Citizens for protection of property rights,
Sign the petitionon line:
Citizens for protection of property rights,
Sign the petitionon line:
All of Europe and possibly the world watches in horror as Italy seemingly goes the way of Greece, despite being so large that it will take everyone else down with them.
Its yields have been surging for weeks, and it's getting worse again today.
Italian 10-year yields are shooting through the roof.
No surprise: As a corollary to that Italian yield surge, equities are diving.
US futures pointing to a lower open on the tune of 1.5%.
Germany off 2%.



Congress now has a negative approval rating somewhere in the low teens, the lowest in recorded history. It's become clear to Main Street that their government doesn't represent them or advocate for them. It does so for shareholders, but if you are not a shareholder, you are out in the cold. The irony is that the American tax payer -- through our government -- bailed out the corporations, but there has been no quid pro quo for Main Street's economic conditions. The government hasn't done much for its own people. They never get at the root cause of the demise, which is personal indebtedness and low wages.
One thing that has remained a mystery to so many of us is why something effective hasn't been done for the foreclosure crisis, because an effective solution would be so salutary for the economy. But if the legislative body has no interest in the everyday affairs of Americans and is solely devoted to lobbyists and corporate interests, that inactivity becomes clear.
The effective economic solutions for our economy are a gradual improvement in wages and salaries, a return to higher tax rates for corporations, massive refinancing of mortgage debt for all Americans at lower rates, and realistic spending cuts in social services. The idea that lowering taxes for corporations is the solution is ludicrous. The solution that will work for 80% of Americans means that corporate profits should go down, not up, because more of their profits will go into the US treasury and into Main Street instead of corporate coffers. But given the effect of money on elections, it seems hopeless that an effective common-sense solution would ever improve fiscal policy.
If there ever was a time for America to return to its 19th century "Isolationist ways" and take care of its own problems, it's now.


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