The political economy remains in the toilet, and millions suffer. The unemployment is right around 9.2% and that doesn't even count those that gave up looking for work, or those working at wages far below their earning power just a short time ago. The changes that I wrote about that needed to me made in the capital markets never took place. While the investment game goes on, there is much damage that has not been repaired. When you take away all the fancy words and phrases from the economic pie, we are left with one word that means everything: confidence. Without confidence in the game people don't bet, and they take their money off the table. Every gamble that we make, we make because we feel there is a chase we may win. Whether we play the ponies or the slots or blackjack, we feel at least that the game is on the up and up and we have a chance. Unfortunately, when it comes to Wall Street, the investment bankers don't really care if people have a chance to win. Shooting fish in a barrel, a guaranteed win is what they are after. What is insider trading if not an attempt at knowing you are going to win before the game is even played. Unfortunately, The Wall Street & Washington Alliance controls the economy of the United States. As long as the people permit this situation to exist, unemployment and the recovery will linger. The fact that government spending to rebuild and repair the infrastructure of the United States is not happening is a testament to the fact that even solid economic principles can be buried over by bullshit from the Republican Party. The Republican Party stands for the destruction of the middle class. The middle class in many parts of the country are dumb enough to swallow their economic nonsense. The 2012 presidential election will be the year that we find out just how stupid the middle class is in America. Economics is not that difficult to understand, but it has been perverted to a point by the Republican Party beyond recognition. Has anyone seen a Nobel Prize winning economist buy into the Republican economic nonsense?
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3 comments:
That's not all of it, Fred. American Business, "Big business", is sitting on RECORD profits. Their coffers are full. But they won't spend the money to put people to work and in doing so, make President Obama look good. They'll wait for a "Business Friendly" Republican to be in office and THEN they'll put people to work. The American economy is driven by the spending power of the American Working Person. It won't get better until we get back to work.
The Republicans may do more damage to the US long term if they don't do something about the debt situation. Even Warren Buffett thinks the Republicans will do some significant damage to the US if the debt ceiling isn't addressed. Interesting times ahead.
I'm afraid my husband will lose his job in the double-dip, and he is already making a third less at this job than he made at the last one.
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