Because of these greedy motherfuckers pictured right here.
Our jobless rate, being what it is, gives no cause for celebration.
Yahoo! Finance reported Wednesday that as of the close of the bell, the Dow has hit five figures again, a number not seen in over 12 months. They reported that “investors can start focusing on the next benchmark for the market's recovery.”
The Dow Jones Industrial Average has been the market’s most widely feared, revered and accepted barometer for decades. Like sedimentary layers that illustrate flush wet fertile years versus periods of rainless drought, trending the DJIA will show us the last century’s worst financial crises against its greatest stretches of prosperity... for some. It’s like the way counting tree rings won’t tell you a thing about disease in primates, only if they had more or less water to drink.
Joblessness is here to stay. Many jobs shed across economic sectors may in fact be permanent in America. There is a consumer credit and loan crisis in the offing once the rate and total number of defaults on individual credit cards accounts hits a point of no return. -I’d say “tipping point” but I feel like Malcolm Gladwell has that term copyrighted, and in any case I always laugh when people repeatedly throw it in conversation as if they’re citing some great work in philosophy.
Everyone in government last year, from George W. Bush to Hank Paulson down to the lowliest Democratic junior Congressman managed to convince every poor schmuck, working-class schmendrick, and hapless debtor treading water in America to ignore the foreclosure sign on their lawn, but also that AIG’s, Bank of America’s and even Goldman Sach’s* pain was also somehow their own. Now that these monstrous financial institutions are repeatedly posting profits, their joy is strangely not changing the fortunes of the people who footed the bill for their massive rescues or supported their restructuring. Not one person’s immediate situation is changed by the Dow’s rise yesterday. If you lost your job, the 10,000 point Dow is not calling you on the phone to offer you a new one.
Quite the opposite:
I just got a letter from Bank of America two days ago; they are amending the agreement they made with me on a fixed rate loan that they repeatedly assured me would never change. I called them and asked: “The term fixed rate doesn’t mean anything when you say it, does it?” The woman on the other end of the phone actually laughed. I respected her not being able to hold in a chuckle at a sucker’s expense, just as she probably knows I would’ve choked the life out of her had she been standing in front of me.
I am paying tax dollars to stabilize financial institutions that are turning around and raising interest rates on me.
And where the fuck is Glenn Beck’s outrage now? -Oh that’s right, Glenn Beck passionately argued for AIG keeping their bonuses, -and why not? Glenn Beck is rich. He won’t be crying any of his theatrical tears on TV for you, or for me or for anybody that does the actual living and dying in America at the whims of banks. They’ll compare President Obama to Adolf Hitler, but neither he, nor anyone at Fox “News” Channel will ever go after the finance and banking corporations that make life miserable for working class Americans. They will never decry the subsidies and corporate welfare that keeps the downtrodden, stepped-upon.
So I ask again; to every smug jackass on the NYSE trading floor, sitting behind four screens watching indexes, I say again to every asshole in finance whose livelihood we saved with our tax dollars last fall who:
-won’t create a job;
-won’t pull a family out of foreclosure;
-won’t even pay their proportionate share of taxes:
Just what are you dicks smiling about?
-Oh right, you’re fucking us over again, and there’s nothing we can do about it.
That’s what you’re smiling about.
I said it last year and I’ll say it again, tax money should go to help the actual individual people in trouble who “owe” the money that “imperils” financial institutions, it should not go to the finance, insurance and investment entities who put Americans in the hole with variable APRs, sub prime loans, escalating mortgages. It’s their own money, Americans had to put it up, why can’t it go to helping them first? For once, I’d like to hear somebody admit, sincerely and without qualification, that deregulation was a bad idea. I’d like to hear it from all the politicians who supported it for the last 25 years.
For once I’d like to see an economic initiative trickle up, not down.
But financial institutions would never support anything that equitable and just, would they? It practically sounds like agreeing to be pissed upon from up high doesn’t it?
* Goldman Sachs is about to report a tripling in profits compared to one year ago according the Wall street Journal yesterday morning.