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corporate dominance | political theory

Corporate America hands Obama a gift

Tens of thousands will be laid off in non-financial sectors, less than a week into Obama's presidency
Job cuts announced today:

Sprint: 8,000
Caterpillar: nearly 20,000
Home Depot: 7,000
Pfizer: 19,500
Texas Instruments: 1800

(Source: Reuters.com)

Obama's inauguration was a week ago tomorrow. Do you guys get the feeling that the economy's downward spiral is, in part, a response to Obama becoming president?

(didn't the CEO of Home Depot say that supporters of Al Franken in Minnesota should be shot?)

...and do you get the feeling that the economy may have started reacting to an Obama presidency as early as September? (when it was becoming clear that McCain wouldn't be the next president)

Caterpillar. Home Depot. These sound like companies that would prefer a Republican in the White House, and that might have a more optimistic "economic forecast" if a Republican was in the White House.

None of the companies listed above is in the financial sector. Hmmm?
(although to be fair, Home Depot sells a lot of home building products, so without a housing bubble, it's business would likely suffer)

good cop,bad cop 26.Jan.2009 19:37

cop

Bush got booed at Obama's inauguration. Same stuff, different day. Obama is more likable, except to KKK types. Likable Presidents have gotten us into some very big wars.

Roosevelt's New Deal brought unemployment down from 30% to 25%. Don't expect too much.

to answer your question 27.Jan.2009 02:19

.

> Obama's inauguration was a week ago tomorrow. Do you guys get the feeling that the economy's downward spiral is, in part, a response to Obama becoming president?

No, not even remotely.

If your theory is that somehow these companies want to punish Obama (why, he's just as supportive of shoveling money at them as any republican) then surely they would realize that the time to cut jobs would *not* be in the first week when everyone would just blame it on Bush administration policies. In other words, your living in a fantasy land where Obama is something other than a slave to his corporate masters and where the current economic problems have real, discernible roots. You should educate yourself and renounce your partisan affiliation to the democratic party. Then perhaps you will see more clearly, if that is your goal.

Consider this 27.Jan.2009 21:46

JR

Caterpillar is the world leader in heavy equipment, and there is about to be a revolution in bridge and road repair, and other infrastructure projects, and so they cut 20,000 jobs??

your right, I think the economic crisis had a root cause--the housing bubble. That's why it's so surprising that things have gotten so out of hand--I mean, when you consider that bad mortgage loans supposedly started this whole thing.

finding the root cause 28.Jan.2009 03:51

.

The housing bubble was a symptom, not a cause. If you want to find the root cause there is simple methodology. To start with: What caused the housing bubble? Then ask what caused that. Repeat until you cannot.

Others have pointed out that many republicans want the economy to fail so it can be blamed on the democrats. Congressional republicans have already admitted that they hope it fails. So perhaps you have a point that not only are these businesses cutting jobs to protect executive salaries but also to try an increase the pressure on the government by forcing higher unemployment costs as well as reducing the money flow within the economy. So I could see it as possible, but these companies have been in business through democratic presidents before and, as you notice it could very well be a poor decision if they miss out on whatever opportunities arise. Still, in seems unlikely but perhaps if you could investigate further and dig up some evidence...