The Department of Justice sued in U.S. District Court to block the proposed $39 billion acquisition of T-Mobil by AT&T. According to news reports the Justice Department filed its lawsuit because they believed the combination of AT&T and T-Mobile would result in tens of millions of consumers facing higher prices, fewer choices and lower quality products. In other words the consumer would be facing another created monopoly.
It is a known fact that corporate America's appetite for mergers and buy outs is to eliminate competition and there by have a monopoly. One can only hope the Justice Department is successful in its quest. They should also move strongly to break up the monopoly of the Wall Street Banks. Monopolies should no longer be allowed to flaunt their "too big to fail" ideology. I wrote a previous commentary on the "too big to fail" ideology and pointed out that any time you had a company that was "too big to fail" it indicated a monopoly.
Because corporate America and the Wall Street Banks have not lived up to their responsibility as responsible entities, the Justice Department should be active in seeking those monopolies out where they exist and sue to break them up. America and its people can not afford wealth and greed to be the defining force in its economic life. The negative impact of what the country and middle class are going through now should not be forgotten.
Friday, September 2, 2011
Bobby Jindal's Campaign Add: A Propaganda Fairy Tale
Bobby Jindal's T.V. add about job creation in Louisiana is a typical conservative republican fairy tale. The add shows a map of Louisiana with little signs popping up all over the state with the number of jobs created or will be created. One is especially laughable. It shows the Nucor Steel mill producing over 6000 jobs. And that is pretty good since the mill has not even been built yet.
The real story about job creation under Jindal is a sad tale. The unemployment rate in Louisiana when Jindal took office in January 2007 was 3.9%. The latest unemployment rate as of the end of July 2011 was 7.9% according to the Louisiana Workforce Commission. And to think the state has approximately $8 billion tied up in special tax breaks for businesses who are supposed to use those tax breaks to create jobs.
The fact of the matter it is the national economy that create state jobs. The shutting down of Avondale shipyard proved that in a previous commentary I wrote. There has been a steady increase in unemployment since Jindal took office and his own policies have contributed to the unemployment numbers.
The national economy has experienced periodic down turns over the last 50 plus years. To help the state during such periods, past governors have handled the budget and the states economy far better than Jindal. Past governors took a balanced approach to put the states fiscal house in order and create jobs. Jindal's approach to state government is a ideology that is far different as to what a democratic government and society is all about. The people of Louisiana should recognize that Jindal's T.V. add tells a different story as to what is really going on. The governor could learn a lot from New Orleans Mayor Mitch Landrieu.
Jindal and many other state governors could never make the grade if they had no federal revenue to help them out. They would then have to raise revenue by some form of tax and look at themselves in the mirror. Of course, if they had character and courage to begin with, they would take care of their own state of affairs.
The real story about job creation under Jindal is a sad tale. The unemployment rate in Louisiana when Jindal took office in January 2007 was 3.9%. The latest unemployment rate as of the end of July 2011 was 7.9% according to the Louisiana Workforce Commission. And to think the state has approximately $8 billion tied up in special tax breaks for businesses who are supposed to use those tax breaks to create jobs.
The fact of the matter it is the national economy that create state jobs. The shutting down of Avondale shipyard proved that in a previous commentary I wrote. There has been a steady increase in unemployment since Jindal took office and his own policies have contributed to the unemployment numbers.
The national economy has experienced periodic down turns over the last 50 plus years. To help the state during such periods, past governors have handled the budget and the states economy far better than Jindal. Past governors took a balanced approach to put the states fiscal house in order and create jobs. Jindal's approach to state government is a ideology that is far different as to what a democratic government and society is all about. The people of Louisiana should recognize that Jindal's T.V. add tells a different story as to what is really going on. The governor could learn a lot from New Orleans Mayor Mitch Landrieu.
Jindal and many other state governors could never make the grade if they had no federal revenue to help them out. They would then have to raise revenue by some form of tax and look at themselves in the mirror. Of course, if they had character and courage to begin with, they would take care of their own state of affairs.
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