Will banksters, corporados & their handmaidens in Congress wreck America?

[Joanne98]

Over the last 10 years the United States has experienced a net loss of 3.5 million jobs in those sectors of the economy outside of health, education and government. And the only thing that kept that figure from being much much larger is the huge number of McJobs that were created, in the service of fast food and the like. How did this huge job exodus take place? It had a lot to do with the approximately 42,400 factories whose operations were moved to places like China and Mexico where labor is dirt cheap. (For more details, read this article, where you will find that a ccording to a new study conducted by the Economic Policy Institute, if the U.S. trade deficit with China continues to increase at its current rate, the U.S. economy will lose over half a million jobs this year alone. You will also read that according to Tax Notes, between 1999 and 2008 employment at the foreign affiliates of U.S. parent companies increased an astounding 30% (2.3 million), from 7.8 million to 10.1 million. Meanwhile, during that same time period, U.S. employment at American multinational corporations declined 8% (1.8 million), from 22.9 million to 21.1 million.

Also read about how, during the George W. Bush administration's final months of plunder, leaders dedicated to a doctrine of government by entrepreneurship proceeded to sell off the state, channeling the profits to cronies and loyalists. Survey the federal agencies doomed to failure by the inept and even hostile staff appointed to run them. Read a compelling account of the devastating results of wholesale deregulation. From political scandal to mortgage meltdown, understand the consequences of enshrining the free market as the logic of the state.

Yet during this same 10 years, since Duhbya stold the White House, the OTC (over the counter) derivatives market, where banks traded their exotic financial innovations, grew from relative insignificance to a $600 trillion dollar death star. A portion of this secretive market finally exploded, causing the greatest economic crisis since the Great Depression. The people who agree with Larry Summers that the recession is over should pay a visit to Michigan, where I just spend the holidays. My home town is a disaster area.

However, during those same 10 years, the major financial institutions, 5 of which -- Citi, BofA, JPM, Morgan and Goldman -- hold 95% of all derivatives exposure, paid themselves hundreds and hundreds of billions in bonus pay, skimming the short-term profit off the frothy asset bubbles they were inflating while they cleverly transferred the risk to us taxpayers. Their game was, literally, selling us down the river.

http://www.opednews.com/articles/Will-banksters-corporadoe-by-Richard-Clark-110117-665.html

[ananda]

1. America is already wrecked.

And about to get more wrecked.

[SharonAnn]

2. Of course they will. Perhaps they already have.