Archives for category: Economy

Senator Al Franken, introduced an amendment to the proposed Keystone XL Pipeline bill that would require the steel used in building the pipeline be made in the USA. The amendment was defeated by a vote of 53-46.

So much for the Republicans claiming that this is a jobs creating bill. I guess they would much rather the pipes be built in India, a country known for good quality control of their products.

It makes me wonder how many of those senators or their backers have investments in Indian steel making facilities.Jack 2012 cropped

 

 

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 The primary contractor for the Keystone XL Pipeline (if it is approved) will be the Australian firm of Worley Parsons. I understand that the actual pipes will be manufactured in India. I haven’t been able to confirm that for sure. Products manufactured in India are not known for good quality.

The proponents of this project tell us that it will create 40,000 to 50,000 new jobs. I didn’t realize that they were referring to jobs overseas. Dumb Me!! I thought that they were talking about US jobs. How about insisting that all of the materials for this project be built in the good old US of A?

So the figure of 2M to 2.5M temporary US jobs over a two year period is more realistic. What a boon this will be to our economy.Jack 2012 cropped

 

 

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A senior officer of the company developing the Keystone XL Pipeline acknowledged that less than 50 permanent jobs would be created once the pipeline is completed. Man, that means that there would be only 50 personnel monitoring the safety of this 1,000 mile project. That seems like very little protection from inevitable spills that will take place.Jack 2012 cropped

 

 

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The Wall Street Journal came out with the prediction that the GOP would carry the day on the upcoming midterm elections. Small wonder, now that the once venerable financial newspaper is now owned by Rupert Murdock, the British tabloid/paparazzi mogul, and his minions at News Corp.

It seems that everything that he touches turns into an extreme, radical right wing enterprise. Balanced and impartial news coverage ‘be damned’.

I still am amazed how this Australian/American can hold such sway on so many of our citizens, in light of the disgrace he has managed to bring to his publications in GB.Jack 2012 cropped

 

 

 

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Here’s a way to slow down high-frequency trading, which by the way does absolutely no good for our economy.

Reinstitute minimum commissions on all security transactions. How about 1/4 of 1% on all buys, and 1/8 of 1% on all sells.

This will also encourage folks to invest rather than gamble with the stock market. And it will help make the market less volatile.Jack 2012 cropped

 

 

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The Koch Brothers, iron fisted controllers of one of the worlds largest privately held conglomerates, are on the take?

It appears that their companies have received government subsidies of about $88 million. That means they have been on the government dole to the tune of about 44 million bucks each. These are the same guys who encourage their congressional lackeys, such as my own millionaire Rep. Steve Daines, to cut food stamps for the impoverished and chop off payments to the unemployed.

Now, that is a great example of inequality.Jack 2012 cropped

 

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The House of Representatives passed the government funding bill by an overwhelming majority of 359 to 67. Our lone representative Steve Daines was one of those opposing the bill. I fully understand his position.

The super PAC, Americans for Prosperity, largely funded by the Koch Brothers, sole owners of one of the largest conglomerates in the world, have been vehemently opposed to this legislation. They are also putting about $20 million in to an ad campaign, so early in the campaign season, that will benefit candidates that carry out their agenda. I understand that a nice chunk of this is earmarked to benefit Steve’s run for the US Senate.

I see nothing in the Daines voting record that contradicts the positions of Americans for Prosperity. No wonder he voted the way he did. And here I thought he was elected to represent all of the people of Montana.Jack 2012 cropped

 

 

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Our lone Montana representative, Congressman Steve Daines, proved to Montana voters that he is a shill of the extreme right-wing of  the GOP. Even though Montana business interests, the US Chamber of Commerce, an overwhelming number of economists, and the Republican leadership of the house encouraged him to vote for passage of the Budget Bill, he saw fit to try to deny its passage, thus putting our nation, yet again, on the brink of catastrophe. 

Instead, Daines decided to throw his hat in with the likes of the Koch brothers, Ron Paul, Ted Cruz, Rush Limbaugh, the Heritage Foundation, and Marco Rubio.

I think that is time for Montana voters to get rid of politicians of his ilk and send folks to Washington who are thoughtful, pragmatic, and have our best interests in mind.

We do not need another rubber stamp in our Congress.Jack 2012 cropped

 

 

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I get tired of the prognosticators, speculators, traders and gamblers telling us that tapering of the Fed’s $85 per month bond buying program is a bad thing. Every time these folks hint that the program will end (mostly unfounded) the stock market takes a dive. It has probably caused the Dow Jones Industrials to loose about 500 points over the past twelve months.

The fact of the matter is that when the Fed. does decide to begin lowering it’s bond buying program (tapering), it will be a very  significant signal that the outlook for our economy is quite positive. I think that it will cause investors to  become less nervous about their own portfolios.And the self described Professionals can cover their short positions.Jack 2012 cropped

 

 

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