Federal Reserve gave vastly greater aid to corporate "persons" than losses to human persons. ($16 trillion vs. less than $1 trillion.)Both parties share an economic dogma that leaves government and business stalemated over who should provide the jobs. Vast new government job-creating stimulus needed. See "19 Million Jobs for U.S. workers" online.

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The Crash of 2007 -- 2010 destroyed $10 - $13 trillion of household wealth. Then "job creators" destroyed 8.5 million jobs. The two "stimuli" totaled less than $1 trillion. No way that little stimulus could offset loss of 8.5 million jobs and $10 trillion of wealth. Beyond the Treasury TARP's $700 billion bailout, the Federal Reserve (the Fed.) recapitalized the megabanks with $16.1 trillion in near 0% interest loans (GAO Report 11-696, 7/10 available online) or "only" $7.7 trillion (per Bloomberg News.) This enabled "too big to fail" (TBTF) banks to make super-profits relending the 0% money at commercial rates. Big corporations profited enormously and stock prices reflated. Banks now have $1.4 trillion in excess reserves at the Fed. and corporations, $2 trillion excess cash.

Corporations know people have lost enormous wealth. We can't buy things made by new hires. Lowering corporate taxes or repealing regulations can increase profits further, but not make businesses hire the unemployed. If 24 million human Americans remain unemployed or underemployed after TARP and $16.1 trillion "emergency assistance" to TBTF banks, it's strong confirmation that corporate welfare does not revive employment.

  By the dominant Economic Theology of both parties, corporate demigods must be succored, human American citizens, sacrificed.   Some banks may be TBTF, but "no-account" human Americans are too little to bail. The demigods have a permanent army of 12,000 lobbyist troops occupying the capital. They've got a death grip on the federal government. Only under such unverifiable theology could richly suborned Republicans bear the false witness that austerity in general welfare programs is needed now.

It is Unspeakable Heresy for the media to feature these numbers together as a front page headline. Demand and employment may never return to normal unless we jobless, house-poor human citizen people are given, through well paid jobs, a lot of replacement purchasing power. (See "19 million Jobs for U.S. Workers," online.) Inflation from massive job creation? Not with housing asset values and consumer credit still impaired, and 23% excess capacity, unless by monopolistic pricing. The longer the dogma is held, the greater the risk that the fragile, stagnant economy will be pitched, by a new war, a great rise in oil prices, a country default, a severe natural disaster or act of terrorism back into the Great Recession.

Authors Website: http://baloneyslicer.tripod.com/

Authors Bio:

I could be Bernie Sanders older brother by similarity. I was born in Manhattan, 1940, he, about a year later, in Brooklyn. I too am a white male American. A retired college professor of philosophy. We both were born of Jewish parents. I was in Harlem CORE, He in Chicago CORE. We both went to the University of Chicago; me 58 - 62, he 60 - 64 (I think.) And yet, I don't recall meeting him! U. of Chicago had plenty of progressive activists despite being a bastion of Milton Friedman. He went into politics in Vermont in '68 (?) and I settled that year into a college professorship in northwestern Pennsylvania.

I've been a long-time minor activist in the civil rights, anti-war, pro feminism movements and taught critical thinking and social philosophy. I've been a unionist, on the Board of Directors of a food co-op, an ACLU chapter president, a CASA, and an elected Green Party Borough Councilman in my small hometown. I'm happily married, for over 50 years, to a woman significantly responsible for my modest success in life. We have two great kids and one grandchild, for whom we hope there is a decent future! Recently I've been pushing Modern Monetary Theory.

Politically in 60 years I've been everything from a Libertarian in extreme youth, through socialist but now at last I just call myself a Utilitarian and Pragmatist. It avoids useless rhetorical arguments.