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The author interviewed in the link believes that it's not just "becoming more 'normal'" - it ALWAYS WAS NORMAL for Capitalism to do that - and that the 1945-1980 period when the middle class florished was an "abnormality" - an oddity brought about by very unusual conditions. It's his belief that we are simply returning to NORMAL Capitalism - a situation where the rich get richer and the middle class gets poorer.
It wasn't my link, I'm simply restating what the authors' argument was.
Ken
It is becoming more the norm AS our economy strengthens. And that should raise a flag that something ain't quite right. Labor has not been sharing enough in gains moving forward, and it doesn't look to be improving. Jobs are up but median income not significantly.
The same ignorant folks saying "it is never going to end" were the ones' saying the Fed wouldn't even pare it back - that the FED didn't DARE because it would crash the market and the economy.
Those folks were wrong about BOTH of those things - just as they are wrong about nearly everything ELSE they've claimed.
The winding down of QE has started. That process WILL continue. QE will be gradually pared down - probably by $10B/month at a time. It may take a year, it may take 2 years, but it WILL end - and guess what? It WON'T crash either the market OR the economy - for the simple reason that's QE has NOT been all that propelled both.
Ken
Gee Ken, only pared by $10B month? And it may take 2 - better make that 10 - years? We are on Easy Wall Street! It's only a little over $1T annually they will be paring - if and when they get around to it. And we have YOUR word on it nothing will crash, correct? Never, ever?
It is becoming more the norm AS our economy strengthens. And that should raise a flag that something ain't quite right. Labor has not been sharing enough in gains moving forward, and it doesn't look to be improving. Jobs are up but median income not significantly.
What the businesses are making isn't fundamentally solid. You can't give raises based upon the whims of the government.
I don't think anyone that voted for Obama expected him to renominate the total failure that is Ben Bernanke. Granted, they refused to condemn him or hold him accountable for that.
Pop the bubbles before they inflate. That isn't the desire though is it?
I expected Obama to keep Bernanke. I felt he had a great grasp on what needed to be done.
Popping bubbles is not ever easy. Same during Greenspan. When people are making money it is hard to know when enough is enough. But business and profit from malfeasance needs to be controlled, regulated and/or punished, whatever it takes. Without individual and business malfeasance by the cart full from here to Tucumcari, I doubt we would have nearly seen the extent of such a crash in 2008.
Gee Ken, only pared by $10B month? And it may take 2 - better make that 10 - years? We are on Easy Wall Street! It's only a little over $1T annually they will be paring - if and when they get around to it. And we have YOUR word on it nothing will crash, correct? Never, ever?
Meanwhile China, India and Russia stockpile gold.
What? Are caught in some time warp?
QE was pared down by $10B or so in steps beginning last DECEMBER and is NOW DONE. It took 11 months and now QE is OVER. The last step down took place at the end of LAST MONTH.
And - as I predicted - the stock market DID NOT CRASH - in fact it's at RECORD HIGHS (even AFTER QE has ENDED).
It is becoming more the norm AS our economy strengthens. And that should raise a flag that something ain't quite right. Labor has not been sharing enough in gains moving forward, and it doesn't look to be improving. Jobs are up but median income not significantly.
With the spread of the internet overseas and the modernization of the formerly backward third world nations, foreign workers are much stronger competition for U.S. workers than was the case in the past. The global trend of those once backward nations stepping into the 21st century has had a profound impact on American workers. That's just a fact.
Gee Ken, only pared by $10B month? And it may take 2 - better make that 10 - years? We are on Easy Wall Street! It's only a little over $1T annually they will be paring - if and when they get around to it. And we have YOUR word on it nothing will crash, correct? Never, ever?
Meanwhile China, India and Russia stockpile gold.
This is old news. QE is done.
Gold languishes. Let them hoard it. Might be better for use than their own currency.
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