Not in a depression? 1 in 2 Americans are now poor or low income
2011 Dec 16, 1:49am 23,805 views 101 comments
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Huntington Moneyworth III, Esq
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2011 Dec 16, 2:46am
And it is beautiful! A couple more bailouts and we will reach the goal of 99% below poverty. Now go eat your fried foods and watch your moving pictures.
Huntington Moneyworth III, Esq
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2011 Dec 16, 2:50am
Also should note that the poor wretch waiting for the soup kitchen to open has an environmentally sustainable "green" bag. Kudos to him for protecting the environment so that I may despoil it.
Dan8267
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2011 Dec 16, 2:54am
Huntington Moneyworth III, Esq says
Also should note that the poor wretch waiting for the soup kitchen to open has an environmentally sustainable "green" bag.
He'll need to eat that green bag to survive.
Dan8267
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2011 Dec 16, 3:32am
The public sector unions were propped up as was Chrysler and General Motors (union jobs were at risk, after all). And Wall Street and the Banks were totally propped up. It ain't a Depression for them.
Fair enough. I agree with that. But as you suggest, that's not really avoiding a depression but protecting a small group at the expense of everyone else.
next generation of economists who don't worship FDR's as
I think it's more of a Keynesian worship than an FDR worship. FDR wasn't even mentioned in my economics class back in 1993. The text and the professor completely revolved around the models of John Maynard Keynes. Sure, the course mentioned some per-Keynesian ideas, which it called "classical economics, but it never mentioned the Austrian model.
I would also argue that it is precisely Keynesian ideas that have gotten us into this whole mess.
shrekgrinch says
Welcome to Obama's America! You just summed up The One's philosophy about business policies rather smartly.
Obama's America is the same as Bush's America. Are you really suggesting that the Republicans are any better on these issues? In this respect, both parties are exactly the same.
Both parties tax and borrow to spend recklessly. The only difference is what they spend the money on. Dems spend it on welfare, and Repubs spend it on killing brown foreigners with funny sounding names. Bill Maher's analysis in the other thread was spot on.
But push comes to shove, both parties always defend the interests of Wall Street, the big banks (not the small ones), and transnational corporations.
low skilled, poorly educated people in America have become rather useless in our economy as far as production is concerned
And the same thing is happening to high skilled, heavily educated people in America. Our economic system is broke on many levels.
TPB
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2011 Dec 16, 3:40am
Wow Shrenk, I don't care for the Neo Libs ether, but I'll take "New Deal" FDR polices over "Raw Deal" Bush Obama economic policies any day of the Millenia.
tatupu70
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2011 Dec 16, 4:09am
I would also argue that it is precisely Keynesian ideas that have gotten us into this whole mess.
OK--please make that argument. I'm all ears.
Comments 1 - 6 of 101 Next » Last » Search these comments
As mentioned in today's links, 1 in 2 Americans are now poor or low income.
Explain to me then, exactly how the Federal Government's efforts to bail out too-big-to-fail banks and prop up housing prices avoided a depression?
50% of the people in our country are below the poverty threshold. Isn't that about the same level as during the First Great Depression?
Nothing the government did avoided a depression. In fact, its actions deepened and prolonged the Second Great Depression. I think we can say definitively, that bailing out the major banks was the wrong thing to do. It destroyed trust and accountability and that prevents future business transactions because all business requires a certain level of trust, and without that trust, no business can be done. Commerce dies.
#housing