Crisis. What Crisis? Profits Soar!

• "From the first quarter of this year, corporate profits have shot up between twenty to over a hundred percent."
• The jobs emergency
• The Forgotten Foreclosure Crisis

James Petras, Axis of Logic

While progressives and leftists write about the “crises of capitalism”, manufacturers, petroleum companies, bankers and most other major corporations on both sides of the Atlantic and Pacific coast are chuckling all the way to the bank.

From the first quarter of this year, corporate profits have shot up between twenty to over a hundred percent, (Financial Times August 10, 2010, p. 7).  In fact, corporate profits have risen higher than they were before the onset of the recession in 2008 (Money Morning March 31, 2010).  Contrary to progressive bloggers the rates of profits are rising not falling, particularly among the biggest corporations (Consensus Economics, August 12, 2010).  The buoyancy of corporate profits is directly a result of the deepening crises of the working class, public and private employees and small and medium size enterprises.

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Related:

The jobs emergency, Robert Reich, Robert Reich

• Twelve thousand new jobs in July -- when 125,000 are needed monthly just to keep up with population growth, when more than 15 million Americans are out of work, and when more than a half-million more state and local jobs are on the chopping block.
• Predictably, Washington's latest rescue effort falls woefully short
• U.S. Experiencing Worst Episode of Prolonged Unemployment Since Great Depression
• An aid package to the states to prevent layoffs was funded by cutting the federal food stamp program.

The Forgotten Foreclosure Crisis, Think Progress

• Without more intervention, the housing market will continue its 'slow motion' adjustment that will continue to inhibit economic growth and drag down consumer spending.
• Foreclosures Rise with Unemployment
• Homeowners' Rebellion: Could 62 Million Homes Be Foreclosure-Proof?