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Congress & Obama to Pass Phony JOBS Act

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It is called the “Jump-Start Our Business Startup Act”, and according to Joseph Kishore of wsws the awkward terminology to form the acronym J-O-B-S “was the only nod the framers gave toward actual job creation. In reality, it is simply another corporate handout.” It reduces regulations on new businesses, which should inspire massive distrust in our citizen-betrayed hearts!

Is there no end to the shamelessness of our pimped out politicians?

Tuesday the House OVERWHELMINGLY passed it (380-41). The Senate already substantially passed it (73-26). Obama will soon sign off on it. Of course he will. And he will SPIN SPIN SPIN what a gift it is to the drowning American worker.

He should be executive-ordering a WPA-type jobs bill. But once again he is amorally and pragmatically talking the pro-citizenry talk and walking the pro-corporatists’ walk! I mean, if Congress is bi-partisanly and easily behind it, as well as Obama, and the echo-chamber media is cheerleading it onward, we all should know damn well enough by this time to look for the lobbyists’ Guccis beneath the curtain!

This “Trojan horse” jobs bill is more “trickle down” economics bullshit, another huge gift to the FAT CATS, and, again, we should know what exactly will be trickling down from them upon us. Not jobs nor opportunities.

Kishore explains:

Millions of people have been out of work for months and even years. Whatever jobs are available pay poverty-level wages. Thanks to the Obama administration, the profits of US corporations are at record highs. And behind the thin smokescreen of its “jobs” measures, the American political establishment is preparing the more serious task of launching a renewed assault on health care, pensions and social programs.

snip

The JOBS Act is ostensibly targeted at small businesses, but it will in fact eliminate Securities and Exchange Commission reporting requirements for new companies with up to $1 billion in annual revenues. Consumer advocacy groups and some investor organizations warned that the main impact of the bill will be to facilitate financial fraud.

Another measure would make it easier for new companies to release ads to solicit investors, which consumer groups warned was an invitation to fraud and deceit.

Consider who is against the bill:

The North American Securities Administrators Association, which represents securities regulators at the state level, warned of the potential consequences. “In 2004, the Bush Administration preempted numerous state consumer financial protection laws in order to facilitate greater ‘financial innovation,’ especially in mortgage lending,” said NASAA president Jack Herstein. “Most of us remember how that experiment ended, but it seems that Congress has already forgotten.”

Herstein added that the bill creates “new jobs for promoters of Internet investment scams.”

The AARP released a statement warning about the impact on retirees and pensions. “We do not believe that weakening investor protections and opening the door to fraud is the best way to create jobs,” commented senior vice president Joyce Rogers.

As for the vulture venture capitalists, THEY ARE THRILLED! Kishore:

The bill has, on the other hand, won plaudits from venture capital corporations and groups. “The JOBS Act will help revitalize an IPO market that has suffered in recent years under the weight of market volatility and one-size-fits-all regulation,” said Paul Maeder, chair of the National Venture Capital Association. “The passage of this legislation sends a strong and welcome signal to our most promising companies that the US capital market system is open for business.”

The Deal Pipeline, a pro-industry web site, commented that “there is finally some good news from Washington for the private equity industry and in particular its portfolio companies.” Private equity portfolio companies—Carlyle, Blackstone, and Mitt Romney’s former firm Bain Capital, among others—are those that specialize in making billions through the insider dealing and skullduggery that goes by the name of the “capital market.”

Remember that Orwellian group of CEOs Obama organized and anointed his jobs council last year? Kishore explains:

The act is in fact modeled off of proposals from Obama’s equally misnamed “jobs council,” and follows lines laid out in the president’s State of the Union address earlier this year.

snip

Even according data gathered by supporters, the bill “might” lead to an increase of about 100,000 jobs over 8 years or so. This compares to a jobs deficit of about 5 million relative to the number of jobs in the US in December 2007, before the official start of the recession.

snip

That such a bill can be packaged as a “jobs” measure is testament to the putrefaction of the American media and political system.

Yeah, community-organizer Obama who likes to boast of bringing everything to the table. Everything and anything that comes from the privileged 1%!

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Submitted by libbyliberal on

Lets, my friend. :) tx for links. i am glad SOMEONE is addressing this latest abomination! not big media of course, at least on the right side!!!

All the fronts!!! All the continuing fresh hells.

Obama promised to use his Orwellian jobs council to do more de-regulation for the national good. It is all so obscene!!! See the comment I will make in a sec about the initial goals of that jobs council!

I am so angry at MSNBC for the "lesser of evilism" M.O. What a crock!

to be continued!!!

love, libby xxx

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Submitted by letsgetitdone on

continual state of pissed-offness too. But the thing is to keep working at it. The climate can change very quickly if certain collapses occur, which they may at any time. The system is fragile now. We have to keep seeding the environment with our ideas so that they are "in the air" waiting to be picked up.

Submitted by libbyliberal on

Keep those ripples going and hopefully we will collectively capsize the pirate ships of the evil bastards of the universe.

I read an interesting line the other day about how an amateur built the ark and professionals built the Titanic! There is a lesson there, eh?

Take care of your precious self and keep championing on!!!

Submitted by libbyliberal on

I have been meaning to write you about my excitement over Jill Stein. I met her and was dazzled and want to do whatever I can for her. Julia she could clean any of the legacy candidates' clocks in a debate she is so calm and articulate and compassionate! I am attending local Greens meetings again. IRL has so many challenges just to survive but we gotta do all we can do. Are you running again I hope?

love, libby xxxx

Submitted by JuliaWilliams on

I have donated to her campaign, she came to the state, but my schedule didn't permit a meet. Yes, I too am impressed with her. I'm not sure about running again-the spirit is willing, but...RL can be a bear, yannow? (check your Correntemail)

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Submitted by tom allen on

It was the "Big Lift Of Work: JOBS Act", but I guess they thought that was either too accurate or too kind. :-P

Submitted by libbyliberal on

OBAMA HEARTS CORPORATE CEOS!!! This was from a blog I did about Obama's faux-jobs summit last year. Barry Grey was the reporter, again from wsws:

http://correntewire.com/faux_jobs_summit_6_13_11_obama_hearts_corporate_ceos

So what is Obama doing? Reassuring the private sector fat cats that they are safe from regulation and that massive cuts to social spending is the way his regime will go.

Barry Grey’s attendance list for the summit:

That group included the CEOs of GE, Intel, Xerox, American Express, Southwest Airlines, DuPont, Eastman Kodak, Comcast, Facebook, and the banking giants Citigroup and UBS. It also included Obama’s longtime financial backer Penny Pritzker, a multi-millionaire Chicago real estate mogul, and Joseph T. Hansen, president of the United Food and Commercial Workers Union. Richard Trumka, president of the AFL-CIO, who is also on the council, did not attend the event.

Grey reports that Obama fawned: “I cannot think of a better group of people to help us tackle it [how to create jobs] than those who are sitting around this table.”

Apparently at their first meeting in March the very same CEOs and bankers demanded reductions on business regulations from Obama. Obsequious Obama to them this past Monday: “I took this very much to heart. So what we’ve done is to initiate a full-scale review not just of spending regulations, but actually looking back for the first time at all existing regulations.”

I’m thinking it is more than a little obvious Obama doesn’t care about jobs or the lack thereof for the citizenry, but is very, very, very busy securing support for the continuation of his own job come 2012 and for other prospects thereafter.

Obama concluded, “As Jeff [Immelt] said, ultimately job growth is going to be driven by the private sector.”

Time, sadly, for Robert Reich to give it up. His appeals to Obama for WPA- or CCC-type programs to rescue the American worker. The Obama cabal just doesn’t give a proverbial shit about the citizenry.

And speaking of Jeff Immelt, Grey reveals:

"Council Chairman Immelt’s company, GE, is a case in point. It made a profit of $14.1 billion in 2010, and yet it paid no federal taxes. On the contrary, the government paid it $3.2 billion in tax credits.
'Immelt himself saw his compensation double to $15 million. Meanwhile, GE earlier this year sought to impose a 25 percent pay cut on new-hires at its River Works plant in Lynn, Massachusetts as the price for keeping a section of the complex open. When the workers balked, GE finalized the facility’s closure.

Grey contends that when a shameless Obama met with LED factory workers in Durham, where the meeting took place, he proudly asserted that a new engineer-training program was to be launched for 10,000 citizens each year. To Mr. Grey the fact that nearly 14 million are unemployed made this grandstanding over such a comparatively modest number downright insulting.

Obama also boasted of a proposal to bring together community colleges and companies for high level training programs. Grey points out such hypocrisy during this time when Obama’s regime is assaulting public schools and its teachers. ...

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