Corporate Profits Reach Record High, While Workers Struggle
While finance executives urge Congress and the President to rein in spending, finance companies are raking in profits.
Corporate profits reached a record high in the third quarter, according to a Commerce Department report out Thursday. And the financial sector is doing particularly well. Financial companies accounted for all of the net growth in domestic corporate profits during the third quarter, according to analysis by Haver Analytics cited by The New York Times. Catherine Rampell writes:
Domestic profits of financial corporations rose $71.3 billion in the third quarter, after falling $39.7 billion in the second. Domestic profits of nonfinancial corporations, on the other hand, decreased $1 billion in the third quarter, after rising $27.8 billion in the second quarter.
Meanwhile, workers are struggling. Average hourly pay, when adjusted for inflation, has fallen 0.7 percent over the past year, according to the Labor Department. And the unemployment rate in October was 7.9 percent -- it was at a low of 4.4 percent in May 2007 before the recession.
Gee, it's a shame to see all those struggling companies, and Wall Street vultures doing so poorly...while they continue to cry about how they're being abused...and while they continue to screw their workers...
Must be terrible to be in such a bad business climate.... :Whistle
Soulshiner wrote: Time to lay off the lower branch moochers!
:thumbsup:
And it's probably a good time to freeze wages and cut benifits of lower and middle managment slugs as well......Not because we have to, because we can...Mu ha ha ha ha ha ha... the rats are clinging to whatever job they can hold right now!
FredHayek wrote: Obama the Republican in Dem clothing.
Yeah....I never understood why you don't love the guy...Patriot Act intact, banks and insurance companies still unregulated, lowest tax rate ever on the filthy rich and corporate America.... and an already ridiculously bloated military budget, INCREASED!
etc...etc...etc...
On ALL IMPORTANT ISSUES he's farther to the Right than Ronald Reagan. You're just to stupid to know it Fred..You, Martin, Blazing "idiot" Bob, Hiesenjew, Otis, PrintSh!t and all the rest don't really know what you stand for, all you know is what FOX News and the AM radio tells you to complain about.
Thats why I got no respect for ya...Thats it right there
FredHayek wrote: Obama the Republican in Dem clothing.
and yet you still hate him.....
I don't hate Barack. I just find his Nobel Peace Prize speaks for him. He is awarded allocades for stuff he didn't do.
ACA? Written by Pelosi and Reid and they did the legislative dirty work to get it passed but Obama gets the credit.
Osama? Any other president would have made the same call.
Current economic malaise? Barack's record stimulus keeps unemployment averaging 8%, but he is somehow re-elected.
Thomas Sowell: There are no solutions, just trade-offs.
