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View Diary: The Republicans want to talk about unemployment. Let's accommodate them. (74 comments)

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  •  Mixed bag here (1+ / 0-)
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    divineorder

    Excellent dissection of the false "party of business/party of labor" narrative. If anyone thinks labor - and particularly unions - are the enemy of robust business growth, take a look at Germany.

    But there are a couple of problems here. The Tax Justice Network study is a steaming pile of extrapolations. If we can assume this percentage of tax savings, and we assume this percentage of their money is invested in a certain way, and we assume we're talking about this many people, we can stack our assumptions this high.

    Puhleeze.

    My other problem here is the frequently repeated claim that this President has been so incredibly good for the stock market, 60%, etc.

    Don't get me wrong, this President has been good for corporate America. Stimulus, pulling back on carbon regs, payroll tax cut, not pushing Iran in to blocking the Straits of Hormuz.  We're far better off than we would be under a President McCain.

    However, the stock market in times of volatility - good or bad - is a study in psychology.  Give it a big bubble or a huge downward spiral, and it will massively overshoot.  Which is what it did in 2008.  

    Markets were depressed down to a very low level, which provides a big percentage increase when they recover. You could have elected a plate of eggplant parmegiana and seen a 35%-40% bounce.

    Which anyone who knows much about the market already knows, so you're not going to convince any of those people by crediting the Obama administration with being the Wizards of Wall Street.

    Its important to not stretch when making the broader arguments raised in this diary.  First, because it isn't neccessary - there are plenty of sound arguments that can be made. Second, because the skeptics and the trolls will focus on any one weak point and harp on that, ignoring the rest. Don't have a chink in your armor.

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