Reply #16: Why Won't Obama Give You a Job? [View All]

[Octafish]

Joshua Holland examines a most interesting question about Wall Street's trillions and the big fat nothing for Main Street:

Why Won't Obama Give You a Job?

By Joshua Holland, AlterNet
Posted on November 17, 2009, Printed on November 17, 2009

Working Americans continue to suffer from the worst financial crash since the Great Depression, and Washington has so far offered up only band-aids to help them out -- extended unemployment benefits, small stimulus checks and deeply flawed mortgage relief programs that have done little to stem the tide of foreclosures.

The stimulus plan passed earlier this year appears to have been too modest in scope, as many economists warned at the time. While it helped halt the economy’s free-fall collapse, unemployment still topped 10.2 percent last week, and analysts warn us that “bleak data point to a stark future for job seekers and employers.”

But while caution’s prevailed in Washington when it comes to bailing out “Main Street,” Wall Street’s enjoyed a degree of socialism that would make Hugo Chavez blush. The Obama administration has essentially continued Bush’s policy of loading up dump trucks with tax dollars at the Treasury and dropping them on the banks with little oversight and next to no strings attached.

And it’s had an effect, at least on the banks’ bottom lines. AIG, the insurance giant whose near-collapse last year almost brought down the entire financial system, reported its second consecutive quarterly profit after being rescued by Uncle Sam. Unlike American workers, the company is getting back on its feet after an injection of an almost impossible-to-grasp number of tax-dollars.

AIG’s fortunes are not unique. All of Wall Street’s survivors are raking in massive profits and paying their execs and traders record bonuses.

CONTINUED...

http://www.alternet.org/story/143952/

Thanks, Soylent Brice! Very much appreciate that you give a damn!