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Rachel Maddow: U.S. Doomed To Repeat History

Rachel Maddow: "American corporations are setting new profit records right now. Seriously, it's raining money for the Microsofts and Apples and Goodyears and Caterpillars and 3Ms of the world. They all set a record for revenue in the last three months. Second quarter reports are coming in and, so far, it is rivers and lakes and oceans of money for the S&P 500. After months of record profits already, they are now doing even better than before, even better than expected. And in the case of oil companies, they're doing a lot better. That's what happens when you can sell your product to a captive audience for suddenly high prices. You get even richer than you were before, and you started off really rich.

"While the news is really, really good for the gold-plated crowd of people who own corporations, the news for everybody else, of course, is not so good. We learned today that U.S. companies are planning layoffs at a pace not seen since the spring of last year. Planned layoffs are up nearly two-thirds from the month before and from the level a year ago. And while we have been watching government austerity shrink the public jobs sector -- the teachers and police officers of America who have been put out of work -- now we're seeing big layoffs at drug companies and retailers. Even when government had been cutting jobs, these had been the sectors that had been providing some of the very few new jobs this lousy economy had been adding. And now they are cutting too. So, so much for the silver lining I guess.

"So much for the theory that what is good for the so-called job creators is necessarily good for the job doers. There is a clear and painful disconnect right now between what's happening for the wealth of corporations and what's happening for the rest of the economy. Corporations making lots of profit does not equal jobs, it turns out. It just equals lots of corporate profit. The already rich get much richer, and the not rich get bupkus."

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