Voters in the UK will all remember the very well acted indignation, expressed by the Tory and Lib Dem leadership, at the granting of excessive bonuses by bankers to themselves. The pervading view of the just-emerging coalilition government, was that since we, the people of the UK, now owned the banks, courtesy of multi-billion pound bail-outs, we would call a halt to the excessive money-orgies enjoyed by the investment bankers in the City.

In January of 2011, the toothlessness of the grossly inexperienced government leaders, in discussions with battle-hardened bankers, has been ruthlessly highlighted. There have been discussions and consultations. The Deputy PM has used the toughest language that he could muster, to ask politely, that when the banks award themselves bonuses in a few weeks time, they could please show sensisitivity towards the struggling mere mortals in British society, by not making the bonuses too big. The Prime Minister, the leading sabre-rattler as an opposition leader, has shown turncoat tendencies, by suggesting that we should stop bashing bankers! So much for grasping the nettle and dealing with one of the big issues that almost brought the banks down!

And when the smoke settles, after the frenetic activity of the last few days and weeks of discussions, two things will remain unchanged. The first is that bankers will still pay to themselves bonuses, that in some cases, will be in the millions. They will cock a snoot at the government, and will do exactly what they want to, irrespective of public or government opinion. The banks rule here, the government doesn’t have a clue!

The second thing that will remain unchanged, is that politicians simply cannot be trusted! 

First of all let me enlighten you on our coin operated Congress that changed proprietors while leaving the money game in in place.  The trick has been to talk like reformers while doing no reformation.  Despite almost three trillion dollars in bailouts to Wall Street there is nothing that Geithner or anyone else has done that would prevent them from backing the economic Titanic up and bashing it back into the same Iceberg.  They say insanity is doing the same thing a second time while expecting different results but this is ridiculous.

In truth despite all the ballyhooing about the rising Dow, thanks to thirty years of Globalization it has about as much relevance to the lives of average Americans and our economic status as if you compared a high school play to Broadway.  In lieu of this economic propaganda, I have taken government statistics that are much more relevant to our status and when you are done reading the Middle Class financial averages you will also be able to decide if prosperity is just around the corner.

First of all in the first quarter of this year housing prices declined another 19.1 percent.  Since the family home is Middle Class America’s largest asset this is huge loss of wealth.  By the way, the latest mortgage crisis is that as many as 600,000 senoirs in this economy are having trouble paying their mortgages.

Just yesterday ( June 4, 2009 ) unemployment figures were released that showed the nations unemployment rate was at 9.4 percent.  That is the highest in 25 years. This would be bad enough but it is essentially a cleaned up statistic because it convieniently leaves out those who have stopped looking altogether and those who are working part- time because that is all they can get.  Add these figures to the mix and the real deal is about 16.4 percent with something on the order of 25 million Americans either out of work, no longer looking for work or underemployed.  We have lost 6 million jobs since 2007.

From March to April of this year wages went from $16.56 per hour to $16.51 per hour for a loss of five cents.  You all know gas prices are now going up sometimes that much in a single day. The Consumer price index rose 0.02 percent in April as wages fell.

You might remember that we have been told to compete in the Global economy we need to go back to school to get the high wage high tech jobs of the future.  The only problem is that 6 of the top ten jobs created required no college and the four that did required nothing higher than a bachelors degree.

I don’t want to be a nay-sayer but these things do not depict the the rosy improving future we have been hearing about.  We have done nothing about creating products that would create wealth for this nation. Economist Joseph Stegletz has already said that America has sunk to where our economy is similar to that of emerging nations ( third world country) and if he were in charge of the IMF and America came seeking a loan he would deny it because there is gross inequality in income distribution and astronomical debt that cannot be sustained.

That is not cause for breaking out the champagne.  If this really was Titanic and not a useful analogy, the operateive phrase might not be who is your broker it might be how long can you tread water.

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There once was a prophet who spoke against a great kingdom. This kingdom was unparalleled by any other, and through her might dominated the known world. The godly prophet spoke many things against this nation. But there is one complaint written in his oracles that might resonate even louder today. Thus was spoken against the leaders of our ancient world:

“Your bureaucrats are locusts, your brokers and bankers are locusts. Early on, they’re all at your service, full of smiles and promises, but later when you return with questions or complaints, you’ll find they’ve flown off and are nowhere to be found.”

The courageous prophet who uttered these daring words was none other than Nahum. You will find his oracles in the book that bears his name, in the Old Testament of the Bible. The above passage comes from Nahum 3:16-17 (The Message). Nahum had the daunting task of speaking out against the Assyrian Empire, otherwise referred to as Nineveh, Assyria’s capitol. The prophet was nothing but a mouthpiece. However, the charges against Nineveh came from much higher. Yes, it was God Almighty who attacked Nineveh’s political and economic infrastructure. It was He who called the bureaucrats, brokers and bankers “locusts.”

Even as I write we see these same three swarming on the nightly news and, quite frankly, we are all “bugged” by these irritating grasshoppers. As an answer to our nation’s present crisis, the busy bureaucrats are bailing out the belly-up bankers before brokers go broke. This trillion dollar bandage will only serve to keep a few lucky locusts alive a little longer. And they will do what they always have done, swarm in and swarm out after devouring everything green in their path. There is no doubt that the bureaucrats, brokers and bankers are in bed with each other, but they are not the ones getting short sheeted. Notice what else the Lord says through Nahum:

“Early on, they’re all at your service, full of smiles and promises, but later when you return with questions or complaints, you’ll find they’ve flown off and are nowhere to be found.” (Nahum 3:17)

One has to laugh, it’s so true. Bankers really butter you up to get your business. After that you call an 800 number and get lost in a series of digitized voice menus. It really is frustrating. Last time I called to get a credit card error corrected, I ended up talking to a customer service rep in another country. We could barely understand each other so I had to call back and go through all the prerecorded gibberish again. At least Nineveh didn’t have voice mail!

As bankers, brokers and bureaucrats scramble to bail each other out, are we wise to think they will succeed and bail us out? Or, is that like trusting a swarm of locusts for a bail out? Can you really trust an agency that transfers your call to somewhere in Nineveh? The locusts have already devoured everything green in their path. They have left nothing and salivate for more. There is a bail out plan somewhere out there. But it won’t be found where locusts swarm. We will have to look a little higher. We will have to open our eyes to that which Nineveh could not see.

There is a lot of false pride today because of the fact that slavery was long ago abolished. But, was it really? It may be that the name, Slavery, was just changed to Minimum Wage and the color “black” was changed to “diverse” which includes all colors as well as white. When I told my Sociology professor that I thought, in some instances, slavery might be better than working for minimum wage in today’s society, he said that thought was ludicrous. I understand why he said what he said, but I do not think he understood why I said what I said. Have you ever tried to live and pay bills on minimum wage in today’s society?

According to sources found here, on July 24, 2008, Alabama does not have a minimum amount an employee must be paid. Alaska workers must be paid at least $7.15 per hour while Georgia workers must be paid at least $5.15 per hour if the company employs six or more. Kansas has to pay employees a measly $2.65 per hour and Illinois pays a whopping $8.25 per hour as a minimum amount allowed paid to employees. South Carolina and Tennessee have no minimum amount that employees must be paid. Wyoming employers must pay at least $5.15 per hour to employees. At $5.15 per hour, an employee would have to work a half week just to fill a car up with gas.

Unbalanced Pay Scale

When I hear of the $700 billion bail-out that is going to be paid in order to save the hide of greedy money mongers who have taken much and turned it into nothing, I am appalled. Large corporations as well as some smaller companies are paying hard working, honest employees a “minimum wage” that leaves them in a lifetime of poverty just so CEO’s can be paid millions of dollars so they can waste it on stuff that deteriorates as fast as it is made. And we read in textbooks that slavery was abolished a long time ago? How does one figure that?

Minimum Wage Laws Feed Poverty

Just who is it that has the authority to decide who is worthy of excess and who is worthy of crumbs? Realistically, a modest budget of one person consists of rent of at least $500.00 per month, utilities at a cost of approximately $160.00 per month, car payment or transportation of $250 – $300 per month, fuel for the vehicle at a cost of at least $100 per month, food at a minimal cost of $300 per month, cable and internet, which some might consider a luxury, costs at least $100 per month, $300 a month for miscellaneous such as clothes, shoes, cell phone, cough syrup, soap, shampoo, toothpaste, toilet paper, car maintenance such as oil change, liability car insurance, etc. While $1,300 doesn’t sound like a lot of money for a very modest budget, a person earning $8.25 per hour might be able to scrape by but will remain at poverty level. If this person has a child and has to pay for school lunches or incurs any expenses associated with children, this person is screwed. Of course, this is in Illinois and I have no idea as to the real cost of living there. It can be calculated quite easily how a person making less than $8.25 per hour would fair while on an extremely modest budget. There is NO WAY this person can exist comfortably.

Minimum Wage Laws a Bargain for the CEO and Corporations

Comparing a worker who lives on minimum wage to slavery, I am still not sure that minimum wage is better. To pay an employee $5.15 per hour and then be done with him at the end of the day is actually a bargain for any employer. Slave owners had to provide housing, food, clothes, etc. and not all slave owners mistreated their slaves. Some were actually good to their slaves. When I think of earning $5.15 per hour and then being told to provide my own housing, transportation, food, clothes, etc., I cringe. There is no way it could be done. The figures just don’t work. Idealistically, it may sound like living in slavery would be worse than living “free” on minimum wage but realistically, living in slavery may actually be the better of the two evils. A ludicrous thought? Yes, according to my Sociology professor, but realistic to me. To work for an amount that does not pay for acceptable food, shelter, clothes, and transportation is worse than slavery and gives no hope for survival. A life of poverty with no hope to do better possibly drives people to crime, drugs, and dependence on others.

Greedy CEO’s Dependent on Minimum Wage Workers as Well as Government

Ironically, CEO’s who shovel in millions of dollars in pay are actually dependent on workers accepting less pay and minimum wage workers in order to be able to feed their greed. Why are these CEO’s who have taken much and turned it into nothing worthy of a $700 billion bail-out by “our” government when some who work hard and honestly are only “worthy” of minimal pay? CEO’s can be compared to slave owners in that they consider themselves more deserving and minimum wage workers can be compared to obedient slaves because in reality, they are able to exercise no control over their destiny. Minimum wage laws are implemented to protect the CEO’s and business owners to insure a desired profit level. Minimum wage workers are no better off today and may even be worse off than slaves of many years ago. The name has been changed but the concept remains the same. Those who think they are deserving reign over those deemed undeserving…by the implementation of minimum wage laws which actually insure that CEO’s have labor similar to that of slaves. Not only do some expect earnings in excess of millions of dollars but they also expect the government to bail them out to the tune of $700 billion when they prove to be incompetent or unworthy of their earnings.