Skip to main content

View Diary: What's Happenin'? 5.22.13 (102 comments)

Comment Preferences

  •  Chicago-style economics (6+ / 0-)

    Really they should just shutter the whole place. What a disastrous failure for the 99%.

    We were so foolish to elevate Friedman to any kind of pedestal.  I remember that my father had his book and I read some or all of it. He had a way of making things sound good. Thirty years later we know it was all hogwash.  Completely failed ideology, but it's now wedged in the White House.

    I hate to broad brush but I know this -- I will find it hard to vote for anyone who came from the Chicago machine ever again.  Same goes for the Wall Street wrangled NYC metro area politicans (the ones who are the Wall Street wonders, Cory Booker being one of them. He won't get my vote for senator or governor, whichever way he decides to go).


    "Justice is a commodity"

    by joanneleon on Wed May 22, 2013 at 07:48:26 AM PDT

    [ Parent ]

    •  Here's a blast from the past on Friedman (4+ / 0-)

      Kinda recent past,2009.

      Here are a just few things that have happened since America's elite swallowed the Friedman myth:- Real income down- Real manufacturing wages down- Top one percent's share of wealth up- Income gap between rich and poor up- Family indebtedness up- Bottom forty percent's share of wealth down- CEO pay as a percent of average workers' pay up- Workers covered by pensions down- Workers covered by health plans down- Age at which one can receive Social Security up- Personal bankruptcies up- Housing foreclosures up- Median rent upBut the worst damage of Friedman economics is not fiscal but what it has done to the social and moral principles that made America what it was before the greedsters of neo-capitalism began taking it apart. The underlying principle of laissez faire economics is that power is intrinsically good and decency intrinsically irrelevant.http://antimiltonfriedman.blogspot.com/...
      And if you haven't read this by Teresa Ghilarducci yet....well,let's just say your disengagement from Chicago School (then or Now) is shared. Just not by all the VSP. (bolding & snark all mine)
      In 2010, President Obama announced financial literacy month by describing his administration's view of the problem, "A recent economic crisis was the result of both the irresponsible action on Wall Street and everyday choices on Main St." Why doesn't government have a critical role to play in protecting consumers and promoting financial literacy? We are each responsible for understanding basic concepts: how to balance a checkbook, save for a child's education, steer clear of deceptive financial products, plan for retirement, and avoid accumulating excessive debt.”
      In this quote, President Obama gives equal weight to the role of the financial institutions and households in the financial crises. This is not credible (good word but I prefer fucking incredible), and Kuttner walks you through the reasons.
      The policy implications of believing that households are the location of debt and crises means that we can expect financial regulation will take the form of transparency - more information, rather than the replacement of privatized financial institutions with more appropriate social insurance programs.
      Behavioral economists, such as Professor Robert Schiller at Yale and Richard Thaler at the University of Chicago (your pal Sunstein shoulda got a plug here as well except he's just a useful idiot not an economist) and a regular contributor to The New York Times, advance an agenda that promises solutions to big social problems with very little money. The hope is that small strategic changes in the design of private financial products will elicit proper behavior from households. This approach to solving widespread social problems of financial insecurity is called libertarian paternalism. The idea is that designs such as automatic enrollment in individual retirement accounts or 401(k)s will "nudge" individuals to accumulate enough assets.(given stagnant wages,unemployment,underemployment and hidden 401k fees???? ) If they are defaulted into proper financial vehicles (Welcome to the Dimon casino!Whose your Daddy!), inertia will have households save and invest enough for secure retirement. (before or after they pay student loans for selves or kids?) http://www.economicpolicyresearch.org/...
      Whole piece, The Fake Hope of Financial Literacy in Solving the Debt Problem is worth the read. Darn,I do rattle on. Hope your garden is blooming. We are sloooowly moving into summer.

      "George RR Martin is not your bitch" ~~ Neil Gaiman

      by tardis10 on Wed May 22, 2013 at 08:29:55 AM PDT

      [ Parent ]

      •  Well that book sounds like something (3+ / 0-)
        Recommended by:
        tardis10, blueoasis, ek hornbeck

        I would be interested in.  I'm reading books again, which feels wonderful, when I have the time for it.  I still have to go back and reread things but it's a major improvement over what happened to me from all the neuro damage from the Lyme when I couldn't read books at all for years (and I have been a voracious reader all my life).  

        My garden is doing well.  I'm so glad to hear that yours is moving along. The rhodos finally bloomed last week, and the azaleas though the azaleas were disappointing beause they faded so quickly.  KBO's daughter refuses to plant them and says they are ugly all year except for a week or two.  I'm starting to agree.  The rhodos are nice all year long though,

        I planted some impatiens last weekend in the front beds, and put some in this plastic hanging thing with holes in it.  When they fill out, it looks gorgeous on my front door.  I do red and orange impatiens mixed, all across the front.  Other than that and some weeding, everything else still needs to be done, though I did prep most of the pots and actually I did do a lot. We planted a rose garden. Two of the four bushes are sprouting and one has some buds already.  The other two haven't done anything yet. I hope I didn't kill them by not planting them for a few weeks.

        Anyway, my garden is a really good reflection of how I'm doing healthwise, physically, spiritually, mentally and it's been a mess for at least five years.  I love gardens (as you might have suspected) and every year I keep saying, this year I will break through and my health will be so much better and my garden will be wonderful again. For years, that didn't happen. But this year I really do think it will happen.  

        Hope you and yours are well, tardis.  I do so enjoy talking with you and reading your comments.


        "Justice is a commodity"

        by joanneleon on Wed May 22, 2013 at 10:29:28 AM PDT

        [ Parent ]

    •  My wife used one of his textbooks in (4+ / 0-)

      college. Out of curiosity I started browsing it, and, early on, he warns of a perticular fallacy and then within a few pages, commits it. Farcical.

      That, in its essence, is fascism--ownership of government by an individual, by a group, or by any other controlling private power. -- Franklin D. Roosevelt --

      by enhydra lutris on Wed May 22, 2013 at 09:30:02 AM PDT

      [ Parent ]

      •  That's too funny (2+ / 0-)
        Recommended by:
        enhydra lutris, ek hornbeck

        I feel really silly for taking the book seriously back then.  

        I think it's still around here somewhere.  I should take it and drop it in the river like I did with my Thermodynamics textbook after the class was over.  Or drop kick it across the parking lot, as I did with another book from another engineering class that I despised.


        "Justice is a commodity"

        by joanneleon on Wed May 22, 2013 at 10:19:36 AM PDT

        [ Parent ]

Subscribe or Donate to support Daily Kos.

  • Recommended (126)
  • Community (53)
  • Republicans (35)
  • Environment (33)
  • 2016 (31)
  • Culture (30)
  • Memorial Day (30)
  • Elections (26)
  • Bernie Sanders (26)
  • Media (24)
  • GOP (21)
  • Spam (21)
  • Climate Change (21)
  • Education (20)
  • Civil Rights (20)
  • Labor (20)
  • Trans-Pacific Partnership (18)
  • Economy (17)
  • Barack Obama (17)
  • Law (17)
  • Click here for the mobile view of the site