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Preview: Anger In The Land

October 29, 2010 2:01 PM

On the eve of the midterm elections, Scott Pelley reports from Newton, Iowa, where the closing of an appliance factory is causing a negative effect on the community's economy. 60 Minutes, Sunday, Oct. 31, at 7 p.m. ET/PT.

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by ipswit November 15, 2010 9:55 AM EST
Start growing your own food and get a rain barrel. The next big area of wealth is food as the big food and pharma corporations are buying up all the seed companies and all the organic food companies so their agenda of owning all the food is advanced. All the food will be bio-engineered to the detriment of our health unless we step up to the plate and refuse to allow it. If you thought it was bad to see all the businesses go out of this country--just wait.
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by rm2mike November 1, 2010 8:15 AM EDT
I felt the David Stockton comments were the most relevent to the threating disaster. A situation that has been growning for decades without acknowledgement of the (want re-elected) politicians. One term limit, line-item veto and no earmarks are the only possible solution I can see. We HAVE a cronic disease (entitlements and bureaucracy) and have to take the medicine. It's not going to be pleasant or swift.
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by Nelson213 October 31, 2010 10:25 PM EDT
Get real...why dont you cover the recovery and some of the great new advances in the economy. A 2% reduction of bank loans is ridiculous...find the good and cover it.....
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by rene6985 October 31, 2010 10:23 PM EDT
Until America buy foreign make product instead of
American made product, then America will stay in recession.
Until America see the benefit of buying product made
here in America, it doesn't matter if its an American
company or a foreign company as long it is made
here and helping our countryman get a job . What is
the benefit of buying an American name product when it
is made abroad, than buying a foreign brand made in the
USA but giving job to our citizen.
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by user34897 October 31, 2010 9:02 PM EDT
This story is just the kind of pointless garbage that passes for journalism nowadays.

Instead of talking to some rubes and yokels in flyover territory why don't they talk to some people who matter.

I continue to be dumbfounded by the all of the thousands or millions who are the least bit surprised by what is going on now. What did they think was going to happen when they voted for politicians who spent the past 30 years creating and fostering policies and writing legislation that made it more profitable for American multi-nationals to manufacture goods overseas and to outsource services overseas?

This country is embarrassing and its political behavior stands as a monument to its epic stupidity shown by the gulf between what Americans say they want and what their actions show they really want which grows ever wider with each passing generation. For the past 30 years you have been a bunch of sheep being led to the slaughter and now you decide you don't like it? Please! Everything that has happened is the result of a completely natural progression of events.

Now let's talk about the "Tea Party" and its much lauded rise in the mass media. Let's talk about what their platform such as it is will mean in real terms. Assuming that what most Tea Party members mean is that in order to run the federal goverment without a deficit and to pay off the national debt in real terms then the federal government should only be involved in its Constitutional mandate of national defense and security, and law enforcement. This being the case what should happen if the Tea Party takes power is to abolish all cabinet departments but the original four of State, Treasury, Defense(War), and Justice, as well as all of the executive branch agencies which came into existence after the founding of those original four with the exception of course the executive agencies which are under the original four cabinet departments. The federal government should thus have no involvement in the funding of the multitude of initiatives which it became responsible for funding pretty much at the beginning of the 20th century on up through the present day. An exhaustive list in what that would mean in real terms to the live of everyday Americans would take a book on its own to fully list and explain. But try and sit down and figure out everything that your tax dollars pay for around you everday and look at what they have paid for over the past century and then see if you think the country would have been better off without them or if they had been entirely left up to the private sector. Really ponder it honestly. Because that is where we headed folks. And as with almost everything that Americans say they want based on polls it is most definitely really what they want or they would have acteed completely differently from the way they do. There really is no other explanation to explain why things are the way they have become over the past thirty years politically and economically.
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by lami987 October 31, 2010 8:50 PM EDT
America is full of super rich company executives. They are earning obscene amounts of salaries and other perks compared to their employees. They'll earn even more if they ship their operations to low wage countries. But they themselves are going to continue receiving the inflated American executive compensations even their operations are shipped to other countries. They will continue to pay American super low tax rate apply only to wealthy Americans. Those tax rates were written by American business lobbyists. Warren Buffett once said his tax rate was lower than that of his secretary. Most Americans know right then there are serious tax loop holes in our tax system. Unfortunately many of our corrupt politicians still insist on cutting taxes even for the very rich.
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by davidileo October 31, 2010 8:46 PM EDT
I have been watching 60 minutes for about as many decades as it has been on the air. The 2 stories tonight, Preview: Anger In The Land and Deficit: Taxing the Rich are 2 of the most powerful stories ever presented at a time when they most need to be heard. The stories go beyond Newton, Maytag, the rich, etc. The stories are about the pain in America caused by the greed of the everyone and certainly the wealthy (you heard that the top 5% have gone from $8T to $40T in wealth) and the lack of reality on the part of the entire public. The wealthy from Wall Street to Bentonville to Silicon Valley to wherever the Top 50 or so hedge fund managers live to wherever Corporate CEOs and their henchman live are to blame. This is not an argument for the redistribution of wealth because responsible people like Bill Gates and Warren Buffet understand how to use their wealth for the most part. It's the on-going greed that goes beyond enough. We all also need to understand that America the Great requires us to pay taxes at a reasonable rate to support all the things we all want. Yes, we need to contain expense and not fight wasteful wars and not pay retired congresspeople lifetimes of comfort for 2, 4, or 6 years of work but we need to pay our fair share of taxes as well and stop crying about it. How can we be against deficits when we don't want to cut expenses? People with jobs want to cut health care for everyone until they don't have a job. People who have made lots of money in their lives want to cut social security for those that have made minimum wage all their lives because the wealthy don't want to pay taxes to educate our children. This is the way towards a third world country. Libertarians want limited taxes and government and no universal health care. Are they going to volunteer to shovel poor dead bodies into free mass graves in a land fill? Is that the alternative?
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by armstp01 October 31, 2010 8:18 PM EDT
This story is completely garbage. Sorry 60 Minutes, but your journalistic standards are slipping with this story. This story is not about the recession whatsoever.

This is a typical story about corporate outsourcing in a small company town. The reason that city is economically depressed is because Maytag closed down its plant and 2,500 Maytag jobs went away. It is likely the Maytag plant would have closed and relocated to Mexico with or without a recession.

What people should be angry about in this story is not the recession per se, but the fact the corporations continue to outsource jobs in this country. This is a story about outsourcing and not the recession.

It is also likely that every other job that was lost is a direct result of the Maytag factory shutting down, even likely the Windstream jobs, although Windstream has been consolidating their own operations, given their own recent acquisitions of other companies, so the Windstream job losses also likely have nothing to do with the recession.

I think journalists need to be very careful with these recession stories. Journalists are confusing job and economic impacts from the recession and those that are more structural. Voters also need to be aware of the differences. For example, Republicans and the Chamber of Commerce are very much for promoting further outsourcing in America. Obama and the Democrats have been trying to take away the tax benefits that many U.S. companies receive from outsourcing.
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by johnboy32 October 31, 2010 7:54 PM EDT
It's been my belief for several months.....and I wish investigative reporters would look into this......
that there's an agreement among the banks and big businesses to maintain unemployment as long as it takes to prevent "TAX INCREASE FOR THE WEALTHY" and any other regulations or laws that can be controlled by dispensing with President Obama.

Yes, I believe with enough digging it would be found that Karl Rove and others have their agreement in place: When Americans get angry enough at the party being blamed for the huge national debt (which happened to baloon after January 2009, according to the Republican line; NOTHING to do with the 8 Bush-Cheney years!) they will vote the Democrats out, and
the rich will get richer. Who knows what will happen to the poor souls who believed this line and voted for more power to the powerful.

How much wealth does one person need???
How much POWER does that person want?!?

We have far too many of these obscenely wealthy, greedy, power-loving individuals who are playing a gigantic game of Monopoly with our lives.
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by alwc1965 October 31, 2010 7:48 PM EDT
What I do not understand about people in this story. Or anybody that thinks any election is going to make a difference. If a company like Maytag moves jobs to Mexico. Then their is nothing the Local Government can do to stop that move. Nor the Federal Government. Only the people that buy these products know where its made. And they are the ones that can tell Maytag if you are going to make this product outside of U.S. Then i will just not buy that product. And if more people do the same. Then companies like Maytag, AT&T, and others will go out of business until they move these products back to U.S. And this is the only way we can get across to Big Corp's that we need jobs in U.S. not in Mexico, Canada, China, India. Let those contries support the products they make go to those countries.
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