Bucket

Greetings good citizen,

Nothing is more poignant than the daily headlines for driving home the point that our civilization is scroomed!

We need look no further than the top story in the business section for proof:

DealBook
Obama’s Nominee for S.E.C. Tries to Allay Skepticism
By BEN PROTESS

Mary Jo White, President Obama’s choice to lead the agency, is telling Congress she can avoid conflicts of interest despite her Wall Street clients.

I’m not kicking the poor woman in the shins but who do you place in a sensitive position like that who ISN’T an ‘insider’?

My ‘problem’ with this choice is not the chosen but the chooser, who has proven to be Wall Street’s boy from day one.

We have already witnessed some well qualified appointees resign in frustration…and if this woman has integrity it is likely she too will go the way of her predecessors.

But it gets better:

The budget cuts scheduled to start taking effect on Friday would affect all facets of the federal budget, including aviation and military spending.
Austerity Kills Government Jobs as Cuts to Budgets Loom
By BINYAMIN APPELBAUM

The federal government is cutting back at a pace exceeded in the last half-century only by the military demobilizations after the Vietnam War and the cold war.

Graphic: Austerity Is Here

Um, that last headline is a bit deceptive considering the government has been spending at an ‘unprecedented clip’ since this whole ‘War on Terra’ thing got started.

How ironic is it that if they were serious about reducing ‘terrorism’ in the world they’d make their most promising progress by slashing their own budget?

Not only has the invasion of Iraq and Afghanistan lasted TWICE AS LONG as WWII but it has also been TWICE AS COSTLY!

Yet you don’t hear the conservo-whackos screaming to cut the Pentagon’s budget, do ya?

No, instead we get headlines like this:

Durable Goods Orders Drop as Aircraft Demand Falls
By THE ASSOCIATED PRESS 47 minutes ago

A sharp drop in demand for commercial aircraft caused overall durable goods orders to drop 5.2 percent last month, but orders for core capital goods like machinery, equipment and software rose 6.3 percent.

How ironic is it that the same sort of ‘phenomenon' accounts for the recent ‘surge’ in home prices (after years of flat lining.)

When the whole economy is deader than a door nail, a 5% reduction in orders for commercial aircraft really spanks you in the bottom (line that is.)

Housing prices are up ‘relative to what they were last year’ (and not 6 years ago when things were booming.

It may be ‘the biggest increase’ SINCE then but what are they really saying?

I saw some twit last night proclaim that if they could keep up the pace the current ‘inventory’ would be ‘sold out’ in just 4 months.

What a crock! Guess who’s buying all of the houses?

Why it’s our old pal Flipper, (betting he’s finally going to find renters at long last!)

Guess what?

Flipper is…WRONG AGAIN!

And like the last ‘bubble’, Flipper is going to ‘walk away’ when the renters fail to materialize.

But our next headline shines a light on the current state of economic affairs:

DealBook
Regulators Block Ryanair’s Latest Attempt to Buy Aer Lingus
By JAMES KANTER 19 minutes ago

As the European Commission blocked the attempt by Ryanair for competitive reasons, the Irish carrier reiterated that it would appeal the decision in court.

In a ‘saturated market place’ the most you can do to boost the bottom line is ‘buy market share’ (by buying our the ‘competition’…then sticking it to the customers!)

Turning down this merger is the right thing to do…however, it isn’t over yet.

If you can’t soak the public you can always take the sure route of soaking the government:

EADS Profit Soars 19 Percent
By NICOLA CLARK 7:28 AM ET

The company says it made about $1.56 billion in 2012 thanks to commercial aircraft sales, even though its military segment struggled amid budget troubles in the United States and Europe.

What’s the old saying, ‘war is good business.’

Wrecking stuff then getting paid to rebuild it…can’t beat that racket.

It’s a ‘self-reinforcing circle’.

Better shake a leg here, we’ve still got a lot of ground to cover.

Fed Defends Stimulus in Testimony to Senate
By BINYAMIN APPELBAUM

Ben S. Bernanke told senators that the central bank saw its campaign as necessary and effective, reassuring them that its benefits outweighed any risks.

Economix Blog: Does Bernanke Have the Best Inflation Record? | By Unemployment, Not So Good
Home Sales and Bernanke Calm Market

How does Helicopter Ben justify bailing out the world’s financial system (to the tune of 22, we don’t have ‘em, trillion) to a financially incompetent legislative body?

If there were a half a brain between the 500 plus of ‘em, they’d know the system was bankrupt without even asking ‘the Bernank’…

The only reason the home sales are calming the market is because they (the corporate owned media) believes the average citizen is too stupid to figure out there is no ‘recovery’ in the housing market (nor will there ever be!)

And again we are expected to be shocked by this latest revelation:

News Analysis
Italian Deadlock Rekindles Anxiety About Euro Zone
By LIZ ALDERMAN and JACK EWING

The apparent political gridlock signaled by its elections raises new fears that the euro crisis may be far from over.

European Markets Dip Amid Uncertainty
Italian Parties Maneuver After Electoral Split

Does ANYONE truly believe the Euro-zone crisis is over, seriously?

Then we have this ‘gem’:

Officials have recommended that nuclear plants like Nine Mile Point in New York install new safety equipment.
Post-Fukushima, Arguments for Nuclear Safety Bog Down
By ERIC LIPTON and MATTHEW L. WALD

A dispute is developing between the nuclear industry and regulators, and among the regulators themselves, about the necessity of more safeguards at power plants.

Graphic: Tasks Remain for the American Nuclear Industry

Let’s ‘cut to the chase’…the only ‘safe’ nuke is a cold one…but if you shut down the nukes without first installing adequate renewables the entire grid would shut down in less than a day.

Better to let the candle remain lit than to curse the darkness.

And finally:

DealBook
Wall Street Pay Rises, for Those Who Still Have a Job
By SUSANNE CRAIG 6:39 AM ET

The average cash bonus for people employed in New York City in the financial industry rose by roughly 9 percent, to $121,900, in 2012, the New York State comptroller said.

U.S. Banks in 2012 Posted Highest Profits Since 2006,

The Litany of Woe was quite detailed today, a rather good ‘capture’ if I must say so myself.

Thanks for letting me inside your head,

Gegner

Accountable

Greetings good citizen,

Yesterday’s ‘milestone’ for the financial markets appears to be more evidence of the criminal’s favorite pass time, fraud.

IF you think the economy has ‘recovered’ I’ve got some nice ‘drainage challenged’ real estate you’ll be interested in…

In the meantime, to consider stories such as this one anything more than ‘jaw-boning’ is a tragic error.

TOP NEWS
As Worries Ebb, Small Investors Propel Markets
By NATHANIEL POPPER

After millions of people all but abandoned the markets after the 2008 financial crisis, individual investors are pouring money into stock mutual funds for the first time in years.

Left to our imaginations is precisely who this ‘small investor’ is? He certainly isn’t the newly re-employed worker, stoking up for retirement. We already know 90% of ‘new jobs’ aren’t even full time and 80% of those pay minimum wage! So WHO is this ‘small investor’ they are referring to?

Could the answer be as unfortunate as Wall Street, in it’s usual fashion, is merely transferring funds from real estate hedging vehicles back to mutual funds, ‘ringing the cash register’ so to speak?

Because you don’t need me to tell you that this is not cause for rejoicing! This is sticky fingered Wall Street churning (and helping itself) to money that was already there.

So, small investor recovery? Hardly, small investor fleecing is more like it but Wall Street has this ‘truthiness’ problem where honesty only creates hard feelings.

Just because the ‘deterioration’ of the employment situation has slowed doesn’t mean it is ‘improving!’ (But that’s the message the meatheads would have you believe. That ‘less-worse = better!’)

It’s the same idea of when the economy contracts, that return to stability is sold by the pundits as ‘recovery’ when in fact after ‘leveling off’ for a brief period, it falls again and the talking heads pretend it’s a mystery.

But it’s not. There was a headline in the local rag the day before yesterday that one of the city’s largest employers is laying off half of its workforce AND sending the work to its plants in China and Mexico.

Still feeling ‘optimistic’, Bunky?

It seems every time they declare ‘the recovery is at hand’ I feel compelled to jump in and cry foul!

And it looks like they got me again.

The question is did they get you?

For every nineteen people who reject hogwash like this there is one who embraces it. Maybe not as quickly as they used to, they are starting to catch on to the fact people are laughing at them behind their backs…

Understand good citizen, the corporate owned media HAS TO report the economy is on the mend, even if it isn’t in order to quell social unrest and dampen ‘animosity’ towards ‘our betters’.

But as I am tiring of pointing out, no amount of jaw-boning is going to alter the facts on the ground.

Our economy (or that limp dishrag that passes for our economy) is broken and nobody has done a single thing to repair it…nobody!

So ‘recovery’, such as it is, amounts to a lesser rate of descent. We merely aren’t sinking as fast as we once were.

What do you suppose should happen to the employer who cut 70 out of 150 jobs and sent the work off-shore?

One of my other ‘hobby-horses’ has been the need to redefine what constitutes a ‘crime’.

Under our current goofy calculus, the owner can send the work wherever he pleases. He is seen as ‘owning’ the work.

But isn’t he also a citizen and doesn’t that citizenship carry a responsibility to the society he lives in?

He’s quick enough to demand justice (or the protection of society) when disaster strikes…so how come he feels no obligation to keep the society that protects him healthy and vibrant?

Because, until such feckless acts like the global race to the bottom are criminalized, our ‘global’ economy (and all but it best connected participants) is doomed.

Not the kind of world I want to raise my kids in and I’m sure many of you feel the same way.
This ‘competition’ baloney is all fake. Worse, it is the old canard of ‘I can teach a monkey to do your job’ writ large!

Which is to point out that the ‘quality problems’ that served as an excuse to cover early job exports have resurfaced in the cheaper there, indicating the problem didn’t lie with the craftsman but with management.

Which tells you what, good citizen?

It’s time to hold management accountable.

Thanks for letting me inside your head,

Gegner