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Can we please establish a minimum standard of living for everyone and head toward a resource based economy before it is too late!
That “funny” little piece takes the breath away. There’s a lot of anger building up. The defeat of the Democrats will cool things down a bit, but only until people see some major action on the part of those elected.
If not, a different kind of bubble could burst.
sad, but true and entertaining
Thanks for the tax money bitchez /GS
The white middle class and the end of the American Dream:
The NYT had a story, which I believe is more and more typical. A 47 year old white single mom thought she was a successful career woman. She worked in an ad agency which seemed prosperous, and made $60,000 a year with health benefits.
When the fraudulent housing bubble burst, and the so-called “recession” (soon to be acknowledged as the “new reality”) set in, the ad agency went bust, and she lost her job.
And she cannot find a new job. She has no unique skills, is too old at 47 to compete with the eager new, college grads, but is way too young to retire.
So she is starting on a scary path of downward mobility. She now is facing being on welfare for the rest of her life, losing her home, sending her kid to lousy public schools, with no health care, and few retirement benefits.
And when she looks around, she sees illegal aliens working as garbage collectors and taxi drivers, who make more money then she can ever again hope for, while the lazy incompetent government workers whom she used to sneer at, now sneer at her when she is forced to ask for help.
And Obama tells her to “stop whining”, while bailing out his super-rich friends, and giving more and more money to the illegal aliens.
Well, guess who voted for the Tea Party?
(The California State Supreme Court just ruled that native born American citizens living outside of California have to pay the steep out-of-state fees to attend California state universities, but illegal aliens only have to pay the cut-rate, in-state fee.)
I had hoped for positive change with the U.S. I am very disappointed.
To get a sense of how the government manipulates the CPI and PPI so as to feed the hallucination of low inflation (so the Federal Reserve is not constrained in its effort to re-inflate via lower interest rates, monetization of the debt, etc) and how Reuters shills on its behalf, have a read of this article. Note how Reuters focuses on the core Producer Price Index, which excludes food and energy costs (after all, no one eats, heats their home or puts gas in the car). The “core” PPI was depressed by a 4.3 percent drop in the price of light motor trucks which as we all know, is a much better indicator of the cost of living.
Funny, even though it reflects a fundamental misunderstanding of the way open market operations work.
Like Greenspan and other students of the US Great Depression, Bernanke will do absolutely anything to avoid a repeat of a deflationary depression. Including facilitating an inflationary depression, as in Weimar Germany.
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