Newspaper logo  
 
 
Local Stories, Events

Ref. : Civic Events

Ref. : Arts & Education Events

Ref. : Public Service Notices

Books, Films, Arts & Education
Letters

Ref. : Letters to the editor

Health Care & Environment

11.15  The long read:  The plastic backlash: what's behind our sudden rage – and will it make a difference? [the world wants to throw-up...]

11.15 Claws out: crab fishermen sue 30 oil firms over climate change [workers are waking-up...]

11.15 Trump administration to cut air pollution from heavy-duty trucks [behaving ignorantly again...]

11.14 Backed by Ocasio-Cortez, Youth Climate Activists Arrested in Pelosi's Office Demanding Democrats Embrace 'Green New Deal'

11.13 What would a smog-free city look like?

11.13 Global report highlights Australia’s renewables potential amid mixed signals for coal

11.13 Interior department whistleblower: Ryan Zinke hollowed out the agency

11.12  This Land is Your Land:  The Zinke effect: how the US interior department became a tool of industry [behaving ignorantly again...]

11.12 Planned Parenthood's new president warns of 'state of emergency' for women's health

11.11 Trump responds to worst fires in California’s history by threatening to withhold federal aid [behaving ignorantly again...]

11.11 Interior department sued for ‘secretive process’ in at-risk species assessment [behaving ignorantly again...]

11.11 Keystone XL pipeline: judge rules government 'jumped the gun' and orders halt [behaving ignorantly again...]

11.09 Rainforest destruction from gold mining hits all-time high in Peru

11.09 A new way to make steel could cut 5% of CO2 emissions at a stroke

11.08 Medicaid’s stunning victory

News Media Matters

Daily: FAIR Blog
The Daily Howler

US Politics, Policy & 'Culture'

11.15 Democrats Won Big. Can They Go Bold, Too? [it's about suppressing the influence and leadership by Republican-like Democrats who counsel 'íncremental' (no) change, such as Nancy Pelosi, Steny Hoyer, Hillary Clinton, Chuck Shumer and Joe Biden]

11.15 Pentagon Officials Forced to Make Fewer Public Appearances to Avoid Provoking Trump [...by revealing Trump's huuuge ignorance]

11.15 REPUBLICANS USED A BILL ABOUT WOLVES TO AVOID A VOTE ON YEMEN WAR [if there are 'defense industry' profits to be made—including congress-critter insider-trading—and political 'donations' to be had, we mustn't stop killing innocent civilians!]

11.15 Big Oil v the planet is the fight of our lives. Democrats must choose a side

11.14 The Real Florida Recount Fraud

11.14 Telling NRA #ThisIsOurLane, Doctors' Photos Show Blood-Soaked Reality of America's Gun Madness

11.14 At Freshman Orientation, Young and Growing Progressive Caucus Makes Clear It Will 'Fight Like Hell' for Bold Democratic Agenda

11.13 'You Sound Nervous': Gillum Mocks Trump as President Demands End to Florida Recount

11.13 Kyrsten Sinema wins Arizona Senate race in breakthrough for Democrats

Justice Matters

11.09 Trump administration blocks asylum claims by those crossing border illegally [Making America Less Great Again...]

High Crimes?

11.14 The Guardian view on Yemen’s misery: the west is complicit [WAR CRIMES]

11.10 US stops refuelling of Saudi-led coalition aircraft in Yemen war [But there are a few children still alive. It's too soon!]

Economics, Crony Capitalism

11.15 The Earth is in a death spiral. It will take radical action to save us [fossil fuel burning, un-recyclable plastic production/use and methane gas release must cease ASAP.]

11.14 Brexit: May tells her cabinet, this is the deal – now back me

11.11 Tax reform: down with the ‘stepped-up basis’

International & Futurism

11.15 Cuba to pull doctors out of Brazil after President-elect Bolsonaro comments [terms must be negotiated for fairness to Cuba's health professionals without disruption of healthcare for Brazil's poor]

11.14 'Appalling' Khashoggi audio shocked Saudi intelligence – Erdogan [Exposing a psychopath?]

11.14 Israel and Hamas launch hundreds of attacks in Gaza clash

11.14 Mueller seeking more details on Nigel Farage, key Russia inquiry target says

11.13 Austin's Fix for Homelessness: Tiny Houses, and Lots of Neighbors

11.13 Portugal Dared to Cast Aside Austerity. It’s Having a Major Revival.

11.13 Caravan marks one month on the road: ‘We keep on going, laughing or crying’

11.13 Letter Shows Einstein’s Prescient Concerns About ‘Dark Times’ in Germany

We are a non-profit Internet-only newspaper publication founded in 1973. Your donation is essential to our survival.

You can also mail a check to:
Baltimore News Network, Inc.
P.O. Box 42581
Baltimore, MD 21284-2581
Google
This site Web
  Thinking About Accelerations
Newspaper logo

ECONOMIC ANALYSIS:

Thinking About Accelerations

by Fred Cederholm
While the projected costs of the remedies/fixes skyrocket (now in the $TRILLIONS), there is still little reason to celebrate the beginning of any turn-around(s)! The daily news revelations continue being horrific; and bad as things are, we are only being carefully spoon fed the negatives in bite sized parcels that we can absorb and cope with.
I’ve been thinking about accelerations. Actually I’ve been thinking the unfolding recession/depression, cheer-leaders/ fear-leaders, the 2009 Stimulus Bill, bank failures, and the auto industry bailout. It is almost like we have entered one of those Star Trek Sci Fi anomalies where everything is changing and accelerating, but when we take stock of where we are and attempt to grasp the progress we are making (or have made) we discover that our situation is much as it was without any change!

You see while the numbers assessing the economic, financial, and monetary crises continue to escalate; and the projected costs of the remedies/fixes skyrocket (now to THIRTEEN FIGURE DIGITS – as in TRILLIONS), there is still little reason to celebrate the reaching of the bottom(s), or the beginning of any turn-around(s)! The daily news revelations are horrific; and bad as things are, we are only being carefully spoon fed the negatives in bite sized parcels that we can absorb and cope with. I mean... would the public have (swallowed and) approved the $ 5 plus TRILLION in bailouts, take-outs, guarantees, restructurings, TARPs, and capital infusions that have been “invested” in saving Wall Street investments banks, and money center commercial and retail banking TO DATE with the knowledge that at least TWO MORE TRILLION will be needed in the coming weeks or months to keep “the plates spinning on the poles” until the next trip to Uncle $ugar’s trough? I don’t TH*NK so. Besides... it is not just the financial services segment(s) - it is the auto industry, the real estate sector, state and local governments, retailing, and employment in general. Things are tough all over. A TRILLION here, a TRILLION there, pretty soon you’re talking real (or unreal) money!

The country passed the Presidential mantle and an expanded majority of Congress to the Democrats because they campaigned on making “Change that we could count on...” Their message in these times of malaise and uncertainty during the pre-election and pre-swearing in transition was that of “we can do it, we have the solution, and we will take you there.” In the span of less than six months, it is amazing how the cheer-leading message of hope and optimism has morphed into the fear-leading message(s) of direness, expediency, and cost escalation. True, not all was their fault.

The current gospels of restorative salvation materialized last week in “the do or die” form of the 2009 Stimulus Bill. This was to be a core game plan to stem the negative tsunamis of unemployment, bankruptcies, corporate (and household) retrenchments, liquidations, foreclosures, and pretty much all backtracking in general. It will do none of these. I would like to go “bullet point by bullet point” as to why I feel this is the case, but I cannot. I diligently tried to download (and read) the full 1,071 page text of the FINAL “committee reconciled bill” that was passed last week by the House of Representatives and the Senate, but it was simply not available to me. Congressmen and Senators hadn’t seen or read it before they agreed to approve the almost TRILLION dollars in expenditures! “Change we can count on...” hardly! Bipartisan support for fixing a broken system.... hardly! A “be all and end all solution to our troubles”...hardly! Nothing new here in any format!

Friday saw 4 more takeover/shutdowns of US banks. This brings the February total to 7 - with two more Fridays to go. Regulators seized 6 banks in January - making THAT the highest monthly toll since 1993. A total of 25 banks were shuttered (and re-sold) in 2008. This matched the combined total for all of 2001-2007. Home foreclosures soared and bank profits continue to tumble. More than 250,000 foreclosures were filed in January. A 10th month foreclosures exceeded a quarter million! The Geithner plan for the remaining $350 BILLION of TARP money, plus an option to expand THAT by TWO TRILLION more, failed to appease the markets at home, or at the G-7.

This week both GM and Chrysler are going to submit detailed plans of how to fix their ailing industry. These should be a real dog and pony show – make that a hybrid and SUV show. Will they be able to justify more BILLIONS in loans, government guarantees, and concessions without shifting more of their manufacturing operations abroad, or extorting more union worker contract concessions here?

I’m Fred Cederholm and I’ve been thinking. You should be thinking, too.


Copyright 2008 Questions, Inc. All rights reserved. Fred Cederholm is a CPA/CFE, a forensic accountant, and writer. He is a graduate of the University of Illinois (B.A., M.A. and M.A.S.). He can be reached at asklet@rochelle.net.


Copyright © 2009 The Baltimore News Network. All rights reserved.

Republication or redistribution of Baltimore Chronicle content is expressly prohibited without their prior written consent.

Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.

This story was published on February 16, 2009.

 

Public Service Ads: