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Thursday, July 16, 2009

Where’s The Help? Government Bailout Programs Are For Who?

From where I sit, the economy is bleak and getting bleaker everyday. There is still a lot of talk about a recovery coming soon - but mostly by those who are paid by an industry to make those evaluations. Even President Obama continues to say it will take some time to get out of this mess.

Yet those optimistic reports continue to flow as if it will wash away the actual situation. Come on, the public is not that stupid. How can you convince those struggling to survive, to eat, to pay rent that things are not so bad?

The ranks of the unemployed are growing. The homeless population is growing with many more families homeless then was ever visible before. Yes visible. I don't have statistics on homeless but just look around your city, you will see them - a new breed of homeless who know that things are not better.

How about all of those people whose retirement plans were wiped out? Those that should have retired or would be retiring now looking for work just to survive. They don't see the pending recovery all of those "paid" optimists are reporting.

Each day I encounter more and more people that are affected by what we are still calling a Recession. To so many this economic crisis feels like and lives like a full blown Depression.

Let's look at some real numbers and statistics.

U.S. Food-Stamp Recipients Reached Record 33.8 Million in April as reported in Bloomber.com

Fed: Unemployment rate will top 10% in 2009 as reported in the Denver Business Journal
..."In April, the Federal Reserve predicted that unemployment would top out between 9.2 to 9.6 percent this year, but the rate already reached 9.5 percent in June - a 26-year high.
Can we believe the Fed? They seem to be wrong so perhaps they are wrong again and those figures will be higher then 10%. I certainly hope not but only time will tell.


Reports and Articles From

Washington state unemployment rises to 9.3

Unemployment rate unchanged at 12.2 percent
Oregon’s unemployment rate remains a record-high 12.2 percent, state officials said Monday.

Unemployment rising, but companies still hiring
The national unemployment rate is on the brink of double digits, job fairs are mobbed and layoffs continue.

Georgia unemployment claims jump 95% in June
The Georgia Department of Labor reported Thursday evening that 88,756 laid-off workers filed first-time claims for state unemployment insurance benefits in June -- up 94.8 percent from
June 2008.

Minority unemployment almost double white joblessness
The National Council of La Raza on Tuesday reported June unemployment figures, noting minority workers have been disproportionately affected by the recession.

Report: Charlotte-area unemployment to average 12.6%
The area’s jobless rate will average 12.6 percent this year, up from 6.6 percent in 2008, say the report by N.C. State economics professor Michael Walden

Unemployment continues to rise, Arizonalags national average
Nearly one third of the 372 metropolitan areas surveyed have a jobless rate of more than 10 percent, up from just six regions in May 2008, according to the U.S. Labor Department. Fifteen cities have rates over 15 percent. May was the fifth month in a row that every major metro area saw its unemployment rate rise year-over-year.

Once again, Portland unemployment spike leads nation
For the second consecutive month, the Portland metro area recorded the highest annual jump in unemployment in the nation, according to new data from the U.S. Department of Labor’s Bureau of Labor Statistics.
The area’s 6.7 percent increase in unemployment in May was slightly higher than Detroit (6.6 percent).

Depressing as this may be - IT IS REALITY - and we must deal with the reality in order to survive. We cannot afford any false sense of hope or illusions as these would lead us all to total destruction.

Our leaders don't seem to be doing the job - at least not for the majority. The banks seem to be flourishing as are their top executives. I am sure they do not feel this Recession Depression one bit.

Oh, I know, some of them are flying commercial instead of in their private corporate jets - but President Obama repeatedly says we all have to make sacrifices.

All of these so called bailout programs with all their acronyms (ie. TARP, which to me means a cover up such as when you put a TARP on the roof of your house after a storm) seem to be covering up the reality of what is really happening. It seems to me that there is a definite emergence of an "elite" class who are getting richer with these government bailout programs while the rest of us are getting hungrier.

Goldman Sachs reported a profit last quarter with a little help from the Government indirectly by way of AIG. JP Morgan Chase reported a profit last quarter thanks to TARP. Bank of America reported a profit last quarter again thanks to TARP even after the acquisition of TWO FAILED companies.

General Motors is emerging from Bankruptcy after only 40 days – with a little help from our government to the tune of $60 billion.

Again, I must ask, "What have you (The Government - whoever you may be) done for us down here on Main Street now called Foreclosure Alley?

A note to our "leaders". This country is made up of us, the people and children, not "we" the corporations.

The most shocking statistic was recently published in MSM Money .
The headline read,

With 15 Million Kids Expected to Go Hungry This Summer, Boys & Girls Clubs of America Partners With Morgan Stanley to Launch 'Million Meal Summer' Program
June 12, 2009 9:30 AM ET
ATLANTA, June 12 /PRNewswire-USNewswire/ -- In an effort to feed the millions of young people expected to miss meals or go hungry this summer, Morgan Stanley MS announced today a partnership with Boys & Girls Clubs of America (BGCA) to provide more than a million meals to children this summer
So, Mr. Obama, while you are flying your children around the world in your private jet provided and paid for by the people - other people’s children are going hungry – right here in your own country. Let me ask, how many children could we feed with the $60 billion you are giving General Motors? How many children could be feed with the money used to launch the shuttle yesterday? And how many children could be feed if every member of Congress and your Administration took a 10% pay cut?

So - Where’s the Help? When can we, the American people, expect to be bailed out directly before we bail out the ones that got us here to begin with. Mr. Obama, is teaching your children that you get rewarded for failing the lesson in life you want them to learn?

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If you become “too big to fail”?
Another wrong message being sent.
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Financial Services Committee to Examine “Too Big to Fail” Institutions

Washington, DC – Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, today announced the committee will hold a hearing titled “Systemic Risk: Are Some Institutions Too Big to Fail and If So, What Should We Do About It?” on Monday, July 13.
Let me see if I can help Rep. Barney Frank answer the question, “What Should We Do About It?” My answer and perhaps those of the majority of Americans today would be “LET THEM FAIL” give us the money so we can feed our children and ourselves.

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