I don’t know exactly when or how this happened but the idea of a president and government creating jobs, i.e. private sector jobs, is a false narrative, oh sure they can tweak the tax code and other things but investing in new business? no, that’s never been government’s job or function, that function used to belong to Wall Street, the home of capitalism, as in, raisning capital to help entrepreneurs invest in their ideas. And then, nurturing and waiting for success to reap rewards from increasing values in stocks.
Today, since 2000 or so, Wall Street seems more preoccupied with making the quick, EZ buck on manipulating commodity prices, and all this buying selling high/low, short/long etc. instead of being a helpful steward on Main Street. Wall Street being the home of true venture capitalism not this vulture capitalism, where they concoct schemes to artificially inflate, or deflate stock prices, regardless of actual values, to satisfy a money making agenda that doesn’t include Main Street, except for the empty buildings and ghost towns they leave behind.
And what really bothers me about this turn of events is none of the political candidates, especially the so called reformers, address this. No, they are all selling the idea that government creates jobs, and if elected they especially would create jobs, which won’t, can’t happen, except maybe a few new government jobs, which are good jobs, but we can’t all be employed by the government. No, A whole bunch of us need to be gainfully employed out side of government so as to be able to help finance government and all its good jobs, this idea of the Federal Reserve paying government’s way with QE and other debt monetizing gimmicks, while clearly it does seem to work, there’s still just something that doesn’t ring true about the whole arrangement.
Still this malaise, this recession hangover lingering on Main Street is a direct result of this totally top driven economics. What we need is Wall Street backing new, or even old, but good, business ideas again, not just quick, free money schemes, for this country to get moving. Legislation might help some, but what we really need is a change of attitude by the investor class on Wall Street and in those New York investment houses and banks, this fundamental change needs to come from Wall Street itself.
I don’t have all the answers and I’m not gonna write a book here, but start a conversation?, that would be fine, thanks for stopping by,