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Tag Archives: economics

Robert Reich: A revolt is taking place against the “ruling class” (He’s right on this, Wrong on most everything else)

Mr Reich generally needs to be taken with a grain of salt. He has been, and as far as I know, continues to be fundamentally wrong on the most important economic questions. Saying that, he has flashes of insight on political issues, and here’s one.

Of course we issue the standard disclaimers with this piece that we do with many of the folks we choose to feature here who we feel are too enamored with the state.

That he still can’t grasp (or is frankly willing to admit) that for the most part this country should thank it’s lucky stars for the TEA Party and the mini-revolt of 2009 is a big flaw in his argument. Another one is that he says that the TEA Party promoted “outright racism.” (I almost didn’t run his piece because of this chunk of baloney. A few memes promoted in the Huffington Post don’t count. I was there. I never saw it. Ever. I’m betting Reich didn’t attend many rallies.)

And yet another myth he promotes is the idea of some kind of post-World War 2 golden age of government. That is just a flat out misunderstanding of the situation.

He says,

In 1964, Americans agreed by 64% to 29% that government was run for the benefit of all the people. By 2012, the response had reversed, with voters saying by 79% to 19% that government was “run by a few big interests looking after themselves.”

This may be true but this is because before the information revolution the average person didn’t understand how the game, the government game, was played. It is, and has always been played for powerful interests. It’s just that we know it now. It was because Americans were basically ignorant (through no fault of their own) that 64% of people thought government was run for the benefit of the people.

They may have THOUGHT it was. But it wasn’t.

We woke up. Mr. Reich hasn’t. At least on this very important point.

So why run his piece?

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Democracy & capitalism’s enemy: the Ex-Im Bank

This is a long fight and getting rid of the Export-Import Bank is just the beginning. A battle in a larger war to reduce the size and scope of government and to reduce the power of the current crony capitalist system. It will be a slog. Blood will be lost. But make sure most of the blood comes from the cronies and not from those who strive for a reasonably honest government and economy.

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No question that “low interest rates have exacerbated the wealth gap between the poor and the rich because the rich have assets.”

Michael Bloomberg said this recently and he is right. If one had assets prior to 2008, particularly of the stock variety, there is a very good chance that your portfolio is looking pretty good these days. The Fed through various means has inflated markets artificially.

If however one had no assets prior to 2008, or went bust during the chaos of the Crash one is probably still struggling.

The Fed, the central planners, have made the rich much richer. (For the time being.) It wasn’t free market capitalism which did this.

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This is interesting, Head of Democratic Party can’t explain difference between “a Democrat and a socialist.” (VIDEO)

“I used to think there was a big difference.” – Chris Matthews

To be fair Debbie isn’t really running things. She has bosses who determine direction. But even still.

Kudos to Chris Matthews for a good question.

Bernie is pushing the Dems in interesting directions and creating contrasts and shadows where there weren’t ones before.

Trump is doing similar things in the GOP.

Fun to watch.

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Boo hoo, Boeing cries over potential loss of taxpayer underwritten bank, Threatens to move many operations overseas?

OK, so you lose Ex-Im and the sweetheart deal which goes with it. So you decide to take your ball and go play – wherever – outside of the United States. Fine.

But it seems reasonable then, going forward, not to award Boeing any lucrative military projects. That’s only fair. Go live off the Swedish taxpayers. They like socialism.

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Market Manipulation Goes Global (Are you prepared for a hubris driven downdraft?)

It hasn’t GONE global. Its long been global and on a massive scale. But China is freaking people out.

Play this game if you want. But understand that it is a game which is run by cronies, for cronies, and that cronies are very fallible. Can you handle the kind of downdraft which may come when reality catches up with the hubris of central bankers?

It’s an important question, and one which should be asked when things (in the USA) are still relatively calm.

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Forget Recession: According To Caterpillar There Is A Full-Blown Global Depression

Caterpillar sales have been declining for over 2 years. Latin American sales have fallen off a cliff. Caterpillar makes heavy industry construction equipment. Draw your own conclusions.

It is interesting to note that the decline is not as sharp as during the “Great Recession,” it’s more stretched out and has been shallower. However it has been steady and steady declines are the thing of maturing depressions.

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A Free Market in Money? (VIDEO)

In the effort to inject interesting economic thought into the discussion at ACC we present the following video by Jeff Deist recorded at the Mises Institute. This lecture will likely challenge many of your assumptions about money.

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How Uber faced off against New York’s mayor and won

Good on ya Uber.

If you can make it, and beat the cronies in New York, you can make it anywhere. Take that cabbie cronies.

Of course Bill deBlasio is still going to try to make Uber pay for part of the Subway system. We’ll see about that. Right now the mayor is huddled up in Gracie Mansion licking his wounds and wondering how he got beaten so badly.

And that is a very good thing for New Yorkers. The longer he’s in the fetal position the better.

(From Bloomberg)

Uber Chief Executive Officer Travis Kalanick has said he wants to refashion the car-booking company into a sort of politician to fight against the taxicab industry. Kalanick should get the confetti ready because Uber just won perhaps its biggest campaign yet. New York City Mayor Bill de Blasio backed down on a plan to stall the growth of Uber and similar ride-hailing apps.

Buried within the mounds of tweets, retweets, newspaper editorials, insulting app “features,” television commercials and press releases, a lot of stats have been thrown around by both camps in the hopes of swaying New Yorkers. Here are eight of the most cited numbers that helped shape the debate, and eventually tilted the campaign in Uber’s favor.

Click here for the article.

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