Ward on Words

Truly, it's one of the most interesting business dilemmas of the new millennium. Goldman Sachs is raking in money, hand over fist, maximizing opportunities to profit despite an enduring and severe recession that is crippling the rest of the country. If you look at their website, they tell you right up front what they believe in: progress . Because it's everyone's business. And Goldman Sachs is bringing "people, capital and ideas together to help our clients and the communities we serve." They've also launched a new PR campaign that helps educate the masses on the benefits Goldman offers to the nation. And yet, they get no respect. Why is that, one wonders? Because their PR campaign about their impact on progress is a lot of hogwash. It's PR mumbo jumbo. If we've learned ANYTHING about Goldman Sachs during this recession, it's that they'll do ANYTHING for a buck. And the only client they serve faithfully, with dedication and respect...

On Monday, much of the employed population of America will be taking the day off. It is Labor Day, the "yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country." Today, we receive news that the unemployment rate in the United States has risen to 9.7 percent (up from 9.4 percent last month) - and that an additional 216,000 people were shed from productive employment in August. Certainly, the number of jobs shed is lower than in previous months. But it is no cause for celebration. The job market has yet to see any improvements as the result of all the many bailouts made to banks. Nor has the stimulus provided a much-needed positive boost to jobs creation at this point. As we light up the barbecues on Monday to celebrate "the social and economic achievements of American workers," it is clear that labor's achievements have been badly damaged as the result of the economic crisis. The abili...

Last fall, the US Treasury Secretary, Henry Paulson, came to Congress and said that if we did not lay out a massive "tarp" to catch the financial industry from its freefall, there would be no more US economy on Monday. Congress listened. The money was fed to the banks. Since October, they've received a very fluffy financial cushion from the feds, a cushion that seems backed by a "fluffy forever!" promise from the US government. In the Chicago Tribune today, we get a glimpse into what life is like when people who are not bankers find themselves in an financial freefall as a result of the terrible economy. Here's how the Trib's story begins: "This is how fast it can happen: One day Patrick Robbins was a sportswear buyer at Mark Shale earning $110,000 a year. The next day he was laid off, with no severance. Within a week, the family was on Medicaid and had applied for food stamps. Soon his mother-in-law was bringing over toilet paper and...