by Don Washington on 2011/06/11
There is no such thing as a jobless recovery! If people are not working they are not recovering and if people are not recovering you and I should not give a good god damn about what a pack of idiot economists are saying about the economy. If Sen. John McCain did not with the election why the hell can’t I tell? Hell, why can’t you tell? Look, I know that McCain’s budget would have been the Rep. Paul Ryan’s insane budget and that President Obama’s budgets have not been insane but they have been ineffective. You see half measures on a sinking boat; doesn't save the boat and it doesn't save the people. The boat just sinks slower and the people get to watch each other drown. If I hear Austan Goolsbee say one more time we’re not in an economic crisis I will personally find some way take his narrow-fish-white backside to Englewood and leave him there in his three piece suit and let him explain that to the people; moron.
Yes, this is a rant and I just called a guy who could one day get a Nobel Prize in economics a moron. This is because the long term credit management business, based on Nobel ideas from uber morons like Milton Friedman and Friedrich A. Hayek went frick-frackin’ broke! I think they’re idiots because the mathematical models these conservative economist geniuses put together created $450 trillion and likely more junk derivative contracts and mortgages. If you or I had a complete cock-up of such Olympian levels we wouldn’t be given permission to LOOK at the federal check book but what did we do… we gave these evil prick-rat-bastards a few trillion in bailout money!
If 9% unemployment is the new normal I want to know whose butt does my foot have to be in to get the Obama Administration to embrace four basic tenets of economic good damn sense when you are in a Recession or a Depression! One, demand drives an economy. People without money do not spend money… you know why… they don’t have any damn money! Two, the financial sector is not part of the production economy. If you pour money into helping them they have little incentive to help an economy they feed off of but don’t anything to! Three, we don’t have a resource problem, we have plenty of wealth, we have a wealth distribution problem. It’s time to share some f#*@ing sacrifice with those who are not familiar with macaroni and cheese. Four, the best social welfare is a job and if private industry won’t provide them then the government has to both provide those jobs and change the conditions to compel these prick-rat-bastards to provide those jobs!
I know we won’t do the smart thing and you are probably wondering what that would be? Well a simple economic reality is that debt tends to grow faster than the capacity to pay it back and when you add systematic, kleptocratic financial fraud to the mix debt always wins. Debt wins because the financial sector has become so damn powerful that it’s created a whole string of perverse incentives to seize assets and further concentrate wealth in the hands of the few. Tell me that’s not what’s happening and I will have someone else slap the taste out of your mouth. That’s how we organizers and operatives are we never do anything by ourselves.
Since demand drives the economy let’s drop some heavy stimulus on the economy because the one thing Obama did that helped the economy was his half-hearted stimulus. You’d think if it worked a little bit he’d go right back to that well and tell the Republicans to tell the people they can’t have a job. A federal jobs program, to fix infrastructure and an extension to unemployment would put money in people’s pockets that they would spend. It would also be building things that we’ll be using for decades. It’s a win-win-win; people get work, a thing is built or repaired that is needed and it will be around for decades to come. Since the financial sector is not part of the production economy let’s reverse the flow and write the debt down to where the real market price in the actual #&^@ economy is instead of paying the outlandish and fraudulent values the stock market demands. Let’s share some sacrifice with these people and have them take a loss on the casino-like loans they created to make themselves wealthy through God knows what kind of financial racket.
Since we don’t have a resource problem let’s get to redistributing it and watch the economy take off. We can start by eliminating the reckless and dim-witted Bush tax cuts. I think a decade of adding nearly half of the $2.6 trillion total debt accrued is enough damage for any alcoholic to inflict on a whole society. Finally, since the best social welfare is a job let’s get out of NAFTA and GATT and the WTO and get into rebuilding our manufacturing base with tariffs and tax policy that makes taking the cash and putting into Wall Street a losing proposition but employing people and developing infrastructure is a good idea. Call it social engineering but if you had the sense God gave a squirrel you’d already know that all economies/markets are both manifestations of a functioning society are large scale social engineering. We make rules so that markets serve people not the other way around and if markteers actually believed in their own pack of lies and lived and died by them I’d still think they were idiots and wrong but at least they’d be honorable. But every time they get in a bind it’s time for some socialism to save them. When things are going well they want to privatize profits and externalize costs even when a market solution exists that’s how they are.
For example; the Lehman Brothers debacle. In the very beginning when Lehman Brothers and the like went under and the stock market reflected their actual value,.22 cents on the dollar, new buyers could have bought up the 8 trillion in bad real estate debts and renegotiated with homeowners to 24 or 25 cents on the dollar. That would have reset the market, made a damn profit for some rich guy and it would have stopped foreclosures in their damn tracks. But did we do that… no. We decided to save the creditors and not the economy and President Obama needs to get this through his skull you can’t save both and you need to save us because that’s why we elected you… stop siding with and listening to Satan and start siding with and listening to us because we need you to be the man we voted for.