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Ear to the Ground

Corporate America’s First-Class Recovery

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Posted on Jul 11, 2010
Flickr / chatswoodfp

While the rest of us patiently await the signs of economic recovery, corporate America has apparently skipped to the front of the line: Major companies are expecting to announce some of their highest profits in years.

One unintentionally appropriate quotation was from the chief U.S. equity strategist for Bank of America Merrill Lynch, who declared, “You have got to go back to the Depression to find a profits recovery that outpaces this one.” —JCL

The New York Times:

Many Americans are still waiting for an economic recovery. But for corporate America, a recovery of sorts is already at hand.

The corporate earnings season, that quarterly rite of Wall Street, begins in earnest on Monday, and investors are hoping for some good news. Major corporations are expected to report some of their strongest profits in years.

“It has been one of the strongest profits recoveries ever,” said David S. Bianco, chief United States equity strategist for Bank of America Merrill Lynch. “You have got to go back to the Depression to find a profits recovery that outpaces this one.”

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By Glen Wayne, July 12, 2010 at 11:20 am Link to this comment

The INCy Death From the Jellyfish   empirePie     July 12th, 2010

Cupidity crowned Cupid
as family jewels enamored family rules

The ice of fire knew nothing of desire
like jellyfish arisen from the depths,
shimmering death without a brain
for the eons to sustain.

Transparent beauty with a path but not a plan,
pulsing for the sting; sustenance without the bling
the princes of the sea trailing ribbons of not ‘to be’
like the umbrella from silos and tubes;
pulsing terror for that final flash;
brainless plunder for your stash;
nestling blobs and INCy bobs
brainless like the polyps
but lifeless lead the way.

Yes.. lifeless they lead the way.

The Botched Promise of the sea;
The forgotten other.
The lost we.

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By Traptholemu, July 12, 2010 at 8:32 am Link to this comment
(Unregistered commenter)

It’s sickening how quickly we forget how the “Great Recession” showed to those really paying attention who really is in control of our country.  Reports projecting this and that are of no real practical importance to the majority of Americans with no significant investment portfolio. People with small shares are held as much hostage as the average worker, and in many ways prisoners, to the big boys who set the game up to benefit themselves.  I guess the problem is we as Americans don’t mind the prisoners lifestyle: give me shelter, three meals, and access to sunshine and recreation periodically and I’m content.  We will always behave and be reasonable, and the prison guards and wardens can live by their own rules because they have the authority we grant them.  There will be no productive, peaceful revolt, because too many are too easily lulled or dismayed by these seemingly insurmountable entrenched institutions.

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By Jim Yell, July 12, 2010 at 6:58 am Link to this comment
(Unregistered commenter)

Lest we forget, the money driving the investment recovery is government money borrowed from China. It is money bled from this countries labor by deliberate policy of Republican and Democratic Parties giving investment a green light to avoid regulation and responsbilty for production by sending most of our heavy industry and much more to asia primarily. I am not faulting Asia for taking complete advantage of the situation, but can we ask what organized labor did to allow this to happen?

Lest we forget, for the first time in our history we went military adventuring without a “war tax” thanks to the deliberate rapaciousness of Bush/Cheney. The American People were sufficiently distressed by the irresponsible greed of the past administration that we overcame our distrust of black people to elect the First Black American President. Obama ran on being a progressive and having liberal leanings and a pledge to return to rule of law, and then what did he do but turn everything over to the Corporations just like the previous administration.

It will take a truely Progressive and Liberal third party to overturn this mess. The Republicans and the Democratic Party are so tainted with corruption and lies they can’t be trusted to run the dog pound.

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RAE's avatar

By RAE, July 12, 2010 at 5:07 am Link to this comment

This whole collusion between Big Corpa and Big Government is an obscenity of gigantic proportions.

And we have no one to blame BUT OURSELVES.

It is truth that we get the government we deserve. The greed and laziness and arrogance that can be found in varying amounts in ALL OF US is reflected in the governments we elect.

gstoddard thinks that getting the Republicans back in control will change things. NOT A CHANCE. The only difference between politicians of ANY STRIPE is the party name on their letterhead.

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thebeerdoctor's avatar

By thebeerdoctor, July 11, 2010 at 9:25 pm Link to this comment

Standing in line to purchase your latest iPhone you should genuflect that there is not a workers revolt in China. Like the LCD television and the X-Box, its what makes corporate America so brave and so free.

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By berniem, July 11, 2010 at 5:44 pm Link to this comment

Wasn’t it “Silent” Cal or one of those other pre-depression, robber baron lovin’ reactionaries that said something about the business of America is doing business? The more things change,......!

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By Commune115, July 11, 2010 at 5:17 pm Link to this comment

Someone explain why we haven’t revolted Paris 1789 style?

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By gstoddard, July 11, 2010 at 3:38 pm Link to this comment

And they managed this performance while the anti-business Obama
administration is in power in Washington. 

Hopefully we can get the Republicans back in control of the Congress next year to
save us from too much business success.

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