Related: Sunday Globe Insults: An Economy of Hope
The Boston Globe's House of Lies
"Prices rise, wages fall in June; Monthly federal report paints a gloomy picture" by Jack Healy, New York Times | August 5, 2009
The broader US economy may be testing the bottom, but for consumers, there appears to be no end yet in sight for falling wages and higher living expenses.
Tell us something we don't already know, you lying scuzz....
Then WHAT'S with the daily BS shovel every day, hanh?
That was the picture painted yesterday by the government’s monthly report on personal income and consumer spending. While consumers spent more in June, they did so because prices of food and energy were rising, and not because they were ready to spend freely again.
Personal incomes sagged as employers continued to cut wages and reduce working hours. And the personal saving rate, which had been rising, dropped sharply from a month earlier as one-time transfer payments from the government stopped arriving in people’s bank accounts.
And look at the SHAMELESS BASTARDS give GOVERNMENT the CREDIT for SAVINGS by GIVING YOU BACK your OWN MONEY!!!
Good Lord, I've seen it all!!!!
“Consumers are not spending any more money,’’ Steven Ricchiuto, chief economist at Mizuho Securities, said. “They’re still consolidating.’’ Personal income fell 1.3 percent in June, just a month after a one-time $250 payment to Social Security recipients lifted it by the same amount.
But BANKS made BILLIONS!!!!!!!!
And GOVERNMENT was RESPONSIBLE for a CHUMP CHANGE CHECK, 'murka!!!
My SHIT-CHOMPING ANALOGIES are SOOOOO ACCURATE!
Feast yourselves to death, 'murka, I've had it!!!!!
And in a sign of continuing troubles for American workers, private wages and salaries fell for a fourth month, slipping a seasonally adjusted $28.6 billion. Private wages and salaries have fallen for each of the last 10 months as businesses trimmed costs by freezing pay, imposing salary cuts, and reducing the work week.
But BANKS got TRILLIONS in BAILOUTS and MADE BILLIONS in PROFIT last quarter!
The Commerce Department’s report showed that while consumer spending was no longer falling precipitously, shoppers were still extremely cautious with their money....
What money?
Economists said a strong response to the government’s “cash for clunkers’’ auto purchase program was likely to have lifted spending in July.
Related: Americans Take a Clunk to the Head
Yeah, falsely gin up those numbers so the government can lie to you as you pile more debt on those narrow shoulders, 'murka!
The personal saving rate dropped to 4.6 percent, from 6.2 percent in May, reflecting how people had saved their one-time Social Security payments.
We were supposed to spend those to get the economy moving, but....
Woah, woah, woah, your articles have been telling us our savings have increased!!!!!!
"Just as Americans are saving more money"
WTF, MSM? WTF, Globe!!!!!!!!!!!!!!!!!!!!!
Oh, it's an NYT piece! That explains everything.
Look at 'em giving the GOVERNMENT CREDIT AGAIN for the TEMPORARY SAVINGS -- as suffering Americans reached for amny dough they can find.
I'd suggest heading to Wall Street.
"Small gains keep Wall Street rally going
Investors made few big moves yesterday after stocks rocketed 14 percent in 16 days. The market closed with modest gains as many traders held their positions in anticipation of the Labor Department’s employment report on Friday. But upbeat news on consumer spending and home sales kept the market’s pause from turning into a backslide.
That article above was upbeat? We are DYING OUT HERE!!
That was our last gasp!!!!
And WHADDA YA MEAN BACKSLIDE?
We AIN'T EVEN OUT of the RECESSION YOU HID for 10 months and are now telling us is OVER?!!
STOP the SHIT SHOVELING RIGHT NOW, you money-losing liars!!!!!!!!!!!!
Hey, times aren't tough all over: Quarterly profit at CVS rises 15%
Besides, if you are well-connected and losing money, the government will bail you out:
"GMAC’s loss widens to $3.9 billion" by associated press | August 5, 2009
DETROIT - GMAC Inc. posted a wider second-quarter loss of $3.9 billion yesterday as it shifted from being primarily an auto- and mortgage-loan company to an online retail bank....
Other banks made $$$, so....?
The bulk of the latest quarterly loss stems from a $1.6 billion charge related to the company’s mortgage business. GMAC also incurred a $1.2 billion tax charge on its conversion from a partnership, or LLC, to a privately held corporation. The company remains a preferred lender to General Motors Co. Excluding those charges, GMAC said its second-quarter loss was about $400 million....
In May, the Treasury Department announced a new $7.5 billion injection for GMAC. The Treasury now has a 35 percent stake in the company.
And the MSM has been trying to tell us the TAXPAYER got a BUKU RETURN on all this thievery?
--more--"
And: More job cuts looming at GM
Related: General Motors to Invest $1 Billion in Brazil Operations -- Money to Come from U.S. Rescue Program
You felling a little insulted, American?
Let's PILE ON then:
"Cuomo details bonuses paid by banks that got federal bailout funds" by Stephen Bernard, Associated Press | July 31, 2009
Oh, you are going to love this, America.
NEW YORK - Citigroup Inc., one of the biggest recipients of government bailout money, gave employees $5.33 billion in bonuses for 2008, New York Attorney General Andrew Cuomo said yesterday.
The report focused on bonuses paid to the initial nine banks that received loans last fall under the government’s Troubled Asset Relief Program. Cuomo has joined others in criticizing banks for paying big bonuses while accepting taxpayer money.
Citigroup, which is now one-third owned by the government as a result of the bailout, gave 738 employees bonuses of at least $1 million, even after it lost $18.7 billion during the year, Cuomo’s office said. The New York-based bank got $45 billion in government money and guarantees.
Still think they aren't working together to rob you?
And yet those liars from the administration get out there and act like they are working for you. And the Congress? Pffft!
“There is no clear rhyme or reason to the way banks compensate and reward their employees,’’ Cuomo said in the report, noting that banks have not in recent years actually tied pay to performance, as they claim.
Yeah there is: it's called LOOTING!
Bank of America Corp., which also received $45 billion in TARP money, paid $3.3 billion in bonuses, with 172 employees getting at least $1 million. Merrill Lynch, which Bank of America acquired during the credit crisis, paid out $3.6 billion. Bank of America earned $2.56 billion in 2008, while Merrill lost $30.48 billion. Cuomo’s office said Merrill Lynch doled out 696 bonuses of at least $1 million for 2008.
Where is YOUR MILLION, Americans?
Also see: Bank of America Gets a Love Tap For Looting
Bank of America has been sharply criticized for its acquisition of Merrill Lynch because of mounting losses at the Wall Street bank and the size of bonuses Merrill paid. Of the $45 billion in bailout funds Bank of America received, $20 billion was to support the acquisition of Merrill. Neither Bank of America nor Citigroup have repaid their TARP loans.
Where do you think the bonuses came from?
Bank of America declined to comment. Citigroup did not return calls for comment.
And we need newspaper reporters for what reason?
Because they have the clout and access we don't? Pffft!
Banks have said they needed to pay their top performers to prevent them from defecting to competitors.
With all the job losses, WHERE would they GO?
Those that took TARP money have faced intense government scrutiny and must now comply with restrictions on compensation, including bonuses.
Bulls*** (see next article).
Because of those restrictions, some banks began shifting how they pay workers. In June, Citigroup said it would rebalance how it pays employees, by reducing bonuses for some and instead giving them larger salaries. The change does not affect total pay, just the mix in compensation.
Of course, we are all in this together, right?
--more--"
Yeah, he got that right.
Here are some locals:
"State Street paid $470m in bonuses after bailout" by Beth Healy, Globe Staff | August 1, 2009
State Street Corp. paid nearly $470 million in bonuses to employees in 2008, the year it accepted a $2 billion infusion under the federal government’s Troubled Asset Relief Program, according to a report released Thursday by New York Attorney General Andrew Cuomo.
State Street, which earned $1.8 billion last year, paid 44 employees bonuses of at least $1 million, according to the report; the company’s 14 highest-paid people together made $36.7 million in bonuses.
Then WHAT did it need the $2 BILLION for?
It's time, America:
But the payments at the Boston financial services giant paled compared with those at the other eight institutions that received bailout funds last fall, Cuomo said.
So THAT makes it OKAY, huh?
Citigroup Inc. paid $5.3 billion in bonuses despite losing $27.7 billion and taking $45 billion from the government. Merrill Lynch & Co. famously paid $3.6 billion in bonuses, even though it lost $27.6 billion and accepted $10 billion in TARP funds.
State Street and Citi declined to comment; Merrill spokesmen were unavailable to comment....
And newspaper reporters are important because.... ?
--more--"And ABOUT THOSE PAY LIMITS!
"House passes measure allowing incentive-pay ban" by Jesse Westbrook and Ian Katz, Bloomberg News | August 1, 2009
NEW YORK - Outrage over Wall Street pay reignited Thursday after New York Attorney General Andrew Cuomo reported that nine banks getting federal aid paid $32.6 billion in bonuses last year. Cuomo’s report showed the nine companies paid 4,793 employees bonuses that exceeded $1 million last year.
Treasury Secretary Timothy Geithner praised the nonbinding vote requirement, known as say-on-pay in a statement yesterday.
Need I even say it?
How's that ass feeling, murkn?
And why is you face smeared in s***?
