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Paul S

Does anyone else remember this? I can recall--10, maybe 12 years ago the fast food chains and convenience stores and the like, were boosting their wages to get workers. The wages offered were in the $10/hr range. 10, 12 years ago, that wasn't bad for that kind of work (flash forward to 2008: these workers make 7,8 bucks an hour). Some of these places were even offering things like medical coverage and/or tuition assistance. I thought of this while reading the "study" by the Work Foundation. I have to question their scholarship as to how they came to their conclusions. I don't understand why or how people can not understand simple economics: when the lower paid workers get a pay raise, it can benefit alot of folks further up the wage chain. I guess this is why Limbaugh and Hannity and their kind scream bloody murder when there is talk of raising the minimum wage. Here are shills who make 20-25+ million/year and THEY scream the end of the world if some fast food worker might get a 25 cent/hour pay raise. Has the whole world gone nuts? I sometimes think so.

mad mike

there is no limit to human greed and folly.(tm)
having sed that, yet again, i renewed my 3 month cd today. interest down from 4.7% to 3.2%. maybe if i change my name to gold man sacks, wacky bernanke will give me some of that happy cabbage (street talk for FUNNY MONEY(tm)).
i am against high taxes. a good example is the "state" of affairs in new jerky.
fully 24% of my disposable income goes to local property taxes. and what do i get n return? nothing. it takes 3 months to fill in a pot hole. i get very poor snow removal.
i have to sort it out before i set it out, garbage recycling. and the town wants to hire a garbage cop to fine citizens who dont recycle. you get fined for not having house #'s visible from street. public safety, they say. but with high taxes they could give each home owner 3 stick on numbers for 3 bucks. nope wont do it. pay some one to go around and fine yer asp, yup.the more money the feds take in taxes, the more will find it's way into the crooks pockets. same at state level. time and time again they raise taxes or float bonds for transportation or education or preserve open spaces and they always come back broke a few years later. that is after raiding pension funds or unemployment funds or social security.
are culture of life folks noting rice rationing in the u.s.a?
expect other spot shortages of food stuffs. expect shortages of gasoline this summer.
expect the dollar to tank. expect social unrest and riots. expect martial law and the cancellation of elections this fall.
there is no limit to human greed and folly.(tm)

Bear of Little Brain

The Plunge Protection Team is, I believe, now referred to as "The President's Working Group on Financial Markets" and is definitely no longer mythical. Paulson has frequently referred to it in his speeches and interviews (as seen on Bloomberg TV - how sad my life has become!). Maybe our rulers no longer feel the need to pretend, because Paulson certainly doesn't seem to indicate that he is letting the cat out of the bag whenever he talks about it. I was quite surprised the first time I heard him mention it, but he is very up-front about it. The NWO must be feeling very sure of themselves.
Here's one quick link:
http://nymag.com/news/intelligencer/43342/

Ed-M

I got this from today's overview thread in The Oil Drum http://www.theoildrum.com:

The net loss of 153.9 billion yen ($1.5 billion) in the three months ended March 31 compared with profit of 33.1 billion yen a year earlier, the Tokyo-based firm said in a statement today. The loss was 15 times larger than the most pessimistic estimate among six analysts surveyed by Bloomberg. Nomura fell 5 percent to 1582.21 yen in German trading after the announcement.

Nomura joined rivals including Merrill Lynch & Co. in reducing the value of bond-insurance contracts after a slump in subprime-infected mortgage securities triggered more than $300 billion in losses and writedowns worldwide. Chief Executive Officer Kenichi Watanabe, reporting earnings for the first time, must also contend with a 27 percent drop in investment banking fees and an insider trading scandal.

``It's clear they haven't managed to boost their main businesses to cover the losses, and that's problematic,'' said Yoshihisa Okamoto, a fund manager at Mizuho Asset Management Co. in Tokyo, which oversees the equivalent of $26 billion.

Looks like Japan's going to have its own mess to deal with.

Bloomberg.com: Japan
www.bloomberg.com/apps/news?pid=20601101&sid=aC2ilbTGV2Bw&refer=japan - 4 hours ago - Similar pages

Ed-M

The above article is in the comments, about halfway down the page,

Elaine Meinel Supkis

Everyone was burned by the collapse of the Japanese carry trade. But this is inevitable. This trade had to end one way or another. Restarting it is a total, mega-disaster.

The US is cutting Funny Money™ checks this Monday. So the spending can save us. Savings earns less value than ever. So we make things much, much worse in the long run.

Paul S

Re our $600 checks: frankly I'm surprised we're getting them now; I thought the checks would be delivered closer to the election. This concerns me because the only REAL reason we are getting these checks is to balance out the bad news. That we are getting the checks early makes me nervous. What bad news is on the way that we don't know about? I fear we will soon find out. That said, my advice to all is: spend your check as fast as you can. If you wait too long, $600 bucks will only get you a loaf of bread. Now I already have a digital camera (Canon A95), so what should I get? haha.

Elaine Meinel Supkis

I plan on fixing the snow plow and other tools.

Gary W

Paul, get gold, or rice if you can find it :-)

Paul S

Thanks Gary, Elaine. Maybe the best purchase would be a bicycle. I can pedal to the reycle center with the copper and aluminum I scrounge daily.

Elaine Meinel Supkis

I had a wonderful 10 speed during the first oil crisis. But it was stolen. So I got a very cheap bike and someone sawed off a steel post to steal IT!

This is the one problem with bikes, alas. I support cities using public bikes like they use in Paris.

Paul S

Elaine et al: Anyone do any postings about the Carlyle Group? My understanding is that--with its elite membership--it is one of the most powerful lobbyist/special interest groups in DC. And that their ethical standards are on a par with Wall Street. If anyone can direct me in a search for info on this group, it would be greatly appreciated. I'd like to know--among other things-- if daddy Bush is still collecting those huge speaking "fees".

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