While we b*tch about China's trade policies, their economy grows even as Beijing admits billions of dollars were stolen by corrupt officials who now face zealous if draconian punishment. The white collar crimes here at home are winked at with businesses allowed to pay fines rather that face prosecution. There has still been no serious investigation or crackdown.
Good economic news is heralded; ongoing economic realties are not. Example: much was made of falling monthly unemployment claims in December That was the headline. The worries of analysts who believe that winter snow storms and Christmas were the reasons are buried.
Reports the Detroit Free Press, "The December jobless rate will likely be 10%, matching the previous month and down from 10.2%, a 26-year high, in October. Still, most economists expect the unemployment rate to remain above 9% through 2010, as companies are likely to hire at a slow pace as they wait to see if the current recovery continues."
At the same time youth unemployment stands at over 19 percent while minorities suffer twice that. Unnoted: many have given up looking for work or have watched their benefits run out.
As for foreclosures, they are expected to rise with a possible "Double Dip."
The mortgage modification schemes are not working largely because the government puts property rights or lenders above human rights of borrowers.
We need a moratorium on foreclosures caused by fraudulent mortgages and debt forgiveness.
This is also why the economy and the predatory forces that plunder it must become our priority in 2010.
News Dissector Danny Schechter is readying the release of a new film. See plunderthecrimeof ourtime.com for the trailer and other info. Comments to dissector@mediachannel.org
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