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

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  •  "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-)
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      Industrial production does that

      Labor jobs do that

      CEOs need the pay cut across the board.


      •  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.


          •  here are a few of FDR's faults ... (1+ / 0-)
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            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).

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