Monday, December 28, 2009

Two Streets of America

Mr. Robert Reich

" The real problem was on Main Street, in the real economy. Before the crash, much of America had fallen deeply into unsustainable debt because it had no other way to maintain its standard of living. That's because for so many years almost all the gains of economic growth had been going to a relatively small number of people at the top"."As long as income and wealth keep concentrating at the top, and the great divide between America's have-mores and have-lesses continues to widen, the Great Recession won't end -- at least not in the real economy". Robert Reich, a professor of public policy at the University of California at Berkeley, was Secretary of Labor during the Clinton administration

Main Street is hungry, broke, and in a bad shape that keeps getting worst as Wall Street bounces along.

The readers of this blog will know my belief that the Wall Street American Dream is the Nightmare on Main Street of America of outsourced jobs; capital without boundaries pitting personal and corporate gain versus patriotic national interest:
  1. Wall Street self interests are in direct conflict with American quality of life interests - better wages, decent health benefits are costs which erode profits, therefore sending jobs abroad boost earnings, so damn the American worker is the evident Wall Street premise.
  2. Wall Street earns billions creating bubbles - 80's real estate/ S&L crash, 2000 .com bust and recent/ current CDO and Toxic asset catastrophe - 3 cataclysmic events in less than 25 years pillaging America and pocketing billions in proceeds, and because frail, powerless governments have watched as impotent voyeurs, it likely will at will do the same anytime it can create a situation of profit.
  3. Dow Jones highs do not meant more money in the average guy's pocket. Though it's lows equate to job losses and benefits cuts.
Reading The New Republic and Mr. Robert Reich in Salon express similar sentiment, albeit with less sentiment, is not a comfort to ego but a small growing assurance that if more people take umbrage at the rape of America there maybe a method of stopping the rapist.

Salon, The New Republic - keep talking as this is the gospel that will harrow our hell.

1 comment:

Anonymous said...

nice post. thanks.