Archive for September, 2012

Corporations Run the Economy.

Corporations Run the Economy


Here is an open letter that Barack Obama should write to Mitt Romney – pronto!

Dear Mr. Romney:

Not a day goes by without you blaming me for every slumping or stagnant economic indicator. Unemployment, increases in the number of food stamp recipients, government borrowing, and spending, home foreclosures, economic uncertainty for businesses, trade deficits – you name it. Only for droughts and hurricanes have you absolved me from responsibility.

I won’t go into what was inherited from your Republican party’s years in office. Deregulation, non-enforcement, non-disclosure by the financial industry, and subsidies and bailouts were that period’s hallmarks. But if I were to be held responsible for the state of the American economy, there would have to be a “command and control” economy enforced by the White House. You know full well that is not the case for several reasons.

First, our economy is dominated by corporations that make their own investment and hiring decisions. Two-thirds of the tens of millions of low-wage workers are employed by fifty large corporations, such as Walmart and McDonald’s. Thirty million American workers are laboring between the federal minimum wage of $7.25 per hour and what the minimum wage, adjusted for inflation from 1968, should be now – about $10 per hour. These companies are successfully opposing in Congress any increase in the minimum wage to such catch up with 1968. By the way, you favored an inflation-adjusted minimum wage for years. During the Republican primaries earlier this year, you changed your long-standing position and now oppose raising the minimum wage.

Moreover, many companies are sitting on more than $2 trillion in inactive cash reserves. I have no power to get more of that capital invested, other than to appeal to their USA corporate patriotism. I could also use that patriotic appeal to urge them to increase their dividends to shareholders which would pump tens of billions of dollars into our consumer economy to encourage much-needed spending. Some of these successful companies like Google, EMC and others offer no dividends at all to their owners. Those exhortations are just exhortations. CEOs can do what they want.

Second, I am not the Federal Reserve. The Fed has kept interest rates very low which has limited the return on savings. Tens of millions of middle and lower income people could spend those interest payments on the necessities of life. But the Fed is its own ruler, and its catering to the capital investment community don’t seem to be boosting the economy.

Third, there is the Congress and the oppositional unanimity by Republicans to block any economic, job-producing measures due to their priority of using a recessionary economy to help you defeat me in November. Remember Senate Republican leader, Senator Mitch McConnell’s oft-repeated words about that being their number-one priority?

I tried to promote a major public works construction and repair program in Congress. The Republicans in the House blocked it under the aegis of Representatives John Boehner and Eric Cantor. This program would have produced well-paying jobs, with multiplier effects, that could not be exported to China. Our communities have trillions of dollars in deferred maintenance afflicting schools, clinics, public transit systems, highways, bridges, dams, and water and sewage systems. I cannot make this happen without the Republicans in Congress. You and your running mate, Paul Ryan, have not exactly urged them to take up this jobs initiative.

You have declared that “Washington has become an impediment to economic growth.” Why then don’t you be specific, name and support an end to the vast array of corporate subsidies, handouts, bailouts and inflated government contracts, especially from the defense industry? Imagine what your friends on Wall Street and in Houston would think of you after that burst of candor.

See how many jobs disappear with the end of what conservatives call crony capitalism, the end of the huge, historic outpourings of government research and development monies that substantially built and help maintain innovations in the aerospace, biotech, pharmaceutical, computer, telecommunications and containerization industries – to name a few. And if you think taxpayer investment in public works all over the country is an “impediment to economic growth,” say so forthrightly, as you campaign battleground states.

I look forward to our first debate on October 3 in Denver and shall observe your struggle with consistency. While you’re at it, kindly bring your pre-2010 tax returns, so we can learn more about what you mean when you talk about your policy of tax cuts.

In solidarity for America,

Barack Obama, President

By greedily  running the economy the corporations are creating a hopeless citizenry. A wonderful article. Thanks, Mr. Nader.

Professor Mekonen Haddis

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My take:

I listened to President Obama’s speech at the United Nations General assembly with interest. It was an engaging speech with a wonderful delivery. His message of tolerance is of paramount importance in the world we live in today, where the few, the loud, those void of vision are trying to confuse and distract the masses of the people from pursuing real agendas of democracy, economic development, health care, equitable distribution of wealth, etc.

Obama seems to gear his message to certain toxic Diasporas, as well, when he uttered the following sentences-

 “A politics based only on anger –one based on dividing the world between us and them – not only sets back international cooperation, it ultimately undermines those who tolerate it.”

“It is time to leave the call of violence and the politics of division behind. On so many issues, we face a choice between the promise of the future, or the prisons of the past.”

“It is time to heed the words of Gandhi:” “Intolerance is itself a form of violence and an obstacle to the growth of a true democratic spirit.”

Barack Obama

Professor Mekonen Haddis

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Romney should be punished in the polls by the American people.

The dim-witted Republican Party presidential candidate believes America is only for the haves. (The 1% of all Americans who can afford to host a $50,000 per person fundraiser for his election campaign). How arrogant must Romney be to openly admit that his presidency will not worry about half the population of the U.S.

Romney believes the Americans he represents are those individuals that are served by waiters wearing white gloves. What planet does Romney reside in? Does he really know America? Let me agree with Mr. Kristol and say Romney’s comments are “stupid and arrogant”. May I add that Romney is not fit to lead a great nation like the U.S.A.
Professor Mekonen Haddis

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Mrs. Ana Gomes.

The Portuguese member of the European Parliament Ana Gomes, on the 11th of Sep. 2012 was excessively spouting her usual blatant lies on Ethiopia. It is clear that Mrs. Gomes doesn’t have an iota of diplomatic etiquette in dealing with the government of Ethiopia. She is simply rude. Her outrageous tirades on the floor of the European Parliament continuously expose her, the fraud and flunky that she is.

Wouldn’t it have been better if Mrs. Gomes could concentrate and say a few words on the sad economic, political and social situations in her country, Portugal? Any comments on how Portugal’s economy is sliding deeper into recession? Any comments on the austerity measures your government is following? The ratio of Portugal’s debt to its overall economy is expected to reach 118.6 percent, any comments on that? Your country’s credit status was downgraded to junk status by the ratings agency Standard & Poor, how did you feel? More than thirty percent of Portugal’s young people are out of work, do you care? Hospitals are closing, pensions are being cut in Portugal, do these matters concern you?

Mrs. Gomes, please stop being a monstrous rascal.


With Permission:

Professor Mekonen Haddis




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