An interesting story caught my eye in this morning's New York Times. It discusses how large corporations take advantage of the Federal Reserve's ridiculously low rates to borrow money and then sit out in, instead of using it to grow business. This is not big surprise, as large businesses have over the past decades been trimming payrolls and streamlining operations in the name of "productivity."
Meanwhile, these perks (ie, low interest rates) are virtually unavailable to the small business owner (these are the ones creating jobs) as the lending climate (here in Bellingham at least, and I am sure I speak for this whole nation) is dead for the small business. This is a classic case of crony capitalism (the corporations, who control the policy making of the government, dictate the playing field to their benefit.)
I read how the number of jobs shed by the companies representing the S&P500 (approximately 19m by this article's assessment) were barely outpaced by the jobs created by small business (roughly 20m). I read these statistics back in 2008, so I am sure that things have only bode worse for the small- to mid-sized business. As the sole party in this country (the democrat and republican parties are indistinguishable from one another) continues to eschew the needs of this country's economic base, things looks grim.
But on a brighter note here from the city of subdued excitement, a long weekend of fun on water-related activities. Moving a sailboat on Saturday (yeah, it was trailered, but still fun hanging out on the docks in the boatyards) and then kayaking on Sunday down in Chuckanut Bay over to Dot Island for a picnic lunch. Yeah, this country may be going to hell in a hand basket, but I am forever grateful to be in wonderful town like Bellingham.