Tweet
Re: Reagan redux or Keynes ahead?
Pretty thin brother, pretty thin. I appreciate the effort though.
I admit that my views are somewhat uncommon and even old fashioned. My viewpoint is that a nation's economic well being is built around solid and healthy household balance sheets. IMvHO, and EJ and the rest of you might disagree, if this ingredient is missing then the cake don't rise. Period. Public debt can mask it, cheap imports can anesthetise it while unbalanced trade whittle away needed industry, and cheap oil can even keep the thing humming while it is headed toward the cliff.
But in the end the policies that adversely affect the bottom line of the average household will have their revenge. Through that lens we have steadfastly ignored the causes of this crisis and, by and large, left in place or strengthened those policies that are causing the problem. This is the mindset that has to change. We cannot continue to believe we can make trade pacts with Asian tigers with the express intent of driving down wages (or simply removing the jobs from the American landscape) w/o consequence. We cannot continue to allow parasitic financial corps to skim percentage point after percentage point of this bottom line w/o hurting the overall economy. And we most certainly cannot continue to run allow the Federal Reserve and Treasury to pump asset bubble after asset bubble into the economy w/o transferring the nation's wealth into the hands of a privileged few.
This is the mindset that has to change. Do this and the policy will follow along. Try to instill the policy without changing the mindset and political winds will blow the structure down.
All very much IMvHO.
Will
Pretty thin brother, pretty thin. I appreciate the effort though.
I admit that my views are somewhat uncommon and even old fashioned. My viewpoint is that a nation's economic well being is built around solid and healthy household balance sheets. IMvHO, and EJ and the rest of you might disagree, if this ingredient is missing then the cake don't rise. Period. Public debt can mask it, cheap imports can anesthetise it while unbalanced trade whittle away needed industry, and cheap oil can even keep the thing humming while it is headed toward the cliff.
But in the end the policies that adversely affect the bottom line of the average household will have their revenge. Through that lens we have steadfastly ignored the causes of this crisis and, by and large, left in place or strengthened those policies that are causing the problem. This is the mindset that has to change. We cannot continue to believe we can make trade pacts with Asian tigers with the express intent of driving down wages (or simply removing the jobs from the American landscape) w/o consequence. We cannot continue to allow parasitic financial corps to skim percentage point after percentage point of this bottom line w/o hurting the overall economy. And we most certainly cannot continue to run allow the Federal Reserve and Treasury to pump asset bubble after asset bubble into the economy w/o transferring the nation's wealth into the hands of a privileged few.
This is the mindset that has to change. Do this and the policy will follow along. Try to instill the policy without changing the mindset and political winds will blow the structure down.
All very much IMvHO.
Will
Comment