Corporate profits soaring under oppressive 'socialism'

By Steve Benen
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Mon Jun 25, 2012 9:45 AM EDT



Henry Blodget published a 13-word headline late Friday that spoke volumes: "Corporate Profits Just Hit An All-Time High, Wages Just Hit An All-Time Low." There it is -- the American economy in a nutshell.
Blodget included this chart, compiled by the Federal Reserve Bank of St. Louis, showing that American companies "are making more per dollar of sales than they ever have before."


Business Insider/St. Louis Fed

The report added, of course, that while corporate profits have reached a height unseen since officials started keeping track, "wages as a percent of the economy are at an all-time low." Blodget concluded, "In short, our current system and philosophy is creating a country of a few million overlords and 300+ million serfs."


This is of extraordinary importance in its own right, but I'd be curious to hear how Mitt Romney and the congressional Republican leadership perceive facts like these. After all, the foundation of the GOP's economic argument in 2012 is that the Obama administration's brand of "socialism" has made it impossible for corporations to thrive. All of those pesky regulations and taxes serve as a weight around the corporate world's shoulders, and once Republicans run the White House and Congress again, we'll finally free corporations of these onerous burdens.


And yet, as of right now, corporate profits have hit an all-time high -- even with that rascally Democrat in the Oval Office, imposing his anti-private-sector agenda on those poor, unsuspected captains of industry.


For all of the political world's differences, can we at least have bipartisan agreement that President Obama is the least effective socialist in history?

Least effective socialist? Possibly. Most effective crony-capitalist (fascist)? Almost certainly.

The name most associated with fascism is Mussolini. Mussolini was a life long socialist. Crony capitalism is a first cousin of fascism. Wealth is being created in China too. It doesn't mean they're free. The big corporations in Germany, operating under the National SOCIALIST Party, were also allowed to make substantial profits. General Electric has been extremely profitable during the Obama administration and is allowed to pay no income tax. GE is Obama's puppet; the same is true for General Motors and the big banks.

Obama stole billions from corporate bond holders (first lien holders of GM and Chryser debt) in his illegal managed bankruptsy of GM and Chrysler. The money stolen from the corporate bond holders was given to Obama's union cronies at the UAW by giving them partial ownership of the companies. Obama was able to steal billions from the corporate bond holders because the majority of the investors were big banks which are controlled by the federal government. The line between private corporations and the federal government is getting more and more blurry.

ROFMTAO


joey is a F'n nutcase

ROFMTAO


joey is a F'n nutcase Originally Posted by CJ7

You're an idiot.

Bush approves $17 billion in Dec 08 to bail out the car guys before Obie took office in Jan 09

and you say its on Obie?

no sir, youre a liar and a nutcase.

The critical phrase in the article is contained in the second sentence. "are making more per dollar of sales than they ever have before." This is nothing more than a measure of efficiency. Profits are down, Sales are down. Companies have cut staff and are doing more with less.

Bush approves $17 billion in Dec 08 to bail out the car guys before Obie took office in Jan 09

and you say its on Obie?

no sir, youre a liar and a nutcase. Originally Posted by CJ7

As are the other Karl Rove plants on this board! He also pays them, to forward all those untrue emails, too!

They operate on the Fox "News" business model: "Tell a lie often enough and to enough dumb asses and they'll eventually believe it and help you spread it!"

Stevie, didn't I warn you about caffeine in the afternoon? All right, who went to Starbuck's for Stevie?

Most effective crony-capitalist (fascist)? Almost certainly. Originally Posted by CuteOldGuy

Nope. That award goes to to Bill Clinton.

Obama is just coasting in his wake.

Obama makes Clinton look like an Austrian school economist.