Wall Street Snarls At Mitt Romney For Suggesting Minimum Wage Hikes

Wall Street and the GOP are furious about any suggestion of raising the minimum wage.  Heck, they are dead set against raising any working stiff’s wages!  Our government is still pretending we have no inflation and this is convenient since the decline in wealth is in housing value owned by the middle class, ergo,  no ‘inflation’.  Of course prices of food in stores and energy goes up and up and up at a mad rate.  Not that anyone at the top seems to care all that much.

 

Poor Mitt!  He struggles to pretend to be a progressive when it comes to the working stiffs of America.  He knows that waving the ‘Gays want to fuck you!’ red flag isn’t going to work.  So he has to talk about money with them and this riles up his true base: Wall Street rich people.  So, the mouthpiece of the dirtiest grubbiest graspers, the Wall Street Journal, goes ape:  Review & Outlook: Mitt at a Minimum – WSJ.com

 

Serves us right. Yesterday we tried to defend, or at least explain, Mitt Romney’s remark that he didn’t worry about the poor because they had the government to help them.

 

Yes, they thought he was stupid to say that the government would help poor people!  They wanted him to say, ‘NO ONE wants to help the poor.’  Even the faintest suggestion that the government ought to do anything infuriates the WSJ.  On the other hand, there is the story of the craven female who won the lottery and then continued happily spending her food stamps.

 

Of course, the richest farmers in America, all Republicans all the way, happily collect government money they don’t need.  All sorts of people in our government do this.  Congress is filled with multimillionaires and they all collect the best health insurance benefits in America while the GOP members vote down even the most niggardly benefits for the vast bulk of the working class.

 

In 2007 the Pelosi Congress passed a minimum-wage increase in three stages that coincided with the recession. The jobless rate for teenagers has since exploded to 23.1% from under 15%, and for minorities to 15.8% from close to 9%. For black teenagers, the jobless rate is still an incredible 39.6%.

 

But even the Pelosi Democrats didn’t index the minimum wage automatically for inflation. That would only increase the incentive not to hire those in society who have the hardest time finding work.

 

A higher minimum wage always polls well, though it is rarely a major issue for voters. It’s worrying that Mr. Romney, who has based his candidacy on his ability to create jobs, would endorse a policy that would make it more expensive to hire people.

 

Statistics can be abused until the cows come home and the ravens peck out eyeballs.  This loss of jobs of the young labor class isn’t due to the minimum wage going up.  It is due to the complete collapse in banking and financial systems brought on by Wall Street.  Unemployment for EVERYONE shot upwards.

 

College educated youth couldn’t find jobs in their fields so they flooded into the lower wage jobs that usually go to the less-educated.  The solution to all financial and economic problems as far as the WSJ is concerned is to drop wages.  Over and over and over again.  They love cheap labor.  They can’t figure out the end result which is a collapse of the entire system since no one would be able to buy mass production but then, it would cease and only hand-made luxury goods would be lovingly made and this suits the WSJ just fine.

 

Attacked by his Wall Street buddies who want to starve the poor and make the US working class into serfs, Romney Waffles On Minimum Wage

 

First Romney responded by saying that he had vetoed a proposed boost to the minimum wage while governor of Massachusetts. Explaining his comments about pegging the minimum wage to inflation, Romney said, “The level of inflation is something you should look at, and you should identify what’s the right way to keep America competitive.”

 

“So that would tell you that right now there’s probably not a need to raise the minimum wage,” he added.

 

HAHAHA.  To hell with rising food prices!  Let them eat Hostess Cup Cakes!  While the bankers get ZIRP loans from the central bank, the workers get massive, pervasive and continuous inflation.

 

And then there is this news story:  One Out Of Every Ten Wall Street Employees Is A Psychopath, Say Researchers.  This is incorrect.  It has to be more like 90%, not 10%.    They just don’t care.  They have one number: 1.  That is, me, myself and I.  Egotistical in the extreme, they are enraged when the masses get uppity.  How dare they upturn the apple cart?

 

Inflation doesn’t bother Wall Street for a simple reason: they get the ZIRP loans!  They get an ‘up’ market where their investments get more valuable even as the value of houses of the middle class continues to fall.  They get to speculate in food and fuel markets and make a killing while this forces prices up and up and up.  They LOVE inflation harnessed to zero interest loans!

 

Then there are the many wars against Muslims.  This fuels government spending in private corporations owned by Wall Street and our many Congress critters.  We spent over a trillion dollars installing corrupt regimes:  Corruption Remains Intractable in Afghanistan Under Karzai Government – NYTimes.com

 

As Americans pull back from Afghanistan, Mr. Farnood’s case exemplifies how the United States is leaving behind a problem it underwrote over the past decade with tens of billions of dollars of aid and logistical support: a narrow business and political elite defined by its corruption, and despised by most Afghans for it.

 

The Americans and Afghans blame each other for the problem’s seeming intractability, contributing to the deterioration in relations that now threatens to scuttle talks on the shape of ties between the countries after the NATO combat mission ends in 2014. What is clear is that the pervasive graft has badly undercut the American war strategy, which hinged on building the Karzai administration into a credible alternative to the Taliban.

 

Every regime put into power by the US in the past has been corrupt.  We hand our wars to Wall Street and this is their specialty.  The US has sponsored many a coup in Central and South America and all of these were in support of vicious elites out to loot the countries they controlled thanks to CIA collusion.

 

The people of Afghanistan hate their puppet government.  Naturally.  Children starve there while the elites feast.  How unusual.  Of course, the NYT and WSJ are puzzled about how to stop this but neither rag will suggest we force our government to stop the coups and invasions.  This is ‘Duh’ time.

 

The US media howls about Syria but look at Saudi Arabia’s near border:  Yemen Al Qaeda Attack Death Toll Rises To 185.  Bin Laden wanted the US attacked only so we would withdraw our support of the dictator families running the Gulf states.  Their main target was and remains the Saudi royals.  They consider the royals to be corrupt and evil.  They charge them with collusion with Israel and this is now out in the open, forced into the open by the Saudis fear of the Arab Spring movement.

 

This movement is pro-Muslim nationalism.  It has been heavily misunderstood by Americans because our Zionist media wanted it to be all about hating Muslim leaders, not longing for a stronger Muslim nationality.  The leaders in Egypt are unpopular due to being owned by the US via bribes, for example.  The Muslim Brotherhood/birth of al Qaeda is very close.  Atta’s father is a big MB member, for example.

 

Here is news Americans should appreciate:  Iceland’s ex-PM on trial over banks crisis.  Good for them!  I hope they convict.

 

The floating fiat currency wars burn hotter and hotter as the US floods the world with cheap loans joined by Japan and the entire EU as well as, this year, Britain.  So, Brazil declares new ‘currency war’ – CNN.com

 

(Financial Times) — Brazil has declared a fresh “currency war” on the US and Europe, extending a tax on foreign borrowings and threatening further capital controls in an effort to protect the country’s struggling manufacturers. “When the real appreciates, it reduces our competitiveness. Exports are more expensive, imports are cheaper and it creates unfair competition for businesses in Brazil,” he said on Thursday after announcing changes to the so-called IOF tax.

 

In a presidential decree, the government extended the existing 6 per cent financial transactions tax on overseas loans maturing in up to three years. Previously, the levy was applied only to loans with maturities of under two years.

Everyone is in a race to make their currencies cheaper vis a vis the US dollar and the euro.  Every tool will be used to do this.  The trade wars are heating up, not going away. Meanwhile, the EU is quite crippled as many of its member states goes bankrupt:  Greece Pushes Bondholders Into Record Swap to Forgive $132 Billion of Debt

 

This will lead to more ZIRP loans and money printing by key central banks.  Of course, real inflation is raging thanks to these exact same idiots imposing a totally unnecessary oil embargo on Iran so they have to make excuses about this which is why I found this insipid headline:  Oil Price Distant From 1980s Agony When U.S. Income Adjusted – Bloomberg

 

The cost of a barrel of crude in the U.S., adjusted for total disposable income, was $107.92 in January of this year, compared with a peak of $213.44 in the same month in 1981, according to data compiled by Bloomberg (.OILINCM) and the Energy and Commerce Departments. Oil consumption was 4.8 percent of income in 2010, compared with 9.7 percent in 1981, the data showed.

 

Yes, we use less fuel.  Or rather, many of us in the cold Northeast burn wood now.  Back in 1980, most people burned oil.  No more.  Cars were gas guzzlers, too.  Since then, most of us drive less noxious vehicles.  But the oil/food inflation is hammering us and eats a lot of income if one has a fixed income and I have a fixed income!  IT HURTS.  BIG TIME.

 

Watching the psychopaths of Wall Street lying about this pain is no surprise: they really don’t care to go look and see what they have done to us.  The Iran oil boycott hasn’t fully happened yet.  It will hit in high summer and will cause a LOT of pain.  With no hope of any of us getting inflation protection.  We will have fixed incomes while Wall Street’s income shoots upwards even more.

 

“Higher gas prices are like a tax straight out of your paycheck,” President Barack Obama told an audience at a Daimler Trucks North America plant in Mount Holly, North Carolina March 7. “You and I both know there are no quick fixes to this.”

Obama is lying.  He knows perfectly well, this sudden hike in oil prices is due to Hillary Clinton going all around the world, twisting arms to get everyone to boycott Iran’s oil.  And a number of nations are refusing.  This is the ONLY thing preventing oil from selling at $200 a barrel!
He and Hillary, to please AIPAC, are doing this.  He is in total control and all he has to do is lie to the media owners and tell them, he has an important message for Americans about Iran and hint that it is about bombing Iran.  Then, when he is on the air, he should announce, ‘AIPAC did this, they forced me into the Iran oil boycott.  This boycott is 100% responsible for the hike in oil prices this year.’  He can explain how DC works for bribes of foreigners who are driving us into unnecessary wars.
He can explain how no nation with nukes has gone on to attack anyone and indeed, they grow more cooperative, not less.  India and Pakistan had regular wars until both got nukes.  Now, they never fight, for example.  The media owners will bellow and yell and have their minions scream nonstop at the President but this might save America from destruction.  A worthy goal.  Even if Mossad snipers go nuts, trying to kill Obama afterwards.sunset borger

side picture begging boneEmail:

emeinel@fairpoint.net

MAILING ADDRESS:

EMS NEWS

P.O. BOX 483

BERLIN, NY 12022

Make checks out to ‘Elaine Supkis’

Click on the Pegasus icon on the right sidebar to donate via Paypal.


sunset borger

31 Comments

Filed under .diplomacy, .money matters, Politics

31 responses to “Wall Street Snarls At Mitt Romney For Suggesting Minimum Wage Hikes

  1. Being There

    The most important thing to understand is that we are the victims of a world wide financial war against the actual economy. It’s a war without military, but will destroy millions of workers and savers. Watch Europe experience a financial grab of infrastructure by the TBTF banking system.

    Romney, a moderate who learned politics from his father, George Romney, a manufacturer understands what the reality of the Republican party was in the 1960’s.

    He’s decent enough not to understand the new warriors in financialization. Banks are no longer investing in growth, but in debt. This is counter-productive to building an economy. When Romney has to face the people experiencing pain, he can’t help but use human logic to the equation. I don’t like Romney and if he gets in he will have to obey the financial warriors.

    No one that ever dreamed of being a public servant could find happiness trying to run a country into the late stage of austerity. It’s the only option these neoliberals will allow to be discussed.

    Please listen to Michael Hudson on both Max Keiser and Guns and Butter. You will understand what is being done to this country.

  2. CK

    I think if you are going to raise the minimum wage, the raise should be to $35.00 /hour. That is $70,000 a year which is barely middle class what with inflation and all that. At $35.00 an hour, many of those voluntarily and involuntarily unemployed would try to re-enter the workplace. They would be contributing to SS and Medicare and the State and Federal Unemployment funds if hired.
    Now many economists will tell you that the potential employers of these new $35,00 an hour employees will balk because the new employees do not contribute $35.00 an hour to the value added by their company. In other words, hiring them at $35.00 an hour is a loss for every hour they work. Their is an answer. Just raise the price of the goods that you sell to compensate for the money you are losing. No one will respond by buying less will they? If you raise your prices high enough for a cup of coffee or a burger and fries or for bedpan emptying services, no one will buy the coffee, etc. And when no one buys, you don’t have to employ anyone. But all the newly unemployed can collect 99 weeks of unemployment comp at a higher base.
    Win Win.

  3. Steve Murgaski

    Nice strawman CK.

    Elaine: “all he has to do is lie to the media owners and tell them, he has an important message for Americans about Iran and hint that it is about bombing Iran. Then, when he is on the air, he should announce, ‘AIPAC did this, they forced me into the Iran oil boycott.”

    The danger I see with that is that people would hear AIPAC and think Jew. Then they’d start dying their shirts brown and forming into gangs.

  4. Sinclair reporting MF global crooks getting their bonuses.

  5. Steve Murgaski

    Re: minimum wage increase, I do think Obama’s proposal to revamp the tax code sounds more intelligent. http://www.bbc.co.uk/news/world-us-canada-17131158

    “US President Barack Obama is proposing cutting the US corporate tax rate from 35% to 28%, and closing loopholes, as part of a larger push for tax reform.”

    “The US currently has one of the top corporate tax rates in the world, but loopholes and other subsidies mean many companies pay a much lower effective tax rate.”

    He also wants to structure the tax code to stimulate manufacturing within the US.

  6. chop

    why stop at 45 bucks an hour make it 100…

    madate full employment ,

    up fixed income by 25%

    increase national debt ..

    always a solution .

    just dont bring back manufacturing base

    enjoy a consumer based fix

  7. CK

    @Steve: Reality is unkind Steve. What one can’t refute one calls names.
    No matter what the artificial minimum is, there are always employees whose output is below that minimum. They are fired in right to work states, and not hired at all in other states.
    You can mandate all you want, but if they are not hired they are not paid.
    The government can mandate who you have to hire, if you are hiring. So far they cannot mandate that you hire.

  8. ‘Of course, the richest farmers in America, all Republicans all the way, happily collect government money they don’t need.’

    OK, Ill drink to ending all farm subsidies.
    And with that the school lunch/breakfast/dinner Programs
    And the USDA free food that the subsidies make possible.
    And EBT/foodstamps [70 billion $ a year, I wonder what the whole Fed Budget was say 80 years ago, 60 Billion?].

    While Montsanto grows and grows the small seed companies go out of business!

  9. JT

    @CK

    “Just raise the price of the goods that you sell to compensate for the money you are losing. No one will respond by buying less will they?”

    In short yes.
    I think the poor will respond by buying more if they get more money?
    The spend every cent and fast.
    Velocity on money you know….

    You can’t compete with Chinese wages.
    20 cents an hour, no vacations and child labour?
    Is that what you are aiming for.

  10. Being There

    Is that what you are aiming for?

    That’s what they really mean when they say the world is flat.

    For a great alternative to this way of thinking listen to: This week and last is great.

    http://www.kpfa.org/archive/show/34

  11. I’m starting to see that Libertarians are people who are just looking to skim the cream for themselves off the collective effort/system in place at the time; all while pretending they are just profiting from their own clever work ethos.

  12. melponeme_k

    I hope Obama knows they are going to destroy him no matter what he does in the near future. He was allowed to be elected because he was the designated scapegoat. Right now he is probably thinking he can spare his children.

    He will not even accomplish that.

    This is horrible for a man who could have changed history. He could have been greater than FDR. He still has some ability to salvage what he sent into motion. If he got on his knees before the American public, he could destroy all his enemies with just a few words.

    I hope he has the courage to do it.

  13. chop

    the only knees obama uses is the short flop into the arms of nettonuhoo.

  14. Plove

    Romney is a counterfeit con job.

    Video explains why Romney lost South Carolina and can never win.

  15. larry, dfh

    While Romney was governor of MA:
    -st state (actually commonwealth) with marriage equality
    -1st state to address health care inequality (although not effective in preventing health-related bankruptcies)
    -didn’t fuck up the best public education system in the country.
    The last item is important to me, because in my home state (DE), public education was decidedly worse at the end of the terms of the last few governors, than at the beginnings.

  16. @CK, your argument was a classic straw man. No one was proposing that the minimum be put at $35/hour.

    For government to guarantee workers a minimum wage is a pretty right-wing idea, in historical terms. If you don’t do it that way then workers will get pinched harder and harder until they organize, and demand higher wages themselves. That can turn violent quickly. This way business lets it be regulated by elected ‘representatives’ whose campaigns they paid for. They let inflation drive the real wage down slowly.

    If you get rid of the minimum, you won’t change the unkind reality that people who work need to afford food and shelter. All you’d do is force them to look out for their own interests, instead of relying on the very-pro-business politicians.

  17. Being There

    Elaine, getting back to your original statement:
    Our government is still pretending we have no inflation and this is convenient since the decline in wealth is in housing value owned by the middle class, ergo, no ‘inflation’

    Yes, I remember getting standard of living increases as well as merit raises at Time Inc. where I worded for over 10 years.

    That was when Keynesian economics were still in play. Then came the Reagan revolution, really neoliberalism. We were switched into supply-side global economics from the national demand side and were no longer allowed to make money on our money through interest in the banks. Instead, we were shunted off to the stock market where the sharks live. This is especially bad for folks on fixed incomes.

    We went from the greatest creditor nation to the biggest debtor nation and Reagan was forced to raise taxes 11 times to try to wall-paper over that Reagonomics was indeed voodoo economics.

    Of course we don’t count many things in our stats, like energy and food prices. It’s downright not working in reality.

    Here’s an interesting bit of propaganda I keep hearing. The folks who hold onto Milton Friedman insist that Keynesian economics put us into debt. They are revisionists at best–lying as usual

  18. JT

    @steve murgaski

    “If you get rid of the minimum, you won’t change the unkind reality that people who work need to afford food and shelter. All you’d do is force them to look out for their own interests, instead of relying on the very-pro-business politicians.”

    What a wonderful comment.
    I’ve often wondered why here with strong unions there is no such thing as a minimum wage.
    It’s kind of a final pressure valve that is used in last emergencies.

  19. Being There

    JT, If every decision made is to give transnationals and banks the absolute advantage with no downside, then things like off-shoring, currency differentials and lowest wage possible will be the policy.

    Right now $2 Trillion are being kept out of our economy because the “job creators” don’t know how to assess where the tax policies are going.

    Yes you too could blackmail your government when you can hang that over the heads of million. You just keep it hovering over the globe until you get your way.

    That’s t he way you do it…..(and the chicks are free)

  20. Plove

    Banks are broken, politicians are broken, and we are living on borrowed time.

    “One man with courage is a majority.”

    Thomas Jefferson

  21. Paul S

    “What is clear is that the pervasive graft has badly undercut the American war strategy, which hinged on building the Karzai administration into a credible alternative to the Taliban.” This is something US ruling elites do over and over again. They think they can install a HUGELY unpopular regime to rule a country and there won’t be an effective popular uprising. And no matter how many times this “formula” fails–spectacularly–the folks running US foreign policy STILL use it. Viet Nam is another example. And so US “elites”, like Hillary Clinton, run around the world telling Vladimir Putin he has no soul because he is former KGB. Does Hillary realize how delusional she sounds when she makes these kind of comments, what with the blood that is on her hands? Doubtful. US elites like Clinton, no matter how many times they fail, STILL maintain that no matter what happens, they always have the US Air Force or the 7th Fleet to ram their policy objectives down the world’s throats. Imho, the ‘blowback’ on this policy is going to be ferocious.

  22. DeVaul

    I agree with Paul S. We have made so many enemies that, despite the two oceans protecting us, I actually fear a foreign invasion after our society collapses from gross overload of all systems. Like the Romans, we will not have a single friend at the end, only opportunistic former “allies” who will pick apart our carcass wherever and whenever they can. Even the Canadians hate us now.

  23. Being There

    To your point, The sovereign wealth funds by JP Morgan Chase are already renting out our infrastructure of highways and parking meter for 80 years in no risk guarantees to wealthy arabs and other investors. So sure that this country will not be building anything to counter their investments. Read Griftopia by Matt Taibbi if you what to go into that in more detail.

    Also Today I read an article on how Putin is countering our unipolar interests in the mid east. He’s got our number and says, not so fast. He is putting the kibosh on going into Syria and Iran and building up a consensus with the BRIC Countries.

    from Pepe Escobar, Asia Times here is the great game in the central plains of Asia where the piplines are being built:

    [And then there's the joker in the pack - the Shanghai Cooperation Organization (SCO). Putin will want Pakistan to become a full member as much as China is interested in incorporating Iran. The repercussions would be ground-breaking - as in Russia, China, Pakistan and Iran coordinating not only their economic integration but their mutual security inside a strengthened SCO, whose motto is "non-alignment, non-confrontation and non-interference in the affairs of other countries".

    Putin sees that with Russia, Central Asia and Iran controlling no less than 50% of world's gas reserves, and with Iran and Pakistan as virtual SCO members, the name of the game becomes Asia integration - if not Eurasia's. The SCO develops as an economic/security powerhouse, while, in parallel, Pipelineistan accelerates the full integration of the SCO as a counterpunch to NATO. The regional players themselves will decide what makes more sense - this or a New Silk Road invented in Washington. ]

  24. Yep, no wonder the US is absolutely desperate to get an Oligarch into power in Russia. All so the looting can commence again and break the blowback to the US land and power grab.

    Poor Russians who think they will get democracry by voting for some Oligarch.

  25. JT

    @Being there

    “Right now $2 Trillion are being kept out of our economy because the “job creators” don’t know how to assess where the tax policies are going.”

    Well take, do not beg.
    The shareholders of United States are citizens not corporations.

  26. Plove

    Once the current financial system collapses, Germany, Russia, China, and Persian Gulf nations have a replacement barter system all set to go.

    Assuming they survive WWIII.

  27. Jake

    Elaine, You’re always ragging on the poor bankers. How about the NFL, america’s amazing 9 billion dollar profit machine that pays not one penny in taxes. Ironically, they are designated by the IRS as a non profit organization.

    http://nonprofitquarterly.org/policysocial-context/19946-why-isnt-the-nfl-taxed.html

    Not to mention their ratified congressional monopoly status.

    While we are talking of scum sucking vermin, how about the church and their various property tax exemptions. Let them keep it…just let everyone else have the same tax free status.

    ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ

    ELAINE: Literally all my life I have said that the NFL is all about ancient Rome: Blood and sand for the bread and circuses of the masses. It is deadly, vicious, insane. I wrote about this just the other day with the Super Bowl and its bizarre half time entertainment which was all about black magic aka the Skull and Bones topped off with spelling out ‘World Peace’ while military jets roared overhead!!!

  28. Obama has stated he wants US ‘More competitive with China’…
    Well there folks work 100? hour weeks for 20$, yes!

    So thats what he wants here?

    Also in news this week….
    CHINESE BUILD 20 STORY HOTEL IN 2 WEEKS…
    2 WEEKS
    CHECK YOUTUBE..IT WENT VIRAL

  29. Jake
    March 11, 2012 at 3:24 am

    NFL ETC……Their salaries are a function of Advertising, Superbowl most watch TV show in history I guess.

    Also since so many NFL/NBA Are black media ‘gives em a pass’.

  30. Being There

    Don’t forget today is the one year anniversary of Fukushima. I wrote my piece re a photo exhibit on this blog on the other day under Galactic Cluster Puzzles.

  31. emsnews

    Yes, this is the deadly anniversary of not just Fukushima but a warning about category 9 earthquakes: they can and do come in clusters in geological time. California is next.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s