April 13, 2009
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CAUTION!!! Don't Watch if the TRUTH scares you. Prepare...Don't Fear.
UNEMPLOYMENT TRUTH.....CURRENTLY 20%
The U.S. Government compiles data on these uncounted unemployed Americans, but does not mention it in news releases. It can be found in Table A-12 on the Department of Labor’s website where it shows an unemployment rate of 16% for Feb. 2009. It explains why these unemployed Americans are not included in their official unemployment rate:
“Marginally attached workers are persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.”
In typical government doublespeak, it notes they are not “looking for work” but want work and “have looked for work in the recent past.” As a result, these people who want to work are not counted as unemployed. This 16% figure does not include a few million Americans who excluded by the survey parameters for these reasons:
-Students seeking work are never counted as unemployed. So anyone taking college classes at night and seeking a full-time day job is not counted as unemployed.
-Pensioners seeking work are never counted as unemployed. This includes those who receive a minimal monthly pension because they retired early, often forcibly. Soldiers in the U.S. military can retire with a small pension as young as age 37, yet they must find work to support their family. However, they are classified as retired and not counted as unemployed.
-Anyone seeking a full-time job who works a few unpaid hours a week at a family farm or small business is not counted as unemployed.
-People seeking their first job, such as recent high school and college graduates, and housewives are excluded. The logic is that since they were never employed, they are not unemployed.
These games allow the U.S. Government to report a current unemployment rate of just 8.1%, even though its own data of unemployed Americans who want to work indicates an unemployment rate of around 20%. This should concern all Americans because the unemployed burden society by collecting welfare or resorting to crime. A recent surge in Social Security Disability claims indicates another path the desperate unemployed are seeking.
You can listen to CNBS.....or you can know the truth.
A Fraud That Makes Madoff Look Small Time
By Ron Smith
April 12, 2009 "Baltimore Sun" -- -Since Bernard L. Madoff was handcuffed and taken from his office by FBI agents, we have been made well aware of the nature of Ponzi schemes, fraudulent investment opportunities that pay off early participants with money from newcomers, not from returns on legitimate stock or bond holdings. Mr. Madoff, once a highly respected member of the Wall Street establishment, has admitted to defrauding investors of as much as $50 billion in such a manner. When asked by the agents who arrested him if he could explain what he'd done, he reportedly said, "There is no innocent explanation."
According to the man who may be the leading expert on banking fraud, there is also no innocent explanation for the events leading to the current economic crisis. Last week on his PBS show, Bill Moyer's interviewed William K. Black, the senior regulator during the savings and loan scandal in the late 1980s. Mr. Black, who wrote a book based on his experiences and called it The Best Way to Rob a Bank is to Own One, said the fraud and deceit that resulted in the world banking system's dire distress makes Bernie Madoff look like a piker. In fact, says Mr. Black, who is the former director of the Institute for Fraud Prevention, what we have experienced was caused by "calculated dishonesty" on the part of corporate CEOs, aided and abetted by politicians and regulators who tore down the barriers to financial shenanigans - perhaps the most important example being the repeal of the Great Depression-inspired Glass-Steagall Act that separated commercial banking from investment banking. This cleared the stage for the fraudulent investments that made a lot of people very, very rich in what we can now see was an immense Ponzi scheme, many times the size and scope of the scam pulled off by Mr. Madoff.
Consider that one company, the now-defunct IndyMac - which specialized in making liar's loans - in a single year (2006) sold $80 billion of these toxic things to other companies. IndyMac lost more money than all the lending institutions involved in the S&L crisis of the 1980s. And those at the helm of this firm and the others we've heard so much about - A.I.G., Merrill Lynch, Lehman Brothers, etc. - knew what they were doing. Mr. Black believes they dealt in investment instruments they knew were created fraudulently.
So, why haven't we seen the people responsible for this hauled off in handcuffs the way Bernie Madoff was? Or at the very least, how come the CEOs of the banks involved in this scheme haven't been made to walk the plank like Rick Wagoner of General Motors? Because, says Mr. Black, "We don't want to change the bankers, because if we do, if we put honest people in, who didn't cause the problem, their first job would be to find the scope of the problem. And that would destroy the cover-up."
When asked by Mr. Moyers whether he was alleging that Timothy F. Geithner and others in the administration, and the banks, are engaged in a cover-up to keep us from knowing what went wrong, Mr. Black said, "Absolutely." The rulers are frightened to admit that many of the large banks are insolvent. They have ignored the proven methods for dealing with bank fraud and have instead adopted what they used to laugh at when the Japanese did it: covering up bank losses by lying about them and injecting money into failed institutions. Even though it's working exactly as one would expect - just as it did in setting Japan into a long, deep recession - they don't know what else to do. To take effective action would reveal what they believe cannot be revealed. The lurid facts must be hidden.
So much for the vaunted transparency the new president promised us.
The counter spending 15 million x sec reminded me of something I was reading in a science book to my kids the other night. If you were to count (or spend $1 every time you say a number as you are counting) it will take you 33 years to count to $1 billion. :) But these bankers we have can lose 1 trillion in a few months :) No wonder Jamie Dimon was mad about all the Wall Street bashing. Wall street is working extra hours and weekends working hard to lose as much money as possible and on top of everything you get mad? sheesh :)