On Sun, 12 Apr 2009 20:53:30 GMT, notbob > wrote:
>On 2009-04-12, modom (palindrome guy) > wrote:
>
>> Thanks for posting that. I suppose you've seen this pictu
>> http://mcsearcher.files.wordpress.co...p-you-fers.jpg
>
>No, but it's a hoot. Unfortunately, there's no longer any reason to jump.
>In fact, don't jump and get $$$ bonus, courtesy the moron can't-be-bothered
>US taxpayer.
>
>Used to be we were known as an industrial economy. Then, in the 80-90s, an
>"information" economy. Now, apparently, a "fraud" economy. If we keep it
>up, we'll be a 3rd World economy. Perhaps a "drug" economy, supplying drugs
>to more properous nations. History says China is partial to opium and
>god knows we can grow anything. :|
>
You might find this blog a useful source of information:
http://baselinescenario.com/
One of the contributers is former IMF chief economist Simon Johnson,
whose article in the Atlantic
(
http://www.theatlantic.com/doc/200905/imf-advice) argues that our
distorted economy has undermined US democratic institutions, leading
to a sort of "groupthink" among policy makers unable to view the world
outside a Wall Street banker's POV. When that happened in Indonesia,
we called it crony capitalism.
Particularly striking is the concentration of wealth in recent years.
This chart
http://www.theatlantic.com/images/is...nson-chart.gif
tells quite a tale. Right about the beginning of this decade, the
financial sector commanded an amazing 40+% of ALL US corporate
profits. With the tumbling of financials lately, that percentage has
declined, but it's still about double what it was in the 70s. (One
wonders if those alleged profits represent misstated numbers based on
sunny estimates for CMOs, CDOs, CDOs-squared, CDSs, and other
financial turd pies, by the way.)
Also average compensation for financial workers has risen to
approximately 200% of the average of all US workers in recent years.
In the post-war years up through the 1970s, that number hovered around
115-120%.
As TR said, we are presided over by "malefactors of great wealth."
The capitalist line is that banks and other financial institutions
create jobs by aggregating savings and lending money to start-ups,
entrepreneurs, and established businesses seeking to grow. Looks to
me like they are only making dollars. They care not for jobs, goods
or services, except that they can buy them with their dollars.
--
modom