The Shorting of America

12trump-web-master675

Americans, mostly “White” are angry and for good reasons. As we have seen from the rallies held by the Republican presidential candidate Donald Trump and other candidates, voters are angry for the wrong reasons.

Donald Trump deliberately chooses towns and cities that are suffering severe economic collapse with high unemployment and lower education levels, resulting from the dislocation of resources and changing economies that left millions of Americans, mostly with limited technical and industrial skills, unemployed and angry.

The promises by Donald Trump and many other presidential candidates of jobs are fraudulent promises because jobs now and in the future are for a motivated, skilled and highly technically trained labor force; and unless there is a massive “retraining” of millions of Americans in future skills, the candidates are doing nothing but lying to the voters.

There will never be jobs for many unemployed, unless they decide to compete for jobs that immigrant Latinos have now; and they can not compete with highly motivated, well-educated and skilled immigrants from Asia and the Middle East.

Low-level industrial jobs, such as those in furniture, textiles, basic manufacturing and raw steel, are gone forever and will not come back to the US now or in the future, with Bangladesh and Central American countries competing for such jobs.

For example, in Europe, Germans, Swiss and Scandinavians have advanced technical educations that compete with college educations in terms of income and social status. America never developed highly futuristic industrial technical training programs that qualify those who lost their jobs to allow for transformation of the American labor force for future economies.

It is unfortunate that the anger, for the most part, is directed toward “immigrants and Muslims” and not to failing political, financial and industrial institutions that ushered in this economic collapse. Low skilled labor forces in states such as Ohio, Kentucky, Tennessee, Mississippi, the Carolinas and the Northeast will never see the jobs that allow them to maintain what they used to have in the 50s, 60s, or 70s, defined as a Middle Class status. Those days are gone forever.

Presidential candidates unfit and unqualified in the new economies have focused their attention on social issues such as “abortion and gun control”, when in fact their attention should be on the jobs of the future. These social issues do not and will not bring back unemployed Americans to the Middle Class status they once enjoyed.

Back in the 1910-20s — the so-called “Roaring Twenties” — major banks such as Chase Bank and National City Bank (Citibank) began to sell securities, along with doing traditional banking business, such as loans and deposits.

This business practice lead to a “stock market boom”, reaching the “bubble territories” with financial institutions manipulating the markets, developing “organized pools” of worthless securities and dumping them on “unsuspecting suckers”.

Clinton, Greenspan, Kanjorski, Boehner, Dodd, Summers, Rubin and Gramm celebrate the end of sanity and Glass-Steagall

Clinton, Greenspan, Kanjorski, Boehner, Dodd, Summers, Rubin and Gramm celebrate the end of sanity and Glass-Steagall (file photo)

Most Americans tend to forget it was President Bill Clinton with his team of NYC economic advisors, the likes of Robert Rubin, Larry Summers at Treasury and Alan Greenspan at the Fed, who ushered in the new era of Laissez-faire, allowing big banks and other major financial institutions to make fools out of Congress, and robbing millions of Americans out of their life’s savings, and forcing tens of millions out of their jobs.

It was a deliberate criminal act of fraud that remains unpunished.

Democrat Bill Clinton working with a very conservative Republican Congress lead by Senator Phil Gramm organized the repeal of the Glass –Steagall Act which for over seven decades kept financial institutions in check, allowing once more the Roaring Twenties and the collapse of the financial system at is happened in the late 20s.

Bill Clinton, in an interview with Fareed Zakaria aired on CNN back in October 2013, blamed the entire collapse on Republicans, saying “they made me do it”, and stating:

“What happened? The American people gave the Congress to a group of very conservative Republicans, when they passed bills with veto proof majority with lots of Democrats voting for it, that I couldn’t stop, all of a sudden we turn out to be maniacal deregulators. I mean, common on – I know Senator Warren said the other day, admitted when she introduced a bill to reinstate the division between commercial and investment banks, she admitted that the repeal of the Glass-Steagall did not cause one single solitary financial institution to fail”. 

Bill Clinton simply failed to state that the big banks did not fail because the government with tax dollars bailed them out.

It was the same Bill Clinton who, on signing the 1999 Gramm-Leach-Bliley Act, stated,

“This is a day we can celebrate as an American day. The Glass-Steagall law is no longer appropriate for the economy we live in. Today what we are doing is modernizing the financial services industry, tearing down these outdated laws and granting banks significant new authority, this is good day for America”.

Together with Bankruptcy Reform Act of 1994, Community Banking Development Act, the 103rd Congress set the stage for the Shorting of America.

It is ironic that, while both the Executive and Legislative Branch worked together with Wall Street to allow Wall Street more opportunity to defraud and fleece Americans, both failed to work with “industry” to plan for future jobs. Jobs that requires highly skilled labor force, motivations to go to school and universities and the setting up of an industrial base education as we see in advanced industrial countries such as Germany and Switzerland.

Presidential candidates will lie all the way to the White House, while American voters, gullible as ever, will cry all the way to the Poor House.

___________

Share...Share on FacebookShare on Google+Tweet about this on TwitterEmail this to someoneShare on LinkedInShare on RedditShare on Tumblr

Related Posts:

  • No Related Posts


All content herein is owned by author exclusively. Expressed opinions are not necessarily the views of VT, VT authors, affiliates, advertisers, sponsors, partners, technicians or Veterans Today Network and its assigns. In addition, all images within this post are the full responsibility of the author and NOT Veterans Today Network.
Legal Notice - Comment Policy

Posted by on January 10, 2016, With 3681 Reads Filed under Corruption, Government & Politics. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Comments Closed

7 Responses to "The Shorting of America"

  1. Worker Bee  January 11, 2016 at 7:26 pm

    What the article does not mention is that the technical jobs of today, that require a graduate degree and professional registration, for the most part pay less (inflation adjusted*) than the unionized manufacturing jobs of the post WW2 to “Reagan Revolution” era.

    *And of course the CPI itself is rigged to under report real inflation.

    • Sami Jamil Jadallah  January 12, 2016 at 3:03 pm

      Worker Bee… thanks for your input… well your statement is partially true.. working in sales and service office of cell phones or electronic shops are not truly “high tech job” service in tech industry, where the wages are higher than average but does not meet the wages of key manufacturing industries. though college graduates with IT and engineering make some $100,000 or more a year.. at least this is the case around DC and of course in Silicon Valley it is even more… thanks and all the best.. Sami

  2. Preston James, Ph.D  January 10, 2016 at 5:15 pm

    Excellent article. And yes, the middle class American has been shorted by the DC Bandits who actually answer to the big Wall Street banks one way or another. All these massive Wall Street crimes have been allowed by a compromised, owned, crooked Congress who then bails out these banks when they make bad investments. No one is ever brought to justice, and the American taxpayer always gets fleeced.

  3. JohninMK  January 10, 2016 at 2:44 pm

    Its not just in the US, a similar set of problems is growing in the UK. Many industries are heading for serious skilled workforce issues over the next few years as the existing workers retire, with no replacements in sight. This applies from skills as straightforward as carpenters/plumbers in housing to electrical engineers in major defence contractors. Many firms are now having to run their own ‘schools’ to uptrain inadequates.

    So, as said, even if the industry could be attracted back, there is no-one with the skills to do the work.

  4. Sami Jamil Jadallah  January 10, 2016 at 8:42 am

    Salam and thanks to all of you… By no mean I intended not to give value to “social issues” however with due respect, these issues do not put bread on the table, or pay the bills for all those who were and are left out of the New Economy… While Walmart created over 2 million minimum wage jobs, it also put over 500,000 small town business out of business, putting almost 1.5 millions out of jobs too. It put over $100 billion in the hands of one family, making China with the most number of millionaires. What this country need the most is to make big time investment in re-education of the tens of millions who lost their jobs… and I even suggest in partnership with international organizations that I know that does manage these “industrial technology” education centers… We need to re-invent our working force specially those with minimum or no skills for the New Economy….and yes, why not have “Made in America” stores… franchise it… and take charge… thanks for your input and sharing of ideas..

  5. Edward Dodge  January 10, 2016 at 7:13 am

    There is a scenario where massive amounts of manufacturing jobs come back to the US. If there is a global currency reset and the US is forced to issue a new domestic dollar that is greatly devalued relative to other currencies. This would make imports to the US very expensive for consumers, but the cost of labor would be highly competitive. Corporate “big box” stores that sell mostly foreign manufactured goods would exit the landscape, replaced by “mom and pops”. It could be a glorious time.

  6. Dumb Goy  January 10, 2016 at 12:04 am

    The only reason why all this falsehood has occurred is very simple, the jews have monopolised the poliitical discourse towards their two pet projects , israel and the their money. Politics that should simply be about the 99% (labour) tempering the 1% (capital) owners to “behave” instead of engaging in rampant capitalism,was simply lost. Now we have 6m khazars with no hebrew DNA, fooling us goyim they are the chosen, who have taken over EVERYTHING, in politics,in business,in culture in a population of 340m. Japan runs very well with no jews monopolising the senate,congress,state dept,treasury,central bank,business,arts,etc but we are told we cannot do without this “chosen” tribe in our midst? Its gotta be Satan.

You must be logged in to post a comment Login


TOP 50 READ ARTICLES THIS MONTH
From Veterans Today Network