... after viewing this clip I submit that Reich is an idiot totally out of touch with reality.
I am in construction, have been for 35 years, and there is NO work. NONE...nadda...bupkis....
And the street corners near every building supply are filled with literally hundreds of our Hispanic brethren who will work for $10.00 and hour as compared to what a skilled worker, OF WHATEVER COLOR, should get.
Well you get the picture.
And it's been this way for years.....
Now what the ReichIdiot is saying may be true, folks making no money should get help, but he is saying it the wrong way. The Rethugs love this kind of Dem stupidity and misstatement.
I think he should go....
....and soon.
America doesn't need someone as just plain dumb as this guy is about the social realities.
If you're going to continue with the notable & quotable series, I suggest Tony's 2 comments today be candidates.
Economic justice, or basing distribution to ensure that all segments of U.S. citizens get equal opportunity is one of Jim Webbs ideas (he has been oh so blasted on oh so much on this). I think he has a strong point for if a particular ethnicity/age/sex is being discriminated against, it will show up in the $$$, in opportunity as well (say college graduation rates or getting in - which getting into college these days for all Americans is looking like something out of the Survivor TV show).
Case in point women's wages are still way beyond white male, blacks overall median income still way below....but by doing it through economic fairness I think it will take into account better some of these problems, esp. when segment demographics are not static.
Paul Krugman (I'm pretty sure it was Krugman) wrote a short article in which he confessed that he used to dismiss such political considerations as lams712 correctly notes that Reich ignores. But, Krugman continued, the evidence that economic rewards were going, not just overwhelmingly, but almost entirely, to just the top one percent (actually, according to other studies, the top one tenth of one percent, or about, if I recall correctly, 17,000 households) had forced him to question economic conventional wisdom, and begin to examine political actions for their economic impact. If anyone remembers that Krugman column, and can provide a link, I would appreciate it. I tried to find it a few months ago, without success.
But what I really want to do here is ask lams712 to read a different article on what's changed since the 1960s, and report back here how it compares to Reich's book. Because it seems to me - based only on lams712's review here - that Reich is ignoring what I consider one of the most important detrimental economic developments of the past half century, financialization.
I am referring to the work of I would you to the work of Dr. James Crotty, of the University of Massachusetts, Amherst, who has written about the effects of neo-liberal economics on non-financial companies, as well as increased competition. Generally, what Crotty is addressing is the rise and entrenchment of economic neo-liberalism.
There has been a dramatic shift that began slowly in the 1960s go-go years of multi-national conglomeritization, and greatly accelerated in the late 1970s beginnings of leveraged buy-out banditry, that has completely replaced the conception of actual industrial management with what Crotty calls a “financial portfolio” conception of industrial assets. We have now raised, trained, and succored (nay, richly rewarded) three generations of financiers and corporate managers who no longer have “the Chandlerian view” of an industrial enterprise as “an integrated, coherent combination of relatively illiquid real assets” that require long-term development and management of relations with employees, vendors, customers, and community to be successful. Rather, they view an industrial enterprise “as a ‘portfolio’ of liquid subunits that home-office management must continually restructure to maximize the stock price at every point in time.”
I agree with you and even worse, there are already billions of dollars and possibly millions of jobs using taxpayer money that are offshore outsourced. The government and states are using offshore outsourcing in a host of jobs, especially in social services.
So, call them and demand they keep that U.S. taxpayer money in our economy, in the United States domestic economy as well as demand they put in clauses that those jobs go to Americans (U.S. citizens, perm residents), or "Americans preferred".
This is nuts. I see the offshore outsourcing businesses plain lying up to the D.C. door as they watch this go through Congress, salivating at the prospect of obtaining billions in U.S. contracts.
It looks like India and China will just get richer with this stimulus. There is no clause in the stimulus to use American Workers instead of Temporary Visa Workers. Sad Day for America.
Since you are writing about US products, buy American, US manufacturing, you might consider creating an account on EP (upper right). We are a community blog which means you can write a blog post or an Instapopulist (just read all of the rules first) and many of us who are "regulars" are desperate to have the U.S. return to a production economy, boost in finished products, productions and especially focused on U.S. manufacturing. So, you will find kindred spirits here.
I could not agree more with your post, I stringently believe that without making the stimulus plan coincide with new "Buy American" provisions, it will be just as much a failure as Bush's economic stimulus checks, which went straight back into peoples bills, and never saw the light of day in the economy. We owe it to our children to turn around our manufacturing sector, Otherwise, they will be left to flipping burgers in an impoverished America.
There are tons more information about this and other Buy American topics and discussions at my favorite blog site www.AmericanBoom.com/blog, give it a look.
improve CAPTCHA algorithm for anonymous drive-bys, supplement with increased heuristics on just anonymous drive-bys. (Two heuristics profiles, one for anonymous drive-bys vs. registered possible blog vs. forum as well)
Note, anyone reading this I'm using this thread as notes to self but also if you have any suggestions, feature wish lists, complaints post them here.
I believe the BLS , U.S. census does not collect more relevant demographics. For example, national origin, guest worker status (they count guest workers in the unemployment stats), illegal status (huge underground economy, day labor, etc.)
On the CAPTCHA, yes it sucks but it is one of the best spam defenses.
To bypass CAPTCHA see upper right hand corner, create an account and all freaky letters go away and you don't have to deal with it.
The site is being worked on for a major upgrade. Many sites do not allow anonymous comments due to security/spam problems. I think that's ridiculous for many people just want to comment on one thing they saw but I'll note your complaint in the upgrade notes.
Agreed, Mr. Oak. It was very disturbing to me to see a recent Secretary of Labor betray such an astonishing ignorance about our current labor market, while complacently advancing policy suggestions based on that ignorance. Sometimes the veil drops on just how out of touch these people are.
(Btw guys, I am of sound mind and body, understand case, and have no known reading or typing disabilties, but your captcha is ridiculous. Most of the times I've tried to comment here I've had to throw up my hands in defeat. This is effort #7 for this try - let's see if can figure out what I'm supposed to copy.)
but I know for those not familiar with LEI, M1, CPI, if you just put a little "refresher" brain box in the post, like you are writing a educational text....that's my suggestion.
This is one awesome analysis bottom line and if you manage to adapt KRWI (which might be implied) you gotta show this to some major economists for review, ya gotta.
because when FDR has his rubber stamp Congress, they had a lot of those plans really fleshed out. So, the entire focus being on "success" "influence" "partisanship" instead of detailed, effective competent management is scary.
While I believe the Clinton administration did some of the most corrupt policy and legislation...I also think they were effective government managers. and Bush....just through the entire word administration to the wind, like it's just a PR problem.
Well, I don't know who you are trying to claim is deceptive...
but I don't have a "hit/miss" analysis of the CBO but it sure seems to me they have been dead wrong a lot in their estimates.
I personally trust the statistical methods and accuracy of the GAO much more than I do on CBO reports.
This is a good example, we have this fairly dire report yet then the CBO blog updated their post to claim that the package will create the claimed number of jobs! Well, where are they getting those numbers from? What's the breakdown?
One cannot claim x number of jobs are being created without a more detailed breakdown and if see yet another one of these GDP ratios claiming a 1% increase equals 1 million jobs or that a 1% increase in government spending equals a 1% increase in GDP.
For one problem alone is we have phantom GDP these days due to globalization.
If you are criticizing me, all I said was they need to examine precisely how WWII they ramped up manufacturing in a matter of a few months, they need to speed up deployment.
Midtowng. What (s)he is referring to is we just got picked up as an authoritative news source on seeking alpha.
I had something similar happen when I wrote an Instapopulist on GM sending bail out money to Brazil. We had a GM representative claim it was not true so I updated the post with that comment, yet kept the source of the original quote. I have yet to see it disproved but the point is to be deadly accurate...
because we are starting to get picked up as an authoritative source, accuracy & credibility is key.
So may I suggest checking all of your sources again and updating the post.
Estonia is the dribble puddle for the icicle called Finland (across the Baltic sea, Gulf of Finland) and frankly it's so damn cold at this time of the year I doubt they had people running the streets in protest. Their economy is very well managed, while implementing a lot of "market based" policies, it's small, homogeneous demographics and it's implemented very differently than the U.S.
In addition, they have zero debt and I am unsure of their banking regulations but they have just a few banks and I do not believe got suckered into the Ponzi scheme.
If this person lives there they probably know what's going on in that domestic economy/political environment. Bottom line Estonia is not the same as the situation in Iceland or even the UK.
(sorry about the short end of the Popsicle comment, couldn't resist!)
....this is how the political process 'works'. You know the meme about sausage, right?
This 'package' will most probably fail. Then it will be back to the drawing board because I really think the citizenry is going to be quite upset when it does.
Obama and his team appear, that's appear, to be positioning themselves for Round II: The End of Tax Cuts which should see them hammering the Upper Tenth and big corporations such as G.E. for all the cash they've been sucking up from the productivity gains in the economy over the last eight years.
Or I could be totally delusional in hoping for the best.
Look at that bottom line that stays flat no matter how much derivatives increases. That’s the amount held by end-users. End-users ?! So it’s the banks that are holding most of the derivatives. Now, this is just commercial banks, and does not include derivatives activities of investment banks.
Derivatives holdings of all other reporting bank holding companies in the United States was $88 billion.
In fact, only five commercial mega-banks - J.P. Morgan Chase, HSBC, Citibank, Bank of America, and Wachovia – account for well over 90 percent of derivatives activities by commercial banks. Here’s a graph from the OCC report:
(1) year-over-year M1 money supply is greater than year-over-year CPI consumer inflation
AND
(2) 12 months previously the yield curve was inverted, i.e., long bonds (10 year) paid less interest than short term bonds (3 months).
The KRWI has been "infallible" since 1960.
After I look at interest rates (the #2 part of the indicator) tomorrow, I will go back and draw some conclusions. I'll try to make that as easy to read as possible.
I'm not sure, but the point is, that I kinda live in Tallinn, the Capital of Estonia and from my point of view, I do not need a news site supporting my argument about something that isn't there.
Also, I do not remember seeing a referral about this supposed event in the original post as well...I wonder if it's because it didn't happen.
... after viewing this clip I submit that Reich is an idiot totally out of touch with reality.
I am in construction, have been for 35 years, and there is NO work. NONE...nadda...bupkis....
And the street corners near every building supply are filled with literally hundreds of our Hispanic brethren who will work for $10.00 and hour as compared to what a skilled worker, OF WHATEVER COLOR, should get.
Well you get the picture.
And it's been this way for years.....
Now what the ReichIdiot is saying may be true, folks making no money should get help, but he is saying it the wrong way. The Rethugs love this kind of Dem stupidity and misstatement.
I think he should go....
....and soon.
America doesn't need someone as just plain dumb as this guy is about the social realities.
It ain't 1965 no more Mr. Reich.
....is Reich a member of the slave owner's propaganda machine as I have long believed?
Or is he a 'Hero of the Underclass'?
Maybe he's just brain damaged as happens all too often in D.C.
The clips I've seen of him talking do not show someone who 'gets it...'
Will have to start paying more attention.
If you're going to continue with the notable & quotable series, I suggest Tony's 2 comments today be candidates.
Economic justice, or basing distribution to ensure that all segments of U.S. citizens get equal opportunity is one of Jim Webbs ideas (he has been oh so blasted on oh so much on this). I think he has a strong point for if a particular ethnicity/age/sex is being discriminated against, it will show up in the $$$, in opportunity as well (say college graduation rates or getting in - which getting into college these days for all Americans is looking like something out of the Survivor TV show).
Case in point women's wages are still way beyond white male, blacks overall median income still way below....but by doing it through economic fairness I think it will take into account better some of these problems, esp. when segment demographics are not static.
Paul Krugman (I'm pretty sure it was Krugman) wrote a short article in which he confessed that he used to dismiss such political considerations as lams712 correctly notes that Reich ignores. But, Krugman continued, the evidence that economic rewards were going, not just overwhelmingly, but almost entirely, to just the top one percent (actually, according to other studies, the top one tenth of one percent, or about, if I recall correctly, 17,000 households) had forced him to question economic conventional wisdom, and begin to examine political actions for their economic impact. If anyone remembers that Krugman column, and can provide a link, I would appreciate it. I tried to find it a few months ago, without success.
But what I really want to do here is ask lams712 to read a different article on what's changed since the 1960s, and report back here how it compares to Reich's book. Because it seems to me - based only on lams712's review here - that Reich is ignoring what I consider one of the most important detrimental economic developments of the past half century, financialization.
I am referring to the work of I would you to the work of Dr. James Crotty, of the University of Massachusetts, Amherst, who has written about the effects of neo-liberal economics on non-financial companies, as well as increased competition. Generally, what Crotty is addressing is the rise and entrenchment of economic neo-liberalism.
The Effects of Increased Product Market Competition and Changes in
Financial Markets on the Performance of Nonfinancial Corporations in the Neoliberal Era
There has been a dramatic shift that began slowly in the 1960s go-go years of multi-national conglomeritization, and greatly accelerated in the late 1970s beginnings of leveraged buy-out banditry, that has completely replaced the conception of actual industrial management with what Crotty calls a “financial portfolio” conception of industrial assets. We have now raised, trained, and succored (nay, richly rewarded) three generations of financiers and corporate managers who no longer have “the Chandlerian view” of an industrial enterprise as “an integrated, coherent combination of relatively illiquid real assets” that require long-term development and management of relations with employees, vendors, customers, and community to be successful. Rather, they view an industrial enterprise “as a ‘portfolio’ of liquid subunits that home-office management must continually restructure to maximize the stock price at every point in time.”
I agree with you and even worse, there are already billions of dollars and possibly millions of jobs using taxpayer money that are offshore outsourced. The government and states are using offshore outsourcing in a host of jobs, especially in social services.
So, call them and demand they keep that U.S. taxpayer money in our economy, in the United States domestic economy as well as demand they put in clauses that those jobs go to Americans (U.S. citizens, perm residents), or "Americans preferred".
This is nuts. I see the offshore outsourcing businesses plain lying up to the D.C. door as they watch this go through Congress, salivating at the prospect of obtaining billions in U.S. contracts.
It looks like India and China will just get richer with this stimulus. There is no clause in the stimulus to use American Workers instead of Temporary Visa Workers. Sad Day for America.
Since you are writing about US products, buy American, US manufacturing, you might consider creating an account on EP (upper right). We are a community blog which means you can write a blog post or an Instapopulist (just read all of the rules first) and many of us who are "regulars" are desperate to have the U.S. return to a production economy, boost in finished products, productions and especially focused on U.S. manufacturing. So, you will find kindred spirits here.
I could not agree more with your post, I stringently believe that without making the stimulus plan coincide with new "Buy American" provisions, it will be just as much a failure as Bush's economic stimulus checks, which went straight back into peoples bills, and never saw the light of day in the economy. We owe it to our children to turn around our manufacturing sector, Otherwise, they will be left to flipping burgers in an impoverished America.
There are tons more information about this and other Buy American topics and discussions at my favorite blog site www.AmericanBoom.com/blog, give it a look.
improve CAPTCHA algorithm for anonymous drive-bys, supplement with increased heuristics on just anonymous drive-bys. (Two heuristics profiles, one for anonymous drive-bys vs. registered possible blog vs. forum as well)
Note, anyone reading this I'm using this thread as notes to self but also if you have any suggestions, feature wish lists, complaints post them here.
I believe the BLS , U.S. census does not collect more relevant demographics. For example, national origin, guest worker status (they count guest workers in the unemployment stats), illegal status (huge underground economy, day labor, etc.)
On the CAPTCHA, yes it sucks but it is one of the best spam defenses.
To bypass CAPTCHA see upper right hand corner, create an account and all freaky letters go away and you don't have to deal with it.
The site is being worked on for a major upgrade. Many sites do not allow anonymous comments due to security/spam problems. I think that's ridiculous for many people just want to comment on one thing they saw but I'll note your complaint in the upgrade notes.
Agreed, Mr. Oak. It was very disturbing to me to see a recent Secretary of Labor betray such an astonishing ignorance about our current labor market, while complacently advancing policy suggestions based on that ignorance. Sometimes the veil drops on just how out of touch these people are.
(Btw guys, I am of sound mind and body, understand case, and have no known reading or typing disabilties, but your captcha is ridiculous. Most of the times I've tried to comment here I've had to throw up my hands in defeat. This is effort #7 for this try - let's see if can figure out what I'm supposed to copy.)
but I know for those not familiar with LEI, M1, CPI, if you just put a little "refresher" brain box in the post, like you are writing a educational text....that's my suggestion.
This is one awesome analysis bottom line and if you manage to adapt KRWI (which might be implied) you gotta show this to some major economists for review, ya gotta.
because when FDR has his rubber stamp Congress, they had a lot of those plans really fleshed out. So, the entire focus being on "success" "influence" "partisanship" instead of detailed, effective competent management is scary.
While I believe the Clinton administration did some of the most corrupt policy and legislation...I also think they were effective government managers. and Bush....just through the entire word administration to the wind, like it's just a PR problem.
Well, I don't know who you are trying to claim is deceptive...
but I don't have a "hit/miss" analysis of the CBO but it sure seems to me they have been dead wrong a lot in their estimates.
I personally trust the statistical methods and accuracy of the GAO much more than I do on CBO reports.
This is a good example, we have this fairly dire report yet then the CBO blog updated their post to claim that the package will create the claimed number of jobs! Well, where are they getting those numbers from? What's the breakdown?
One cannot claim x number of jobs are being created without a more detailed breakdown and if see yet another one of these GDP ratios claiming a 1% increase equals 1 million jobs or that a 1% increase in government spending equals a 1% increase in GDP.
For one problem alone is we have phantom GDP these days due to globalization.
If you are criticizing me, all I said was they need to examine precisely how WWII they ramped up manufacturing in a matter of a few months, they need to speed up deployment.
That isn't deceptive at all.
Midtowng. What (s)he is referring to is we just got picked up as an authoritative news source on seeking alpha.
I had something similar happen when I wrote an Instapopulist on GM sending bail out money to Brazil. We had a GM representative claim it was not true so I updated the post with that comment, yet kept the source of the original quote. I have yet to see it disproved but the point is to be deadly accurate...
because we are starting to get picked up as an authoritative source, accuracy & credibility is key.
So may I suggest checking all of your sources again and updating the post.
Estonia is the dribble puddle for the icicle called Finland (across the Baltic sea, Gulf of Finland) and frankly it's so damn cold at this time of the year I doubt they had people running the streets in protest. Their economy is very well managed, while implementing a lot of "market based" policies, it's small, homogeneous demographics and it's implemented very differently than the U.S.
In addition, they have zero debt and I am unsure of their banking regulations but they have just a few banks and I do not believe got suckered into the Ponzi scheme.
If this person lives there they probably know what's going on in that domestic economy/political environment. Bottom line Estonia is not the same as the situation in Iceland or even the UK.
(sorry about the short end of the Popsicle comment, couldn't resist!)
If you use the search, there are some really good posts on EP on derivatives but it looks like none of them include the raw data you are displaying.
Perhaps you want to do a "hard core" data/stats/graph update on derivatives blog piece?
This is damn good juju.
....this is how the political process 'works'. You know the meme about sausage, right?
This 'package' will most probably fail. Then it will be back to the drawing board because I really think the citizenry is going to be quite upset when it does.
Obama and his team appear, that's appear, to be positioning themselves for Round II: The End of Tax Cuts which should see them hammering the Upper Tenth and big corporations such as G.E. for all the cash they've been sucking up from the productivity gains in the economy over the last eight years.
Or I could be totally delusional in hoping for the best.
Take a look at this graph from the Third Quarter 2007 Report on Bank Derivatives Activities by the Office of the Comptroller of the Currency
Look at that bottom line that stays flat no matter how much derivatives increases. That’s the amount held by end-users. End-users ?! So it’s the banks that are holding most of the derivatives. Now, this is just commercial banks, and does not include derivatives activities of investment banks.
According to the Federal Reserve Board’s Report on the Condition of the U.S. Banking Industry: Second Quarter, 2006
derivatives holdings of the 50 largest bank holding companies as of the second quarter of 2006 totaled $ 117,631 billion, or $117.6 trillion.
Derivatives holdings of all other reporting bank holding companies in the United States was $88 billion.
In fact, only five commercial mega-banks - J.P. Morgan Chase, HSBC, Citibank, Bank of America, and Wachovia – account for well over 90 percent of derivatives activities by commercial banks. Here’s a graph from the OCC report:
generated when BOTH of two conditions are met:
(1) year-over-year M1 money supply is greater than year-over-year CPI consumer inflation
AND
(2) 12 months previously the yield curve was inverted, i.e., long bonds (10 year) paid less interest than short term bonds (3 months).
The KRWI has been "infallible" since 1960.
After I look at interest rates (the #2 part of the indicator) tomorrow, I will go back and draw some conclusions. I'll try to make that as easy to read as possible.
I'm not sure, but the point is, that I kinda live in Tallinn, the Capital of Estonia and from my point of view, I do not need a news site supporting my argument about something that isn't there.
Also, I do not remember seeing a referral about this supposed event in the original post as well...I wonder if it's because it didn't happen.
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