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Tue Mar 20, 2012, 02:54 AM

US economic model broken, says survey

Source: Financial Times

Almost two-thirds of working-age adults believe the US economic model “no longer works for the majority of Americans” according to research.

Of those who thought the system no longer worked, 51 per cent said they were not prepared to take risks with savings, showing how concerns about economic fairness lead to caution about the risky investments that the system depends on.

Read more: http://liveweb.archive.org/http://www.ft.com/cms/s/0/fe692804-71d0-11e1-b853-00144feab49a.html#axzz1pd6xsnL3

18 replies, 4094 views

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Reply US economic model broken, says survey (Original post)
alp227 Mar 2012 OP
TheMastersNemesis Mar 2012 #1
JHB Mar 2012 #2
lib2DaBone Mar 2012 #5
CAPHAVOC Mar 2012 #6
xtraxritical Mar 2012 #11
Monk06 Mar 2012 #3
xtraxritical Mar 2012 #13
Monk06 Mar 2012 #15
dixiegrrrrl Apr 2012 #18
winton37 Mar 2012 #4
xtraxritical Mar 2012 #14
Heywood J Mar 2012 #7
FailureToCommunicate Mar 2012 #8
nineteen50 Mar 2012 #9
LineNew Reply .
tk2kewl Mar 2012 #10
DeSwiss Mar 2012 #12
Commander Vimes Apr 2012 #16
secondwind Apr 2012 #17

Response to alp227 (Original post)

Tue Mar 20, 2012, 03:13 AM

1. It Started With Reagan

It started with Reagan. The GOP, conservatives, big business and billionaires broke the labor and employment systems and shifted all the benefits to the top as we all know. The churches conspired to help for their own political game.

The country will NOT thrive unless we restore the "social contract" where the employee is more than no more than chattel. It is time to demand the Second Economic Bill of rights and defined by FDR in 1944 and first announced by Teddy Roosevelt in 1912. And it has been a hundred years since the idea of social and economic justice was brought forward.

Employees must have a fair share of the wealth that they create. If that is too socialist then too bad. If the churches will not help they will be overrun and made irrelevant.

It is time to restore the concept of continuity of income and continuity of employment. It is time to establish pensions as a right. It is time to restore longevity on the job. It is time to demand fair treatment by employers. It is time to LIMIT CEO PAY BY FEDERAL LAW IF NECESSARY.

It is time to put the Equal Rights Amendment back on the course to ratification. No politician should not be allowed to run unless they respect a woman's right to choose and is for collective barganing.

Screw the free market pillage and plunder economy. Tax corporations and the uber rich. The must pay their fair share. Outloaw outsourcing and have a federal outsourcing tax.


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Response to TheMastersNemesis (Reply #1)

Tue Mar 20, 2012, 03:59 AM

2. It started with Carter. What Reagan did was give it rocket boosters...

...and usher it in as the core philosophy of all "serious" economic policy since then.

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Response to TheMastersNemesis (Reply #1)

Tue Mar 20, 2012, 05:13 AM

5. Well said.. Kick...

 

The playing field has not been level for a long time (if ever)

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Response to TheMastersNemesis (Reply #1)

Tue Mar 20, 2012, 05:42 AM

6. The Marxist/Capitalist ratio is out of sync.

 

Marxism can work if supported by Capitalism. The two must be at odds or the Marxists run out of money. Now we are at a point where the two are collaborating and the people are getting screwed.

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Response to TheMastersNemesis (Reply #1)

Tue Mar 20, 2012, 02:24 PM

11. Not just CEO's but the entire management and board of directors.

 

These jerks are the ones ripping off the stockholders, and the rest of us too. Stockholders take all the "risk" and are very, very lucky to earn a 3% dividend. All this is possible because banks pay almost 0% interest on savings.

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Response to alp227 (Original post)

Tue Mar 20, 2012, 04:18 AM

3. There is no American economic model. American Capitalism is a fiction.

Last edited Tue Mar 20, 2012, 05:14 AM - Edit history (3)

It's just a perversion of classical laissez faire. vis Wiki,

"Vincent de Gournay, a French intendant of commerce in the 1750s. Gournay was an ardent proponent of the removal of restrictions on trade and the deregulation of industry in France. Gournay was delighted by the Colbert-LeGendre anecdote, and forged it into a larger maxim all his own: "Laissez faire et laissez passer" ('Let do and let pass'). His motto has also been identified as the longer "Laissez faire et laissez passer, le monde va de lui même!" ("Let do and let pass, the world goes on by itself!")."

And in the same article in Wiki the American connection is made to Benjamin Franklin, who is the origin of Physiocratic ideas and how they formed the basis of anti government laissez-faire thinking that is found in the Constitution. vis,

"In England, a number of "free trade" and "non-interference" slogans had been coined already during the 17th century. But the French phrase laissez faire gained currency in English-speaking countries with the spread of Physiocratic literature in the late 18th century. The Colbert-LeGendre anecdote was relayed in George Whatley's 1774 Principles of Trade (co-authored with Benjamin Franklin)- which may be the first appearance of the phrase in an English language publication.

Notably, classical economists, such as Thomas Malthus, Adam Smith and David Ricardo, did not use the phrase. Jeremy Bentham used the term, but it was probably James Mill's reference to the "laissez-faire" maxim (together with "pas trop gouverner") in an 1824 entry for the Encyclopædia Britannica that really brought the term into wider English usage. With the advent of the Anti-Corn Law League, the term received much of its (English) meaning.

"Adam Smith first used the metaphor of an "invisible hand" in his book The Theory of Moral Sentiments to describe the unintentional effects of economic self organization from economic self interest. Some have characterized this metaphor as one for laissez-faire, but Smith never actually used the term himself"

To sum up, Classical Laissez faire, was replaced in the very beginning, in so called American Conservative thought, (which was actually a product of 17th century radical right wing anarchist literature), by the actual doctrine of modern GOP politics and economic 'theory'. Again vis

"Laissez faire et laissez passer, le monde va de lui même!" ("Let do and let pass, the world goes on by itself!" Together with the important addendum by James Mill, John Stuart Mill's father, "pas trop gouverner"

special emphasis, WITHOUT GOVERNMENT!!!!

John Mills addendum to the original Colbert-LeGendre, notion of Laissez Faire which was ignored by Economic Liberals such as JS Mill and Adam Smith, Ricardo et al. forms the basis of GOP Corporate/syndactylism. It is the worst form of right wing anarchism combined with economic oligarchy or as we say now. oligopoly. The GOP is propagating archaic and discredited ideas from the 18th century that ruined France during the Louisiana Bubble, the first and largest investor scam in history. And this is the foundation of so called conservative thought.

There is no thought to it. It is pure anarchy combined with oligopoly. Laissez faire led to, Laissez faire et alissez passer, le monde va de lui meme, pas trop gouvener.

In other words the law of the predator and hence no law at all. Laissez faire led to the Louisana Bubble and investor scam perpetrated by the Banker John Law that ruined France as an economic power.

So GOP, lets follow those guys !!!!!!!!111

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Response to Monk06 (Reply #3)

Tue Mar 20, 2012, 02:36 PM

13. Excellent, thank you.

 

I've taken enough economic courses to know that your analysis and quotations are true. I've always thought about it in simpler terms, though. vis - Is it the most efficient and fairest way to distribute scarce resources by putting them in a pile and fighting for them? I think not. That is the law of the Jungle which the GOP now wholeheartedly endorses. It's completely self defeating in the long term. Vote a straight democratic ballot and restore sanity to our nation.

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Response to Monk06 (Reply #3)

Wed Mar 21, 2012, 02:49 AM

15. The citations are from Wiki. I forgot to mention. In this case I believe they are reliable given


what I remember from studying economics and 18th century political economy back in the day.

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Response to Monk06 (Reply #15)

Fri Apr 20, 2012, 01:28 PM

18. Nicely done.

Appreciate your citation and your POV.

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Response to alp227 (Original post)

Tue Mar 20, 2012, 05:13 AM

4. Blame it on the Stock Market

As long as Wall Street continues to pile one huge profit on another, quarter after quarter, year after year, things eill get worse for the majority of us. How much will the five-dollar plastic jar of mayonaisse cost next year, and the year after that, and the...

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Response to winton37 (Reply #4)

Tue Mar 20, 2012, 02:38 PM

14. And the jars keep getting smaller too! eom

 

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Response to alp227 (Original post)

Tue Mar 20, 2012, 07:27 AM

7. What US economic model?

The one used after World War II, where things were made here, or the new one where everything is outsourced to slave workers?

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Response to alp227 (Original post)

Tue Mar 20, 2012, 09:07 AM

8. OWS cardboard sign: "US economy isn't broken, it's fixed"

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Response to alp227 (Original post)

Tue Mar 20, 2012, 09:39 AM

9. As long as the federal government guarantees the financial sector that should

their risk taking fail their losses will be socialized the current economic and social problems will continue and fester.

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Response to alp227 (Original post)

Tue Mar 20, 2012, 01:08 PM

10. .

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Response to alp227 (Original post)

Tue Mar 20, 2012, 02:28 PM

12. Not broken. It was deformed at-birth. K&R - n/t

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Response to alp227 (Original post)

Fri Apr 20, 2012, 09:04 AM

16. Pre-condition to revolution

I don't know economics at all. But as a historian I can say that America's going right to revolution if almost two-thirds of US people don't trust national economics system and aren't satisfied with allocation of values. In fact that's one on the main supposition for all revolutions ever happened. And current social problems aren't merely festering. They are stinking to high heaven. American society has become too multilayered. And this fact has been saving U.S.A. from coming creeping coup d'etat. But in spite of it gap between the rich and the other 99% is too practically insuperable. I guess that Occupy Wall Street movement is just first step to future global changes. If that pollol would find a proper leader capable to unite WASPs with Chinese and Arabs and so on, that would be the end of present United States of America. And I wonder if those guys in White House understand that.

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Response to alp227 (Original post)

Fri Apr 20, 2012, 09:12 AM

17. We here in Boston are totally baffled as to why Mayor Menino has not



endorsed Elizabeth Warren, despite reporters asking him what he thinks.......

Mayor Menino is very popular here, and folks respect his opinion.

Could he be in the pockets of some GOP pols?

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