The Obama Economic Team's Flawed Cosmology: Still Believing the Universe Revolves Around the Banks
> They are operating on the basis of an outdated cosmology that places banks at the center of the economic universe.
Ever consider that, following the collapse/systematic dismantling of our manufacturing industry over the past few decades, banks ARE now at the center of the American economic universe?
A robust manufacturing economy can NOT be rebuilt overnight (Hopefully some of the stimulus will help grow a new green manufacturing economy over the long term, if the political will is sustained). But all that can be done in the short term is financial jugglery, the kind I use when I borrow from one credit card to pay off another... or that Geithner is using in borrowing from future generations of taxpayers to pay off current shareholders.
About Timothy Geithner
Read the Article at HuffingtonPost
Ever consider that, following the collapse/systematic dismantling of our manufacturing industry over the past few decades, banks ARE now at the center of the American economic universe?
A robust manufacturing economy can NOT be rebuilt overnight (Hopefully some of the stimulus will help grow a new green manufacturing economy over the long term, if the political will is sustained). But all that can be done in the short term is financial jugglery, the kind I use when I borrow from one credit card to pay off another... or that Geithner is using in borrowing from future generations of taxpayers to pay off current shareholders.
About Timothy Geithner
Read the Article at HuffingtonPost
posted by N. Sukumar @ 8:18 PM
1 Comments:
At Mon Apr 06, 09:03:00 PM,
N. Sukumar said…
Here's an excellent response/analysis by jake1492:
The point you make is central to the reality that our society as a whole and our government is desperate to not face up to.
We are in a rapid state of transition. We have "enjoyed" a period where we have first world income and third world costs for much of what we buy. We are rapidly moving to a situation where our income becomes more of a third world basis.... so imports from China will become more expensive (less cheap) and items made here will become more affordable. The effect will be to allow sectors like manufacturing to be able to compete.
The challenge is to make the transition without becoming a third world country ourselves.... and without becoming financially and militarily weak compared to the competition.
With the kind of emphasis we are seeing...... putting the interests of the illegitimate wealth "created" by the financial sector through non-economic activities at the top of the priority list.... we may not be up to the challenge.
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