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ALL RepublicansIt repealed part of the GlassSteagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.
yeah, a full-fledged depression would have been preferable
We were in uncharted territory since the Republican repeal of Glas Steagal in the name of of Gramm Leach, Bliley
Gramm?Leach?Bliley Act - Wikipedia, the free encyclopedia
ALL RepublicansIt repealed part of the GlassSteagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.
Ahem.The legislation was signed into law by President Bill Clinton.
You COMPLETELY missed the part about suppressed wages & increased profit.
You COMPLETELY missed the part about suppressed wages & increased profit.
they purposefully miss these things
Ah you must have overlooked our discussion. NP, we can go over it again. What happened is Krugman slimed his "suppressed wages & increased profit" fantasy when he said:...they purposefully miss these things...You COMPLETELY missed the part about suppressed wages & increased profit...
Profits took a hit during the financial crisis, but have soared since then, and are now 60 percent above pre-crisis levels; meanwhile compensation has grown hardly at all, and indeed fallen in real per capita terms. The point is that we have a depressed economy for workers, but not at all for corporations.
Gotta love how Krugman drives the wingnuts crazy
Gotta love how Krugman drives the wingnuts crazy
Gotta love how Krugman drives the wingnuts crazy
Translation: Been shown wrong conclusively so I must declare victory.
I'll leave it with this boner:
You COMPLETELY missed the part about suppressed wages & increased profit.
they purposefully miss these things
. Reminds me of this quote from the last repub Pres:You work three jobs? Uniquely American, isn't it? I mean, that is fantastic that you're doing that."
To a divorced mother of three, Omaha, Nebraska, Feb. 4, 2005
He points out that slowly recovering economies, brought to the brink by wall st greed mind you, are doing quite well in a nascent economy. How you might askby short-sheeting their employees of course. Its the randian way.
Why Corporations Might Not Mind Moderate Depression
What about actual experience in this depressed economy? Well, that’s the motivating example. You see, from a profits point of view it’s not a depressed economy at all. Look at profits versus compensation of employees (that’s wages and benefits combined) since the slump began at the end of 2007; both are expressed as indexes with 2007Q4=100:
He points out that slowly recovering economies, brought to the brink by wall st greed mind you, are doing quite well in a nascent economy. How you might ask
Why Corporations Might Not Mind Moderate Depression
What about actual experience in this depressed economy? Well, that’s the motivating example. You see, from a profits point of view it’s not a depressed economy at all. Look at profits versus compensation of employees (that’s wages and benefits combined) since the slump began at the end of 2007; both are expressed as indexes with 2007Q4=100:
Krugman's argument is retarded.
In a "mild depression," profits eventually stagnate. Corporations don't want that. It's soooooo much easier managing in a boom. In a boom, profits go up. Stocks go up. Bonuses go up. Comp goes up. The average tenure of a CEO is 4 years. They aren't sitting around hoping for a "mild depression" because they may not be around long enough to benefit when it ends.
Wages are a lagging indicator. When the economy goes into a recession, the first thing corporations do is cut costs. This always happens. That's what happened this recession and the prior 20+ recessions over the past 110 years. Then, as the economy starts to improve, corporate resources get stretched and hiring picked up. This recession is no different. In fact, it's fairly unremarkable at how the hiring cycle has looked compared to past recessions.
FTR, earnings per share of the S&P 500 is $95. In August 2007, it was $87. So, by that measure, there has been a 10% increase in profits since before the Financial Crisis.
Krugman's really gone off the deep end. What a moron.
This recession is different because hiring has taken so long to recover. And it hasn't. UE has dropped mainly because people are leaving the workforce, not because they are entering it.
He points out that slowly recovering economies, brought to the brink by wall st greed mind you, are doing quite well in a nascent economy. How you might ask
Why Corporations Might Not Mind Moderate Depression
Krugman's argument is retarded.
In a "mild depression," profits eventually stagnate. Corporations don't want that. It's soooooo much easier managing in a boom. In a boom, profits go up. Stocks go up. Bonuses go up. Comp goes up. The average tenure of a CEO is 4 years. They aren't sitting around hoping for a "mild depression" because they may not be around long enough to benefit when it ends.
Wages are a lagging indicator. When the economy goes into a recession, the first thing corporations do is cut costs. This always happens. That's what happened this recession and the prior 20+ recessions over the past 110 years. Then, as the economy starts to improve, corporate resources get stretched and hiring picked up. This recession is no different. In fact, it's fairly unremarkable at how the hiring cycle has looked compared to past recessions.
FTR, earnings per share of the S&P 500 is $95. In August 2007, it was $87. So, by that measure, there has been a 10% increase in profits since before the Financial Crisis.
Krugman's really gone off the deep end. What a moron.
this recession is different than other recessions because it started out as a depression. Wall st, the fed & their media- cnbc, abc, cbs, etc... (all shills) don't want people to do a run on the banks. The only reason it didn't mirror 1929 is because the fed has been pumping fiat $$$ into the economy pell mell. Who is ultimately going to have to pay that bill?
Krugman knows it, I know it, & the American people know it. Profits are way up not because of producing anything of value, just because of trading metaphorical scraps of paper.
He points out that slowly recovering economies, brought to the brink by wall st greed mind you, are doing quite well in a nascent economy. How you might ask
Why Corporations Might Not Mind Moderate Depression
What about actual experience in this depressed economy? Well, that’s the motivating example. You see, from a profits point of view it’s not a depressed economy at all. Look at profits versus compensation of employees (that’s wages and benefits combined) since the slump began at the end of 2007; both are expressed as indexes with 2007Q4=100:
Krugman's argument is retarded.
In a "mild depression," profits eventually stagnate. Corporations don't want that. It's soooooo much easier managing in a boom. In a boom, profits go up. Stocks go up. Bonuses go up. Comp goes up. The average tenure of a CEO is 4 years. They aren't sitting around hoping for a "mild depression" because they may not be around long enough to benefit when it ends.
Wages are a lagging indicator. When the economy goes into a recession, the first thing corporations do is cut costs. This always happens. That's what happened this recession and the prior 20+ recessions over the past 110 years. Then, as the economy starts to improve, corporate resources get stretched and hiring picked up. This recession is no different. In fact, it's fairly unremarkable at how the hiring cycle has looked compared to past recessions.
FTR, earnings per share of the S&P 500 is $95. In August 2007, it was $87. So, by that measure, there has been a 10% increase in profits since before the Financial Crisis.
Krugman's really gone off the deep end. What a moron.
this recession is different than other recessions because it started out as a depression. Wall st, the fed & their media- cnbc, abc, cbs, etc... (all shills) don't want people to do a run on the banks. The only reason it didn't mirror 1929 is because the fed has been pumping fiat $$$ into the economy pell mell. Who is ultimately going to have to pay that bill?
Krugman knows it, I know it, & the American people know it. Profits are way up not because of producing anything of value, just because of trading metaphorical scraps of paper.
