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Austerity coming to the US now?
07-12-2012, 04:23 PM #1
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
Scranton ignores judge's ruling, cuts worker pay to minimum wage

The city government has unilaterally slashed the pay of firefighters, police and public works employees to the minimum.

Lawyers for the unionized workers, whose pay was sharply cut -- by around two-thirds in some cases -- to the minimum of $7.25 an hour, filed Tuesday for a contempt hearing against Mayor Chris Doherty. A judge last week had ruled that the mayor could not cut the pay for almost 400 workers. The mayor did so anyway, arguing that there wasn't enough money in the city coffers to pay the owed payroll on time.

http://www.latimes.com/news/nation/natio...6097.story

coffeetime.gif
07-12-2012, 04:26 PM #2
yankees skier
Posts:5,898 Threads:215 Joined:Feb 2011
A lot of cities are having problems. Luckily my town is doing ok, only a few cutbacks.

Biere.
07-12-2012, 04:31 PM #3
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
I think it's a revenue thing. With high unemployment (certainly not 8%, more like 23%) tax revenues fall and municipalities can't keep up with the promises made when revenues were higher. Also a vast majority of jobs created are temporary part time min wage service jobs. Those workers don't pay much in taxes, don't buy homes, don't -can't- spend much.
07-12-2012, 04:35 PM #4
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,396 Threads:1,439 Joined:Feb 2011
(07-12-2012, 04:31 PM)Shadow Wrote:  I think it's a revenue thing. With high unemployment (certainly not 8%, more like 23%) tax revenues fall and municipalities can't keep up with the promises made when revenues were higher. Also a vast majority of jobs created are temporary part time min wage service jobs. Those workers don't pay much in taxes, don't buy homes, don't -can't- spend much.


Exactly. Keynesian economics have brought the country to it's economic and social knees. He sticks with it in spite of the fact it's brought the economy to near collapse.

wonder.gif
07-12-2012, 04:35 PM #5
Upāsaka Member
Posts:1,383 Threads:252 Joined:Feb 2011

Wait to the election is over Mittens will be the Bain of America.
07-12-2012, 04:37 PM #6
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,396 Threads:1,439 Joined:Feb 2011
It's all good, I outsourced myself and beat him to the punch. chuckle.gif

wonder.gif
07-12-2012, 04:40 PM #7
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
We all know Oblahblah is a Keynesian chuckle.gif that's not very funny anymore.

Hope you're wrong P but fear you're right.
07-12-2012, 04:47 PM #8
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,396 Threads:1,439 Joined:Feb 2011
rofl.gif There's another thread that talks abut him eating at Dog in Hut.

wonder.gif
07-12-2012, 04:51 PM #9
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
DOW has a bad start to the day, -3%
07-12-2012, 05:02 PM #10
Octo Mother Superior
Posts:43,022 Threads:1,474 Joined:Feb 2011
I still think this is all staged to cause the collapse that will allow for a one world currency to be implemented.


13.gif
07-12-2012, 05:08 PM #11
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
Imo you'd be right. The currency has already been established, it's called the SDR. Based on a basket of currencies (US$, Yen, Euro and UK pound) and not backed by gold.
07-12-2012, 05:18 PM #12
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,396 Threads:1,439 Joined:Feb 2011
Quote:Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue

The news on Wednesday that cities and states are suing some of the world's largest banks over Libor manipulation shows how this scandal could blow up into one of history's biggest bank frauds.

That's because interest-rate manipulation might well have kept your town or state from hiring firefighters or teachers, from paving roads or paying for indigent care or after-school programs for your kids -- adding to the human suffering of the economic collapse these same banks caused in the first place.

If it's any consolation, the lawsuits and fines over this manipulation could potentially cost the banks -- which include not only Barclays but Bank of America, JPMorgan Chase, Citigroup, and many more -- billions of dollars.

"This could get very ugly in a hurry for some banks," Peter Tchir of TF Market Advisors wrote in a note.

And this could finally be enough to make Americans stop reacting to the Libor scandal with "a shrug," as Joe Nocera recently put it, and push them closer to believing what Robert Shapiro, founder of economic advisory firm Sonecon, calls possibly "the biggest financial fraud in history."

Would it be enough, maybe, to finally cause banks to lose the argument that regulating them too much will hurt the economy?

The New York Times wrote Wednesday that several states, towns and other municipalities are rounding up posses of lawyers to sue big banks over their manipulation of Libor, a short-term interest rate that affects borrowing costs throughout the global economy. Barclays has admitted to manipulating the rate for years, paying $450 million in penalties. Other banks are under investigation for doing the same thing. The scandal has already engulfed Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke who have been asked to testify before a Senate subcommittee about rate manipulation.
Read more: huffingtonpost.com

coffeetime.gif Give 'em enough rope and lookie what they did. This shït's going to put people behind bars.

wonder.gif
07-12-2012, 05:32 PM #13
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
(07-12-2012, 05:18 PM)JayRodney Wrote:  This shït's going to put people behind bars.


Nuh uh, Corzine is still running around free. Oblahblah will just slap a wrist here and there and it'll be business as usual until the system implodes.
07-12-2012, 05:35 PM #14
Octo Mother Superior
Posts:43,022 Threads:1,474 Joined:Feb 2011
And they'll say "there was no silver bullet, nobody could see this coming"


lmao.gif
07-12-2012, 05:39 PM #15
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
iagree.gif but nobody will believe it 13.gif rofl.gif



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