General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWall Street freak's response to the Pope's scathing critique of capitalism:
Pope Franciss criticism of unfettered capitalism isnt going down well on Wall Street or in Washingtons conservative think tanks at least not if a post on the American Enterprise Institutes blog is anything to go by.
James Pethokoukis, a blogger at AEI, is making much of a note by J.P. Morgan economist James Glassman. Although Glassman doesnt mention the pontiff by name, Pethokoukis is convinced Glassman had the pope in mind when he penned a note defending the record of market economies in lifting people out of poverty.
AEI quotes Glassman as saying:
Those concerned about global poverty have more to be thankful today than to complain about. The commonly-heard complaints that todays economic systems fail to address the plight of the poor ignore several fundamental facts.
Poverty is not a modern phenomenon. Second, the developed economies are still recovering from deep recessions and in time will reach their full potential. That is, of course, why central bank policies remain so stimulative. Those hurt by the recession will be restored as the developed economies continue to recover. And third, despite the cyclical problems of the developed economies, the average global living standard is at a record highthe highest known in the records compiled by economists and still climbing, thanks to the support from the developed economies.
In other words, market-oriented economic systems are doing more to cure global poverty than any other effort in the past.
Others might argue, though, that Glassmans emphasis on the long-run record of market economies misses the forest for the trees. In his Apostolic Exhortation, Pope Francis warned against ideologies which defend the absolute autonomy of the marketplace and financial speculation. .....................(more)
The complete piece is at: http://blogs.marketwatch.com/thetell/2013/12/02/j-p-morgan-economist-scolds-pope-francis-on-capitalism-and-poverty/
Buns_of_Fire
(17,181 posts)Perhaps they're starting to realize that they've bled this particular ox one too many times, and the ox is starting to resent it.
MrScorpio
(73,631 posts)I'm not surprised that he's the attack dog summoned in this case.
Douglas Carpenter
(20,226 posts)but the shift of emphasis and the attention he is drawing to the issue
KoKo
(84,711 posts)and I do
sabrina 1
(62,325 posts)South America and Africa and now Europe and the US, the middle class has been destroyed.
Farmers committing suicide because big Corps like Monsanto have destroyed their means of providing for their families in India, etc.
Looks like they are getting a little nervous that maybe the people are no longer ignorant of their greed and money hoarding.
raging moderate
(4,305 posts)And the world gap between the highest incomes and the incomes of those who do most of the actual WORK to produce those incomes?
Of course, Mr. Glassman is surely aware that public education is the reason a poor kid like me would have learned the mathematical relationship between the average income and the median income. No wonder they hate teachers!
muriel_volestrangler
(101,321 posts)The surprise is that those at the bottom third of the global income distribution have also made significant gains, with real incomes rising between more than 40% and almost 70%. The only exception is the poorest 5% of the population whose real incomes have remained the same. It is this income increase at the bottom of the global pyramid that has allowed the proportion of what the World Bank calls the absolute poor (people whose per capita income is less than 1.25 PPP dollars per day) to go down from 44% to 23% over approximately the same 20 years.
But the biggest loser (other than the very poorest 5%), or at least the non-winner, of globalization were those between the 75th and 90th percentile of the global income distribution whose real income gains were essentially nil. These people, who may be called a global upper-middle class, include many from former Communist countries and Latin America, as well as those citizens of rich countries whose incomes stagnated.
http://heymancenter.org/files/events/milanovic.pdf
Worth reading the paper at that link, to get an idea of global income distribution - for instance, "Meanwhile, the position of large European countries and the United States remained about the same, with median income recipients there in the 80s and 90s of global percentiles."
Enthusiast
(50,983 posts)This unbridled greed has to be reined in.
tk2kewl
(18,133 posts)and an average living standard or an average of any demographic is essentially statistically useless when there is uneven distribution of the measured trait.
Asshats!
http://www.upi.com/blog/2013/11/12/Billionaire-wealth-doubles-since-financial-crisis/5011384268135/?spt=hts&or=12
The Top .01 Percent Reach New Heights
http://www.demos.org/blog/9/13/13/top-01-percent-reach-new-heights
US Wealthy Have Biggest Piece of Pie Ever Recorded
http://www.commondreams.org/headline/2013/09/11-6
Rates of unemployment for families earning less than $20,000 - have topped 21 percent
http://hosted.ap.org/dynamic/stories/U/US_JOBS_GAP_RICH_AND_POOR?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-09-16-08-11-23
Gallop: 20.4% of Americans now going hungry.
http://inplainsight.nbcnews.com/_news/2013/09/12/20460846-1-in-5-americans-struggling-to-put-food-on-the-table?lite
Study: "Trade" Deal Would Mean a Pay Cut for 90% of U.S. Workers
http://citizen.typepad.com/eyesontrade/2013/09/the-verdict-is-in-the-trans-pacific-partnership-tpp-a-sweeping-free-trade-deal-under-negotiation-with-11-pacific-rim-coun.html
Obama selects former Monsanto lobbyist to be his TPP chief agriculture negotiator
http://www.democraticunderground.com/10023662210
The Totally Unfair And Bitterly Uneven 'Recovery,' In 12 Charts HuffPo
http://www.democraticunderground.com/10023662029
Wall Street will get away with massive wave of criminality of 2008 - Statute of Limitations
http://www.democraticunderground.com/10022516719
Income gap widest ever: 95 Percent of Recovery Income Gains Have Gone to the Top 1 Percent
http://www.slate.com/blogs/moneybox/2013/09/10/one_percent_recovery_95_percent_of_gains_have_gone_to_the_top_one_percent.html
Older Workers:.Set Back by Recession, and Shut Out of Rebound
http://www.nytimes.com/2013/08/27/booming/for-laid-off-older-workers-age-bias-is-pervasive.html?smid=tw-share&_r=3&
40% Of Americans Now Make Less Than 1968 Minimum Wage
http://seeingtheforest.com/40-of-americans-now-make-less-than-1968-minimum-wage/
50% of Working Americans NOW make less than $27,000/Yr.
http://www.democraticunderground.com/10023308914
Daily CEO Pay Now Exceeds the Average Worker's Annual Salary
http://thecontributor.com/daily-ceo-pay-now-exceeds-us-workers-annual-salary
SalviaBlue
(2,917 posts)bvar22
(39,909 posts)"They" have this Jobless Recovery scam down pat.
1StrongBlackMan
(31,849 posts)I am transported to an "Ethics" course I took in Grad School. The specific issue was a discussion of the "effects of globalization on '3rd world' nations."
As expected, the "capitalists" and right wingers in the class raised the it "lifts them out of poverty" argument. After a while, I asked the simple question: "At what cost? Is it 'ethical' to pursue an economic/business model, wherein one knows has/will force others to all but abandons centuries old cultural norms, in favor of the pursuit of a commodity that prior to your involvement, they had no, or little, use for?"
One student responded: "This is about business. In globalization, each of the poor in these nations has access to money to buy the things they need and want."
To which I responded: "True ... But prior to globalization, the poor of these nations had the land to feed them and a culture to provide them with the things they needed and wanted, neither of which required coinage."
(I was immediately written off by most in the class.)
polynomial
(750 posts)Many intellectuals and academics recognize America with its potential essentially has a population dynamics that is in an epidemic of education trending to stupidity. Just think of the daily digital television programming in the dangerous free market.
Realizing the mounting debt that young people pile up in trillions of dollars owed for an education that would soon become obsolete is insane. That begs the question of what to do about it. There are advocates like Thom Hartmann that occasionally suggest education should be free to include college education. I agree. However getting over the hurtle to change the healthcare fundamentals is one thing and be sure the next would be education.
Could you ever imagine everyone having the ability to go to college to understand or to be that person who is called an undergraduate. Even saying that sounds so very silly but is common rhetoric to say someone is an undergraduate. Even if you have a four year degree your still under the bus hanging on for dear life till you master something. Our system is so weird that many know a huge change in the educational system is needed. Please everyone has the ability to go to school, but few have the ability teach. Thats the problem. Way too many are in the educational system that do not know how to teach.