The "Acela" Economy: More Misery for Millions, More Millions for Misers

[editec]

The disarrity of income and wealth is unhealthy for this society overall precisely because it is unhealthy for this economy overall.

Supply and demand need to be in balance. This is the nature of the system we call capitalism.

The disparity of income and wealth is evidence of this imbalance and this economic meltdown is the result of that imbalance.

There's nothing remotely radical about the above POV.

It is entirely understood by the science of economists.

The trickle down theory supply side economic shitheads don't understand this, thats why their economic ideas never work.

On the contrary...those policies are working beautifully for the segment of the population they are designed to work for.

The other 99.9% of us, however?

Not quite so well.

 

[editec]

The disarrity of income and wealth is unhealthy for this society overall precisely because it is unhealthy for this economy overall.

Supply and demand need to be in balance. This is the nature of the system we call capitalism.

The disparity of income and wealth is evidence of this imbalance and this economic meltdown is the result of that imbalance.

There's nothing remotely radical about the above POV.

It is entirely understood by the science of economists.

The trickle down theory supply side economic shitheads don't understand this, thats why their economic ideas never work.

The disparity in guitar playing ability is unhealthy.

The disparity in interior decorating skills is unhealthy.

The disparity in auto repair skills is unhealthy.

The disparity in salemenship skills is unhealthy.

The disparity in Entrepreneurial talent is unhealthy.

Seriously?

Read a book, lad.

 

[editec]

He is a drain on our economy as he adds a layer of overhead to each transaction. There is no value added by what Buffett does. Just another case of the rules of the game being set up so the super wealthy gain more wealth.

Re-stating your empty opinion doesn't actually support your empty opinion.

You were wrong. You remain wrong.

Yes....I, for one, am thankful for our capitalists

Me too.

Sadly capitalists aren't in charge of the economy or the government.

BANSTERS currently are.

Follow the money...look at the TARP program.

It could not possible have been more mismanaged than it was for this national economy, or better managed for the BANSTERS.

 

[hipeter924]

The disarrity of income and wealth is unhealthy for this society overall precisely because it is unhealthy for this economy overall.

Supply and demand need to be in balance. This is the nature of the system we call capitalism.

The disparity of income and wealth is evidence of this imbalance and this economic meltdown is the result of that imbalance.

There's nothing remotely radical about the above POV.

It is entirely understood by the science of economists.

The trickle down theory supply side economic shitheads don't understand this, thats why their economic ideas never work.

On the contrary...those policies are working beautifully for the segment of the population they are designed to work for.

The other 99.9% of us, however?

Not quite so well.

Chicago Boys

From Wikipedia, the free encyclopedia
The Chicago Boys (c. 1970s) were a group of young Chilean economists most of whom trained at the University of Chicago under Milton Friedman and Arnold Harberger, or at its affiliate in the economics department at the Catholic University of Chile. The training was the result of a "Chile Project" organised in the 1950s by the US State Department and funded by the Ford Foundation, which aimed at influencing Chilean economic thinking. The project was uneventful until the early 1970s. The Chicago Boys' ideas remaining on the fringes of Chilean economic and political thought, even after a 500-page plan based on the Chicago School's ideas called the Ladrillo -- "The Brick" -- was presented as part of Jorge Alessandri's call for alternative economic platforms for his 1970 presidential campaign. Alessandri rejected Ladrillo, but it was revisited after the 1973 Chilean coup d'état on 11 September 1973 brought Augusto Pinochet to power, and became the basis of the new regime's economic policy. Eight of the 10 principal authors of "The Brick" were Chicago Boys. Although the coup was described as a military coup, Orlando Letelier, Salvador Allende's Washington ambassador, "saw it as an equal partnership between the army and the economists".[1]
Juan Gabriel Valdés, Chile's foreign minister in the 1990s, described the Chile Project as "a striking example of an organized transfer of ideology from the United States to a country within its direct sphere of influence... the education of these Chileans derived from a specific project designed in the 1950s to influence the development of Chilean economic thinking." He emphasised that "they introduced into Chilean society ideas that were completely new, concepts* entirely absent from the 'ideas market'".[2]

Chicago Boys - Wikipedia, the free encyclopedia

*Imperialism, fascism, corporatism and manifest destiny new concepts how?

Chile Project

In 1953 Albion Patterson, director in Chile of the US International Cooperation Administration (the organization which would become USAID), met with Theodore Schultz, chair of the University of Chicago economics department, and came up with a plan to counter the developmentalism of which Chile was a leading example. "What we need to do is change the formation of the men, to influence the education, which is very bad", Patterson had previously told a colleague.[3] The plan was simple - to send Chileans to train at the University of Chicago's economics department. Patterson initially approached the University of Chile, the country's leading university, to set up an exchange program, but was turned down after the dean demanded input into who in the US would be training his students.[4] Unwilling to permit this, Patterson went instead to the much more conservative Universidad Católica, which had no economics department at all, and accepted the program.[4] In 1956 that School signed a three-year program of intensive collaboration with the Economics Faculty of the University of Chicago (the "Chile Project").
The program was funded by the Ford Foundation and saw the creation of the Center for Latin American Studies at the University of Chicago, at which 100 Chileans pursued advanced degrees from 1957 to 1970. In 1965 the programme was opened to other Latin American countries, with a presence particularly from Argentina, Brazil and Mexico. The programme saw 40-50 graduate students in the department at any one time, around a third of the total - and compared to just 4 or 5 Latin American students in other comparable programmes.[5] An internal review from the Ford Foundation found that "although the quality and impact of this endeavour cannot be denied, its ideological narrowness constituted a serious deficiency". It nonetheless continued to fund the program.[6]
A number of the program's graduates took up posts in the Catholic University's economics department; by 1963 12 of 13 faculty members were Chile Project graduates, "rapidly turning it into their own little Chicago School in the middle of Santiago".[2] Program graduates - whether of the Chicago School itself or of the Santiago offshoot - became known as the "Chicago Boys".[2]
Only some of them went later for postgraduate studies at the University of Chicago, where they enrolled in Arnold Harberger's Latin American Finance Workshop and Milton Friedman's Money and Banking Workshop. The whole group was heavily influenced by the Chicago School of Economics, and especially by the writings and public policy proposals of Milton Friedman. Their proposals were not central to Chilean political debate until 1973, where the debate focused on how best to take developmentalism forward and all three major political parties in the 1970 elections favoured nationalization of the copper mines.[7] The first reforms were implemented in three rounds - 1974-1983, 1985, and 1990.

Chicago Boys - Wikipedia, the free encyclopedia

Most 'free market' capitalists support corporatism and fascism in disguise, and are in bed with the moral and ethical void commonly known as the Chicago school of economics.

 

[Sallow]

If his nominal ownership of a company that is failing to achieve its potential compels that company to become more productive and efficient, then ol' Mr. Buffet certainly IS producing something AS WELL ASS doing FAR more than just moving money around and profiting from that activity.

He is a drain on our economy as he adds a layer of overhead to each transaction. There is no value added by what Buffett does. Just another case of the rules of the game being set up so the super wealthy gain more wealth.

Re-stating your empty opinion doesn't actually support your empty opinion.

You were wrong. You remain wrong.

No..actually he doesn't. The original intent of cash equities was to:

A. Add liquidity to companies seeking to expand.
B. Provide a means for the general public to invest in said companies.
C. Share the wealth when profits were realized.

Warren Buffett takes a "bread basket" of stocks he considers to be worthwhile and offers them up to wealthy investors. He's done a good job with it too.

But it hasn't done anything to add liquidity to companies or help the general public invest.

What it has done is help the rich get richer.