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US Corporations Reach New World Record in Profits

November 25, 2010

US  corporations have just  enjoyed their best quarter ever! Profits are through the roof , higher than they have  ever  been: equaling an annual net profit total of $166 trillion.  A trillion is a thousand billion which is a thousand million, in case you aren’t  used to dealing with money sums that large. It’s kind of like moving from the scale of  ‘miles’ to ‘light years’ in measuring distances.  Never in the sixty (60) years since they started calculating this has it ever been this high!   Overall both big business and small business in America are also  sitting on record large cash reserves. They are awash in more cash reserves than ever in history (although the Chamber of Commerce says they need even more).  And corporate taxes are lower than they’ve been in….how many decades? Isn’t that great?  Of course, it hasn’t done anything good for people unemployed, underemployed,  losing their life savings and/or losing their homes through (often fraudulent) foreclosures, but hey! You can’t have everything, can you?

And all this is happening under the  supposedly “anti-business” and/or “socialist”  Obama Administration.  Hmmmm..

With the Republicans gaining control of the House, the bank,s and corporations that created this nightmare the rest of us are living in, are back in the saddle more than ever….for a few dollars more. For the few dollars they haven’t scooped up yet. They are unrepentant, having suffered no bad consequences themselves for their past behavior, and fully intend to do it all again if they can, enabled by their political allies whose agenda is to keep them unregulated, unaccountable, and given  ever-more tax cuts, special subsidies,  special exemptions, and special immunities.

Paul Krugman notes in his NY Times column (accessible through http://krugman.blogs.nytimes.com) entitled   “There Will Be Blood”  that the GOP leaders have now made it plain that they will block any attempt towards getting the economy out of the ditch until there’s a Republican in the White House. Of course, by working to make the Obama government  fail, they are promising to make America  fail; to keep American governance  failing for at least another two years:  openly sabotaging the lives of tens of millions of Americans for  partisan political gain. Is being a Saboteur of America what their  “patriotism” has come to mean?

Don’t expect any good economic news  for the next two or more years, in short. 

“That’s the nice thing about sheep,” the old saying goes. “You can shear them twice a year.”

Will Rogers was right when he qupped , “We have the best politicians money can buy.”

 

 

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