Thursday, January 17, 2008

Food Costs Jump 4.9% in 2007; Biggest Gain Since 1990

What is the similarity? Both times a Bush was President.
Inflation truly hit home in 2007 with food prices rising 4.9 percent, the most since 1990, as energy costs for farmers surged and the production of crops, livestock and dairy products failed to keep pace with increased global demand.

Dairy prices gained the most of all foods last year, with milk surging 19.3 percent, the Labor Department said Wednesday. Fruits and vegetables increased 5.9 percent and cereal and baked-goods prices rose 5.4 percent. Bread prices jumped 10.5 percent, according to the report.

Companies including Kellogg Co. and General Mills Inc., the largest U.S. cereal-producers, boosted prices as the cost of commodities such as wheat reached record highs.

"If they're going to pay more for food, people offset that by being more frugal users of food and looking at other parts of their spending where they feel they can cut back," said Michael Walden, an economics professor at North Carolina State University in Raleigh. "Likely that would be entertainment, electronics, higher-end clothing, vacations."
and why are food costs rising so quickly?
One of the driving forces for higher food prices was the rising cost of fuel. Farmers and ranchers, along with transport companies, felt the same pinch that many consumers did in 2007 as energy prices, which include gasoline and diesel fuel, rose 17.4 percent.
We attacked an oil rich nation for what most beleive was the oil, yet the vast majority of American people have reaped no gain from this endless and destructive war.

The American people have been screwed and not even kissed while the Bush cronies have laughed all the way to the bank over the bodies of the dead soldiers and Iraqi civilians. Are you finally fed up enough? You elected this murderous moron, not once but twice and this is the result. His father was a poor President, this one is the worst in American history.

Wednesday, January 16, 2008

Republicans to Hold Economic Stimulus Package Hostage

They want even more tax cuts for their already wealthy friends. Do these people know anything but tax cuts?
Speaker Nancy Pelosi met on Monday with the Federal Reserve chairman, Ben S. Bernanke, to discuss potential action by Congress, the White House and the central bank to jump-start the economy and try to shorten the slowdown that many economists say has already begun to take hold.

But even as Ms. Pelosi renewed a call by Democratic leaders for cooperation with President Bush and Republicans in Congress, lawmakers in both parties said that efforts to develop a short-term stimulus plan could easily fall prey to partisan disputes like whether to extend Mr. Bush’s tax cuts of 2001 and 2003, which expire after 2010.

The Democrats are insisting that Republicans not inject their desire to extend the tax cuts into negotiations of a short-term rescue package intended to dampen the impact of a recession. But in interviews, several Republican lawmakers said they could not imagine a debate not involving long-term tax policy.

"The planning for 2010 in a business sense is happening now," said Representative Dave Camp, Republican of Michigan. "So it isn’t too soon to talk about making permanent the Bush tax cuts."
The Bush tax cuts have led to the spiraling national debt and have done nothing to help the American Middle Class. Job creation has been awful during this President's administration and real wages have been down for seven years. The only people getting rich on this economy are those at the top who now earn 400 times the yearly income of their lowest wage earners and these fools want to mke that permanent.

Why don't we just stop taxing the rich altogether? The middle class will pay it all because we all know how much that extra money at the top will trickle down to us at the bottom. Shit also rolls downhill but I can't see any benefits to being shit on, but its what the Bush administration has done to the middle class for the past seven years.

Mitt Romney Wins Michigan But Why?

I am becoming increasingly concerned that a large percentage of Americans are really too stupid to be voting. Michigan, which has the highest rate of unemployment in the United States, decided that Mitt Romney was the best Republican candidate to handle the economic crisis.

Are these people aware that Mitt Romney made his fortune by buying up companies, selling the assets and laying off the employees? I understand the clown car that is the Republican candidates leaves much to be desired but to pick the one person whose history is so blatantly anti labor makes you wonder if these people even understand the political process.

Our economy was destroyed by greed and stupidity and the people of Michigan decided to award the greediest and stupidest candidate in the woeful bunch. Way to go Michigan.

Tuesday, January 15, 2008

Citibank Posts Staggering Losses

The former CEO is laughing all the way to the bank.
Citigroup Inc. stunned Wall Street Tuesday by reporting that it had suffered a $10 billion quarterly loss - the worst ever in its storied history.

The financial giant also announced a writedown of $18.1 billion related to soured mortgage investments and major cost-cutting initiatives that included a 41 percent cut to its dividend and plans to reduce in its payroll. At the same time, it said it was receiving a $12.5 billion infusion from investors in Kuwait, Singapore and the state of New Jersey.
In the new America under George W. Bush those at the top, that destroy the companies, are rewarded with millions while those at the bottom lose their jobs.

The dividend being slashed will hurt many retirees who depend on dividends to make ends meet. When will America wake up and realize that our system is rigged and finally do something to change this? Do we need a full scale depression and people in the streets to finally snap us out of our false sense of security? Unfortunately I think we may have passed the point of no return and the America of our parents is just a distant memory. What is left in its place is a society where you are rewarded for stupidity and greed and punished for being open and honest. Do you still think we are the envy of the world or on our way to becoming the worlds viper?