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Obama has done a great job fixing the mess left behind by GWB and the Republicans. The obstructionists have to tried to sabotage his efforts, but they've failed.
The light at the end of the tunnel is almost in sight.
If he did then why does he have to keep pumping money into the economy to prop it up?
There is really no good reason for it... but don't be stupid and not take advantage of it... nice to see liberals loving capitalism while bashing it behind its back...
Thanks all. I suppose I am comparing a leading indicator (stock market) with a lagging indicator (unemployment), they seemed a bit out of wack to me.
If all this money is sloshing around Wall Street, but companies won't hire because of low demand, isn't this just another way of saying inequality undermines the economy? When the middle class is strong the economy is typically strong. And if the bulk of society is in the tank and cannot consume, haven't we just proven that trickle down policies just kill the Golden Goose over time?
Trickle down economics doesn't have anything to do with what we have in the labor market; you have been shedding good paying jobs for decades. Globalization, the internet, automation, surplus of labor, and illegal immigration has alot more to do with the high unemployment rate. If an American company want an engineer they used to have to hire American engineers and now they can get one from India or Russia for a fraction of the cost. If a company want to produce here they buy robots. Add in the fact that companies are cutting hours down to 29 because that is now defined as full time and this is what we get.
Trickle down economics doesn't have anything to do with what we have in the labor market; you have been shedding good paying jobs for decades. Globalization, the internet, automation, surplus of labor, and illegal immigration has alot more to do with the high unemployment rate. If an American company want an engineer they used to have to hire American engineers and now they can get one from India or Russia for a fraction of the cost. If a company want to produce here they buy robots. Add in the fact that companies are cutting hours down to 29 because that is now defined as full time and this is what we get.
In my read of history, the last event is very much like the Great Depression, but with a different government response. Tremendous deregulation and cuts in top tax rates fueled massive bubbles, and the working people felt the full brunt of it. In the most recent case, we (US citizens and our government) felt compelled to bail out the slimeballs at the top, but they felt no need to help out those at the bottom. We left that to the "job creators." Allowing the wealthiest to earn fraudulent profits, then to bail them out on top of it, is basically to support system that robs from the poor and gives to the rich. That seems to be where we are at to me.
Uncle Ben burning up the printing presses(notice fuel on the rise for no apparent reason?) combined with a stagnant government, which cannot medal in economical affairs.
380,000 first time unemployment filers this week. Still over a million a month first time filers for unemployment.
In my read of history, the last event is very much like the Great Depression, but with a different government response. Tremendous deregulation and cuts in top tax rates fueled massive bubbles, and the working people felt the full brunt of it. In the most recent case, we (US citizens and our government) felt compelled to bail out the slimeballs at the top, but they felt no need to help out those at the bottom. We left that to the "job creators." Allowing the wealthiest to earn fraudulent profits, then to bail them out on top of it, is basically to support system that robs from the poor and gives to the rich. That seems to be where we are at to me.
That's called crony capitalism. The US gov decided that the banks posed a systematic risk to the economy and were vital, but they did not break them up to diversify the financial sector. There are definite similarities to now and the great depression, namely the loss of purchasing power. One area whee we have perverse incentives in our market is we tax normal companies and CEO's at regular rates, but we let people that run hedge funds and the like to be taxed at capital gain rates.
Congress doesn't even have to obey the insider trading rules, they exempted themselves (again) last year.
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