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Think there might be a correlation... Record Exxon profits & 74 yr low in personal savings

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RedEarth Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:17 PM
Original message
Think there might be a correlation... Record Exxon profits & 74 yr low in personal savings
Edited on Thu Feb-01-07 01:53 PM by RedEarth
....it sure seems that way to me ...isn't it strange how both of these stories came out today.

Exxon Mobil Posts Record Annual Profit

HOUSTON (AP) - Oil giant Exxon Mobil Corp. (XOM) on Thursday posted the largest annual profit by a U.S. company - $39.5 billion - even as earnings for the last quarter of 2006 declined 4 percent.

The 2006 profit topped Exxon Mobil's own previous record of $36.13 billion set in 2005.

Revenue at the world's largest publicly traded oil company rose to $377.64 billion for the year, surpassing the record $370.68 billion Exxon posted in 200

http://apnews.myway.com/article/20070201/D8N11D300.html


2006 Personal Savings Drop to 74-Yr. Low

By MARTIN CRUTSINGER

(WASHINGTON (AP) - People once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.

The Commerce Department reported Thursday that the savings rate for all of 2006 was a negative 1 percent, meaning that not only did people spend all the money they earned but they also dipped into savings or increased borrowing to finance purchases. The 2006 figure was lower than a negative 0.4 percent in 2005 and was the poorest showing since a negative 1.5 percent savings rate in 1933 during the Great Depression.

http://apnews.myway.com/article/20070201/D8N0V3C00.html



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acmavm Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:17 PM
Response to Original message
1. Ya think?
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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:18 PM
Response to Original message
2. The neocon plan is working as planned
Moving all the money from the people to the corporations and their CEO's

Move to that two class society

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RedEarth Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:21 PM
Response to Reply #2
3. Sure enough.... just like Jim Webb has been saying....
Class Struggle
American workers have a chance to be heard.
BY JIM WEBB
Wednesday, November 15, 2006 12:01 a.m. EST

The most important--and unfortunately the least debated--issue in politics today is our society's steady drift toward a class-based system, the likes of which we have not seen since the 19th century. America's top tier has grown infinitely richer and more removed over the past 25 years. It is not unfair to say that they are literally living in a different country. Few among them send their children to public schools; fewer still send their loved ones to fight our wars. They own most of our stocks, making the stock market an unreliable indicator of the economic health of working people. The top 1% now takes in an astounding 16% of national income, up from 8% in 1980. The tax codes protect them, just as they protect corporate America, through a vast system of loopholes.

(snip)

This ever-widening divide is too often ignored or downplayed by its beneficiaries. A sense of entitlement has set in among elites, bordering on hubris. When I raised this issue with corporate leaders during the recent political campaign, I was met repeatedly with denials, and, from some, an overt lack of concern for those who are falling behind. A troubling arrogance is in the air among the nation's most fortunate. Some shrug off large-scale economic and social dislocations as the inevitable byproducts of the "rough road of capitalism." Others claim that it's the fault of the worker or the public education system, that the average American is simply not up to the international challenge, that our education system fails us, or that our workers have become spoiled by old notions of corporate paternalism.

(snip)

More troubling is this: If it remains unchecked, this bifurcation of opportunities and advantages along class lines has the potential to bring a period of political unrest. Up to now, most American workers have simply been worried about their job prospects. Once they understand that there are (and were) clear alternatives to the policies that have dislocated careers and altered futures, they will demand more accountability from the leaders who have failed to protect their interests. The "Wal-Marting" of cheap consumer products brought in from places like China, and the easy money from low-interest home mortgage refinancing, have softened the blows in recent years. But the balance point is tipping in both cases, away from the consumer and away from our national interest.

The politics of the Karl Rove era were designed to distract and divide the very people who would ordinarily be rebelling against the deterioration of their way of life. Working Americans have been repeatedly seduced at the polls by emotional issues such as the predictable mantra of "God, guns, gays, abortion and the flag" while their way of life shifted ineluctably beneath their feet. But this election cycle showed an electorate that intends to hold government leaders accountable for allowing every American a fair opportunity to succeed.

With this new Congress, and heading into an important presidential election in 2008, American workers have a chance to be heard in ways that have eluded them for more than a decade. Nothing is more important for the health of our society than to grant them the validity of their concerns. And our government leaders have no greater duty than to confront the growing unfairness in this age of globalization.

http://www.opinionjournal.com/editorial/feature.html?id=110009246
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subterranean Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:25 PM
Response to Reply #3
8. I'm still waiting for Exxon's profits to trickle down.
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blossomstar Donating Member (772 posts) Send PM | Profile | Ignore Thu Feb-01-07 01:29 PM
Response to Reply #3
9. THANK YOU for this post! I love this man! Webb 08!
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dos pelos Donating Member (224 posts) Send PM | Profile | Ignore Thu Feb-01-07 02:36 PM
Response to Reply #3
15. The formation of an economic and political aristocracy in the us...
Edited on Thu Feb-01-07 02:43 PM by dos pelos
This polarization of wealth also manifests as a polarization of political power.Note the formation of political families,the Bushes,Clintons,Kennedys,holding power over generations.Note the "sense of entitlement that has set in amongst elites,bordering on hubris",that many folks,including myself,find repellent in Ms. Clinton and Mr. Bush.
Note the unresponsiveness of the political class ,when faced with the peoples will to end the war.
Posturing,empty nonbinding verbiage,a little political punch and judy show,while the corporatists pursue their agenda.
The disenfranchisement is well advanced.
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blossomstar Donating Member (772 posts) Send PM | Profile | Ignore Thu Feb-01-07 01:23 PM
Response to Original message
4. hmmmmmm.... definitely related. How nice for Exxon. This is sick.
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elehhhhna Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:23 PM
Response to Original message
5. the poorest showing since a negative 1.5 percent savings rate in 1933 during the Great Depression.


says it all, doesn't it?
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Perky Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:24 PM
Response to Original message
6. HIgh Gas, High Health Insurance; High Education costl High interest on Credit cards
These four factors leave no wiggle room.
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NoSheep Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:25 PM
Response to Original message
7. Nah. Move along. Nothing to see here. Return to your embroidery.
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Double T Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:41 PM
Response to Original message
10. The scumbag management at exxonmobil doesn't even bother.........
to clean up their own environmental messes.



Exxon Valdez oil persists off Alaska
01/02/2007 - 08:08:51

Lingering crude from the largest US oil spill has resisted weathering in some places almost 18 years after the tanker Exxon Valdez ran aground and fouled hundreds of miles of Alaska shoreline, a new federal study concludes.

The estimated 77 tonnes – or more than 26,600 gallons – of oil remaining at Prince William Sound is declining by about 4% a year and likely even slower in the Gulf of Alaska, according to research chemist Jeffrey Short of the National Oceanic and Atmospheric Administration.

At that rate of decline, oil could persist for decades below the surface of some beaches, Short and colleagues said in their report.

The study is to be published in the February 15 edition of Environmental Science & Technology, the journal of the American Chemical Society.

“Such persistence can pose a contact hazard to inter-tidally foraging sea otters, sea ducks, and shorebirds, create a chronic source of low-level contamination, discourage subsistence in a region where use is heavy, and degrade the wilderness character of protected lands,” researchers wrote in their conclusion.

The study was partially funded by the Prince William Sound Regional Citizens’ Advisory Council, which was formed by federal mandate after the Exxon Valdez spill to monitor industry operations.

Researchers, however, said their findings and conclusions were not influenced by that sponsorship.

Exxon Mobil spokesman Mark Boudreaux said the Irving, Texas-based company’s Valdez team planned to closely review the findings.

“Based on our initial review of the report, there is nothing newsworthy or significant in the report that has not already been addressed,” he said.

“The existence of some small amounts of residual oil in Prince William Sound on about two-tenths of one per cent of the shore of the sound is not a surprise, is not disputed and was fully anticipated.”

Boudreaux said Exxon had supported more than 350 independent studies whose scientists have found no evidence of significant long-term impact from the spill.




The Exxon Valdez ran aground March 24, 1989, emptying 11 million gallons of crude oil into Prince William Sound. The spill contaminated more than 1,200 miles of shoreline and killed hundreds of thousands of seabirds and marine animals.

Short and the other researchers looked at subsurface oil from 10 randomly selected beaches in the spill area. Data from the study was collected in 2005 and compared with samples taken from the same beaches for a 2001 study.

Earlier research from other spills showed that oil could hold toxins for years if embedded in oxygen-depleted sediments where minimal weather-caused disintegration occurs, according to the new report. In the Valdez spill study, researchers found that thick, emulsified oil – called “oil mousse” – resists weathering and thus can be preserved in oxygen-containing sediments.

“Our results show it’s not changing much,” Short said. “What’s left is going to be there a long time.”
Exxon estimates it has paid $3bn (€2.3bn) in clean-up costs, government settlements, fines and compensation. But it still has not paid an unresolved punitive damage judgment, originally set for $5bn (€3.8bn) by a federal jury in 1994.

The case has since bounced between the federal court and the 9th US Circuit Court of Appeals. In December, the appeals court ruled that the oil giant must pay $2.5bn (€1.9bn) to compensate thousands of fishermen and others affected by the spill.

Earlier this month, Exxon asked the court to reconsider its decision.

John Devens, executive director of the Prince William Sound Regional Citizens’ Advisory Council, said Exxon’s prolonged stalling were unconscionable considering the social, economic and environmental damages.

“It’s very difficult to understand why Exxon isn’t a better industrial citizen,” Devens said.



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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:42 PM
Response to Original message
11. How to kill an economy
Concentrate real wealth into the fewest hands at the top.

Starve everybody else into assuming debt just to keep paying for essentials.

Then look surprised when the Depression begins.
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:44 PM
Response to Original message
12. Just think what all those billions would fund?
healthcare for all?
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Yavin4 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:48 PM
Response to Original message
13. I Think It's Causation
People are digging into their savings to pay for gas. Exxon's profits are caused by the low savings rate.
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TexasLawyer Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 01:54 PM
Response to Original message
14. Your retirement, your vacations, your kids' weddings, your kids'
college education, your start-up business seed money, your next car, your rainy day insurance... Exxon's got it all now.
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