Going Forward---Something to Think About

More and more, I keep seeing first this person and then another hinting at, suggesting about if a crash, an economic crash, should occur, what with this rather relentless killing, international pandemic and the effects it's having on us and our economies and institutions. Some examples. This first I got from my brother.

The decline of the U.S. dollar could happen at ‘warp speed’ in the era of coronavirus, warns prominent economist

Pandemic Upends World's 2 Largest Economies

The economic devastation wrought by the pandemic could ultimately kill more people than the virus itself

Coronavirus could spark another Great Depression

Coronavirus pandemic's effect on global economy in 7 charts

The medical community seems convinced we're still on the "first round" of this coronavirus pandemic, not the 2nd wave and it just keeps hitting bigger and bigger numbers of Americans who contract it and then the numbers that die, too. We have more cases of coronavirus and more deaths in the nation, both, THAN ANY OTHER NATION ON THE PLANET. And those numbers keep growing.

Put that into perspective, too, folks. We have a little over 4% of the nation's population--a fraction of China's or India's, for a best comparison--yet we have, by far, the most cases of the coronavirus and the most deaths in this pandemic.

If a crash does, in fact, come, an economic crash---God and heavens forbid--and this man, Donald J.  Trump is still at the helm?

Seriously, God and heavens help us all.

Link:

There is some hope out there. It's not all bleak.  Not completely.

Why COVID-19 Won’t Trigger Another 

Great Depression

Be safe out there, y'all. Be and stay safe.

And keep up that hope.

Meanwhile, this broke this morning, minutes ago.

Texas pauses reopening as hospitals inundated with 'explosion' of COVID-19 cases

About That Election, America

The last time you did this?

Three Big Piles of Retirement Money That Were "Just Sitting There"

Here in the US, in the last several decades, we have had at least three different instances of where people had huge amounts of money--hundreds of millions and maybe billions---of dollars sitting around. And people being people and business being business, they saw it sitting there and it just killed them. They knew SOMETHING had to be done with it, would be done with it and by gosh, they could get a piece or chunk of it and who would that hurt, after all?

Well, the fact is, it hurt Americans and soon, with all the Baby Boomers about to retire, it's going to hurt America. And it's going to hurt mightily.

Here are three of the most famous pots of money.

Social Security

This is an old story and well-known.

We had all these people, Americans, many of them the biggest generation to ever come along in our nation's history, contributing to this Social Security fund since FDR got it going and what could Congress do but take and spend it? After all, there's more where that came from, right?

Social Security Scam: Where Did the 

$2.5 Trillion Surplus Go?

One Senator, now deceased, God rest his soul, Senator Patrick Moynihan, made a very public, long term attempt at being wise with the fund.  Unfortunately, even before he passed, it died, also.

Heed Senator's Call To Keep Social Security 

Soundless Intact

But rob it they did.  It is a shadow of its former self.

This example is much more recent, however. This goes back to the budget deal this last Fall, in 2015 so they're still robbing that puppy:

Budget Deal Robs $150 Billion 

from Social Security

So the robbing of and from the Social Security fund is still going on, unabated and I don't think most Americans are even aware.

Next up? The 2nd big pile of money that was sitting around?

Pensions.

And actually, it's piles. There were pensions all over this country---public, private, all kinds. And it was just far too tempting to too many people.

Millions of Americans had pensions. They had been funded mostly by business and by the people themselves, contributing to them through their work, their companies.  Once again, it was just far too much temptation for people and businesses to ignore.

Looting the Pension Funds

The Looting of Detroit's Pensions

LIKE CLOCKWORK: Pension plans 

to be looted nationwide

There was all that money sitting there and there was no way these people and businesses could let it sit there and not be skimmed.

Again, what could it hurt, right? There was SO MUCH MONEY.  And it wasn't illegal?  Why not, eh?

And then there's the final big pile of money that was heretofore sitting out there, just waiting to be raided.

Mutual Funds

So people saved for retirement. They squirreled their money away, saving for that retirement "rainy day."

And it created, again, huge piles of money. HUGE.  And all kinds of insurance companies and investment companies had these things. It was supposed to be terrific.

Except with the companies who created them "guarding them", protecting them, holding them for these Americans---their customers---it was the fox being in charge of the chicken coop, so to speak.

The Retirement Savings Drain: Hidden 

& Excessive Costs

Vanguard is quietly draining billions 

from the financial industry

Mutual Fund Fees Will Drain Your Expected Stock Returns

Who's to say what the fees and charges for holding and protecting and investing these funds were going to be?

Why the very companies taking in all the big money, of course.

These 3 are really untold tales of just what has happened in America in the last 50 years or so to retirement savings. Government had no rules, really, for what could or could not be done to or with them so who's to say what could or would happen to them?

And the answer is, in the place of Social Security, Congress was to say---they spent it.

And in the case of pensions, both private and public, and mutual funds, again, no rules so whoever is in control of them could do whatever with them they wanted. After all, with "campaign contributions", they could keep the regulators--read: Congress---from passing any legislation that would put any restraints on them. And to this day there are no real rules on what can and can't, should or shouldn't be done with people's hard-earned and saved retirement funds.

It's great to be rich, isn't it?

So now, all these millions of Baby Boomers are going to retire and they're going to be sitting on and falling back on either not much or nothing at all.

This was decidedly not how this was supposed to play out and it's certainly not good for either these people or, worst, the nation and our nation's short-term future.

God bless America.

In fact, God help us.

Quote of the day -- I love this woman

Click on picture for easier reading.

Quote of the Day -- Flashback

True then, 80 years ago, of the Republicans. Still true today.

Flash from the past

I love that:  "WORLD'S HIGHEST STANDARD OF LIVING"

Funny thing, we still tell ourselves that today.

What government representative right now could be against more Americans working?

So President Obama came up with an idea for America:

Obama wants to put people to work by fixing the nation's crumbling roads and bridges

And naturally, everyone in the Right Wing--the Republicans, Tea Party and all the associated and non-associated haters out there--will come out squarely against him and this idea. But unless you simply don't want this president to be successful, how could ANY current government representative in Washington be against this?  Especially right now?

For one, America rather famously needs the infrastructure work.

We've already had not one but two bridges in the nation collapse in the last few years.

Interstate 70, all across the state, from St. Louis and Illinois on the East to Kansas City and Kansas on the West, needs updating, widening, improving and resurfacing, as just one fantastic example.

Secondly, and maybe more importantly, Americans need the jobs. Since 2008, our nation and our nation's people have suffered through the worst economic downturn in 80 years, since the Great Depression. The unemployment rate skyrocketed and is still too high. This, then, would be a place to get people back to work, it seems clear.

Third and finally, our nation's economy needs the boost. We have a lackluster economy now, at best and demand needs to be increased. Give people work, put money back in their pockets and see if demand doesn't increase. It only makes simple economic sense.

As proof or all this, particularly those last two points above, here's a report from NPR this morning:

Jobless Claims Jump Up, Orders For Durable Goods Fall Off

But wait for it.

Somehow, Republicans like John Boehner and Mitch McConnell and even our local Republican politicians will come out agin' it.

'Cuz HE'S fer it.

President Obama and all Democrats, on both state and federal levels, should implore the Republicans, shame them, if it comes to that, into supporting this effort and as soon as possible.

No one should be against getting more Americans back to work.

And this work, infrastructure, at that.

"Hell to pay" in Kansas and the plains states

The New York Times ran an important article today (one more), this time on the Great Plains overall but Kansas, in specific, and how our water aquifers below ground are running dry:

Wells Dry, Fertile Plains Turn to Dust

Just a bit from the article:

HASKELL COUNTY, Kan. — Forty-nine years ago, Ashley Yost’s grandfather sank a well deep into a half-mile square of rich Kansas farmland. He struck an artery of water so prodigious that he could pump 1,600 gallons to the surface every minute.

Last year, Mr. Yost was coaxing just 300 gallons from the earth, and pumping up sand in order to do it. By harvest time, the grit had robbed him of $20,000 worth of pumps and any hope of returning to the bumper harvests of years past.

“That’s prime land,” he said not long ago, gesturing from his pickup at the stubby remains of last year’s crop. “I’ve raised 294 bushels of corn an acre there before, with water and the Lord’s help.” Now, he said, “it’s over.”

...Vast stretches of Texas farmland lying over the aquifer no longer support irrigation. In west-central Kansas, up to a fifth of the irrigated farmland along a 100-mile swath of the aquifer has already gone dry. In many other places, there no longer is enough water to supply farmers’ peak needs during Kansas’ scorching summers.

And when the groundwater runs out, it is gone for good. Refilling the aquifer would require hundreds, if not thousands, of years of rains.

This is in many ways a slow-motion crisis — decades in the making, imminent for some, years or decades away for others, hitting one farm but leaving an adjacent one untouched. But across the rolling plains and tarmac-flat farmland near the Kansas-Colorado border, the effects of depletion are evident everywhere. Highway bridges span arid stream beds. Most of the creeks and rivers that once veined the land have dried up as 60 years of pumping have pulled groundwater levels down by scores and even hundreds of feet.

On some farms, big center-pivot irrigators — the spindly rigs that create the emerald circles of cropland familiar to anyone flying over the region — now are watering only a half-circle. On others, they sit idle altogether.

Two years of extreme drought, during which farmers relied almost completely on groundwater, have brought the seriousness of the problem home. In 2011 and 2012, the Kansas Geological Survey reports, the average water level in the state’s portion of the aquifer dropped 4.25 feet — nearly a third of the total decline since 1996.

And that is merely the average. “I know my staff went out and re-measured a couple of wells because they couldn’t believe it,” said Lane Letourneau, a manager at the State Agriculture Department’s water resources division. “There was a 30-foot decline.”

And as it says above, we see this coming and we've seen it coming. There have been warnings. We can't go on like this forever. It isn't, it wasn't sustainable. We can't just take and take and take.

Something's got to change.

What has struck me most about our current situation, both about drought and the 2008 financial crisis, the worst in 80 years, since the Great Depression, is that it is, in those two ways--the financial crisis and drought--so very much like those years, the 30's. That is, people hurt by both the financial crisis and the drought.

In the case of the Depression, it was all man-made.

Turns out, really, it could be argued this one is, too.

As if that isn't enough, Robert Reich, writing from Europe today, posts the following on Facebook:

At a time when you'd expect nations to band together to gain bargaining power against global capital, the opposite is occurring: Xenophobia is breaking out all over. 

Here in Britain, the UK Independence Party -- which wants to get out of the European Union -- is rapidly gaining ground, becoming the third most popular party in the country, according to a new poll for The Independent on Sunday. Almost one in five people plan to vote for it in the next general election. Ukip's overall ratings have risen four points to 19 per cent in the past month, despite Prime Minister David Cameron's efforts to wrest back control of the crucial debate over Britain's relationship with the European Union. 

Right-wing nationalist parties are gaining ground elsewhere in Europe as well. In the U.S., not only are Republicans sounding more nationalistic of late (anti-immigrant, anti-trade), but they continue to push "states rights" -- as states increasingly battle against one another to give global companies ever larger tax breaks and subsidies. 

WWIII, anybody?

One last thing from Facebook today that wraps this all up:

Anyone care yet?

Additional link: 

When the Wells Go Dry in the Great Plains

Economy Improving

Two recent indications the national economy is improving, in spite of the Republicans and Congress:

Housing starts climb to highest rate since June 2008

Economy, Year-End Sales Help Auto Industry In 2012

and not to be done there but the indications for 2013 don't look completely bleak, either:

2013 Auto Sales Will Be Strong, Firm Predicts

Imagine, then, if Congress didn't fight our president on the economy, at least.

Imagine what we could achieve.

Young people's seeming dire outlook on our nation's future

The other day, while at work, I was in all-day training with a group of about a dozen co-workers of varying ages.

We were, at one point, to tell two things about ourselves no one in the room likely already knew.

One young woman said, rather boldly, as one of her points, that our country was "going down the sh*tter."

I thought it pretty stunning, for a few reasons.

First, her adjective she used to describe the situation was crude, I thought, for the group and to be spoken in public.

The second reason I found it surprising was because she was so young, relatively--probably in her late 20's or very early 30's--yet here she was, saying she thought our own United States had an ugly future in front of us.

Third, here she was, blurting that out not just publicly but to fellow co-workers.  Whatever happened to being "positive"?

Yet it wasn't completely surprising to me, either.

I have seen and heard this feeling, this thought, time and again from some people--and young ones, too. Personally, I find it surprising to the point of shocking.

Haven't Americans virtually always been known as optimistic, as a whole? Isn't that what we've been known as, around the world?

Is it because of the worst economic downturn in 80 years that people espouse this feeling?

Is it because the wealthy and corporations have taken over our government?

Is it because we have a black president and because more women and blacks and Hispanics and other minorities are gaining power and recognition across the country?

What is it?

All I know is, it's not healthy. It's patently unhealthy for the country and for the future of the country.

I say again, we need to come together, all of us, as Americans, and work to present solutions for our country and then, far more importantly, that we then work on those solutions into the future, to make this the place we want and need it to be.

Question of the day

"Why is the response to economic crisis not more serious?"

Link to original article, well worth reading: http://blogs.reuters.com/anatole-kaletsky/2012/07/12/why-is-the-response-to-economic-crisis-not-more-serious/

Great Depression coincidences

I've been thinking of this for some time.

We have the worst economy in 80 years, since the 2008 financial collapse (thank you, Wall Street) so it's the worst downturn since the 30's, since the Great Depression. They've called this one a few things like the "Great Recession" and the "Great Mancession" since so many men, proportionately, lost their jobs. It's even been referred to as the "Second Great Depression."

And now?

Now, the worst drought and heat wave since the 30's, at the same time. (See links below).

What are the odds?

1934 and 1936, specificially, were the worst drought and heat years of that time.

I tell you, the similarities and attributes these 2 economic downturns share are pretty uncanny.

Here's hoping it gets no worse. Let's hope there are no worse bread lines, like those of the 30's, etc., etc.

I don't think we're as tough now as those people were then. We aren't as close to poverty, as a group, as a nation, as a people, as they were then.

We aren't good at living without, I suspect.

Links: http://www.msnbc.msn.com/id/48076883/ns/us_news-the_new_york_times/

http://usnews.msnbc.msn.com/_news/2012/07/05/12579687-drought-hits-56-percent-of-continental-us-significant-toll-on-crops?lite

Breaking news--on Japanese markets

BREAKING -- Tokyo Stock Market Opens at 28-year LOW amid global concerns over economy.

Source: Veracity Stew

Heads up, kiddies--dump those stocks now.

Or as soon as possible.

That 274+ points we lost Friday may look good by end of day.

Wishing us all good luck.

KC in Wall Street Journal today

There's an article in The Wall Street Journal today, describing the current national commercial office space situation in the country. It uses our own City Center Square as an example as it has about a 50% occupancy rate at present: Trouble Is Brewing for Office Market

The coverage is brief in the article: "A 660,000 square-foot office building in downtown Kansas City, Mo., is trying to renegotiate its $40 million mortgage with creditors, according to Trepp. The property's vacancy rose to 48% in 2010 when a major tenant, Dickinson Financial Corp. didn't renew its lease.: The sky isn't falling but it is cloudy, at least, it seems. As if we didn't know that. Link: http://online.wsj.com/article/SB10001424052970203436904577153003477512394.html?mod=residential_real_estate

Paul Krugman called the President's speech yesterday "The Most Important Speech of His Presidency"

Yes he did. A bit of it: "The President’s speech today in Osawatomie, Kansas — where Teddy Roosevelt gave his “New Nationalism” speech in 1910 — is the most important economic speech of his presidency in terms of connecting the dots, laying out the reasons behind our economic and political crises, and asserting a willingness to take on the powerful and the privileged that have gamed the system to their advantage." From Mr. Reich: "Here, finally, is the Barack Obama many of us thought we had elected in 2008. Since then we’ve had a president who has only reluctantly stood up to the moneyed interests Teddy Roosevelt and his cousin Franklin stood up to. Hopefully Obama will carry this message through 2012, and gain a mandate to use his second term to take on the growing inequities and game-rigging practices that have been undermining the American economy and American democracy for years." The rest here--it's a good and actually rather important read for all of us: http://robertreich.org/post/13852130536

George Soros says what we all fear most

For anyone and everyone remotely following the EU, their debt and the Euro countries, with their financial messes, this George Soros quote sums it up for us, likely: "Global Financial System In 'Self-Reinforcing Process Of Disintegration.'" He says "Developed countries are falling into a 'deflationary debt trap,' in which consumer spending falls, products become more expensive, tax revenues drop, and sovereign debt grows..." and we fear he's right but hope--against hope?--he's wrong. Link: http://www.huffingtonpost.com/2011/12/05/george-soros-global-financial-system_n_1129210.html

It's an old problem, folks

The already-wealthy, taking far too much of the national wealth, through tax cuts, tax credits for corporations, etc. It's not a new situation to us or this nation. Don't think otherwise.

Click on picture for easier reading.

Thank you, Calvin, George. Now, go away.

Note to Washington: On cutting spending when you need growth

“The austerity that is going on in Europe, America and so forth is effectively a suicide pact for our economies. “Greece does not have much scope, but the United States and Germany and a number of other countries do have considerable space for stimulating their economy, and it is absolutely essential that they do that.” --Joseph Stiglitz, economist, professor at Columbia University and former chief economist at the World Bank. Links: http://www.theglobeandmail.com/report-on-business/economy/government-stimulus-measures-too-feeble-stiglitz/article2213385/; http://en.wikipedia.org/wiki/Joseph_Stiglitz

Quote of the day

“There are no excuses left,” Chris Hedges writes in a piece reprinted from the site Truthdig, where he has a regular column. "Either you obstruct, in the only form left to us, which is civil disobedience, the plundering by the criminal class on Wall Street and accelerated destruction of the ecosystem that sustains the human species, or become the passive enabler of a monstrous evil." Link: http://www.truthdig.org