… as Wall Streets Wallows In Greed While Main Street Reels From Recession
Corporate profits in the US hit their highest in history in the third quarter of 2010, according to The New York Times NYT (Corporate Profits Were the Highest on Record Last Quarter, by CATHERINE RAMPELL). Meanwhile, in Washington, Republicans and conservative Democrats prepare to leave unemployed Americans without benefits at the same time that they will try to extend hundreds of billions of dollars in tax cuts to the wealthy.
If there appears to be a disconnect here, there is. No longer is the increased profitability of corporations – now often really global companies that happen to be incorporated in the US – tied to a decrease in unemployment in America.
Corporate profitability is now often due to a shuffling of financial papers and a growth in jobs overseas, not on the homefront. It is also tied to Wall Street gambling, greed and corruption, as Charles Ferguson compellingly reveals in his new documentary, “Inside Job.”
Flash interviewed Ferguson in 2007 http://blog.buzzflash.com/interviews/078
about his equally eye-opening first film “No End in Sight.” That movie documented the staggering incompetence of the Bush administration in overseeing post-invasion Iraq … //
… “Wall Street is back spending as much if not more than before,” said one person quoted by The NYT.
Over the past three decades, the opulent, gluttonous fortunes of Wall Street have become largely untethered from the food pantry anxieties of Main Street. (full text).
Link: Warren Buffet Argues The Most Wealthy Should Be Paying A Lot More Taxes, on Buzzflash.com, Nov. 24, 2010.