brooke07t7: Making Money Job

One of the most discouraging things about the last two years was seeing swing voters in focus groups, when asked what President Obama's economic strategy was, repeat different versions of "Well, I know he said we needed to save the banks. Beyond that, I'm not sure." When Obama in his first State of the Union gave a vigorous defense of bailing out the banks, saying he knew it about as popular as a root canal, and saying "I get it", it was very memorable to voters. But when his predictions about what would happen when the banks were stabilized -- they would start making loans to businesses, and businesses would start hiring -- didn't happen, and instead the banks gave themselves record breaking bonuses, voters turned on Obama fast. In exit polls on Nov. 2nd, when asked who was most to blame for the bad economy, voters by a wide margin said Wall St. was most to blame, and the voters who said that went Republican by a 14-point margin.

Obviously, saving the banks hasn't been the President's only economic strategy. The stimulus bill, while too small, was an important job creator/saver. Saving the American auto industry was an incredibly important thing to do. Health care reform was in part a long term economic strategy. The infrastructure bank idea is a great potential job creator. Extending unemployment insurance helps keep money in the economy. And all the tax cutting going on is clearly meant to have some stimulative effect, although how much is highly debatable.

However, there have certainly been times where Secretary Geithner, who has been the main driver of the economic strategy, seems to think and act as if helping the big banks and helping the economy amount to the same thing. The tepid reaction to the foreclosure crisis has sure felt that way -- apparently we can't freeze foreclosures or do much to help homeowners because it might "endanger" the banks. In fact, I would argue the exact opposite: that our number one economic strategy right now should be to shift money from the big banks to the real economy, to Main Street businesses and workers and consumers. The big banks are hoarding extraordinary amounts of money, and they are clearly not investing it in job creating businesses. They are speculating with it, they are trading with it, they are investing in complicated financial instruments that do nothing to create jobs- in fact, they are sucking capital out of the real economy that might actually create jobs. These massive financial conglomerates have way too much concentrated wealth and market power, and that is weakening the rest of the economy.

This is one reason why, as I wrote a couple of times last week, it is so important to write down the mortgages of homeowners who are underwater. Taking that money out of the bankers' hands and putting it in the hands of the hard pressed middle class would do more to stimulate the economy than any other thing the President could do right now. This is also why the Federal Reserve's new proposed rule, out last week, on swipe fees is so good. It would generally limit swipe fees to 12 cents per transaction. Right now the average is 44 cents, and with most small businesses it's quite a bit higher. If this rule is upheld, this is money that will go straight from the big banks' profit margins into the main street economy -- all told, probably a $15 billion boost going back to retailers, restaurant owners, taxi cab drivers, and hopefully consumers. $15 billion going from Wall Street, speculative economy into the real economy is a nice lift right now. This is why I have been working with retail business leaders and consumer groups to support this new regulation.

Unfortunately, not all Democrats see it this way. Tom Carper and Mark Warner tried to head off the amendment that made this regulation happen in the Senate, and have been lobbying the Federal Reserve against a strong regulation on the subject ever since they lost the legislative fight. And Barney Frank, who is a great liberal on social issues but spends way too much time with bank lobbyists, was whining on Friday how unfair the proposed rule was to the poor bankers.

Barney, you got this one wrong. Democrats should not be looking out for the bankers, we should be looking for every single opportunity we can to drain the Wall St. swamp. The big banks are hoarding money. They have way too much market power, and when their profits expand, they put that money into the speculative economy rather than the real economy that manufactures goods, sells products and services, and creates jobs. When we take a dollar away from them, and put it into the real economy, there is actually a multiplier effect as people on Main Street spend or invest the money in real products. When mortgages get written down, it helps the real economy. When swipe fees on credit or debit card transactions get lessened, it helps the real economy. If we instituted a transactions tax on every trade made on Wall St, and put that money into a jobs program, that would help the real economy.

The big banks are hoarding our money. Our best economic program right now is to shift money from the banks, and put it into the hands of consumers who might actually buy products and businesses who might actually hire more workers.

Dylan Ratigan, having recently reincarnated himself as an activitst against the meddling of the banking oligarchy in American everyday lives, and a proponent for job creation, has hit the road, literally, with his inaugural event for his Steel on Wheel movement. The event starts at 7pm, and will be held in Seneca Falls. The idea behind this event is to bring different sectors of the political spectrum, from activists to investors to corporate leadership, towards building a Jobs Movement where Americans advocate for jobs in America that make things for Americans. The focus will be on removing the four bottlenecks of jobs: megabanks, the health care cartel, corrupt trade practices, and the aristocratic tax code. The tour is done in partnership with Nucor Steel, whose CEO Dan DiMicco will be one of the participants in tonight's town hall.

Here is Dylan justification for creating this long-overdue event:

Get America Working: We Need a Movement to Solve a Crisis

It's time, America. Americans need work. Americans need jobs. And
right now, our government's main job must be to help create these jobs.
The unemployment rate has lingered 9 percent for 19 straight months;
the longest postwar stretch on record. And with our list of challenges
ranging from overpriced health care to evaporating manufacturing, where
can we start? Here are four steps our country must take now to get
Americans back to work. Each tackles a bottleneck to jobs that must be
fixed now:

Fair Trade, Not "Free" Trade

First, we must balance our trade deficit by making trade fair. Some of our trading partners, China for example, have become our trading enemies
by devaluing their currency, basically giving us their unemployment
problem in return for buying our debt. Putting pressure on China to end
their currency manipulation and illegal trade practices will immediately
lead to more U.S.-based manufacturing -- jobs we desperately need back.
I did an interview with Dr. Peter Morici to discuss how our trade and banking policies are costing us jobs.

Make Banking the Practice of Lending to Businesses, Not Gambling or Buying Treasuries

Banks no longer make money from lending to American businesses. With
massive bank consolidation due to deregulation, as well as massive
bailouts, we now have four mega-banks that couldn't be less interested
in lending to businesses. Borrowing has declined 7 straight quarters while bank profits (and bonuses) are at all time highs. We have to break the bankers to bring back jobs. Listen to my Radio Free Dylan with Barry Ritholz and Josh Rosner for more on this problem.

Control Health Care and College Tuition Costs

The US spends 16 percent of GDP (twice as much as countries like the UK) but have worse health care.
Much of the brunt of paying for this inefficient health care comes from
US-based companies that are (unlike their foreign counterparts)
mandated to pay employee health care. The price of college tuition and
fees are skyrocketing as well, rising over 439 percent (adjusted for inflation) over the past 25 years.

Student borrowing has more than doubled in the last decade as prices
jumped 8 percent last year alone, meaning college may soon be out of
reach for many Americans. Meanwhile, there aren't enough jobs for these
students to pay off the debt, with high unemployment and over 17 million college graduates currently doing menial jobs. Listen to my interview with CEPR Director Dean Baker for more on this problem.

Reform the Tax Code

Right now, Warren Buffett's secretary pays a higher percentage of
income to taxes than Warren Buffett. That's a very big problem for
anyone who isn't the child of a billionaire. We need to reorganize the
tax code to promote US investment instead of rewarding overseas investment and aristocracy. Listen to my interview with tax expert and bestselling author David Cay Johnston for more on this problem.

When you have problems as we do, surely there is opportunity for work
solving them. But first we must correctly identify the root causes and
activate the necessary debate around the actual problems that are
costing America its jobs.

For the next three days, I'm going to be traveling the country for
the Steel on Wheels tour. We're having a conversation about how to make
things in this country again. Join us. We'll be holding Town Halls on
each leg of the tour, starting tonight at the University of Rochester (watch the live stream at 7pm EST here)

And let me know what you think we need to do to put America back to work on our new collaborative website at SteelOnWheels.com!

Or, if you'd like to stream our live town hall on your own website, click here to grab the embed code.

The event can be viewed below (and if the stream does not appear, you can watch it here):

bench craft company scam

brooke07t7

Wednesday, December 22, 2010

Making Money Job

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