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Top Stories from Corporate Accountability and WorkPlace on AlterNet
August 28th, 2008
http://www.alternet.org/workplace/
___________________________________________________________
>From the editors:
Finally, a bit of good news. This week, 2nd quarter growth figures were revised
upward to an annual rate of 3.3 percent, led by an increase in domestic
manufacturing and a spike in consumer spending sparked by those stimulus
checks. And new unemployment applications nosed down by a hair last week
(although the average over the last four weeks is the highest since 2003).
Unfortunately, this is a blip in a long line of bad reports. Consumer spending
edged up, but consumer confidence is in the toilet. The growth in manufacturing
is largely due to the weak dollar -- 2nd quarter exports grew at an annual rate
of 13.2 percent and imports declined by 7.6 percent. One could argue that this
is a good thing -- that the falling dollar is doing what unfettered markets are
supposed to do, equalizing our monster trade deficit -- but of course all these
things are interrelated. With the declining dollar and an overall weak economy,
investment money is drying up, which may lead to a liquidity problem. That, in
turn, is putting the financial system at greater risk of disruption, in part
because it's leaving a lot of American debt -- from mortgages to credit cards
to auto loans -- without the backing of investors.
As the housing bubble burst, we first heard a lot of talk about "subprime"
loans, but, as I've noted here a few times before, that was just the first shoe
to drop. Plenty of people with good credit, believing the boom was never going
to end, got various "option arms" -- adjustable rate loans with very low
interest rates for the first years, some of which didn't require any payment on
the loans' principal. Many figured they'd flip the houses for a fat profit long
before the higher rates kicked in, but in many cases these properties are now
worth less than the outstanding loan balances. Unlike those subprime loans,
which were often "securitized" and sold off in bundles to investors, many of
these prime loans are on the banks' own books, meaning that they're looking at
huge losses. That makes them more conservative and dries up the availability of
credit for small businesses and entrepreneurs, further slowing growth, etc.
Vicious, meet cycle.
And many investors are still going into commodities like oil, although to a
lesser degree than earlier this summer. That helps to drive up energy and food,
which represent almost a third of what most families spend on a month-to-month
basis.
I'm terrible at predictions, and am certainly not getting into the economic
forecasting biz, but if pressed I'd have to say that I think the 2nd quarter's
probably going to be the last to show any real growth for a while.
-Joshua Holland
Editor, Corporate Accountability and Workplace
___________________________________________________________
THE PINCHED MIDDLE CLASS IS DITCHING TARGET FOR WAL-MART
By Marie Cocco, Washington Post Writers Group
Money is on the mind of voters as they see their paychecks
shrink from inflation, their jobs threatened and their
middle-class dreams diminished.
http://www.alternet.org/workplace/96379/
DEBATE CONTINUES, BUT THERE'S LITTLE DOUBT SPECULATORS ARE ADDING TO PAIN AT
THE PUMPS
By Thomas Palley, AlterNet
Many economists are saying that oil markets are working as
they should, but their arguments are weak.
http://www.alternet.org/workplace/96797/
SHOULD UNCLE SAM BE HELPING CEOS GET RICHER?
By Sam Pizzigati, Too Much: A Commentary on Excess and Inequality
America's overpaid corporate execs have plenty of people to
thank for their good fortune, including average American
taxpayers.
http://www.alternet.org/workplace/96670/
THE VILLAINS OF THE HOUSING CRISIS ARE DENYING ALL RESPONSIBILITY
By Dean Baker, TruthOut.org
The housing crisis is a result of reckless deregulation by
specific individuals.
http://www.alternet.org/workplace/96433/
A TRUCK-SIZED LOOPHOLE: CORPORATIONS, SPECIAL INTERESTS TO SPEND $100 MILLION
ON CONVENTION PARTIES
By Michael Winship, TruthOut.org
The parties' conventions offer plenty of opportunity to
skirt the spirit of campaign finance laws without violating
them.
http://www.alternet.org/election08/96355/
OUTRAGEOUS CEO SALARIES ARE A NATIONWIDE SCANDAL -- WHERE ARE THE POLITICIANS?
By Sarah Anderson, AlterNet
Obama and McCain are both taking whacks at overpaid CEOs,
but their solutions fall short.
http://www.alternet.org/election08/96199/
AMERICA'S INVISIBLE RICH
By Sam Pizzigati, Too Much: A Commentary on Excess and Inequality
Politicians can't seem to see any wealthy people when
deciding whom to tax.
http://www.alternet.org/workplace/96354/
RECOGNITION OF MUSLIM HOLIDAY STIRS FURY IN TENNESSEE
By Kim Bobo, Religion Dispatches
A labor contract that accommodates the religious practices
of a Tennessee plant's Muslim workers has unleashed a
firestorm of controversy.
http://www.alternet.org/immigration/96340/
___________________________________________________________
AlterNet Blogs:
MCCAIN'S MILLION DOLLAR PARKING LOT
By Robert Greenwald, Brave New Films
A lot worth $1 million more than the average American home.
http://www.alternet.org/blogs/video/96745/
WHY ARE THE POLICE PROTECTING BIG MONEY FROM PUBLIC SCRUTINY IN DENVER?
By Jane Hamsher, Firedoglake
Police arrest journalists trying to get the skinny on
Democratic senators and VIP donors.
http://www.alternet.org/blogs/rights/96678/
COMMUNITIES RALLY TO CLOSE COCA-COLA BOTTLING PLANT
By Tara Lohan, AlterNet
An official declaration has said that Coke has
"overexploited" a town's groundwater.
http://www.alternet.org/blogs/water/96514/
___________________________________________________________
These stories and more are available in Corporate Accountability
and WorkPlace on AlterNet.
http://www.alternet.org/workplace/
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