The Economic Populist
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"Take Care That the Laws be Faithfully Executed"
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Housing and Recessions, Or, This Time it Isn't Different
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US oil supplies at a 36½ year low, SPR at a 39 year low; oil+products supplies at an 18½ year low
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Weekly Unemployment Claims Show No Job Growth
- 21107 reads
Lehman Brothers Looks like our Friday Surprise
- 14083 reads
And How Does Globalization Benefit Us?
- 33732 reads
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"Take Care That the Laws be Faithfully Executed"
- 15253 reads
Housing and Recessions, Or, This Time it Isn't Different
- 32668 reads
US oil supplies at a 36½ year low, SPR at a 39 year low; oil+products supplies at an 18½ year low
- 185915 reads
Weekly Unemployment Claims Show No Job Growth
- 21107 reads
Lehman Brothers Looks like our Friday Surprise
- 14083 reads
And How Does Globalization Benefit Us?
- 33732 reads
The Golden Rule
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Will the NY Attorney General Bring Doomsday Charges Against Wall Street? If So, How Long Will He Survive?
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New York Post Claims Census Falsifies Unemployment Figures
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How Many Jobs Are Needed to Keep Up with Population Growth?
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VAT or Value Added Tax is Getting a Look in D.C.
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U3 and U6 Unemployment during the Great Depression
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The war on the middle class
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House discusses 401k/IRA confiscation
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Tax Cuts for the Rich Do Not Generate Jobs
- 279751 reads
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He is correct about the dislocations. Perhaps what is needed is some sort of getting together on what it is we need from globalization. It isn't going away, short of an externalities of biblical proportions (no pun intended). China isn't going away, nor shutting its doors from accepting more work. India isn't either. The key to globalization has always been wage differentials versus end product affordability.
His Holiness does have a history about discussion the social contract. Whereas the alleviation from poverty has been one of his focuses (along with spiritual matters), he is only now grasping the interlocking international nature of this scheme. For example, literally tens of millions of Chinese have been lifted out of dire poverty because of new manufacturing jobs. Previously they, and the majority of these "migrant workers" had come from the countryside, survived on subsidence farming. At the same time, as has been shown many times (even here on EP), a reversal of fortunes of sorts has happened in the First World. In places that had been traditional hubs of manufacturing, have gone onto a difference form of subsistence living, though instead of farming it has come in the form of welfare.
Who then, should be helped first? Because if it is the ultimate aim is to end globalization, then you could see those in China returning to a lifestyle a mere fraction of what they have now. At the same time, to do nothing in places like Ohio, you would see poverty only get worse. Unfortunately, in many cases for manufacturing, jobs have become a zero-sum game. The company that moved that assembly line job to China won't move it back to the US without closing up the China shop. This is especially true if the end product is to go to consumers in the West. These are things the Pope needs to weigh in.
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www.venomopolis.com
1. futures speculation did create commodity bubbles, hence the acknowledgment, which as I understand it, NDD and even Paul Krugman seem to be implying that cannot be done due to the requirement of physical supply somewhere, yet we have extensive testimony before congress that it is done and the details on how it all works
2. they are trying to separate out the commodity futures traders like energy suppliers, who play the markets extensively trying to stabilize their own retail prices, supply vs. hedge funds.
I wrote up a few posts on this almost a year ago, but now I'm just not up on the latest to understand what's going on to date. Sure does seem like a strange wide brush to use in order to solve a problem.
You've got to be kidding me. What else could there be for speculators than financial motive??? Also, NYMEX and ICE already have position limits, so the CFTC really is over stepping it. If they proceed to place this kind of pressure, traders will go elsewhere, and then you will lose transparancy. As for the volitility of the price of crude, as noted by Messrs Brown and Sarkozy in that inane op-ed in the Wall Street Journal yesterday, well that's the nature of the beast.
Ya all, technorati has EP ranked @ 45k of all blogs and websites around the globe (there are millions!)
But what is interesting is we are now coming up on the first page of topic specific blogs. We're coming up first or in the top 20/10 of topics like trade, globalization, economics..
and that's all good because it means more people will find us!
Hopefully we can get more people to engage in economic related topics but this is a major break through in terms of simply being "found" by other bloggers and blog readers.
PVM oil brokerage had a rogue trader for one but there is much mention of oil futures, speculators being like a casino.
I wouldn't make a connection between stolen software to markets until that can be proved. Many of us on EP have tech backgrounds so whip out the intel and we'll help chase it down but we just do not know any of that, if the code was even used as an example.
It appears our corrupt as hell Senate is busy killing even the public option on health care. What's going on is hard to track and if you wanted to take it on, what is the latest, who are the real players, who is killing any hope of any sort of real health care reform, maintaining those insurers lock on profits, making money from the dead....
We could use a very specific, well cited, referenced blog post to update us all. It's a corporate lobbyist zoo, a jungle of misinformation.
Where is this "blessing" from UBS on Obama which you mention?
Interesting to note that since the Goldman Sachs trading software theft of about a month ago just came to light, the price of oil began declining (concurrent with GS's drop from the top machine traders on the equity and commodity platforms) - Gee whiz.....could there possibly be a connection?
"The most appalling aspect of the present crisis has been the utter fecklessness of the American elite in failing to confront it."
I seriously don't think anyone should accept this popular meme today, whether it comes from Baker or Phillips (similarly, "unintended consequences" - "metrics" - "it just happened"). They didn't fail to confront it, they designed, nurtured and profited extravagantly from it.
When the future president of the USA (one Barrack Obama) has a sitdown with the Swiss banker, UBS, and receives UBS's seal of approval - one should obviously surmise the game to be rigged! (Not to mention he then brings on some of the original NAFTA team, Laura Tyson et al., plus Geithner, Summers, Altman, Farrell, and so forth.)
Similary, the present gamed ruses now occupying the US Congress: Ruse #1 - the public option on healthcare, Ruse #2 - cap-and-trade, and the just-passed Ruse #3 - that tobacco bill (I won't bother with #3, it's just too obvious).
Single payer - the only way to go as the public option gambit will be added to the 13,000 other existing private policies, then trivialized, marginalized and "privatized" out of existence.
Ruse #2, cap-and-trade: now boy-oh-boy is that ever pre-rigged. It is structured (that is the carbon derivatives and offset trading) to be coordinated through recently created ICE US Trust (owned by InterContinental Exchange, Goldman Sachs, JPMorgan Chase, UBS AG, etc., with InterContinental Exchange [ICE] further owned by Goldman Sachs, Morgan Stanley and those oil cartel fellows), with ICE US Trust and the Markit Group (originally financed by Goldman Sachs, Citigroup, BofA and JPMorgan Chase) setting the prices of the carbon derivatives.
Most likely to be using the Chicago Climate Exchange and European Climate Exchange, both owned by the Climate Exchange Plc, a holding company (which is primarily owned by Goldman Sachs and ICE, with a minority ownership by Deutsche Bank AG).
Thanks to some other online posts - which I then researched and verified.
is the difference.
Why do I have to claim something was artificially high? I mean the entire damn country is out of a job. From the underemployment, the temp mania in the U.S., people rolling off, not counted...how can I ever say the stats are artificially high?
from any other week?
If anything thinks this week's number is artificially low, they need to cite to where they thought any previous week's number was "artificially high."
We plain need a change in the legal charter, terms, legal requirements of the business entities.
I wrote up a congressional hearing on just that topic, Corporate Citizen - an Oxymoron and there are a host of good ideas to redefine the actual law, the charters of business entities to align them with the national interest.
Very good concepts and information, Gomory, Blair in particular.
While we can blast GS or JP Morgan Chase and lord knows that's not a bad idea (anyone want to write up their latest adventures in predatory lending via credit cards?) more we need to change the entire concept of what a U.S. incorporated business entity is.
Ralph Nader has talked about this as well.....if you define an entity to be a sociopathic beast preying on the very nation which spawned it, why be surprised when it acts as such?
Since this number could also be explained by 55,000 Americans losing the last of their unemployment benefits after 26 weeks.
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Maximum jobs, not maximum profits.
Calculated Risk.
DOL:
Then on seasonally adjusted:
Obvious sign of some sort of boys club of some kind he's still there.
did someone tweak some numbers with a "seasonal adjustment"?
;)
U.S. taxpayers have given billions to the automakers, the least they could do is put that money to work back into the local economy. Otherwise let foreign governments bail them out.
How many warnings do I have to give? Now quit with this BS on trying to shove your Catholic religious beliefs on an economics community blog please!
Then why bother following it? After all- by profit alone, Goldman Sachs is doing the right thing! By maximum profits, who cares if the average worker gets hurt? By the mathematics alone- derivatives work.
Divorce ethics from religion, and the result is that the only thing you have to judge ethical standards by is short-term profit.
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Maximum jobs, not maximum profits.
Look, I do it every day and ethics is not religion. Now I added this post simply because it was so detailed in economy policy but look, go elsewhere to tout the great Catholic church, once again this is an economics blog!
Just results in fictional economics that harms the common worker. Ayn Rand was WRONG. Enlightened selfishness is not enough.
And that is why this document is about religion AND economics- because the problem with economics is that it has become divorced from religion, and has lost it's ethical underpinnings.
That's what Populism is all about- returning the ethical underpinnings to economics. One can't do that without religion, because it is religion that creates the ethical framework that populism rests upon. Without religion, you're missing the philosophical underpinning of why have an economy at all. After all, there are more scientific merit-based methods, now that we have computers, of assigning resources to the most productive projects.
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Maximum jobs, not maximum profits.
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