About a year ago I said here that we were going into a "post-credit world". I asked if anyone knew exactly what that would mean. No one answered. I'm guessing because no one knew, and I don't think that anyone knows today.
But we are going to learn. I'm hoping that the attempts to re-inflate the credit bubble end before we bankrupt ourselves.
I am glad that traditional media is starting to accept that the 'neo-liberal' economic growth model is terribly flawed and needs to be fixed.
The Obama Administration has an incredible opportunity to transform our economy for next several decades. They should stop trying to re-inflate the bubble and got on with the serious business of transforming our manufacturing sector.
Quite a statement. If true we better find an alternative growth model.
One year later, the easy-money system that financed the boom era from the 1980s until a year ago is smashed. Once-ravenous U.S. consumers are saving money and paying down debt. Banks are building reserves and hoarding cash. And governments are fashioning a new global financial order.
Look at what Prof. Galbraith said in the article:
"The strategy that was stated at the beginning of the year — which is that you would sustain the banking system in order that it would resume lending — hasn't worked, and it isn't going to work," said James K. Galbraith, an economist at the University of Texas at Austin.
Yeap, a total bailout of the financial oligarchy.
Now, that traditional media is realizing that 'neo-liberal' growth model is terribly flawed what are we going to do about it?
A gauge of the strength of the U.S. job market fell slightly in August and pointed to a flat employment market for the rest of the year, a research group said on Tuesday.
The Conference Board, a private research group, said its Employment Trends Index inched lower to 88.1 in August from a revised 88.2 in July, originally reported at 88.3.
We hit the same topic at the same time. Oh well, two different views, won't hurt anything.
You're answering a similar question I have...how much of this is banks squeezing consumers and how much is bankruptcy and charge offs and how much of it is actual choice.
Still, debt mania as a culture has been a disaster so getting off of the credit card heroin is probably a good thing...
and if you're going to get on the methadone consumer program, at least go to a credit union. Just a little less vampire than the TARP type credit card issuers.
Passing the bar doesn't help matters - I passed the PA state bar and the patent bar exam and the best I could do is get a job I could have easily gotten with my undergraduate degree, paying about $70k. So I'm doing OK it's just that my law degree/licenses have no value whatsoever, yet I'm in a tremendous amount of debt. Many of my former classmates are in much worse situations.
we do fair use here and you'll see economics blogs pick up on something, expand it etc. from others, borrow graphs...
all of that's ok, as long as a link/src is given but this was different. Maybe they have a deal with NBC.
When Gary Locke was governor of Washington state he offshored the state jobs at 49 out of 51 state agencies. He also happened to shut down a mental hospital for the criminally insane (and one can only guess where they are at now). Locke is the perfect neoliberal swine for the job.
I can't help but add this: just cross reference the membership list of that lobbyist group for the ultra-rich (and most anti-worker and anti-union bunch around), the American-based, international Bretton Woods Committee with the members of the Peterson Institute for International Economics, and also with the Group of Thirty (G30) -- and everything is explained.
And it was the Bretton Woods Committee who were responsible for pressuring congress to water down the "Buy American" clause in the stimulus package, claiming it didn't agree with the WTO Financial Agreement, when in absolute legal reality, it is those bank bailouts which are in violation of the WTO Financial Agreement!
This winter of H1N1 should do a lot toward solving the problem of unemployment and the people living under bridges. As far as news goes, spending $100+ a month to watch the sheeplemedia is money that could be better spent in countless other ways. Thank God for the internet....but isn't there a bill before congress right now giving the executive the power to shut down the internet in time of crisis. This will deprive the "enemy" of their communications.
The Federal Employee Health Benefit Plan (FEHBP) -- the one members of congress and other feds have -- allows its members to switch carriers once a year. I think the $1,200/month figure (maybe a little higher for the Blues which have the lion's share of enrollees) is pretty close to cost, with employees paying in about a third and employer paying the rest. As I recall, the Blue Cross standard option does not have much dental (basic x-ray and prophylaxis benefit, and some paltry amounts by procedure) -- vision and dental coverage are separate policies at about $35/mo per person (cost to employee), with benefit limits depending on plan. Now, many of those covered do not meet their deductibles until late in the year, but the real advantage is cost control -- rates have been negotiated and the cost bite is not so painful. For example, try going to an ER without coverage and it can land some in the poorhouse. An ER physician may bill $600 or so to an uninsured patient, vs. perhaps less than $100 to the Blues, so you only get hit with the co-pay, and maybe no co-pay under certain circumstances. All these disparities are understandable, but could be managed much better without driving doctors (or patients) crazy.
Frank T.
Law degree without bar is just a degree. There are many with JD who do not (or cannot) practice "law" but work in related fields or as paralegals, practice specialists, etc. Saturation, yes. Regarding bogus degrees, I recall that the FBI brought fraud cases against federal employees with bogus medical degrees back in the 1980s (an MD degree got you more money for the same pay grade, even if the duties were not medical.)
Degree inflation and student debt is analgous to underwater mortgage, except that you can't walk away from it. The value of a degree depends on the market -- ask any adjunct faculty.
Frank T.
If there is nothing to fill the void of consumer spending then economy contracts.
But we are not prepared for the societal consequences of a much smaller economy.
RebelCapitalist.com - Financial Information for the Rest of Us.
About a year ago I said here that we were going into a "post-credit world". I asked if anyone knew exactly what that would mean. No one answered. I'm guessing because no one knew, and I don't think that anyone knows today.
But we are going to learn. I'm hoping that the attempts to re-inflate the credit bubble end before we bankrupt ourselves.
I am glad that traditional media is starting to accept that the 'neo-liberal' economic growth model is terribly flawed and needs to be fixed.
The Obama Administration has an incredible opportunity to transform our economy for next several decades. They should stop trying to re-inflate the bubble and got on with the serious business of transforming our manufacturing sector.
RebelCapitalist.com - Financial Information for the Rest of Us.
Quite a statement. If true we better find an alternative growth model.
Look at what Prof. Galbraith said in the article:
Yeap, a total bailout of the financial oligarchy.
Now, that traditional media is realizing that 'neo-liberal' growth model is terribly flawed what are we going to do about it?
RebelCapitalist.com - Financial Information for the Rest of Us.
Yet another projection of "not good news". Conference board:
The original number was $10.3 Billion. It was revised to $15.5 Billion.
In other words, the original number 50% off.
26 year high. However, 26 years ago, unemployment was calculated differently, right? So is that number accurate?
We hit the same topic at the same time. Oh well, two different views, won't hurt anything.
You're answering a similar question I have...how much of this is banks squeezing consumers and how much is bankruptcy and charge offs and how much of it is actual choice.
Still, debt mania as a culture has been a disaster so getting off of the credit card heroin is probably a good thing...
and if you're going to get on the methadone consumer program, at least go to a credit union. Just a little less vampire than the TARP type credit card issuers.
Passing the bar doesn't help matters - I passed the PA state bar and the patent bar exam and the best I could do is get a job I could have easily gotten with my undergraduate degree, paying about $70k. So I'm doing OK it's just that my law degree/licenses have no value whatsoever, yet I'm in a tremendous amount of debt. Many of my former classmates are in much worse situations.
"I've got mine and I've got yours"?
;)
It's also indicative of dropping wages as well as that thing many economists won't recognize but it's showing up in the equations...outsourcing.
The division of surplus value, depending on relative power and organization.
we do fair use here and you'll see economics blogs pick up on something, expand it etc. from others, borrow graphs...
all of that's ok, as long as a link/src is given but this was different. Maybe they have a deal with NBC.
It's a short excerpt used to illustrate commentary.
When Gary Locke was governor of Washington state he offshored the state jobs at 49 out of 51 state agencies. He also happened to shut down a mental hospital for the criminally insane (and one can only guess where they are at now). Locke is the perfect neoliberal swine for the job.
I can't help but add this: just cross reference the membership list of that lobbyist group for the ultra-rich (and most anti-worker and anti-union bunch around), the American-based, international Bretton Woods Committee with the members of the Peterson Institute for International Economics, and also with the Group of Thirty (G30) -- and everything is explained.
And it was the Bretton Woods Committee who were responsible for pressuring congress to water down the "Buy American" clause in the stimulus package, claiming it didn't agree with the WTO Financial Agreement, when in absolute legal reality, it is those bank bailouts which are in violation of the WTO Financial Agreement!
what a distorted term it is. It can mean labor arbitrage to hard working people.
To one and all.
This winter of H1N1 should do a lot toward solving the problem of unemployment and the people living under bridges. As far as news goes, spending $100+ a month to watch the sheeplemedia is money that could be better spent in countless other ways. Thank God for the internet....but isn't there a bill before congress right now giving the executive the power to shut down the internet in time of crisis. This will deprive the "enemy" of their communications.
Makes me want to own some Goldman Sachs (if they get to keep their printing press).
Frank T.
The Federal Employee Health Benefit Plan (FEHBP) -- the one members of congress and other feds have -- allows its members to switch carriers once a year. I think the $1,200/month figure (maybe a little higher for the Blues which have the lion's share of enrollees) is pretty close to cost, with employees paying in about a third and employer paying the rest. As I recall, the Blue Cross standard option does not have much dental (basic x-ray and prophylaxis benefit, and some paltry amounts by procedure) -- vision and dental coverage are separate policies at about $35/mo per person (cost to employee), with benefit limits depending on plan. Now, many of those covered do not meet their deductibles until late in the year, but the real advantage is cost control -- rates have been negotiated and the cost bite is not so painful. For example, try going to an ER without coverage and it can land some in the poorhouse. An ER physician may bill $600 or so to an uninsured patient, vs. perhaps less than $100 to the Blues, so you only get hit with the co-pay, and maybe no co-pay under certain circumstances. All these disparities are understandable, but could be managed much better without driving doctors (or patients) crazy.
Frank T.
Law degree without bar is just a degree. There are many with JD who do not (or cannot) practice "law" but work in related fields or as paralegals, practice specialists, etc. Saturation, yes. Regarding bogus degrees, I recall that the FBI brought fraud cases against federal employees with bogus medical degrees back in the 1980s (an MD degree got you more money for the same pay grade, even if the duties were not medical.)
Degree inflation and student debt is analgous to underwater mortgage, except that you can't walk away from it. The value of a degree depends on the market -- ask any adjunct faculty.
Frank T.
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