Dean Baker: When Wall Street Rules, We Get Wall Street Rules

[marmar]

from HuffPost:




The middle class is getting whacked by the Great Recession. Fifteen million people are out of work, another 9 million workers can only find part-time jobs, and millions more have given up looking for work altogether. Those lucky enough to be employed are unlikely to see any substantial wage gains for years to come.

Millions of homeowners are facing the loss of their home and more than ten million are underwater in their mortgage. Most of the huge baby boom cohort is approaching retirement with little other than Social Security to support them, now that the collapse of the housing bubble has destroyed their home equity and much of the rest of their savings.

This pain is infuriating for two reasons. First, this was an entirely preventable disaster. The housing bubble was easy to see. Competent economists had long warned of its dangers.

The second reason why the current situation is infuriating is that we know how to get the economy out of this mess. We just need to boost demand. This can be done either with much more government stimulus, more aggressive monetary policy from the Fed, or pushing the dollar down to boost exports.

If this disaster was preventable and we know how to get out of it, why didn't our leaders try to stop it before it happened? Why don't they take the steps necessary now to get the economy moving again? ............(more)

The complete piece is at: http://www.huffingtonpost.com/dean-baker/when-wall-street-rules-we_b_688866.html

[indepat]

1. 'cause when the pubs are placated on virtually every issue, the pubs will rule,

thereby assuring we the people will be royally fu*ked in every way imaginable. See, that was way too easy! :)

[Skink]

2. why doesn't this guy work for Obama?

[Odin2005]

4. Because Obama is owned by Goldman Sucks

[WillyT]

3. K & R !!!

:kick: