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View Diary: Breaking: BLS, Fed, BEA, et al "Overstate Strength of Economy" (289 comments)

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  •  Not Entirely (7+ / 0-)

    The speculators who flipped .commie stock hoping for fast profit eventually collapsed their pyramid. But overall a tremendous amount of technology was delivered to a vast amount of people. And those people engage in widespread, efficient transactions impossible before. The entire "Web" platform built with 1990s dollars and labor is still powering ever more efficient and productive work.

    There was a Bubble that net lost money and labor. But inside the Bubble was a lot of real value, a lot of real wealth created in people more effectively doing for each other and themselves. Just because the finance layer orchestrated by Clinton's generation of Goldman Sachs conmen cashed in so much of that for some bankers at the expense of so many people doesn't eliminate the value of what Gore's vision delivered, and continues to.

    "When the going gets weird, the weird turn pro." - HST

    by DocGonzo on Mon Nov 09, 2009 at 07:47:46 AM PST

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    •  The .com economy also showed (4+ / 0-)

      what can happen when the wealthy decide to take some of their cash out of the bank and start investing it in small businesses - jobs.

      Sure most of those small businesses couldn't actually work. But it was evidence of the economic potential tied up in the hands of the upper class. Economic potential tied up in financial schemes and useless assets that never gets circulated back into the real economy.

      The potential a progressive tax system could use to the nation's benefit.

      Suddenly it's Christmas The longest holiday. When they say 'Season's Greetings, They mean just what they say It's a season, it's a marathon Retail eternity

      by Pescadero Bill on Mon Nov 09, 2009 at 07:57:18 AM PST

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