The Latest in Junk Economics

M

midcan5

Member
By Michael Hudson

"...In the face of this stultifying financial trend, the book-buying public is being fed appetizers pretending that economic recovery simply requires more “incentives” (special tax breaks for the rich) to encourage more “saving,” as if savings automatically finance new capital investment and hiring rather than what really happens: money lent out to create yet more debt owed by the bottom 90 percent to the economy’s top 10 percent.

After blaming Alan Greenspan for playing the role of “useful idiot” by promoting deregulation and blocking prosecution of financial fraud, most writers trot out the approved panaceas: federal regulation of derivatives (or even banning them altogether), a Tobin tax on securities transactions, closure of offshore banking centers and ending their tax-avoidance stratagems. No one presumes to go to the root of the financial problem by removing the general tax deductibility of interest that has subsidized debt leveraging, by taxing “capital” gains at the same rate as wages and profits, or by closing the notorious tax loopholes for the finance, insurance and real estate (FIRE) sectors."

http://www.counterpunch.com/hudson05202009.html
 
word, Obama won't do it because of the cost.
Kudlow is really starting to make me puke with his bible thumping racism towards Obama
 
Jobs are the key. And manufacruting jobs have been on a steady decline for over a decade.
Minimum wage service industry jobs will not cut it unless we want to be a second rate country.
 
manufacturing jobs are going to keep going overseas too. I hear GM wants to ship another 50,000 jobs to china.
We can not compete on snapping things togther.
 
ahh it you have no skills and long for a job snapping shit together, then yes.
If your an engineer designing shit then no. tard
 
Topspin said:
manufacturing jobs are going to keep going overseas too. I hear GM wants to ship another 50,000 jobs to china.
We can not compete on snapping things togther.
Click to expand...

Sure we can compete, we just need to stop allowing slave labor into the international work force.

globalization is a colossal joke which will be ending shortly.
 
Manufacturing jobs were great when they actually required a skilled workforce. But designers and engineers have shifted more and more towards modular designs. That is why Topspin's description of "snapping things together" is fairly accurate.

Also there was a time when the long term quality of an item was one of the primary concerns and price was the second concern. That is gone now and price is usually the biggest concern.

Long lasting items (ones you would get repaired) are fading fast. We repair our homes and our cars but pretty much everything else we replace. So cheap products will sell better. And cheap labor is a big part of a cheap product.
 
WinterBorn said:
Manufacturing jobs were great when they actually required a skilled workforce. But designers and engineers have shifted more and more towards modular designs. That is why Topspin's description of "snapping things together" is fairly accurate.

Also there was a time when the long term quality of an item was one of the primary concerns and price was the second concern. That is gone now and price is usually the biggest concern.

Long lasting items (ones you would get repaired) are fading fast. We repair our homes and our cars but pretty much everything else we replace. So cheap products will sell better. And cheap labor is a big part of a cheap product.
Click to expand...

Engineering jobs are shifted overseas as well. Globalization is a war on the american middle class, and the sooner we realize that and stop drinking the koolaid, we will be better off.
 
AssHatZombie said:
Engineering jobs are shifted overseas as well. Globalization is a war on the american middle class, and the sooner we realize that and stop drinking the koolaid, we will be better off.
Click to expand...

People will always buy the cheaper product unless there is a huge difference in the quality.

If a manufacturer can get it made overseas for a lot less they will make more selling it here. Those are tha facts of life. You can try tariffs and extra taxes but it isn't going to work.

Globalization is not going to go away.
 
WinterBorn said:
People will always buy the cheaper product unless there is a huge difference in the quality.

If a manufacturer can get it made overseas for a lot less they will make more selling it here. Those are tha facts of life. You can try tariffs and extra taxes but it isn't going to work.

Globalization is not going to go away.
Click to expand...

Markets are sculpted within in a mix of competeing concerns, profit it not the only one. Tariffs and other trade restrictions are excellent tools to use for this purpose. The concept of business unbounded by the traditional other considerations is just a new form of idiotic zealotry. It's going away quite soon.
 
AssHatZombie said:
Markets are sculpted within in a mix of competeing concerns, profit it not the only one. Tariffs and other trade restrictions are excellent tools to use for this purpose. The concept of business unbounded by the traditional other considerations is just a new form of idiotic zealotry. It's going away quite soon.
Click to expand...

What will make it go away? There are plenty of forces driving it. What do you think will stop it?
 
AssHatZombie said:
I think world citizens realizing it's a fascist screw job will ultimately derail it.
Click to expand...

I can't speak for the world's citizens, but most americans could care less. Give them cheap gas, american idol and a new crisis every week and they won't pay attention to anything else.
 
which is why we won't get the tarrifs that would keep the jobs here.
Tell your kids to go to college because unskilled labor is going to keep getting cheaper here.
 
WinterBorn said:
I can't speak for the world's citizens, but most americans could care less. Give them cheap gas, american idol and a new crisis every week and they won't pay attention to anything else.
Click to expand...

They're waking up, considering the hardships caused by the fiat currency zealot banker class and their washington stool pigeons.
 
AssHatZombie said:
They're waking up, considering the hardships caused by the fiat currency zealot banker class and their washington stool pigeons.
Click to expand...

I'd call that bullshit. They are whining because things are getting tough. But I bet more people know who won american idol and survivor than know the definition of "fiat currency" or whether their bank is stable.
 
You must log in or register to reply here.
Back
Top