Jobs in the USA aren't to the liking of Wall Street. Besides. They are getting new regulations. Imagine that. The Kings of Capital aren't able to regulate themselves, but, are pouting that others are going to. Oh !
Wall Street Teeters, Obama Presses Economic Plan (click here)
Wall Street rang up fresh losses in early trading Wednesday as the Obama administration pressed its economic plan and moved forward with preparations to begin new "stress tests" on the banking system....
by Dollars and Sense
A great post from Michael Yates' blog.
Michael Steele is a Nitwit and Wolf Blitzer is a JackassEconomic ignorance is widespread in the United States. People think they know something about the subject, but few do. My mother is convinced that China is the cause of all our economic problems. When I challenge her, she doesn't think it matters that I have spent forty years studying and teaching the dismal science. If Lou Dobbs says it's so, it must be true. I once taught classes for automobile workers who were employed at a General Motors plant near Pittsburgh. A man insisted that recessions were caused by the media. Newspapers and television were apparently so pessimistic and intent on presenting only bad news that the public became too demoralized to spend money. It never occurred to him to ask why the media, which depend on us spending money for their existence, would want this to happen....
...I hate to tell Mr. Steele, but every one of these jobs was created by the government. And this does not tell the whole story. For three decades, governments have been busy privatizing, that is, contracting out public services to private businesses. Everything from local transit services to prisons to college food services to security forces in Iraq. The workers are private employees, but they are paid from public funds. What is more, all of these workers, direct and indirect public employees, spend their paychecks every month and this spending generates a lot more employment. These wages amount to at least 1.5 trillion dollars, which will support plenty of spending on outputs that someone has to produce.When the Obama plan is implemented, it probably will not end our current economic crisis. But one thing is certain: the money spent will cause employment to rise. The government will create jobs, just as it has always done....
