage).

Blacks were enslaved. Then, Blacks were continually discriminated against in seemingly countless ways – ranging from the denial of voting rights, of commerce, of justice, and more. And, as if to add insult to injury, the 13th Amendment has an exclusion clause FOR the purpose of perpetuating slavery. The amendment reads: Section 1. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction.

“…except as a punishment for crime whereof the party shall have been duly convicted…”

Yes, slavery IS 100% Legal in the United States. The Constitution says so.

And to ANYONE who claims or asserts that there is not now institutionalized racism in this country need only look to the USDA (United States Department of Agriculture) to see that racism is institutionalized, and alive and well in the United States.

In the 1999 Class Action case Pigford v. Glickman(Timothy Pigford, et al., v. Dan Glickman, Secretary, United States Department of Agriculture), “the suit claimed that the agency had discriminated against black farmers on the basis of race and failed to investigate or properly respond to complaints from 1983 to 1997.” Members of the class included those who received allocation of farm loans and assistance between 1981 and 1996. (See: “Black Farmers Win $1.25 Billion In Discrimination Suit,” By Jasmin Melvin, February 18, 2010, online at
https://www.reuters.com/article/us-usa-farmers-pigford-idUSTRE61H5XD20100218)

• The 2007 Census of Agriculture reported that 2.20 million farms operated in the United States. Of this total, 32,938, or approximately 1.5% of all farms, were operated by African Americans.

• Over 74% (24,466) of African American farmers in the United States reside in Texas, Mississippi, North and South Carolina, Alabama, Georgia, Virginia and Louisiana.

• Average annual market value for farms operated by African American farmers in 2007 was $30,829. The national average for white U.S. farmers was $140,521.

• Overall, the number of farms operated in the United States increased by 3.2% between 2002 and 2007. Farms operated by African Americans increased from 29,090 to 32,938, an 11.7% increase over the five-year period.

• In 2007, 348 (757 in 2002) African American farmers received Commodity Credit Corporation (CCC) loans amounting to a total of $9.9 million. This averaged $28,408 per participating African American farmer, about 32% of the national average ($87,917). Average CCC loan value to white farmers was $88,379.

• Other federal farm payments to African American operated farms averaged $4,260, half the national average government farm payment of $9,518. About 31% of all African American farmers received some government payment compared to 50% of white farmers.

The Congressional Research Service has written about the Pigford v Glickman case in Read the rest of this entry »

Posted in - Did they REALLY say that?, - Lost In Space: TOTALLY Discombobulated, - My Hometown is the sweetest place I know, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , | Leave a Comment »

The Economy WILL Crash. It’s only a matter of “WHEN?”

Posted by Warm Southern Breeze on Wednesday, June 24, 2020

Economics has long been called the “dismal science.”¹

Perhaps it’s because they either a.) Tell the truth, or b.) Warn about bad things to come. Either way, it’s hardly a French tickler, and more like a Marquis de Sade.

But, some folks don’t enjoy hearing the truth, or as the actor Jack Nicholson’s character Guantanamo Base Commander Colonel Nathan Jessup raged upon the witness stand in the 1992 motion picture “A Few Good Men,” that “You can’t handle the truth!”

Of course, we’re familiar with how that movie turned out.

Free economies are based upon consumer spending. Period. Full stop.

If consumers don’t have money, they don’t spend. That’s easy enough to understand.

And, if anything, the coronoavirus pandemic has shown up how poorly prepared this president’s administration has been, and continues to be.

Again, those aren’t “nice words” to hear or read, but they are the unvarnished truth.

To say that “the economy is improving” is a mischaracterization of enormous proportion, so much so, and to the extent that, it’s either whistling past the graveyard, or Whistler’s Mother – both of whom are dead.

The economy was “doing well” according to some estimates. Those estimates included the DJIA, the stock indices of various firms and select industries, and some hedge funds. The “essential” worker bees were just hanging on by a thread in their retail, meat processing, and low-paid food service industry jobs. And once they got sick, they were fired, and… BAMMO! The shit hit the high-speed fan.

Suddenly, there were no more “worker bees” and the economic house of cards began to collapse with each puff of wind from COVID-19 patients’ coughs.

Fortunately, Congress (as in the House of Representatives) had the wisdom and foresight to actually bail out THE PEOPLE this time, and to give a much smaller hand-out to industry. The familiar cry “Where’s MY bailout!?!” was the primary sticking point with the previous administration in the process of recovery from “the Great Recession” when Big Business and industry got practically everything their hearts desired, but the people got nothing. Literally, nothing. Bupkis. Zero. Zilch. Nada. Not even a peck on the cheek after they were screwed.

This time, The People who lost their jobs due to COVID-19 were given an extra $600 per week of Unemployment Compensation, which was set to expire July 31. Ever seeking cheap labor to fill their stores, factories and farms, the Republicans decried the matter, but agreed to go along with the plan, hoping that the administration would  have a more cohesively unified plan to stop the assault of COVID-19 upon America’s lives, young and old, alike.

But as it became increasingly clear that nothing of the sort was going to happen, and that an extension of such benefits would likely become necessary because either businesses went belly-up, or couldn’t guarantee their employees’ safety on the job (as protection against COVID-19), the employees, many of whom were already at risk of serious injury from such infection, declined to return to work, and continued to draw their extra $600/week Unemployment Compensation.

But hey! A bright spot!

Facebook, Apple, Google, Amazon, and other industry monoliths were doing A-okay, and were even increasing profits! So yah… it was all sweetness and pleasantries once again for the Billionaire Class.

But The People.

Those pesky people.

Those essential sacrificial lambs of industry… what to do with them? Those who could – and still had jobs – worked from their residences. Those who, for whatever reason Read the rest of this entry »

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Trump Tax Cuts Aided & Abetted Economic Collapse

Posted by Warm Southern Breeze on Monday, April 20, 2020

The parallels are eerily similar. Republican POTUS, tax cuts, rising stock market, job losses… Great Depression.

Of course, there are other markers along the way, but the primary ones are self evident.

Jamie Dimon, Chairman and CEO of JPMorgan Chase wrote no less than twice that a recession was coming in the company’s April 6, 2020 letter to shareholders. “Recognizing the extraordinary extension of new credit, mentioned above, and knowing there will be a major recession [emphasis added] mean that we are exposing ourselves to billions of dollars of additional credit losses as we help both consumer and business customers through these difficult times.” p10
-and-
“Halting buybacks was simply a very prudent action – we don’t know exactly what the future will hold – but at a minimum, we assume that it will include a bad recession [emphasis added] combined with some kind of financial stress similar to the global financial crisis of 2008.” p15

Bluntly put, it wasn’t China that started this problem.

Just like in the Great Depression, and the “Great Recession,” it was the United States.

Jamie Dimon, Chairman and Chief Executive Officer, JPMorgan Chase

And the entire world suffered.

Not only did Dimon unequivocally state that we will suffer “a major recession,” and reiterated it writing “the future… will include a bad recession,” but he also identifies problems that most Democrats (Bernie Sanders notably among them) have long identified, which Republicans refuse to even hear – critical problems in health, healthcare, education, (within the purview of domestic security), infrastructure, declining wages, increased poverty, failed immigration policies, governmental inefficiency at Federal and state levels, and more.

Dimon continued by writing,

“Of course, America has always had its flaws. The current pandemic is only one example of the bad planning and management that have hurt our country: Our inner city schools don’t graduate half of their students and don’t give our children an education that leads to a livelihood; our healthcare system is increasingly costly with many of our citizens lacking any access; and nutrition and personal health aren’t even being taught at many schools. Obesity has become a national scourge. We have a litigation and regulatory system that cripples small businesses with red tape and bureaucracy; ineffective infrastructure planning and investment; and huge waste and inefficiency at both the state and federal levels. We have failed to put proper immigration policies in place; our social safety nets are poorly designed; and the share of wages for the bottom 30% of Americans has effectively been going down. We need to acknowledge these problems and the damage they have done if we are ever going to fix them.

There should have been a pandemic playbook. Likewise, every problem I noted above should have detailed and nonpartisan solutions. As we have seen in past crises of this magnitude, there will come a time when Read the rest of this entry »

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Two Numbers – ONE BIG, one small

Posted by Warm Southern Breeze on Thursday, December 17, 2009

$9,100,000,000,000

Nine TRILLION, one hundred BILLION…

Remember another number.

Two.

During the reign of King George W. Bush, just TWO of his failed policies have cost Americans $9,100,000,000,000.

What two failed policies are those?

The Bu$h tax cuts, and the creation of a Rx (prescription drug “benefit” written wholly by Big Pharmaceutical industry cronies.

The U.S. Census Bureau’s most current estimation of the population of the United States places 308,171,505 people in the United States as of December 17, 2009.

Put another way, that’s a cost of $29, 529 per person.

As a result of deregulation of the financial industries – banks, insurance and stock brokerages – thus creating one giant incestuous financial orgy, Americans have directly suffered under the thumbs of bankers and insurance companies, while their Wall Street cohorts, in conjunction with imaginative thieves, have twiddled and fiddled to create “investment derivatives” – essentially a Ponzi schemed fiscal fraud – out of thin air. That house of cards having collapsed, has revealed what was suspected all along. Outside the transparent dressing room of his glass house, the king had no clothes.

Driven by greed and an insatiable lust for more, …Continue…

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