Oh boy, it’s gonna be a great week for corporate America. I know this because I read it in The New York Times Sunday. Major corporations will report their earnings this week, and the paper says we’re going to see some of the strongest profits in years.
The big profits, the big paychecks, the big bonuses are back on Wall Street, and the financial houses that were “too big to fail” have the “Help Wanted” sign out. They’re hiring.
The rest of America? Not so much.
This quick turnaround of the financial fates of the big investment houses and the return to black ink in a few really big companies has not translated into more jobs. Many of these big outfits, except the financial houses, have cut costs, shuttered plants, and increased productivity.
For most of this week, as the quarterly earnings reports come out, there won’t be much talk of the dreaded “double-dip” recession, where the economy goes into the tank, starts a comeback, and then goes down again. The on-camera mavens of the cable TV financial stations will be happy-talking. The Money-Honey (Maria Bartiromo) will wear her fanciest clothes for her on-camera shots.
Feel like celebrating with them? Didn’t think so.
Meantime, the fate of hundreds of thousands, if not millions of unemployed Americans, hinges on what Congress will do. They left for vacation last week without passing another extension of unemployment benefits. That McConnell person said the Republicans would listen to what the Democrats have to say about more unemployment benefits, but the Democrats just won’t listen to the Republicans about making significant moves toward cutting this nation’s deficit spending and debt.
Apparently, again, it’s all about politics, and not about people. A pox on both parties.
So, excuse me if I don’t jump for joy because Alcoa threw off a dime a share or so yesterday. I have too many acquaintances and professional contacts who are still trying to stitch together enough part-time jobs to make ends meet, and a few close friends who really need that 3-or-4 hundred dollar weekly unemployment check.
The day after tomorrow, Thursday, J.P. Morgan Chase & Co. will report their quarterly earnings. I’m sure we’ll learn that things are just booming at Chase.
It would be wrong for me to wish them ill, wouldn’t it? Or not…..