Tuesday, October 18, 2011

Banks Profit; The Wringing of the Economic Towel

"To the petulant and persistent secessionists, why, death is mercy."

-General William Tecumseh Sherman, January 31, 1864

This week, Bank of America, Wells Fargo, and Citigroup posted healthy profits as people continue the month-long occupation protests of Wall Street.  Bank of America posted $6.2 billion profit, Wells Fargo $4.1 billion, and Citigroup  $3.8 billion.  Even though Bank of America, for instance, plans on cutting 30,000 jobs, their CEO Brian Moynihan earlier this month reiterated their right to "make a profit."  Banks have added new fees associated with their accounts to help boost their profit numbers. 

These profit announcements are especially shameless during a time when fewer and fewer Americans can afford the basics.  Though bailouts were pledged to these large banks businesses continue to close, and even government jobs are being shed by the thousands.  The Gap, which is the largest U.S. clothing chain, is closing 21% of the chain.  Some will relocate in China.  Two Lowes stores in Illinois, the big box hardware and building material store, had an emergency meeting about the two locations last Sunday and closed their doors on Monday morning.

This never happens
The list keeps growing for the number of "big box" businesses that are closing in America.  Most of these stores are found in every major American shopping mall.  What will take their place?  Real estate prices are surely not going to fall enough for a new business to move in; the Fed has made that abundantly clear through its massive manipulation of price. This is the kind of economics that leaves giant buildings barren to become run-down ruins. 

What are some of the prospects for new businesses?  In Illinois, Governor Pat Quinn, who deftly snuck into office after sitting governor Rod Blagojevich pledged to end all state business with the Bank of America, is promoting casinos as a path to prosperity.  "I’m the final word,” Quinn said. “We’re not going to have a willy-nilly gambling bill in Illinois that is not protecting integrity, that is way too big and excessive and doesn’t provide adequate revenue for education. ... Casino gambling at 14 different locations in Illinois is way too much. We have no interest in becoming the Las Vegas of the Midwest. We need to retain our culture.”  Our culture?  With the revenue funds from the casinos will our children learn to become bookies themselves?  Or would that not be a smart choice for people not connected with your criminal political outfit??

The elite will continue to wring out the wet dishrag that is what is left of the American economy.  Like a drug-addicted, battered old hooker, the U.S. economy will continue to be manipulated by the banks and politicians who continue to centrally plan the economy and fund their own opposition.  The press will continue to make light of the "Occupy" sideshow as college kids and others get arrested for made-up rules enforced as laws by the banks' costumed henchmen.  Until the people awaken and start making real-life changes, the elite won't be forced to anything but continue their cycle of depravity as the rest of the 99% starves.           


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