Secretary of Treasury Geithner announced in his first day that Banks will need $4 “Trillion” because they do not have enough capital … Hey we’ve known that for a while now! everything we have bought in the last 20 years has been pretty much borrowed in other words we have not had real money to save in banks for some time now.
Just remember that as long as we do not manufacture products here at home then every penny the Fed prints will go out of the US not savings therefore no money into banks. Have you seen the many cities that China has built? many and all paid cash and they are still sitting on a pile guess where that cash came from? you got it, US
How did this all happen, WHO made the wise decision? Not some poor Mexican sitting in Tijuana. He did not walk into a corporate boardroom and demanded Hey send your jobs to Tijuana because I want to work for 6 months and then retire for life with that itty bitty money.
WHO then: American CEO’s …think who else?
WHY: CEO’s(which is not the same as the free market system nor are they the corporation) kept saying for decades that what is good for the shareholders is good for America.
WHO ARE THE SHAREHOLDERS? Well the CEO’s of course that is how they get paid, they usually are among the strongest shareholders. Regardless of profits or sales if laying off workers sends the share prices up, there will be layoffs. Before arguing with this statement go to the library and study and research it yourself because you can do it, you are capable of it, you don’t have to call some talk show host to do the thinking for you. I know you got intellectual balls, use them.
Think: If cheaper workforces was good for the shareholder why don’t they hire cheaper CEO’s from Mexico and China at a 1/20th the price? Chinese, Korean , Japanese, Indian CEO’s are doing very well so is Mexican Carlos Slim the 2nd richest man in the world.
Let me paint the picture:
55,000 to 76,000 jobs cut in single day, coincidence?
Home Depot: 7,000 cut because they are not selling as much “Made in China“ products.
GM: 2,000 cut jobs, they just got bailed out and lookey here!
Caterpillar: 20k \ Proxy Mining: Caterpillar Chief Made $17M in 2007, Possibly Half That This Year reports NYT–>In 2007, its chief executive J.W. Owens received:
– a base salary of $1.5 million
– a bonus of $300,000
– stock awards totaling $918,626
– option awards totaling $7.1 million
– non-equity incentive plan compensation* totaling $4.4 million
– change in pension value and non-qualified deferred compensation** totaling $2.6 million
– other compensation*** totaling $221,307
Total: $17.1 million, up from $14.8 million in 2006.
Texas Instruments: 3.4k \ Fourth-quarter sales fell to $2.49bn, or 8 cents a share, below analyst estimates of 11 cents. Quarterly profit fell to $107m from $756m a year ago …still $100million+ profit!
Pfizer: 19.5k after takeover of Wyeth.
My roommate has a serious illness 2 weeks ago she went to fill her prescription for 30 days and the tab the pharmaceuticals demanded: $1,200.00( that is right 30 days). My roommate is not the only one in America using Pharmaceuticals.
Sprint-Nextel: will cut 8,000 to save $1.2b Even when its stock is rising \$35bn merger[Dan Hesse ceo-] \\ cut 4k last year now has 56k. Also stopped matching 401k
AT&T plans to cut 12k[approx. 4%]Sprint the company had a cash balance of $4.1b after paying debts in 2008 claims lost $1.8bn to AT&T and Verizon. They are laying off people with a cash balance of $4,000,000,000+ in their coffers
Why do I write this?
The objective is to spark the fire of curiosity to learn for one self (every one of us) to develop the courage to learn about economics and money matters and business management, we have to.
I BELIEVE THAT THE REASON WHY (we the working class)GROUPS SUCH AS THE UNIONS FAILED SO DEFINITELY IS BECAUSE THEY GOT EDUCATIONALLY COMPLACENT. Made the same mistake that Native Americans did 100 years ago, they signed a paper. Yes Unions signed a paper agreement with management and figured that all they had to do is work hard and mind their own business. Live and let live. Did not fare well to butt heads.
When it came to understanding the big financial picture we got out maneuvered by more nimble management that capitalized in a changing culture and country. But this is another story for another time.
Never did I want to care for the evil journeys of money …I was wrong all I did was neglect my understanding of the society in which we all live AND WHAT MAKES IT TICK. I’ve now learned that is my duty to educate myself in these matters. And incite you all to do the same, we all can because is the only peaceful way out my friends. The Only one.
It is a beautiful day to be a student today.
To Thy Own Self Be True.