Tuesday, February 24, 2009

How the Economy Was Lost: Casting Off America

Slumdog Millionaire actors visit Disneyland
-Casting Off America-
"If truth be known, the "banking problem" is the least of our worries.
Our economy faces two much more serious problems. One is that offshoring
and H-1b visas have stopped the growth of family incomes, except, of
course, for the super rich."
-Paul Craig Roberts

“It’s not the Economy, Stupid. It’s YOUR JOB!”

Why are American citizens allowing elites to hand over jobs to India? The stimulus bill has U.S. citizens, not Indians, picking up the tab, too! Why don’t the failing banks get their bailout from India, instead? From the white collar job sectors of technology to medicine to finance to journalism, corporate elites in this country are rejoicing in selling out American jobs. We can’t even seem to appreciate our own movies anymore, either. Unless you troll the trough of the hubris diseased, “ordinary” educated Americans are no longer deemed eligible to partake in corporate and local community building. Oh Hell. Even Hollywood can’t stop itself from succumbing to the hubris opiate, slumming and skimping on quality as evinced by the Academy’s all out political promotion not of at least two Oscar worthy Hollywood films (IMHO Milk and Frost/Nixon) but an unarguably mediocre film to instead hand over eight Oscars to, one for Best Film. But that’s OK. We have a reputation as being a great, gracious nation - only these days, just not to each other. Have the disastrous Bush years so thoroughly eroded our collective sense of national pride and camaraderie to warrant this “kick me please” sign on the backs of our own citizens?

In his article entitled How the Economy Was Lost, Paul Craig Roberts summarizes what yours truly has been writing over and over and over and over and over and over and over again about the distinct, hate thy neighbor brand of hubris and greed in this War on America’s white collar middle class that has been led by America’s corporate elites and their fawning “new media” sycophants.
Roberts reports that while U.S. financial regulators abandoned integrity and “fled their posts” while MSM and “New Media” outlets drummed the lie of an American “skilled labor shortage” to promote H-1B visa workers to replace Americans, outsourcing’s “inner circle” has deep roots in GE and McKinsey, among others that have promoted the sell out of America’s white collar middle class. After all, citizens can afford a Depression only if they have jobs. But that is not part of the blueprint by a few CEOs and elites in this war on America’s white collar middle class:

“The pressure of jobs offshoring, together with vast imports, has destroyed the economic prospects for all Americans, except the CEOs who receive “performance” bonuses for moving American jobs offshore or giving them to H-1b work visa holders. Lowly paid offshored employees, together with H-1b visas, have curtailed employment for older and more experienced American workers. Older workers traditionally receive higher pay. However, when the determining factor is minimizing labor costs for the sake of shareholder returns and management bonuses, older workers are unaffordable. Doing a good job, providing a good service, is no longer the corporation’s function. Instead, the goal is to minimize labor costs at all cost.”

So far, that goal appears to be working out just great. With a little help from a few trough slopping “New Media” hacks to pick up where the Old Media left off, Meet the New Boss Same as the Old Boss has never sounded so good for a few greedy corporate elites and their “leading a movement” sycophants.

Party on, plebs!



Peter of Lone Tree said...

First housing collapses, then...
As Gerald Celente says in 'Worst economic collapse ever':

We’re going to see the economic collapse the likes of which the world has never seen before. It’s not only in the United States; it’s going global. At the end of 2008 we saw Christmas retail sales: women’s apparel down 23%; home furnishings and electronics off 27%; luxury items down 35%. These are Depression Era collapses. We saw major bankruptcies, such as retailers Circuit City and Linens and Things. One bankruptcy after another. Then we saw store closings. Starbucks, Home D&D Power and down the line.

The question becomes who is going to take all of the vacant retail space? Who is going to rent it? The answer is - nobody. Now we look at the financial collapse in 2008, we saw the Merrill Lynch mob go under the bed and the Lehman boys went bankrupt. You saw bond companies, brokerage firms, and banks go belly up. Who is going to rent all the vacant commercial business space that they used to occupy? The answer is - nobody. The commercial real estate collapse that’s going to happen in 2009 is going to dwarf the residential real estate collapse.

Citizen Carrie said...

Paul Craig Roberts is one of the few who "gets it". I imagine his name must have been struck from more than one guest list over the last few years.

2Truthy said...

CC, You don't suppose Paul Craig Roberts will be serving as one of Obama's Economy advisers in the near term? Especially when he has the caste of characters from Google (Gore and Powell and Doerr and GS) who really know how to 'advise' him how spend all our taxpayer money...

Citizen Carrie said...

David Sirota should forget about getting his "progessive" 10:00 pm spot on CNBC and aim straight for a job in the Obama administration.

Father Tyme said...

"What's gonna happen to all the empty retail space?"
Well, how about America's homeless moving in? And homeless vets?
Abandoned buildings become havens for illicit drug users, why not let some homeless vets keep the places up in exchange for housing?
Sorry! Makes too much sense! Don't know what came over me!

2Truthy said...

CC, Yeah, the Obie Admin needs a telehead. According to David, "The launch of the campaign for MSNBC's 10pm slot was a big success."


"If you haven't emailed yet asking them to consider me for the 10pm slot, it would be great if you could."