Now from time to time, OLE has been known to opine that I am NOT a GENIUS---nor am I a gifted (you pick the descriptive adjective) economist, talking head or politico--or damn near anything else. The facts have been there for ANYONE to see and reason thru for many years-- Labor participation at a 50 year low Wages stagnant/declining for all but the very richest Americans for the last 30 years Unions on life support-- while predatory companies squeeze more work for less pay from their employees Profits & Productivity soaring--but corporate tax receipts, investment in capital equipment and spending generally down to less than during the great depression--while corporations sit on a pile of cash that exceeds 3.5 trillion So how is it that for the period from 2008 to 2014-- OLE has noticed that the M2 AND M4 Money Supply figures have indicated clearly that -- -- 1. QE would fail miserably because it primed the wrong pumps; and -- 2. The USAs stupid political focus on deficits and saving the wall street crowd would have a contraction impact on aggregate demand; and -- 3. That the policies of the Neo-Liberal Democrats were as bad as the Repub-Tpartiers-- and that both parties were leading us toward a disastrous deflationary period But the guys & gals at the Fed-- who are TASKED with reading the economic tea leaves and who are HIGHLY TRAINED economic gurus--didnt notice that their own reports clearly showed us in a deflationary trend and on the WRONG POLICY road? Perhaps OLE misunderstands their job-- maybe they arent supposed to take care of Americas economy--perhaps they have some OTHER agenda- like justify Milton Friedmans school of economic theory at any cost....or perhaps they are really Al-Qaeda/ISIS plants bent on destroying the USA. Almost ANY concept other than that they are competent economists is certainly more credible than the idea that they just noticed this--and that they are only NOW figuring out the implications of what their blatantly stupid policies have wrought over the past 4 decades since Reagan re-started cool Cals discredited supply side nonsense.You remember that nonsense guys and gals--it tipped us into the 1930s depression--based on-- wait for it-- the massive drop in aggregate consumer demand in caused. How is it that only this year have they finally come to the conclusion that consumers (not the 1%) are the cause of virtually all economic demand? John Maynard Keynes wrote about this subject in the 20s, 30s, 40s, 50s and 60s- How is it that they are flummoxed BY the simple fact that Americans are NO LONGER ABLE TO SPEND AS THEY DID when we paid attention to them and made policies that ensured their economic welfare--when there are economic models that clearly show the impact of trickle down on aggregate consumer demand? How did they miss the fact that those who are working 3 jobs at minimum wage to survive AND that people people who have been unemployed for 18+ month AND people who can only find work as temps at 50% reductions in pay AND people who had their credit reports destroyed by unplanned loss of jobs in 2008 based on the entire system falling off the cliff--dont get to buy on credit cards to support their fascist, misguided economic theories--and those of us lucky enough to have jobs are scared to death and spend as little as possible? Do they truly believe we are as blind to reality as they are? Do we LOOK THAT STUPID TO THEM? LET OLE CLEAR UP ANY CONFUSION YOU MAY HAVE GOVERNORS OF THE FEDERAL RESERVE-- WHEN PEOPLE ARE SUBJECTED TO ECONOMIC TERRORISM BY YOU AND YOUR RICH BUDDIES--THEY BECOME TERRORIZED--AND THEY DONT SPEND--THEY HOARD TO PROTECT THEIR FAMILIES AND WHAT FEW ASSETS THEY HAVE. THATS THE ECONOMIC REALITY OF YOUR REAGANESQUE TRICKLE DOWN POLICIES...AND THEY CONTAIN THE SEEDS OF AMERICAS DESTRUCTION-- AS LIBERALS HAVE BEEN WARNING FOR 3 DECADES.
Posted on: Sun, 07 Sep 2014 14:23:13 +0000
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