Meanwhile, "Fifty-five percent of Americans in the labor force have experienced a job loss, a pay cut, or a reduction in hours since the onset of the Great Recession in 2007," a new survey finds. Personal debt is at an all time high as Main Street struggles to survive.
The federal debt will represent 62 percent of the nation's economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook the nonpartisan Congressional Budget Office released yesterday.
The financial debt crisis was caused by these three principle factors ~
Together, those policies caused the sub-prime mortgage crisis and the easy money debt bubble. The result was our current deepening Depression ~ masked as a Recession.
In the spirit of gratitude, Wall Street has sent a letter to President Obama and his Congressional friends ~ courtesy of Dean Baker / Truthout. http://www.truth-out.org/wall-street-congratulates-washington-a-job-well-done60845
While this is the sort of support that we expect in exchange for our generous campaign contributions, we are especially impressed how you have managed to so effectively blunt any backlash from the public. After all, with the unemployment rate still near double-digit levels, millions of people facing the loss of their homes and tens of millions seeing their savings wiped out, there is naturally considerable anger. However, you have managed to deftly deal with this problem by diverting their attention elsewhere.
And, of course, there is the financial reform bill. You killed any plans to break up too big to fail banks (leaving us with huge government subsidies) and kept any talk of a financial speculations tax from being taken seriously.
Your Buddies ~ The Wall Street CEOs
If you're not angry, you're on life support.
Allen L Roland is a practicing psychotherapist, author and lecturer who also shares a daily political and social commentary on his weblog and website allenroland.com He also guest hosts a monthly national radio show TRUTHTALK on http://www.conscioustalk.net/