stock market hits new highs as Detroit goes bankrupt

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So let me see if I understand this correctly. The stock market is hitting new all-time highs almost every day now. The coke addicts on Wall Street, with their partners in crime at the Federal Reserve, Bernanke & Co, and global central banks, are popping champagne bottles and dancing until dawn while America goes bankrupt.

Are we having fun yet?

What a shameful day for America. How this country can stand to look at itself in the mirror every day when it  wakes up is beyond my comprehension. The city of Detroit announced that they’re going to file for bankruptcy, despite a Michigan judge ordering a withdrawal of the petition. The Guardian tells us,

Sinking under huge debts and decades of mismanagement, Detroit formally filed for bankruptcy on Thursday, becoming the biggest US city ever to take such a drastic measure. . . “

“Orr and the city’s creditors and pensioners will now begin a fraught legal consultation period while a court determines whether the city is eligible for “chapter 9″ bankruptcy protection for its $18.5bn debts and liabilities.

Why is it that the stock market is hitting new all-time highs while cities in America are going broke? Do you see a

Detroit Packard Plant

Detroit Packard Plant (Photo credit: Jonathan Dy)

disconnect here? You see a problem with this picture? Why is America spending trillions of dollars fighting wars around the world while piling up more debt than it can ever repay?

Why is America spending $trillions on security systems that illegally spy on people all over the world and violate their civil rights to privacy, in violation of international law? Is the American government now above the law because it has the biggest army? Does might now make right?

What a disgusting, despicable scene this is, honest, working-class workers losing their pensions, their homes, their schools, their lives because the wealthy bankers and corrupt politicians need to make a little more money for themselves.

Every day the rich get richer while the poor and middle class fall farther behind, and everyone sits around feeling powerless to do anything about it. Even the leaders we elect like Barack Obama to help fight against the corporatocracy betray us. They are just a part of the machine. The Daily Record:

THE ramshackle houses and ghostly factories look like something from the set of a post-apocalyptic Hollywood movie.

They used to stand proudly at the heart of a city which was once the symbol of the American dream. . .

Community leader Edith Lee-Payne, who has lived in Detroit all her life, said: “It is the greatest public corruption in American history. It makes Watergate look like a joke.

“In Detroit, there has been a willful disregard of the constitution. Corruption has seen this once thriving city left to go to rack and ruin.

“We have people in Detroit who have given everything they’ve ever had to the city and are now left in abject poverty through the greed of others.

It appears the big banks in America are making a bundle of money. This from investorplace.com:

“Morgan Stanley (MS) closed out a strong season for big bank earnings in fine fashion Thursday [Their profits jumped 66%]. The investment bank even got a green light from the Federal Reserve to buy back its own stock.

“JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Citigroup (C), Goldman Sachs (GS) and now Morgan Stanley all posted impressive, Street-beating earnings for the second quarter.”

So while Main Street America goes bankrupt, the major “too big to fail” banks which went bankrupt four years ago and got bailed out by the American taxpayer to the tune of trillions of dollars are now making big money. But that’s not the most disgusting part.

“Perhaps most encouraging, the big banks posted better-than-expected results in a quarter in which the U.S. economy actually slowed down.”

The most encouraging thing this writer wants you to know is that the big banks are making more money than expected while the US economy is actually slowing down. That sure is encouraging, isn’t it? Doesn’t that just give you the warm fuzzies all over knowing that the wealthy class is getting wealthier while you can’t save enough money for retirement and your kids can’t pay back their school loans or find a job?

That’s the most encouraging thing about America today? I think that’s the most discouraging thing about America today. That the wealthy 1% can steal $trillions of dollars from the American treasury and nobody seems to give a damn except a few young kids marching helplessly in the streets without the help of anyone who can make a difference.

And then you have the national security agency, the NSA, running around the world spying on everyone as if it was their damn business, while an American hero named Edward Snowden reveals to the world how vile the American government has really become. And we have to watch while he gets hounded and persecuted by the mafia goons of Homeland security, the Big Brother corporate war machine creeps who think they are above the law and can do whatever they please to anyone anywhere.

The Homeland security big brother corporate war machine creeps who think they can dismantle the Constitution of the United States as if it were a piece of toilet paper they can wipe their ass with.

The Constitution of the United States is worth fighting for. It was then and it is now. I don’t know about you, but I think the American government is taking on more than they bargained for. I don’t think they realize the resolve of the American people to be free — not to have their civil rights and their constitution and their money shredded like confetti at a banker’s party.

I don’t think they realize that the American people will stand up and fight for their freedom even if it means fighting their own government.

It’s time to wake up America. Your government is out of control. If we don’t get them to rein in their power and control their lust for secrecy and hegemony, there is going to be a serious revolution that made 1776 look like a birthday party.

 

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