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View Diary: The $70-Per-Hour Lie (353 comments)

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  •  My Analogy (2+ / 0-)
    Recommended by:
    gdunn, not a cent

    The Club of Rome developed a computer model a while back to analyze the stability of nations in the notoriously tumultuous South America of the '70s and '80s - they found that the variable that possessed the highest positive correlation with instability was the level to which ownership of the land was concentrated in the hands of a small group of elites.

    In South America, ownership of land equates to the ability to make a decent living.

    In America, a secure job with good benefits equates to the ability to make a decent living.

    Conclusion: Depriving a nation's people from the ability to make a decent living, sentences it to extinction.

    •  addendum (3+ / 0-)

      Supply-Side Economics has duped itself into believing that it is the best school of thought to maximize the wealth creation of a nation's economy.

      What it doesn't take into account is that nation's societal stability.

      You could say Republicans are tunnel-visioned [misguided] economists.

      Democrats are big-picture sociologists who also 'happen' [can you sense the sarcasm] to run the economy better than the 'economist' party does.

      •  "Creating" wealth? (4+ / 0-)

        Unfortunately, we're just now finding out that much of the wealth supposedly "created" by the glorious unregulated Free Market was basically imaginary "wealth" that Wall Street types pulled out of their asses by inventing and manipulating exotic financial derivatives with no connection to the real world.

        •  We need to create Value (1+ / 0-)
          Recommended by:
          canyonrat

          Industrial production does that

          Labor jobs do that

          CEOs need the pay cut across the board.

          -G

          •  FDR had some great ideas (3+ / 0-)
            Recommended by:
            canyonrat, gdunn, firemage

            Like the "maximum wage"

            Back then, I think it was 15X the minimum wage.

            I think there is a grain of intuitive truth in the fact that one person isn't capable of making 3000X more wealth than another person working the same hours per day.

            •  For all his faults FDR was great (0+ / 0-)

              i should study him more.

              -Gabe

              •  here are a few of FDR's faults ... (1+ / 0-)
                Recommended by:
                dansmith17
                1. could not walk very well, but swam like a fish.
                1. ugly wife that he cheated on, but Eleanor visited the war fronts on his behalf and after his death as our representativein the UN chaired and spurred on the UN committee that drafted the Universal Declaration of Human Rights -- an almost perfect start to the human rights movement. She was the liberal conscience of his Administration.
                1. provoked Hitler into declaring war on us (if he hadn't done so, Hitler might have crushed the USSR and won the war.)
                1. provoked Japan into attacking us, but was betrayed by Admirals Kimmel and Bloch and General Short who ignored the war warning.
                1. did not understand economics, but in 1933 Keynes had not yet written the General Theory, and almost every other economist thought the government ought to let everything slide, increase taxes and cut spending. The crackpots Roosevelt listened to urged him to try something, anything, and he did, but the rich (who thought him a traitor to their class) refused to invest and recovery was slow and irregular.
                1. he was rotten on minority rights. He depended on support of Southern white supremisists in Congress. He let a crazy, racist general expel and imprison the persons of Japanese ancestry on the West Coast,but he chose Harry S. Truman as VP who as President integrated the armed forces and forced the walk out by the Dixiecrats from the 1948 Democratic Convention which freed us from a curse.
                1. he was silly enough to wage a war against a disease --infantie paralysis that struck many classrooms every summer. He created and financed the startup of the foundation that financed the basic research on virology and proteomics -- research that led to the Salk and Sabin and other vaccines that protect almost everyone in the world and to vaccines to prevent many other disease (e.g. mumps, measles, diphtheria, river fever, shingles,... and extend the life of victims of HIV/AIDS.
          •  Industrial production does that (creates value) (0+ / 0-)

            Unless it builds Yugos.

        •  So true! (0+ / 0-)

          "Value" is a confidence game. Sincerity is the essence of selling bonds; learn to fake that, and you have it made.(Ivar Kruger).

    •  Club of Rome (0+ / 0-)
      1. Believe nothing you think a Club of Rome tells you, especially if it is a fraternity at the College of Cardinals.
      1. Believe nothing you think a computer model tells you. It is at best an abstraction. In retrospect it always turns out that the really important variables were omitted, wrongly estimated, or incorrectly measured. E.g. investor confidence,present value of future earnings of anything, any dependent variable, any exogenous variable, any predetermined variable, the true stochastic distribution, or the best time to break for a drink.
      1. Believe nothing a solitary economist tells you. Be very suspicious if two economists tell you the same thing, especially if they independently agree Any good economist can pick another economist's theory or model to pieces in 30 minutes. It takes a bad economist (e.g. a supply sider). or a believer in the neoclassical synthesis, or a marxist at least an hour" (Jimmy Carter) "If two economists were laid end-to-end they would not reach a conclusion, and it wouldn't be a bad idea." (Karl or Groucho Marx, I forget which, fellow with a mustache) "Two economists will always come up with two different recommendations, unless one of them is J.M.Keynes, who will come up with at least two conflicting theories by himself." (FDR) "Forecasting is inherently unreliable, especially if it concerns the future." (Yogi Berra)

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