Robert Reich no recovery

Discussion in 'Financial Cents' started by Tango3, Jul 10, 2009.

  1. Tango3

    Tango3 Aimless wanderer

    Robert Reich:
    Not a"V"or "U" shaped recovery , there will be no recovery to "normal", we should be looking forward the "new" economy...:[booze]

    Eventually consumers will replace cars and appliances and other stuff that wears out, but a recovery can't be built on replacements. Don't expect businesses to invest much more without lots of consumers hankering after lots of new stuff. And don't rely on exports. The global economy is contracting.
    My prediction, then? Not a V, not a U. But an X. This economy can't get back on track because the track we were on for years -- featuring flat or declining median wages, mounting consumer debt, and widening insecurity, not to mention increasing carbon in the atmosphere -- simply cannot be sustained.
    The X marks a brand new track -- a new economy. What will it look like? Nobody knows. All we know is the current economy can't "recover" because it can't go back to where it was before the crash. So instead of asking when the recovery will start, we should be asking when and how the new economy will begin. More on this to come.
    Robert Reich was the nation's 22nd Secretary of Labor and is a professor at the University of California at Berkeley. His latest book is "Supercapitalism."
  2. tsiemens

    tsiemens Monkey+++

    Keep in mind the carbon obsession in the media is something heavily pushed by the gov't. When that happens it needs to be questioned because gov't lies to fulfill their own purposes, like a massive carbon tax to increase revenue.
    Research global warming before you believe the hype.
    Yes we are making the earth dirty, but is it as dangerous as implied?

    Tim owt.
  3. eng

    eng Monkey++

    Reich was Clinton's labor secretary and a thorough progressive, meaning he would delight in the destruction of a FREE economy in favor of a state controlled one. His spiritual forefathers are Woodrow Wilson, a fascist, and Johm Maynard Keynes, a fool.

    Reich sees himself as high priest of a deified state.
  4. RouteClearance

    RouteClearance Monkey+++

    Even though threre is a lot of truth in the above statement, Reich would love to see this country go to a full fledged Socialist/Communist system, and FWIW, it was not Supercapitalism that has dealt a death blow to our economy. It was "Greed", plain and simple.
  5. Tango3

    Tango3 Aimless wanderer

    Whudda we gonna do fer jobs? They took'er jobs! restore old manufacturing plants on pocket change and bake sales,
    What can we make that people without jobs need and will buy?
    passenger rail needs to be rebuilt,as the airline industry tanks over fuel and security costs
  6. Tango3

    Tango3 Aimless wanderer

    completely stolen post but it dovetails here..:

    The Invisible Hand, Trumped by Darwin?


    IF asked to identify the intellectual founder of their discipline, most economists today would probably cite Adam Smith. But that will change. Economists’ forecasts generally aren’t worth much, but I’ll offer one that even my youngest colleagues won’t survive to refute: If we posed the same question 100 years from now, most economists would instead cite Charles Darwin.

    Darwin, renowned for the theory of evolution, was a naturalist, not an economist, and his view of the competitive struggle was different from Smith’s in subtle but profound ways. Growing evidence suggests that Darwin’s view tracks economic reality much more closely.


    Smith is celebrated for his “invisible hand” theory, which holds that when greedy people trade for their own advantage in unfettered private markets, they will often be led, as if by an invisible hand, to produce the greatest good for all. The invisible hand remains a powerful narrative, but after the recent economic wreckage, skepticism about it has grown.,48926.0.html Stolen but it lends to understanding on both boards...
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