On Alternet, filmmaker Michael Moore figures if General Motors is posting profits, layoffs can’t be far off. But seriously, why isn’t GM and the rest of corporate America hiring? When will Main Street start seeing the windfall from the government bailout of Wall Street?
The government stepped in with trillions of dollars in cash and guarantees to keep Corporate America from collapsing due to its own stupidity, short-sightedness and greed. And it worked—for Corporate America. You may not have noticed as you were being foreclosed on, but the profitability of the Fortune 500 is almost back to normal
This morning, I watched the Dow Jones climb into positive territory for about an hour before it slid back down into the negative, even after reports of billions of dollars in merger acquisitions were made public. Such good news should have bolstered the markets, right? Well, it didn’t work out that way and I seriously doubt it will work out that way any time soon. There seems to be no traction at all in the markets these days: with rising unemployment, home foreclosures at an all-time high, and consumer confidence going down the toilet; even seasoned investors, used to the fickle nature of business, seem to be abandoning ship.
This economic slide into no-man’s land has been going on for quite some time now, yet brokerage houses, hawkish economists, and media outlets refuse to tell the truth: that America is in trouble. (And by trouble, I’m not talking about a “double-dip recession” or “depression”, but an ever-increasing and continued downward spiral into a dark economic abyss from which there is no return…)
Using an analogy, I’d say that our global economy is more akin to the Titanic right after hitting that iceberg: those in charge either refuse to believe what is happening, or have decided not to share it with the rest of us for fear of a panic. Naturally, there aren’t enough lifeboats to go around, so seating is limited: corporations get first dibs (bailout), followed by government officials and people of importance and then, finally, people like you and me (that is, if there are any more seats left).
And yes, just like in that ill-fated tale, wherein the band is told to continue to play to mollify passengers as that great ship sinks into the cold, dark oblivion, our media outlets will continue their vigil as well: soothing our anxiety-ridden nerves by serving up filth and fodder – both the glib and the non-sensicle – all in an effort to divert our attentions from the inevitable horrors yet to come. And when the need arises to actually explain to the masses what is happening with the economy, the talking heads will be instructed to say, “Don’t worry everyone. It’s just a small financial leak (er, dip)… Nothing to really worry about….”