Great Recession

California Has Larger Economy Now Than The United Kingdom (Great Britain), Fifth Largest In World

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As of last month, the state of California officially is the world’s fifth largest economy.

The Golden State just passed the United Kingdom (Great Britain), and is now only surpassed by four nations: The United States, China, Japan, and Germany.

Who would ever have thought when the US fought Mexico in the late 1840s, gained control of California in the Treaty of Guadalupe Hidalgo in 1848, and saw the Gold Rush begin, starting the development of California population so rapidly, that California became a state by 1850, that this mega state would develop an economy larger than all but four nations?

California today has 40 million people, one out of every eight Americans, and has a technology sector in Silicon Valley, and is the world’s entertainment capital in Hollywood.

California is also the nation’s major agricultural sector in the Central Valley agricultural heartland.

It also has become a major positive in the economy after the collapse during the Great Recession. Financial services, real estate, manufacturing, and the information economy are all major pluses in the California economy.

Its economy is one seventh of the entire nation’s economy, and the job growth from 2012-2017 is one sixth of the entire improvement of the country.

The major areas of economic growth are in San Francisco, San Jose, Los Angeles and San Diego.

Its Congressional delegation, by far the largest, consists of 53 House Members and 2 Senators, and a substantial number of them—16 in the House—play a major role in Congress.

The outgoing Governor, Jerry Brown, is seen by many as possibly the greatest Governor in the nation right now, having presided over the revival of the California economy in the past eight years.

California has also led the fight against Donald Trump on such issues as immigration and sanctuary cities; gay rights and gay marriage; and climate change and global warming.

And Nancy Pelosi. the former Speaker of the House from 2007-2011, and Minority Leader since then; and Kevin McCarthy, the House Majority Leader now angling to be the next Speaker of the House if the Republicans retain the majority, are both from California.

So California is, in so many ways, a nation onto itself, and could sustain itself if need be, but at the same time, the future could be three Californias, as the state initiative process has led to a possible ballot question in November, that would set up three states instead of one–Northern California; Southern California; and California, which would consist of the Los Angeles metropolitan area.

Each state would have about one third of the population of 40 million.

Whether this occurs or not, California will continue to be a major part of the world economy and the American political system.

Donald Trump Declares Trade “War” On European Union, Canada, Mexico: Suicidal For Consumers, Workers, Corporations

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Donald Trump has declared a trade “war” on the 28 nations of the European Union, as well as Canada and Mexico.

This protectionist binge will be suicidal for consumers, workers, and corporations.

It will cause rapidly rising inflation in consumer prices; loss of employment in many industries and agriculture; and add billions of dollars in costs to corporations, which will lead to price increases and worker layoffs.

Along with the massive backtracking on the Dodd-Frank Act regulating Wall Street banks after the Great Recession of 2007-2009, it will bring about another Great Recession in the next year, and possibly worse, a return of the conditions of 1929 under Herbert Hoover, leading to the Smoot-Hawley Tariff of 1930, and a great worsening of the Great Depression that affected America for an entire decade.

It will also cause the NATO alliance to fray at its edges, as the European allies, and particularly the major ones–Great Britain, France, Germany–will retaliate against the nation that they used to look to as their leader.

And our relations with our neighbors–Canada and Mexico–will be the worst in a century, and undermine global security and stability.

And the Republican Party, while complaining privately, will show no ability to stand up to Donald Trump, and fight him, and their party will be permanently damaged by their cowardice!

Three Longest Economic Expansions Since World War II Under Democratic Presidents Bill Clinton, Barack Obama, John F. Kennedy, Lyndon B. Johnson

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A fact often not acknowledged is that the three longest economic expansions in American history took place under Democratic Presidents.

The longest was under President Bill Clinton, with the expansion beginning under Republican George H. W. Bush in March 1991, but the expansion lasting until March 2001, a total of 120 months or 10 years, so the vast majority under Clinton.

The second longest is from 2009 to the present, nearly nine years recovery from the Great Recession, begun in late 2009 under Barack Obama, and continuing under Donald Trump.

Obama came into the worst economic situation since Franklin D. Roosevelt, succeeding Herbert Hoover at the worst moments of the Great Depression in 1933.

Donald Trump loves to brag how great the economy has been under him, without giving credit to his predecessor for the nearly seven and a half years of economic expansion that preceded Trump taking the oath, arguably the best inheritance ever in American history.

The third longest expansion was from 1961 to 1969, 106 months, which has just been surpassed now in 2018. It began under John F. Kennedy in February 1961, continued all the way through the term of Lyndon B. Johnson, and ended in December 1969 under Republican Richard Nixon.

Add the fact that nine of the last ten economic recessions occurred under Republican Presidents Dwight D. Eisenhower, Richard Nixon, Gerald Ford, George H. W. Bush, and George W. Bush, and it is clear the nation has benefited much greater economically from Democratic administrations than from Republican administrations.

The War Cabinet Emerges: Larry Kudlow, Mike Pompeo, And John Bolton: Great Depression And Aggressive War Against North Korea And Iran On The Horizon!

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Donald Trump has now forced out Gary Cohn, Rex Tillerson, and H. R. Mc Master, and replaced them with Larry Kudlow, Mike Pompeo, and John Bolton, and this turnover after only 14 months in the White House is a danger sign of trouble ahead.

Trump’s “Tariff Wars”, discouraged by Cohn, now will move forward, and Tillerson and Mc Master, both strong in their criticism of Trump oriented foreign policy of “America First”, upending traditional foreign policy for 70 years, now will move into a phase of aggressiveness in foreign policy that is likely to lead to warfare.

One can now expect that we might end up in a Great Depression, or at least a Great Recession, as we are going down the road of protectionism, which was pursued by Benjamin Harrison in 1890 with the McKinley Tariff, which led to the Panic of 1893; and also pursued by Herbert Hoover in 1930 with the Smoot Hawley Tariff, which made the already begun Great Depression much more deeper.

And we can expect that with Mike Pompeo and particularly, John Bolton, two hawks in foreign policy, the first being a Tea Party activist elected to the House of Representatives, and the second, unable to be confirmed by a Republican Senate to be United Nations Ambassador, and only there for less than a year as a recess appointment under George W. Bush, and very much advocating “regime change” regarding North Korea and Iran, we can expect two wars before the year 2018 is over.

Trump may be thinking that getting engaged in two wars will cause “patriots” to rally around the flag, and help the Republicans to retain their control of both houses of Congress, and one must recall that in Presidential years, anytime there there has been a war, the President running for reelection has always won.

So Trump might be planning to use war as a way to a second term in office, which history must make every sane person be alarmed over such prospect!

Congratulations Are Due To Ohio Congresswoman Marcy Kaptur (D), Longest Serving Woman In History Of House Of Representatives!

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In the midst of so much bad and unpleasant news, it is nice to stop for one day, one moment, and speak about and write about a true public servant, who has more than met her responsibilities.

Congresswoman Marcy Kaptur of Toledo, Ohio, a Democrat, is to become the longest serving woman ever to serve in the House of Representatives on Sunday, after 35 years and 2 months of service, having been in Congress since January 1983.

It is not just her longevity, but her dedication and contributions to the House of Representatives that must be admired and applauded.

It is Kaptur who pushed the construction of the World War II Memorial in Washington, DC, a wonderful tribute to our millions of veterans who served in that most critical war against Fascism.

She is a very liberal Democrat, who supported Bernie Sanders, and refused to endorse Hillary Clinton, and in 1996, Ross Perot asked her to be his running mate for Vice President, which she turned down. She opposed the bailout of the banks after the emergence of the Great Recession in 2008, and was against the North American Free Trade Agreement (NAFTA). She is a member of the Congressional Progressive Caucus.

Since she is only 71, she might last in Congress another decade, and all she would need to do to be the longest serving woman in Congressional history is serve about five more years, in order to surpass Congresswoman and Senator Barbara Mikulski of Maryland, now retired, the longest serving woman Senator at 30 years, and ten previous years as a member of the House of Representatives.

17 Democratic Senators Have Learned Nothing From Great Recession, And Are To Be Condemned For Joining Republicans To Cut Back Banking Reforms

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In 2008-2009, we saw the collapse of the American economy, with the biggest banks and Wall Street firms guilty of causing it.

None of those banks or Wall Street firms paid a price for their illegal, unethical activities, which destroyed the economy in a manner unseen since the Great Depression of the 1930s.

Under Barack Obama, the Dodd-Frank Law was passed to insure accountability of banks and Wall Street, so that what happened a decade ago would never happen again.

But now, under a Republican Congress, the action to destroy the Dodd_Frank Law is occurring, and has been assisted by 17 Democratic Senators, and only with at least 10 of them, could such action to eliminate Dodd-Frank have moved forward.

It is shocking to see 17 of the 49 Democrats and Independents in the Senate become turncoats who effectively joined in this evil act, and all 17 need to be called out and denounced.

The problem is too many politicians gain campaign contributions from the big banks and Wall Street, so it compromises their ability to represent their states in a proper manner.

The problem is that if these Democrats are repudiated, it would only aid Republicans in possibly gaining their seats, so the issue is that it is preferable to have Democrats who will support the party on many issues, even if not on this issue.

Liberals and progressives will argue that they should be “primaried”, but the reality is that would only help promote more Republican senators, so we are in an area that could be described as “between the devil and the deep blue sea”!

But we must at least list these 17 Senators, so we are all aware of their “treason”:

Michael Bennet of Colorado
Tom Carper of Delaware
Chris Coons of Delaware
Joe Donnelly of Indiana
Maggie Hassan of New Hampshire
Heidi Heitkamp of North Dakota
Doug Jones of Alabama
Tim Kaine of Virginia
Angus King of Maine (Independent)
Joe Manchin of West Virginia
Claire McCaskill of Missouri
Bill Nelson of Florida
Gary Peters of Michigan
Jeanne Shaheen of New Hampshire
Debbie Stabenow of Michigan
Jon Tester of Montana
Mark Warner of Virginia

Ten of these 17 Senators face an election in 2018—Carper, Donnelly, Heitkamp, Kaine, King, Manchin, McCaskill, Nelson, Stabenow, and Tester.

Of these 10, only Carper, Kaine and King are in states that went to the Democrats. The other seven were Republican states, and makes the task of keeping their seats ever more difficult.

Of the 17 Senators, only 8 of them, those from Colorado, Delaware (2), New Hampshire (2), Virginia (2), and Maine came from states carried by Hillary Clinton in 2016.

So, sadly, we do not have the privilege and ability to call for the defeat of the ten who are running this year, but even true of the seven who are not running, as they are still better than Republicans to hold the seats.

Otherwise, the Democrats will lose all chance of ever gaining a majority, if they stick to an extreme progressive view of who is acceptable as a Democratic member of the US Senate.

However, one point should be made clear, that none of this list above should ever be considered seriously for President, with the reality that only the two Virginia Senators, Tim Kaine and Mark Warner, are even talked about at all as potential nominees.

Tim Kaine may have run for Vice President with Hillary Clinton in 2016, but his support of repeal of the Dodd Frank Law should disqualify him and Warner for future Presidential consideration.

88 Months of Job Growth, All Time Record, So Future Is Economic Recession, Just A Question Of When And How Severe

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America has experienced 88 months of job growth and an improving economy, an all time record, so the future is economic recession, with the only question being when and how severe it will be.

It is like gravity, in that what goes up must come down, and Donald Trump has been bragging as if he created the economic growth, when it was the contribution of Barack Obama, who was overseer over the greatest economic recovery in American history, and without war.

Franklin D. Roosevelt is credited with helping to solve the Great Depression in the 1930s, but it took until war spending for World War II for the recovery to be totally successful, while Obama avoided a major war, and created the economic conditions that now Trump is making it as if he did it all by himself in the past year.

Trump came into office with a great economy, while Obama came in at the worst time since Herbert Hoover, and had to deal with what we call the Great Recession.

As I write this, the stock market has had its two worst days in two years, losing 666 points on Friday, and 1175 on Monday, making for the greatest two day loss in stock market history. The market actually went down 1579 before it revived to 1175 by the close of trading. So it went down in the past two days by 1840, a total of seven percent of the stock market.

It will be interesting to see how Donald Trump reacts to this, since he loves to give himself credit for the improvement in the stock market, even though it was steadily rising under Barack Obama, who he will never give credit to on anything.

if the economy falters, Trump will lose a lot of his supporters, and his public opinion polls will collapse into the 20s instead of the low to mid 30s where it is right now.

Trump Tax Cuts Already Undermining Budget, And Threatening Social Safety Net Of Social Security, Medicare, Medicaid

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The Trump tax cuts are already, just as they are going into effect, causing a massive shortage of government funds, and threatening the stability of the Social Safety Net of Social Security, Medicare, and Medicaid, and as well as educational, environmental, consumer, and labor laws.

This is precisely what the Republican Party of Speaker of the House Paul Ryan, Senate Majority Leader Mitch McConnell, and the Trump White House wants, to destroy the entire social and economic reforms and regulatory laws of the New Deal of Franklin D. Roosevelt, the Great Society of the Lyndon B. Johnson, and the reforms of Barack Obama, along with lesser reforms of Harry Truman, Dwight D. Eisenhower, John F. Kennedy, Richard Nixon, Jimmy Carter, George H. W. Bush, Bill Clinton and George W. Bush.

The Republican Party is now an extremist right wing party controlled by the Freedom Caucus and evangelical Christians, who will not be satisfied until they take America back to the 1920s and the Gilded Age.

And this past week, the beginning of the end of what is now 88 months of economic expansion and job growth is evident, as today, the stock market collapsed with a 670 point drop, and a 1,000 point drop over this entire week. This is the biggest drop in two years, about 2.5 percent in the past week. It is also the biggest drop since the financial crisis of late 2008, which led to the Great Recession.

This was predictable, as no market or economic growth can continue to expand forever and already, the seven years and four months of expansion, since the last months of 2010, is an all time record.

We will go through very rough times from now on, and yet the wealthy top one or two percent will continue to gain massive tax cuts, while the rest of America suffers.

We are on the road to potential social uprising, as the American people realize that a President who lost the popular vote, and has engaged in illegal acts, works to undermine the investigation of Russian collusion, money laundering, abuse of power, violating the emoluments clause, and obstruction of justice, at the expense of the American people, but makes sure his class of wealthy people continues to benefit.

The Trump public opinion rating in the mid 30s is likely to collapse into the 20s at this rate, but will the Republican Party try to rectify itself in Congress, or will they continue to collaborate in treason and corruption, and destroy their historical legacy long term?

We shall see in the months leading up to a likely massacre in the midterm elections this November.

2017 Horrible Year Of Reversal, In Many Ways The Most Tragic Year For America Since 1968!

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In the past half century, since the tumultuous year of 1968, acknowledged by many scholars and experts as the most significant single year in American history since 1945 (the end of World War II), America has gone through much turmoil and tragedy. This includes Richard Nixon and Watergate; the end of the Vietnam War; the rise of terrorism in the 1990s, leading up to September 11, 2001; two other unwinnable wars in Afghanistan and Iraq; and the Great Recession of 2007-2009, which finally has led to full employment and an economic revival after nearly ten years, but with many Americans left behind.

It has also been a fifty year period of much progess toward civil and human rights amid massive social change , with the Barack Obama years being seen as a positive time in so many ways.

But now, 2017 has revealed that we are in a dramatic retreat from much of the reform and change that has gone on since 1968, and the nation and the world are in total chaos and anarchy, due to the rise of a truly Fascist wannabe, Donald Trump, who has clearly stolen the Presidential election of 2016 and is in process of destroying all of the positive changes of the past 50 years.

Domestic and foreign policy, and constitutional law is in revolution, and 2018 will likely be a continuation of the nightmare of 2017, but with the hope that at least Donald Trump will be forced out of office in some manner, not yet clear.

But the likelihood that Vice President Mike Pence will become the 46th President sometime in 2018, bodes ill for the future, with his extreme right wing evangelical conservative beliefs, which would make him more conservative and extremist than even the most conservative Presidents of the past century, Calvin Coolidge and Ronald Reagan.

So we who are progressives have a lot of work to do next year to attempt to bring America back from the brink of destruction perpetrated by a man who is the most evil President in American history; and a party which has tarnished the reputation historically of Abraham, Lincoln, Theodore Roosevelt, Dwight D. Eisenhower, and so many others who proudly carried the Republican mantle in the past 150 years until now.

It is time for progressives to fight with all their energy and strength to return this nation to the great advancements promoted by a century of Presidents and Congresses from the time of Theodore Roosevelt to Barack Obama.

Barack Obama Produced An Economic Miracle Without War, Better Than FDR, But Not Acknowledged By Donald Trump

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This blogger saw a headline on MSNBC yesterday, stating that the stock market was on an upward spiral for the 8th year in a row in 2017.

That is correct, and Donald Trump keeps on reminding us of that fact.

But what he and the cable station did not make clear with that headline, is that the stock market has been going up steadily since 2010, the second year of the Barack Obama Presidency.

Obama had SEVEN years of economic growth, and the stock market up went up more than 250 percent in those eight years, unmatched in American history.

Additionally, unemployment went from 10 percent when Obama came into office to under 5 percent when Obama left office, a truly magnificent accomplishment.

Obama had to deal with the Great Recession that occurred under George W. Bush, and he brought about a tremendous revival, greater than Franklin D. Roosevelt during the Great Depression, which he inherited from Herbert Hoover. FDR needed the war spending on World War II in 1939-1940, before we entered that war in 1941, to fully revive the economy.

So Obama had a greater success than FDR, and without America going into or about to enter into a major war.

That is no mean feat, and yet, Donald Trump acts as if the great economy he inherited was all due to him, and refuses to give any credit to Barack Obama. Trump is extremely lucky to have had a good economy when he entered office, unlike FDR and Obama, but that makes what they accomplished, even more impressive.

So the facts are that Barack Obama produced an economic miracle, which will help him to rise in rankings of Presidents in the future, from the present Number 12 in the C Span Survey of Presidential Scholars in January 2017.