If a nation of debtors is what we have become and what we will be--then this nation of debtors needs a new 'manifest destiny'.
"Nonfarm payroll employment fell by 240,000 in October, and the unemployment rate rose from 6.1 to 6.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. October's drop in payroll employment followed declines of 127,000 in August and 284,000 in September, as revised. Employment has fallen by 1.2 million in the first 10 months of 2008; over half of the decrease has occurred in the past 3 months. In October, job losses continued in manufacturing, construction, and several service-providing industries. Health care and mining continued to add jobs."
This is the highest rate of unemployment in 14 years. The taxpaying consumers of the United States are being further disabled in their ability to spend. The TARP(Trouble Assets Relief Program) bailout program funding is going nowhere.The banks which have already received funding from the Department of the Treasury are not lending out the funds as designed.
Propping up failing markets by means of legislation which effectively places the liabilities of these failing markets are on the backs of the people is nothing that resembles the activity of a 'free market'...nor does it remotely resemble capitalism. Derivative markets using debt instruments as their primary transaction vehicles have overwhelmed the underlying markets. Consumer debt should never have become a marketable commodity.
This has become about control. More and more of the funds that are supposed to return to the consumership are being used in a way that only instigates greater consumer liability while providing relief from liability for the very organizations that created this mess because they apparently do not wish that the consumer has any control over their spending. The consumership needs to have greater control over spending...that is the bottom line. We have to decide for ourselves what succeeds and what fails.
We are heading for a situation where most of the assets are not in the possession of the majority of the people and the only thing that the majority of the people will have left to bargain with is their labor. They used to call that slavery...and that is what it will become when the majority of the people become so poor that their labor is not only their greatest, but only remaining asset.
What I would like to know...is this just people making bad decisions which were intended to do good things...or are the decisions they've made ones in which they intend to capitalize on the labor of the people in the most heinous of ways...slavery?
All conspiracy theories aside...things are not looking good.
Posts
0 comments:
Post a Comment