Desperate times call for desperate measures.
With the skyrocketing entry of Vice President Kamala Harris’ entry into the presidential race mounting momentum toward a rout of Donald Trump, corporate predators needed a roadblock to support their equally greedy candidate.
They finally got their chance Friday when a “lackluster” jobs report gave them the excuse to sabotage the American economy, to undermine the Bidenomics successes that have made them billions in the hope that the lazy unfair policies of another rogue capitalist would profit them even more.
“Lackluster” was the word of the day. No, the jobs report was not “disastrous” or “debilitating.” It was lackluster, not what Big Money claimed to be expecting. But, just what Big Money hoped might slow down the Harris Express.
The Bureau of Labor Statistics July jobs report indicated the creation of 114,000 new jobs, less than the 175,000 that had been predicted. The unemployment rate rose from about 4.1% to 4.3%. Nothing drastic here. But, just what the propagandists ordered.
The Dow Jones Industrial average dropped 900 points Friday, which led to Monday being the worst day for Japan’s Nikkei market since 1987. The Dow fell another 760 points by Monday midday. Talking heads – most of whom are employed ultimately by corporate conglomerates – began touting a recession – with its corresponding negative impact on the Harris campaign.
Seriously, would Big Money foment a recession that would hurt American families just to pad their bottom lines?
These are the same folks who buy and sell companies back and forth – eliminating jobs at every transaction – as they emphasize profits over production. Eventually, they close the businesses and sell off the physical assets.
All they make is money. And they accumulate enough wealth to ride out everybody else’s hard times. And, of course, if their manipulations go too far, the government will bail them out. When was the last bailout for the little guys and gals?
Max Zahn of ABC News stoked the recession fire Monday while indicating another trading tendency:
“Stocks plummeted on Monday as markets worldwide reckoned with a disappointing jobs report last week that fueled concern of a possible recession.
“When markets opened on Monday morning, the S&P 500 fell about 4% and the tech-heavy Nasdaq dropped more than 6%. The Dow Jones Industrial Average fell roughly 1,000 points, or nearly 3%.
“By early afternoon, markets had recovered some of the losses. Each of the major stock indexes had fallen between 2% and 3%.”
Yep, vultures were crashing the market with sell-offs and then buying back in at a cheaper rate. These folks seldom lose. Twice in the last several months, outsiders have organized just such manipulations and invoked outcries of fraud from the serial manipulators. This is a game only they get to play.
Critics had already claimed that Federal Reserve Chair Jerome Powell’s lingering delays in reducing the interest rate was a pro-Trump ploy. Rates have been held steady at 5.25% to 5.5% the past 12 months despite the economic resurgence.
Sen. Elizabeth Warren greeted the jobs report Friday with a call for Powell to forgo his summer vacation and get to work: “He’s been warned over and over again that waiting too long risks driving the economy into a ditch.”
The Big Money moguls have us outflanked at every turn. Don’t fall for their propaganda.
(Gary Edmondson is chair of the Stephens County Democratic Party.)