Fiddling as the debt ceiling falls in - US economy - MSN Money: "During the equity bubble, we started to hollow out the manufacturing sector by shipping jobs overseas, as companies tried to become more 'efficient' in order to send their stock prices higher.The idea that politicians will ever be responsible is a bad joke. Never mind with a set of incentives they have built to amplify graft to themselves. Look over at the P.J. O'Rourke quote on the right sidebar. Until every has that on the tip of their tongue we're screwed. Completely and totally.
Nobody seemed to care at the time, as the whole country was captivated by the (erroneous) idea that you couldn't lose money investing in stocks, even risky ones. Obviously, that illuminates another point, which is that greed on the part of many, including the middle class itself, only helped feed the destruction.
The bursting of the real-estate bubble delivered the knockout punch.
Had the Fed not been so irresponsible -- and the government not abdicated its oversight responsibility -- the middle class would be far, far better off than it is today. But, as I just noted, the middle class does bear some responsibility for having gotten greedy (though unsophisticated investors probably have some defense in having expected some adult behavior by the government, and certainly many innocent people who were not greedy have suffered badly as well.)
Meanwhile, those who behaved prudently have also been punished because they are not paid any meaningful interest on their savings, while the reckless seem to get bailouts. But there is no doubt that the 'authorities' at all levels (i.e., politicians and bureaucrats) did not do their jobs."
And the communist's goal in life is to make sure nobody ever knows who P.J. is. And anyone else like him.
Well to be fair, what they're really doing is making sure you watch American Idol 24/7. Because P.J. will never be a contestant there.
Du'O.
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