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Bloomberg Television followed up on the 2014 Davos Wold Economic Forum, guns blazing. The brand CEO clarified President Obama’s core message in support of illegal immigrants, stating that forgetting to include a path to amnesty would be, ‘national suicide.’
At the World Economic Forum, Bloomberg hosts covered the top economic %1′s concern over ‘economic inequality,’ and roasted Republican Minority Speaker Eric Cantor’s lack of will to push the current bi-partizan agenda of amensty. Though Cantor did mention he agreed that children of illegal immigrants should be able to find acceptance in America, he was unable to move Bloomberg hosts from redefining immigration reform as a combatant of income inequality.
But economic newscastors should know better. Flooding the American job-market with illegals only stunts wage growth increasing supply to decrease demand. But what should we expect from a station that mostly allows the President’s Administration to publish altered job reports to keep the stock-market boyant. The official %6.7 unemployment number belies a 36year low for employment participation of a population %50 greater than it was then. ‘U-6′ statistics counting part-time workers and those who dropped out of the work-force would put unemployment at around %13. Some do stress that the actual number is far far worse, going into the 20s or 30s.
The unemployment rates during the Great Depression were in the teens and twenties.
In a depressed economic age, when state judges have to steal from seniors to complete the Federal bailout of bankrupt cities like Detroit, and days after Tom Perkins lashed out against the media for bashing American oligarchs, the same Bloomberg newscastors with a domestic talking-point agenda suddenly perked up and spoke English.
The Silicon Valley legend and multi-millionaire Tom Perkins wrote a letter to the editor of the Wall Street Journal comparing the bashing of one-percenters to the Germany’s Nazi Party line that lead to the overthrow of Jewish store-owners with the murderous Krisstallnacht agenda that lead directly to the Holocaust.
Interviewer Emily Chang along with Bloomberg anchor Betty Liu castigated the multi-millionaire Perkins for being out of touch with reality, citing luxury spending items as evidence of a deranged mind.
It is a sickenly timorous era that we live in when even an economic channel would take time to discredit lavish spending to pay homage to a Democratic cynicism against Reaganomics, misunderstanding voodoo-economics to be a critique against a pyramid-spending scheme to stimulate the economy through trickle down economics.
When a Detroit federal bailout is predicated on dissolving union-backed bonds paying pensions for generations of old Americans, gross economic policy must really be held to account. Much like Occupy Wall Street’s rage against Obama when the Democrat tried to pretend to be on the side of protesters, the stock market last week snapped against irresponsible reporting of supply-side economics.
The week’s fall was the most in the last year and half. The news came on the heels of a Chinese housing bubble announcement, followed up by a CNN discussion of a mammoth Chinese housing boom and the ghost towns that were built to house millions of immigrants that would push the economy at a 6% clip for years.
Well Americans know their buzz words and when they heard there was a housing bubble in the world’s biggest economy, they sold their stocks.
Which really underlines what the %1 percent does and why there has been such a ballooning in the bottom line of an American oligarchy that achieved the economic pyramid of the Confederate South decades ago.
Journalists like to talk about the richest of the richest as though they represent the wealthy. They don’t – they represent wealth, globalization and the unlimited upward mobility prospects for people lucky enough to reside in a global trade empire. And so the truth is not only does the American oligarchy represent international and domestic market insurance, savings, and a better life through contracted employment, but, now, more than ever it represents communications with the rise of the internet as America’s number one product.
But as Fareed Zakaria lamented on CNN when bringing up that old Lou Dobb’s buzz-word – the middle class – American corporate giants once employed upto half a million workers. Apple, America’s current leading employer, barely puts to work one tenth of that number.
The opportunities for upward mobility in America are rapidly shrinking in a automated culture of blame-shifting. Bill Gates, the world’s richest man, is driven by a quest to give away his private wealth to government. He runs a charity convincing other billionaires to give their money to government. George Lucus just gave away all the profit of his sale of Star Wars – 4 billion dollars – to government – rather than invest in human capital or, at the very least, his industry.
So if you’re incensed by reports of the rising levels of one percent ownership in America, you might consider that the richest own more because the poor own less as the welfare state inflates to simulate subsistence.
As the President said in his January 28 State of the Union Address, the minimum wage is worth twenty percent less than it was in the 1980s.
A year since the President called for an increased Federal minimum wage, 13 states have joined the six that already demand greater wages.
But pegging the quantitatively eased dollar to a financial bail-out culture to attack oligarchs while promising increased wages to the %1 of Americans that do earn the minimum wage doesn’t do enough to fix the economy. With the January 2013 repeal of George W. Bush tax cuts that shifted the income tax burden to the richest, two-thirds of Americans now think that government is too big and that it has done too much to destroy the capitalistic spirit by robbing industry of capital to promote social programs, diverting market profit to the bottom rather than filtering it through mature and sustainable economic structures.
The President still thinks, ‘It should be the power of our vote – not the size of our bank accounts that drives our democracy.’
Nonsense Federalist statements like this have normally excited Manhattan pan-handlers telling Russia Today reporters that misfortune has become more valuable than the working man. And they’re not talking about the service of lawyers that protect the status quo.
Now that the President has begun tapering his money printing he must back the dollar with more than expensive social programs that grow government. And so the Democratic Party has been forced to acknowledge that we’re living in a ‘Great Recession,’ as the President swallows his reformer pride to call on the powers of upward mobility to kick off the revaluation of his Executive brand – the dollar.
Image credit: via Wikipedia.org