Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In this case it was drafted by this small group of people who represented about 25% of world's wealth:
- Sen. Aldrich and A.P. Andrews (Assistant Secretary of the United States Treasury Department),
- Paul Warburg (a naturalized German representing Kuhn, Loeb & Co.),
- Frank A. Vanderlip (president of the National City Bank of New York),
- Henry P. Davison (senior partner of J. P. Morgan Company),
- Charles D. Norton (president of the Morgan-dominated First National Bank of New York),
- Benjamin Strong (representing J. P. Morgan),
The "exceptionally dire circumstances" are that we don't create wealth through manufacturing or mining.
The artificial bump caused by your regressive currency tax on the poor in no way counters the long-term effects of no longer creating the wealth that once gave value to currency and separated work from slavery.
After decades of being increasingly offshored, manufacturing is returning the U.S.
"...For most U.S. companies, the trend to “offshore” manufacturing and assembly work to companies in China and other parts of Asia made economic sense at the time. Manufacturing facilities could be constructed in Asia at a lower cost than in the U.S. with little regulation, and labor could be provided at lower prices. Additionally, there was a general perception that U.S. quality levels were lower than offshore quality. But things began to change in the last few years as the economic recession reduced labor rates in the U.S. and labor rates in developing countries in Asia began to increase, leveling the playing field. Since 2010, more than 200 companies, mostly U.S.-based, have brought back production they had sent out of the country...
"Although no one keeps precise statistics, the retreat from offshoring is clear from various sources, including federal data on assistance to workers hurt by overseas moves. U.S. factory payrolls have grown for four straight years, with gains totaling about 650,000 jobs. That's a small fraction of the 6 million lost in the previous decade, but it still marks the biggest and longest stretch of manufacturing increases in a quarter century.
Harry Moser, an MIT-trained engineer who tracks the inflow of jobs, estimates that last year marked the first time since the offshoring trend began that factory jobs returning to the U.S. matched the number lost, at about 40,000 each...."
75% of people near retirement have saved less than $30,000 in 401Ks and other retirement accounts.
85% of low income households have ZERO money invested.
Median US Household Wealth has DROPPED since Obama declared a recovery had begun.
Average wages of the 99% DROPPED.
Most 401K money is not realized...as it can't be taken out without penalty unless you are 59.5 years +.
You are too head over heels in love with Obama to admit that Obama's QE trickle down policies have yet to have a significant impact on the majority of the lower and middle income families. Sure his trickle down policies have worked well for some - especially the 1% - but not most Americans.
1) So now it's Obama's fault that Americans' don't save enough? I got news for you, that's NOT a NEW trend, that's ALWAYS been the case - that's WHY FDR felt the need to create Social Security roughly 80 years ago.
2) "85% of LOW INCOME households have ZERO money invested"? Did you figure that out all by yourself???
DUH!!!!!
That's one of the defining charactistic of being "low income". Low income people RARELY invest money - that true under THIS President and EVERY OTHER PRESIDENT - but suddenly that's "Obama's fault"?
3) Median wealth didn't just "drop since Obama declared a recovey had begun". It dropped since the recession began UNDER BUSH.
And since wages are ALWAYS - and I mean ALWAYS - one of the very last things to bounce back in a recovery (ANY recovery) it's no surprise they are last this time around too.
DUH!!!
4) See above
5) Of course "most 401K money is not realized" - how is that different from ANY OTHER TIME - and how does that change the fact that EVENTUALLY that money WILL be REALIZE - and how does that change the fact that for MILLIONS of Americans who HAVE retired (50,000 turn 65 EVERY DAY) that money IS REALIZED?
You are appear to hate Obama so much that you can't admit that the middle and lower classes are ALWAYS the last to see significant improvement in ANY recovery.
After decades of being increasingly offshored, manufacturing is returning the U.S.
"...For most U.S. companies, the trend to “offshore” manufacturing and assembly work to companies in China and other parts of Asia made economic sense at the time. Manufacturing facilities could be constructed in Asia at a lower cost than in the U.S. with little regulation, and labor could be provided at lower prices. Additionally, there was a general perception that U.S. quality levels were lower than offshore quality. But things began to change in the last few years as the economic recession reduced labor rates in the U.S. and labor rates in developing countries in Asia began to increase, leveling the playing field. Since 2010, more than 200 companies, mostly U.S.-based, have brought back production they had sent out of the country...
"Although no one keeps precise statistics, the retreat from offshoring is clear from various sources, including federal data on assistance to workers hurt by overseas moves. U.S. factory payrolls have grown for four straight years, with gains totaling about 650,000 jobs. That's a small fraction of the 6 million lost in the previous decade, but it still marks the biggest and longest stretch of manufacturing increases in a quarter century.
Harry Moser, an MIT-trained engineer who tracks the inflow of jobs, estimates that last year marked the first time since the offshoring trend began that factory jobs returning to the U.S. matched the number lost, at about 40,000 each...."
We have a long way to go yet, but it seems that now - after decades of jobs being sent overseas, we're now finally starting to reverse that.
Ken
Those manufacturing the things sold elsewhere want those things also. They can't get them working for very little so they either demand more money or quit working.
Those manufacturing the things sold elsewhere want those things also. They can't get them working for very little so they either demand more money or quit working.
I was just pointing out one reason why people would move the jobs back. Where I work they tried to move some production to China (we had some there already). They sent people over to train them in the production of this product but because of the world being a smaller place now it didn't work.
The Chinese were fine making the easier product for what they were making but they had no desire to do the more labor intensive work required with these other products when they knew we were getting far more money to do it here.
Pay them more and they would. Pay them more and there was no reason to move the production.
The initial reaction is OUCH! Might be a plunge or steady decline, then another climb (for experienced traders to get out) only to be brought down with big swoops....after the professionals re-position their portfolios.
Essentially, stating that the market has known of this coming for a year, and so no surprises.
We shall see.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Fed ends qe
