Greg’s Newsletter, Keeping the American Middle Class Informed / January 27, 2009

I have decided to publish an article that is not directly economic related because of its importance-and that is studies have found high levels of mercury in our food chain. This article, from the Washington Post, gives you the source of the mercury, Corn Syrup, which is in so much of what we eat and drink, very unsettling report.

With the many different recalls and problems with many sections of our food chain and medical ingredients in recent years, you have to wonder if profit is more important that our safety or is it with all of this “World Economy” we are being subjugated to inferior foods with little to no inspection by the FDA. Is it due to budget constraints or did they put the cart before the horse? That is getting the profits before the safety constraints were in place to inspect the imported food and medicines.

Which brings me to point I have been pondering for a while, a question was asked, is capitalism a good or bad thing? In its current form, it is a very bad thing. Now before you all start calling me a socialist or communist let me explain. Our economy used to be called a “free market enterprise” and you don’t hear that term much anymore and that is do to the fact that most large corporations controls large parts of the markets they are in. The relaxation of the Anti Trust Laws regarding monopolies has been eased over the years. This gives these corporations major controls over the market places they are in, thus reducing the competition within those market places. Competition is what made this country great through the innovation in all aspects of the companies operations and products in their given market places but with the elimination of those competing companies, through acquisitions and buyouts and closures, the bottom line is the only thing directing these corporations. Profit is why we are in business but profit with little regard to anything else but profit is a very bad thing.

All of our large corporations are now international corporations and we in the USA are nothing much more that just another customer. We are loosing our national identity and sovereignty due to this mentality. As we see as in the article above, we are loosing our national security too. Not by terrorists or rouge governments but by the very corporations that are based here in the USA who believe in the bottom line mentality. You may think this is a bit strong language to use but look at what these giant corporations in financial industry have done. They abused the system they influenced, to reduce the regulations on that industry and look where it has got us, the nation is broke and so are we becoming that more and more everyday. Example: Monday another 68,000 people lost their jobs in this country and the January 2009 total to this point is over 205,000 people loosing their jobs. Add that to the 2.4 million who lost their jobs in 2008, things are not going well for the current direction of “capitalism” in the United States of America.

This is not a Republican or Democrat thing but an uncontrolled lobbying power that influences our economic system from behind closed doors. This is not a conspiracy but how Washington does business. That is why you have over 41,000 lobbyists for 535 political positions in our Federal Government. This last election was the country wanting “change” in the way Washington does business. I am not relating whether President Obama is good or bad but looking at who will be his economic advisors, I don’t see a big change coming and until the financial system is straightened out, very little else can be accomplished. This article will give you a run down on who they are:

Besides these people, Bernanke is still the head of the Federal Reserve and Timothy Geithner will be the Secretary of the Treasury. We know what Bernanke has done thus far, loading up the banks and lending institutions with created money and these institutions just sat on it to protect their bottom lines stock holders and did not release it to get the economy moving again. Then Geithner, current President of the New York Federal Reserve and controlling bank of the entire Federal Reserve, has been involved with Secretary of the Treasury Paulson’s dispersion of the funds, every step of the way of the first $850 billion bailout ($700 billion for bailout and $150 billion for Washington Pork). Between both entities there has been a total of about $8 trillion of direct capital injection and Federal Reserve guarantees to correct this disaster and nothing seems to get our economy going again, instead it is slipping further into deep recession. To top this off, Bloomberg Information Services is suing the Federal Reserve and Paulson’s Treasury to get information on $2 trillion they dispersed and won’t tell where it went. So I ask, where is the change coming from?

Greg Goodwin


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