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Iwillnevergiveup

(9,298 posts) Sun Mar 3, 2013, 12:26 PM Mar 2013

Higher Wages Will End Recession

Real New Network

http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=9774

Dr. Heinrich Flassbeck interviewed - targeting low inflation will deepen crisis; government must pass laws and intervene to facilitate a general rise in wages.

He makes the point that "structural reform" really translates to wage cuts. But powerful people know how to make money out of a recession. How long can companies sit on the cash???

3 replies

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Highlight:

Higher Wages Will End Recession (Original Post) Iwillnevergiveup Mar 2013 OP

Speaking of those "powerful people", Jamie Dimon has plainly admitted mother earth Mar 2013 #1

Thanks for that reference, mother earth Iwillnevergiveup Mar 2013 #2

Consumption with conscience, a return to the golden rule, will we ever truly get that? mother earth Mar 2013 #3

mother earth

(6,002 posts)

1. Speaking of those "powerful people", Jamie Dimon has plainly admitted

Reply to Iwillnevergiveup (Original post)

Sun Mar 3, 2013, 12:52 PM

Mar 2013

to benefitting from the downturn...is anyone surprised? Just like the first Great Depression, the reasons all the same, protection is systematically removed, and now working away on Social Security. Big gov't isn't the enemy the strings are being pulled, big banking and corporate oligarchy are calling the shots, one big house of cards....it's quite the game of charades, straight up to SCOTUS, when gov't is no longer representative of it's people.

http://www.economicpopulist.org/content/only-ones-who-recovered-recession-are-top-1

Snipped from this article:

As the Saez paper amplifies, it is like most of America is going backwards in time, straight to the idle wealthy and robber barons of a bygone era. Instead of the idle rich living off of inheritance, we have hedge fund managers and overpaid CEOs becoming America's new elite upper crust class. During the Great Recession, from 2007 to 2009, average real income per family declined dramatically by 17.4%, the largest two year drop since the Great Depression. Average real income for the top percentile fell even faster (36.3 percent decline), which lead to a decrease in the top percentile income share from 23.5 to 18.1 percent. Average real income for the bottom 99% also fell sharply by 11.6%, also by far the largest two year decline since the Great Depression. This drop of 11.6% more than erases the 6.8% income gain from 2002 to 2007 for the bottom 99%.

Beyond the rich making all of the income recovery post the financial crisis, the study also shows we have returned to 1917 in terms of income share going to the rich. Anyway you slice it, with capital gains made from the stock market or not, all of the economic justice of the past century has been wiped out.

Edited to add: The powers that be can end the recession anytime they have the will to, this isn't the first time around, this is an intended consequence brought about by criminality and purpose, and it is serving the benefactors well. Why close a deal that just keeps on giving?

Iwillnevergiveup

(9,298 posts)

2. Thanks for that reference, mother earth

Reply to mother earth (Reply #1)

Sun Mar 3, 2013, 01:31 PM

Mar 2013

Dr. Flassbeck states in another video that if wages don't rise and the "pathological" power of finance is not pushed back, we will face a deep depression. Consumption must be revived.

http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=7724

mother earth

(6,002 posts)

3. Consumption with conscience, a return to the golden rule, will we ever truly get that?

Reply to Iwillnevergiveup (Reply #2)

Sun Mar 3, 2013, 06:03 PM

Mar 2013

The "pathological" power of finance is no different than slavery or terrorism, blood diamonds and blood stained iPhones, when workers are disposable anywhere, they are disposable everywhere.

Our little corner of the world historically has realized the folly and horrors of an economy without labor or environmental laws, but the profiteers are still buying politicians and dictating all the rules. We truly seem to be awakening to that, we can no longer wait for the solutions.

K & R, Iwillnevergiveup! Keep shining the light.

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