by Nomi Prins
- USA -

How sad. Exxon Mobil, the universe’s largest publicly traded company, which also happens to be enjoying some of its biggest profits ever thanks to the almost doubled price of oil during the past year, didn’t quite live up to Wall Street expectations this week. In fact, its stock fell nearly 4% the day it announced its first quarter of 2008 earnings.

Unfortunately, this does not make the pain at the pump pulsing through the nation any more bearable. Apparently, Exxon could have made more profit, had it not chosen to hold back further gas price hikes. Instead, earnings in its refining business (which converts crude oil to gallons of useable gas) weren’t as strong as it had wanted. Yes, that’s right – Exxon would have made even more money had they passed more pain onto the public. They were just being “nice.” Right.

by Nomi Prins
- USA -

The Starbucks, sidewalk and subway comments continue to flow abundant as New Yorkers processed the country’s latest made-for-TV sex scandal. The reality that New York Governor Eliot Spitzer, Time Magazine’s former Crusader of the Year, the man now dubbed “George Fox” and “Client #9,” had repeatedly gotten too hot and heavy with various high-class call-girls broke in salacious bits. This is the stuff that causes political dreams in America to dissolve even faster than the seismic destruction unleashed by the subprime mortgage crisis and the economic recession that has followed it.

by Nomi Prins
- USA -

Depending on the measure of ‘liberalness’ used to evaluate past voting records, there is next to no difference between Clinton and Obama. In fact, with all her emphasis on ‘experience’ and his on ‘change,’ their voting patterns are almost identical. Both follow the party line, 97.1% of the time for Clinton, 96.5% for Obama - which doesn’t particularly highlight unique experience nor change.

• Finding her voice, Clinton campaigns in Arizona. Photograph by Dugi Jenkins. •

So, does the mere rhetoric of change trump the reality of past behavior? And is unity amongst political views – ‘no red states or blue states, just the United States’ - really a philosophy that will provide the majority of Americans (not the middle class, but the non-wealthy class) a more secure domestic future? Will that philosophy be able to drive more legislation and assure that funds are spent on equalizing citizens? What is needed is to lower the cost and expand the availability of necessities like health care, education, gas and energy, a home that the banking system isn’t stealing, and financial stability from birth through retirement.

by Nomi Prins
- USA -

Earlier this week, speaking for Washingtonia and unburdened by high expectations, President Bush said “all of us were sent to Washington to carry out the people’s business.”

• President Bush delivers the State of the Union address flanked by Vice President Cheney (left) and Speaker of the House Dennis Hastert. Photo by Eric Draper, courtesy of The White House. •

Because if it’s the majority of the population, and it’s life not war, we’re not even close to having it carried out.

He acknowledged, “at kitchen tables across our country, there is a concern about our economic future.”

The question remains – our? Who do you mean by ‘our’, Mr. Bush?

Because for three-quarters of the population’s kitchen table concerns are over gas costs, health insurance, debt payments, tuition, and home values. For nearly 24% of the population, depending on what race you are, the issue of paying for one’s next meal and balancing child-care with multiple jobs is center stage.

by Nomi Prins
- USA -

As the middle and poorer classes get crushed under a mounting pile of debt, and living costs grow faster than wages, we’re becoming a country of two classes: the top 1% and everyone else. Similarly, we are two economies. The national one is comprised of items like GDP (Gross Domestic Product), corporate profits, stock market performance and CNBC. Then, there’s the other one in which most people live: stretching to afford health care, a mortgage, commuting costs, education, kids, parents, and the credit cards that act as temporary pain killers.

The rhetoric surrounding George W. Bush’s economic stimulus package, as boastfully “bi-partisan” as it is (we are, after all, in an election year), indicates a complete lack of comprehension of the difference between this ‘national’ economy and the ‘people’s’ economy, and the extent of the gap between the two.

by Nomi Prins
- USA -

The movie, Atonement, is a heart-breaking love-story, a historical WWII saga. Without giving away the ending, which must be seen to be adequately felt, it tells the tale of two lovers’ lives irrevocably changed by false testimony against one of them - for a crime he did not commit. Thus, it’s also a condemnation of unreliable witnesses, the willingness of people to believe the worst, particularly of those in a lower economic-class, and the havoc that a false accusation and conviction can wreak upon human life. It’s a film and message that every judge, jury member, and prosecutor should see and consider before convicting or sentencing anyone accused of a crime.