Thanksgiving in America: US corporations shatter profit records

[Hannah Bell]

US corporations took in $1.659 trillion in the third quarter, breaking records going back 60 years, according to a Commerce Department report released Tuesday. It was the seventh consecutive quarter of profit growth at “some of the fastest rates in history” according to the New York Times.

If any more proof were needed, the third quarter profit record exposes the lie promoted by Democrats and Republicans alike that only the “free market” and private businesses can reverse the nation’s 9.6 percent unemployment rate. The corporations and banks are sitting on a cash hoard in the trillions of dollars. This money is not being used to hire workers, but to line the pockets of the executives and top shareholders.

The profit bonanza that lasted from July through September eclipsed the old record of $1.655 trillion established in the third quarter of 2006 — just as the money-mad speculation of the financial elite was hurtling the US and world economy toward the precipice of its worst economic crisis since the Great Depression.

*Annual bonuses rose by 11 percent for executives at the 450 largest US corporations last fiscal year...

*An October survey by the Wall Street Journal found that employees at 35 of the biggest banks, investment banks, hedge funds, money management firms, and securities exchanges will be paid a record $144 billion in 2010....

*According to Forbes magazine, the net worth of the 400 richest Americans increased by 8 percent in 2010...

These vast fortunes have been made possible through the impoverishment of the working class, the vast majority of the population that must work in order to maintain itself.

*Average annual wages for US workers fell by $457 in 2009, and the median annual wage fell by $247 to $26,261...

http://www.wsws.org/articles/2010/nov2010/pers-n25.shtml

[grilled onions]

1. Where's The Trickle????

If all of these corps seem to have money just a flowing into their pockets then surely there should be enough loose change to help stem the starving tide for all of those out of work,out of luck,sick,hungry,homeless. The new mantra for OUR style of Depression "Oh brother will you ever spare us a dime?"

[Starry Messenger]

2. Recommend.

[rug]

3. Recession is another word for theft.