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The U.S. stock market has become further and further disconnected from the U.S. economy. All corporations are multinational now and they simply follow the growth around the world. All the "good" earnings reports this quarter were based on increased overseas revenues, not on U.S. sales.

Corporations now have the ability to go wherever the labor force and other business environment factors are favorable to making profits. There is nothing morally wrong with this, by the way, and corporations should be free to do this. If a country, such as the U.S. wants to attract more corporate activity, then it has to change its business environment to do so.

The upshot of all this is that the U.S. economy, particularly on the jobs front, may continue to lag substantially while U.S. corporations still make money for their shareholders by increasing profits from overseas operations.

Therefore, U.S. corporations -- manufacturing and so on -- will NOT be the major job drivers for any recovery in the U.S. They might contribute to market gains for equity holders, but they will continue to grow jobs overseas. This means that SMALL BUSINESS, more than ever, is the last stand for creating jobs here in the U.S. Yet the Obama administration is crushing small business as never before in history.

The ONLY businesses that MUST hire U.S. workers are those too small or too regional in their products/services to go overseas. Again, this means "small" business.

Since corporations are growing their jobs overseas, and Obama is crushing small business here, the result will be a dismal jobs picture for many years to come.

And, oh BTW: once the Obama administration figures out that the only people participating in corporate profits are those who own stock -- even though something like 93% of Americans own some stock -- this will be spun as the "rich" partaking in "overseas profits" while greedy corporations "won't" create jobs at home. This will lead to efforts to confiscate overseas profits.