Tag Archives: wall street

Business/Economics, Opinion, U.S.

People of the United States finally realizing that working hard does not improve your life, it only improves the life of the Man!

“The U.S. ranks outside of the top ten for the first time (down to 12th), pulled down primarily by a decline in the Entrepreneurship & Opportunity sub-index. This fall is driven by a decline in the number of U.S. citizens who
believe that hard work will get them ahead……”-2012 Legatum Prosperity Index

According to a recent study by the Legatum Institute, fewer and fewer U.S. citizens believe that hard work pays off.

I can attest to that, after three decades of busting my ass, doing my best, and I have almost nothing to show for it (I am still better off than those who’ve ended up on the streets).

I’ve been praised by employers for my attention to detail, organizing and people management skills. Yet when it came to getting a significant raise or promotion, forget it! I got zip, nada!

I’ve worked positions that required four year college degrees, only to be replaced with a college graduate, then ordered to train them!!!  I finally got a four year college degree, but now (that plus my 30 years work experience) I’m “overqualified” (and I still have to somehow pay for the student loans).

What I’ve learned working for unAmerican Corporate America, is that when it comes down to the bottom line (meaning the execs and shareholders are facing a loss of dividends or bonuses) it doesn’t matter how hard you worked for the company (or even if you can prove you’re making money for the company as happened to me in several cases), if they decide it’s time for you to go, you’re gone!

Business/Economics, International, U.S.

Government & Corporate Incompetence, World War 3 & What Economic Recovery? United States not even part the top ten most prosperous countries! War on Terror makes the U.S. insecure!

According to the Legatum Institute, the United States not only is not the most prosperous country anymore, it’s not even in the top ten!

The United States was considered the 10th most prosperous last year, but in 2012 the U.S. is now ranked 12th overall!

The Legatum Institute ranks 142 nations in eight sub-indexes: economy, entrepreneurship and opportunity, governance, education, health, safety and security, personal freedom and social capital.

According to their 2012 Prosperity Index, the U.S. now ranks 2nd in health, 5th in education, 10th in governance, 10th in social capital, 12th in entrepreneurship and opportunity, 14th in personal freedom, 20th in economy, and despite more than a decade of War on Terror 27th in safety and security (seems the war has actually made the U.S. more unsafe)!

The top 10 most prosperous countries are: Norway, Denmark, Sweden, Australia, New Zealand, Canada, Finland, Netherlands, Switzerland and Ireland.  (notice that most of these are in Europe where the economy is supposed to be worse than the U.S., many of these countries have strong labor unions and more worker rights than the U.S.)

Business/Economics, U.S.

What Economic Recovery? Updated list of more Kmart and Sears closings! More Kmart stores in Ohio & Florida going down!

02 November 2012, in the past 24 hours it has been revealed that two more Kmarts are being closed, check my updated list.

Alabama: Gadsden Kmart (50 jobs lost), Mobile Sears (at least 40 jobs lost), Auburn Kmart (at least 40 jobs lost).

California:   El Monte Sears (at least 40 jobs lost. Damien Arrula, El Monte’s economic development director, said the store manager had lied about what was going on: “The general manager of the store had just indicated to me that they were remodeling.”), two San Diego Sears (at least 80 jobs lost), Pleasant Hill Kmart (more than 50 jobs lost).

Colorado:  Broomfield Kmart (at least 40 jobs lost), Glenwood Springs Kmart (at least 40 jobs lost), Lone Tree Sears (at least 40 jobs lost), Longmont Sears (at least 40 jobs lost), Pueblos’ South Side Kmart (52 jobs lost).

Georgia: Macon Sears (at least 40 jobs lost), Buford Kmart (at least 40 jobs lost), Douglasville Kmart (at least 40 jobs lost), Atlanta Kmart (at least 40 jobs lost), Columbus Kmart (at least 40 jobs lost), Jonesboro Kmart (at least 40 jobs lost), Cartersville Kmart (74 jobs lost).

Florida: Fernandina Beach Kmart (at least 40 jobs lost), Callaway Kmart (at least 40 jobs lost), Orange City Kmart (at least 40 jobs lost),  Deland Sears (at least 40 jobs lost), Stuart Sears (at least 40 jobs lost), West Palm Beach Sears (at least 40 jobs lost), Port St. Lucie Sears (at least 40 jobs lost), Crystal River Sears (at least 40 jobs lost), New Smyrna Beach Kmart (at least 40 jobs lost), Saint Augustine Kmart (at least 40 jobs lost), Pompano Beach Kmart (at least 40 jobs lost),  Jacksonville Kmart on 5751 Beach Boulevard (71 jobs lost), second Kmart in Jacksonville on 4645 Blanding Boulevard (83 jobs lost), Ocoee Sears (102 jobs lost), Pensacola Kmart on Airport Boulevard closed in 2011, Pensacola Kmart on Mobile Highway to be closed by 03 February 2013 (69 jobs lost), and recently revealed Hialeah Kmart (67 jobs lost).

Idaho: Lewiston Sears (at least 60 jobs lost).

Indiana:  Anderson Sears (at least 40 jobs lost), Saint John Kmart (at least 40 jobs lost), Indianapolis Kmart (at least 40 jobs lost).

Illinois:  Melrose Park Sears parts and repair center (50 jobs lost), Fairview Heights Kmart (81 jobs lost), Freeport Kmart (45 jobs lost), Pontiac Kmart (more than 47 jobs lost).

Iowa:  Cedar Rapids Kmart (at least 40 jobs lost), Davenport Kmart (at least 40 jobs lost), Burlington Kmart (50 jobs lost).

Kansas: Lawrence Sears (at least 40 jobs lost).

Kentucky: Middlesboro Sears Hard lines, Winchester Kmart, Hazard Kmart.

Maine: Lewiston Sears.

Maryland: Ellicott Sears Grand/Essentials.

Michigan: Brighton Sears Grand/Essentials,  Harper Woods Sears Full line, Monroe Sears Full line, Adrian Sears Full line, Washington Township Kmart, Chesterfield Kmart, Woodhaven Kmart.

Minnesota: Willmar Kmart, Duluth Kmart, New Hope Kmart, White Bear Lake Kmart.

Mississippi: Jackson Sears Full line, McComb Sears Full line, Columbus Sears Full line.

Missouri: Lee’s Summit Sears Grand/Essentials, Saint Louis Sears Full line.

Montana: Missoula Kmart.

New Hampshire: Nashau Sears Grand/Essentials, Keene Sears Grand/Essentials.

North Carolina: High Point Sears Full line, Moorehead Sears Full line, Rocky Mount Sears Full line, Statesville Sears Full line.

New Jersey:  Lawnside Kmart.

Ohio: Chagrin Falls Kmart, Springfield Kmart, two Toledo Kmarts, Medina Kmart, Columbus Kmart, Zanesville Sears (67 jobs lost), and recently revealed Trotwood Kmart (71 jobs lost).   Also, Van Wert Sears franchise bought out by Kirk Berryman, owner of Computer & Networking Technologies (CNT), who plans on moving the store to a new location.

Oregon: Roseburg Sears Full line.

Pennsylvania: Upper Darby Sears Full line, Pottstown Sears Full line, Pittsburgh Kmart, Wilkins Sears.

South Carolina: Sumter Sears, Orangeburg Sears (approximately 50 jobs lost).

Tennessee: Antioch Sears Full line, Cleveland Sears Full line, Oak Ridge Sears Full line, Hendersonville Kmart, Morristown Sears Full line.

Texas: Two Sears parts and repair centers closing in The Woodlands (117 jobs lost), rebuild center in Garland (58 jobs lost).

Virginia: Norfolk Sears Full line,  Midlothian Kmart, Richmond Kmart, Lynchburg Sears (84 jobs lost).

Washington: Walla Walla Sears Full line, Lacey Kmart, Kelso Sears, Lakewood Kmart (59 jobs lost), Bellingham Sears (92 jobs lost).

Wisconsin: West Baraboo Sears Grand/Essentials, Rice Lake Kmart.

On top of that, Sears Holdings sold stores to General Growth Properties, of which it has been reported that those stores will be closed.

It was recently announced that the Provo, Utah, store will continue operating as a Sears.  Sears Holdings announced that GGP made a lease deal they couldn’t refuse, so they will continue running the GGP owned store.

Here’s the list of 11 Sears stores now owned by GGP:

Iowa: Coral Ridge Mall, and Mall of the Bluffs

Texas: The Woodlands Mall

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center)

Oklahoma: Quail Springs Mall

Hawaii: Ala Moana Center

Washington: Bellis Fair Mall

Minnesota: Apache Mall

Illinois: Market Place Shopping Center

International, U.S.

U.K. High Court considers U.S. rendition and detaining of “enemy combatants” a War Crime!

“The, presumably forcible, transfer of Mr Rahmatullah from Iraq to Afghanistan is, at least prima facie, a breach of article 49. On that account alone, his continued detention post-transfer is unlawful…….Instead he has been imprisoned by the U.S.A., which takes a different view of the requirements of international law, and accepts no limitations on its right to detain in these circumstances….”-written statement from Supreme Court judges, Lord Carnwath and Lady Hale.

“The U.K. government has nowhere left to turn. The highest court in the country has expressed serious concerns that grave war crimes may have been committed as a result of which a police investigation must be initiated without delay.”-Kat Craig, a legal director of activist organization Reprieve

“The government’s attempts to row back on centuries of constitutional development and restrict the reach of habeas corpus has been rejected by the highest court in the land!”-Jamie Beagent, attorney representing a man who was renditioned out of Iraq in 2004, and is still under U.S. control at Bagram Prison, Afghanistan

On 31 October 2012, the United Kingdom’s Supreme Court ruled that the ongoing rendition of so called enemy combatants by the United States, is a war crime!

The court opinion came after a group trying to get a man freed from eight years of secret imprisonment failed.  The group called Reprieve, petitioned the British high court to force the United States to make the man available so they can challenge the legality of his imprisonment in court.

The man, from Pakistan, was detained by British troops in Iraq in 2004.  The Red Coats handed him over to U.S. forces, who then secretly sent him to Bagram Prison in Afghanistan.

Article 49 of the Fourth Geneva Convention states that no enemy combatant can be taken to another country while detained.  The group Reprieve wants the U.S. to explain why they violated the Geneva Convention, if the man was considered an enemy combatant.

If the man was not considered an enemy then they want to know on what grounds the U.S. continues to detain him (if he’s even still alive).

The U.K. court refused Reprieve’s request to force the British government to demand the United States explain itself, but did agree that the policy of rendition, carried out under a Memorandum of Understanding between the U.S. and U.K., is illegal under international law: “This powerful [U.K.] Supreme Court decision has huge ramifications. Clearly there will now have to be a full criminal investigation. But if the U.S. has ‘dishonored’ its commitment to the U.K. in this case for the first time in 150 years, and continues to violate law as basic as the Geneva Conventions, this also throws other extradition agreements with the U.K. into doubt.”-Clive Stafford Smith, director & founder of Reprieve

U.S.

What Democracy? Presidential candidate arrested!

Yes Virginia, there are other candidates, besides Obama and Romney, running for U.S. President, but they’re being arrested!

Jill Stein, candidate for the Green Party, was arrested in he merry old red neck states of Texas, again.

She was arrested for trespassing after she brought food to protestors, who are demonstrating against the construction of a Canadian oil pipeline.

Prior to that, she, and her vice presidential running mate, Cheri honkala, were arrested after they demanded to be part of the second ‘presidential’ debate between Mitt Romney and Barack Obama.

Third party candidates held their own debate on 22 October 2012.  Of course the main stream U.S. media didn’t cover it.

 

International, Opinion, U.S.

What Democracy? United States banning international election observers!

“The threat of criminal sanctions against observers is unacceptable. The United States, like all countries in the OSCE, has an obligation to invite ODIHR observers to observe its elections.”–Janez Lenarcic,  Office for Democratic Institutions and Human Rights

Officials and organizations in the U.S. have always pushed for international election observers (which include election observers such as former President Jimmy Carter, and First Lady Rosalynn Carter) in countries they deem as undemocratic.  Now, several U.S. states are banning observers from witnessing their election process!

The United States is a member of the Organization for Security and Co-operation in Europe (OSCE). As such, each member must allow international observers to witness each national election.  In fact, the U.S. has allowed such observations since 2002 (beginning under the Bush Jr administration).  OSCE Office for Democratic Institutions and Human Rights (ODIHR) officials say this is the first time they have encountered opposition from state level officials!

On 31 October 2012, the state of Iowa announced they will arrest any OSCE ODIHR observer found in polling places. Iowa Secretary of State, Matt Schultz, a Republican, claims Iowa law prevents observation of the election process from closer than 300 feet of the polling place (how convenient, it makes election monitoring ineffective).

Recently Texas Attorney General, Greg Abbott, a Republican, made the same threat of arrest against observers.

This comes after Officials with the OSCE received letters from the Leadership Conference on Civil and Human Rights, the NAACP and the ACLU, claiming they had evidence of massive election fraud.

As an example: Some reports say an estimated 700,000 U.S. voters will not be allowed to vote because of new voter identification laws.

In the past, U.S. officials have always claimed that any country that has a problem with their elections being monitored must be undemocratic.  Well, now the shoe is on the other foot and it’s U.S. officials that are fighting the monitoring of U.S. elections. So what does that tell you?

Business/Economics, Idaho, International, Technology, U.S.

What Economic Recovery? 3M says sales in the U.S. will continue to fall for years to come! Blames crashing solar power demand in U.S.!

“We will continue our Hefei project, which includes 12 big buildings. I believe, as a clean and stable energy, solar must be promising in the future. I don’t think the behavior of the EU and the U.S. is proper.”-Kenneth Yu, 3M China operations

31 October 2012, U.S. based 3M expects its U.S. sales to fall for the next five to ten years, and they expect China to become their number one market.

In their latest quarterly report, 3M showed a big jump in revenues from Canada and Latin America, up 10.5%.  The United States had increased sales of 2.3%. Sales in Europe, Africa, Middle East and Asia were flat.  However, 3M officials think that over the next decade their sales will boom in China.

They say they will streamline their operations, with their consumer and office supplies division looking like it will be drastically cut due to flat profits.  3M will continue investing in future markets.

3M has already invested $1.2 billion USD in China since 1984.  For the next five years the corporation, formerly known as the Minnesota Mining and Manufacturing Company, is investing $120 million in the solar power industry in China.

3M officials say global demand for solar power products are booming, and China is likely to become the center of the global solar power industry.

As an example of government incompetence, President Barack Obama, with support from the Republican controlled Congress, enacted outrageous tariffs on solar products from China.  It was the death blow to struggling Hoku Materials in Pocatello, Idaho.

The newly built polysilicon factory, in southeast Idaho, had locals hopeful that hundreds of desperately needed good paying jobs would be available.  Hoku’s contracts were with Chinese solar product companies that were directly affected by the tariffs.

Now it looks like U.S. based 3M is jumping ship for better shores in China.

Business/Economics, International, Technology

What Economic Recovery? Sharp projects record loss for 2012!

01 November 2012, yet another Japanese electronics maker announced they are losing money big time, and for the second year in a row.  Sharp predicts it will lose at least $5.6 billion USD by March 2013 (the end of the Japanese fiscal year)!

From April to September 2012 Sharp lost nearly $5 billion, 80% more than they originally predicted!  As other Japanese electronics makers, they blame crashing TV sales.

Sharp officials say they will now layoff 10,000 employees and sell assets.  They’ve also taken on a $4.6 billion bailout loan.

 

Business/Economics, U.S.

What Economic Recovery? Businesses closed because of hurricane Sandy, will not get insurance coverage!

31 October 2012, just because a business has interruption insurance doesn’t mean they’ll get paid: “There has to be direct physical damage to the building in order for business interruption insurance to come into play.”-Loretta Worters, Insurance Information Institute

Thousands of small businesses were forced to close shop because of hurricane Sandy, but they did not suffer physical damage. This means not only are they losing money from lack of sales, but the money they paid for interruption insurance was wasted.

Also, businesses closed due to power outages or mandatory evacuation orders are not covered under interruption insurance: “I figured there’s probably an out for the insurance company, but I was hoping we’d be paid since the city had ordered everything to shut down, including the subways.”-Robert Wyatt, Lightspeed Express, found out his insurance won’t payout

And don’t forget, for most businesses there’s no such thing as flood insurance, unless it’s through the federal National Flood Insurance Program.

What this means is that many northeastern businesses will not be able to recovery financially!

Business/Economics, International, Technology, U.S.

World War 3 & What Economic Recovery? Japan to suspend elections to avoid fiscal cliff? Part of IMF’s fiscal consolidation order? Growing regional disputes with China?

“We shouldn’t create at will a political vacuum that would cause policies to stall.”-Yoshihiko Noda, Prime Minister of Japan, 29 October 2012

The “political vacuum” the Prime Minister is talking about concerns his loss of political power: “Noda wants to delay the day of reckoning as long as possible. Who would call an election now knowing that over 100 parliament seats would be lost, putting the party on the brink of collapse?”-Harumi Arima, political analyst

Noda is using the now catastrophic Japanese economy as an excuse not to dissolve the Lower House of Parliament: “If the situation is left as it is, administrative services could stall, which would seriously affect people’s livelihoods and thwart efforts to revive the economy.”-Yoshihiko Noda, Prime Minister of Japan, 29 October 2012

Dissolving the Lower House is a necessary step in Japan, before elections can be held.

The above statements were made two days ago. Today, 31 October 2012, Noda confronted critics, saying he will decide when the time is right for elections, and the time will be right only when the economic situation is properly addressed: “I will make a decision on the dissolution after doing some necessary tasks and preparing responses to the economic situation.”-Yoshihiko Noda, Prime Minister of Japan, 31 October 2012

Just how bad is the economy in Japan?  For one, the Japanese government has more debt than the Greek government.

For two, Japanese companies are experiencing huge drops in sales, so much so that tens of thousands of Japanese have lost their jobs in the past year alone.

For three: “The situation is worse than we had expected earlier, and we have a severe outlook for the second half. Digital consumer businesses such as TV, cameras, Blu-ray disc players and PCs worsened faster than we had expected three months ago.”-Hideaki Kawai, CFO Panasonic

For four: “We don’t see when bad news will stop coming out.”-Kazuyuki Terao, Allianz Global Investors Japan Co.

Prime Minister Noda stated today, that before elections could be held he wanted policies passed that would issue debt covering bonds, drastically change the retirement program for Japanese, and other additional economic austerity measures by the end of November.  These are inline with what the International Monetary Fund ordered just days ago.

Noda also admitted that he wanted the right environment to correct the disparity in Lower House, meaning he wanted to make sure his political party got most of the seats!

Delaying elections is also about maintaining regional power, with the backing of the United States.

Two days ago Noda mentioned growing disputes between China, Russia and Korea, South: “Achieving relationships of trust with surrounding countries such as China, South Korea and Russia, with a comprehensive view, strengthens the foundations on which Japan and the whole region enjoy peace and prosperity. It is one of the grave responsibilities a country has to fulfill.”