Visual source: Newseum
Paul Krugman:
On Saturday The Times reported what people in the financial industry are saying privately about the protests. My favorite quote came from an unnamed money manager who declared, “Financial services are one of the last things we do in this country and do it well. Let’s embrace it.”
This is deeply unfair to American workers, who are good at lots of things, and could be even better if we made adequate investments in education and infrastructure. But to the extent that America has lagged in everything except financial services, shouldn’t the question be why, and whether it’s a trend we want to continue?
Matt Bai on the GOP and the tea party:
As I made the rounds of Republican Washington in recent weeks and reflected on all this newfound optimism, though, I found myself recalling what Ken Mehlman, who managed George W. Bush’s re-election campaign in 2004, liked to say back then: “Hope is not a strategy.” It’s not clear which of those two things — hope or strategy — the Republican establishment is really embracing.
He forgot to add how unpopular the tea party is outside of GOP circles.
Peter Beinert:
This past weekend, in 900 cities across the world, tens of thousands demonstrated against unregulated capitalism. Something fascinating is growing, and by the time it ends, I suspect, politics will be different in the United States and a lot of other places as well.
In a great many countries, especially in the West, the political grass is dry. Huge numbers of young people are unemployed, governments are launching harsh and unpopular austerity programs, and the financial elites responsible for the global economic meltdown have almost entirely escaped justice. Millions of articulate, educated, tech-savvy people are enraged and desperate. And they have time on their hands.
Gallup:
Unemployment, as measured by Gallup without seasonal adjustment, is 8.3% in mid-October -- down sharply from 8.7% at the end of September and 9.2% at the end of August. This drop suggests the government could report an October unemployment rate of less than 9.0%.
