Naked Capitalism - 21 basic points on the economy

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Pigeon
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Naked Capitalism - 21 basic points on the economy

Post by Pigeon » Wed Sep 05, 2012 1:24 am

Some basics on the economy
By Ian Welsh

1) the majority of new jobs are bad.

2) the economy has still not recovered all lost jobs, either in absolute #s or as a percentage of the population

3) so there are fewer jobs, and what new jobs have been created are worse. They pay worse.

4) The upper middle class job market has recovered, which is why those folks are no longer panicking and are telling you that the economy isn’t so bad as all that.

5) the failure to force the rich to take their losses and to break up the banks means that the same people who caused the 2007/8 financial crisis still control the economy and the government.

6) failure to restructure the economy to get off oil and over to an electrical economy means that the US (and the world) are caught in the oil price dilemna: any real recovery increases oil price and will be derailed by those high oil prices.

More at link

Seems to be the way the situation is playing out...

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Royal
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Re: Naked Capitalism - 21 basic points on the economy

Post by Royal » Wed Sep 05, 2012 2:40 am

Pretty accurate. The punishments protecting the capitalist system are paid for and discarded. Communism gets corrupted and is even worse. A new "ism" needs to be accounted for.

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