It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Former Labor Secretary Robert Reich explains what's wrong with the economy in 2 minutes

page: 1
11
<<   2  3  4 >>

log in

join
share:

posted on Jun, 17 2011 @ 01:48 PM
link   


Good stuff. He of course could have added the political corruption of both parties who work for the banks. And of course the Federal Reserve insane economic policies.

But overall, he's doing a good job.




posted on Jun, 17 2011 @ 01:56 PM
link   
Good find. But, Nobody should have to pay 70% taxes.

In less then 3 minutes he could have included the corrupt politicians and the Federal Reserve.



posted on Jun, 17 2011 @ 02:06 PM
link   
reply to post by Vitchilo
 


So, solution???
Anyone?
Yep, eat the rich.

Seriously, eat them.



posted on Jun, 17 2011 @ 02:07 PM
link   
reply to post by Vitchilo
 


Ok...This guy either intentionally or through Keynesian sun glasses ignored some very important issues.

1st. Why does he think that wages adjusted for inflation staying flat is a cause of class warfare between the rich and everyone else?

Answer: He either doesn't know, or doesn't care to admit that money printing is the cause of all of this and has been for some time. He either doesn't know or doesn't care that the American people have borrowed and spent that money tirelessly for almost 20 years. This eventually lead to a big crash in 2008 as consumer credit hit a wall and they COULDN'T continue to draw upon credit aggregates to supplement their income. Have we learned nothing?

2nd. Services aren't going away because there isn't enough tax money. They're going away because governments in all 50 states relied heavily on municipal bonds and ambitious, yet superbly costly projects, wages, and unsustainable benefits far beyond that of the private sector...Which is the bread and butter... that have rendered many states and locales BROKE. They didn't bother planning ahead. Evidence in this is layoffs of public sector workers, furloughs, and benefit adjustments at state and local levels and municipal bonds. So when consumer credit hit the wall in 2007/2008 the basis of their promise to pay back those obligations also hit a wall. And since they didn't bother to plan ahead for bad times governments began running unsustainable deficits.

The funny thing about fluid credit is that it has the appearance of making you think you're richer than you are.

Again, have we learned nothing?
edit on 17-6-2011 by projectvxn because: (no reason given)



posted on Jun, 17 2011 @ 02:17 PM
link   
reply to post by projectvxn
 


Yeah but he just did a basic ``why the economy is wrong`` for the average guy. He won't go into that or 99% of people won't understand.



posted on Jun, 17 2011 @ 02:17 PM
link   
This is like my 4 year old being caught with her hand in the cookie jar, continuing to eat the cookies as I yell stop, then proceed to tell me why she is eating the cookies, why it's my fault, why it's ok she eats the cookies and advise me how to stop her.


WHAT A JOKE.

Marx and Lenin called from their graves. They requested their economics back.



posted on Jun, 17 2011 @ 02:23 PM
link   

Originally posted by Vitchilo
reply to post by projectvxn
 


Yeah but he just did a basic ``why the economy is wrong`` for the average guy. He won't go into that or 99% of people won't understand.


Yeah, but HE is wrong. He is wrong in his approach and in his explanation of how money is distributed and what has caused the economic disaster we are in today.

He glossed over a bunch of stuff. He ignored all "first cause" issues and went straight to the Keynesian model, saying we need to spend more without actually saying it. He talks about credit as if it were just another tool to be used as one sees fit, and that credit flows should begin again, without saying it.

I've heard this crap enough coming from CNBC. It's nothing new, and it's still wrong.
edit on 17-6-2011 by projectvxn because: (no reason given)



posted on Jun, 17 2011 @ 02:25 PM
link   
Yeah, he pretty much nails it here in this video.

It is pretty much a repeat of the twenties economics.

Of course the big connection that isn't made, is that all that debt people have taken on, is the very source for the wealth of those elites.

People without money, or incomes, can not pay those debts, and all that wealth disappears. It is the way fractional reserve banking works. This is all the result of the wacko free market, Mises voodoo economics that republicans, and everyone they suckered, have pursued.

Who created all of this debt? The elites, that is who has destroyed our economy.



posted on Jun, 17 2011 @ 02:30 PM
link   
reply to post by poet1b
 


There is nothing free market about the Keynesian model.

The 20s economy was good and had it not been for the artificial growth of credit aggregates as a matter of policy pursued by the Fed, and the bailout economy that was created after it all came crashing down, the Depression would have lasted a mere 18 months. Instead it lasted 13 years.


Debt isn't created by "the elites". Debt is a function of borrowing which people do willingly. If you borrow too much and spend it all it is YOUR problem when you get screwed.

edit on 17-6-2011 by projectvxn because: (no reason given)



posted on Jun, 17 2011 @ 02:30 PM
link   
reply to post by projectvxn
 


Naw, that is all your projection on what he is saying, and not what he is saying at all.

There is a perfect model to follow back to economic prosperity, laid out in the fifties. High taxes on the rich, who created all the debt in the first place, and good quality market regulation to keep markets from being taken over by fraudulent business practices, and thereby keeping those markets competitive, and so efficient.

It is only smart to go with what has been proven to work, rather than to continue to pursue some unrealistic ideology like free market economics.



posted on Jun, 17 2011 @ 02:31 PM
link   
He cheated! The drawings were time lapsed!



posted on Jun, 17 2011 @ 02:34 PM
link   
reply to post by Vitchilo
 


he does explain the exterior gloss/veneer...but its whats just below the surface that is wrong-with-the-economy


the wages remained stagnant because of several reasons; globalization, technology & productivity, the jobs not so demanding of knowledge or skill.

the rich got richer because they had the Lobbysts to change the rules/laws/taxes... they also offshore their corporations profits as needed...which in turn gets the upper level Execs big bonuses for gaming the system


his video is OK but not great... but he's perfect for a 5th grade viewer/middle class worker interested in the Sports and playoffs than the System mechanisms...cogs & gears...(there are specialists for that, and i guess he's one)


thanks for the OP thread

 



g146541
Caffeine Expert






So, solution???
Anyone?
Yep, eat the rich.
Seriously, eat them.




the remedy is in the post i made... simplistic , but getting the re-structuring/ re-regulating going is a very complex thing to do...


edit on 17-6-2011 by St Udio because: (no reason given)



posted on Jun, 17 2011 @ 02:35 PM
link   
reply to post by poet1b
 


There is no such thing as a perfect model.

All closed system experience entropy. Heavily regulated and insulated systems are CLOSED. Open market policies at least leave a way for the excesses created in the market to be expunged.

You can't stop failure from happening. But you can compound it if you try.

Again the "rich" don't create debt. The borrower does.

edit on 17-6-2011 by projectvxn because: (no reason given)



posted on Jun, 17 2011 @ 02:35 PM
link   
reply to post by projectvxn
 


The economy of the twenties was built completely on debt. Economic recovery was blocked by conservative who held on to the foolish economic policies that gave all the power to the bankers, leading to the wide spread corruption that lead to the economic collapse.

You keep evoking the name of Keynes like you are trying to exorcise some demon. Pull way from the religions ideology, and engage your brain.

Look at the success of the fifties, sixties, and nineties. Look at who created these massive government debts. It was the people preaching free market, Mises economics.



posted on Jun, 17 2011 @ 02:39 PM
link   
reply to post by poet1b
 


And rather than let those debts clear through bankruptcy the government engaged in bailouts, asset confiscation, and outright theft. They confiscated people's gold and devalued the dollar.

Yeah...The depression is all a conservative conspiracy.

Your eyes are fogged up by politics, not economics.
edit on 17-6-2011 by projectvxn because: (no reason given)



posted on Jun, 17 2011 @ 02:41 PM
link   
reply to post by projectvxn
 



Again the "rich" don't create debt. The borrower does.


Sorry, but that is completely falxe. You can not borrow unless someone is willing to lend. Our entire money supply is based on debt. Controlled by the rich bankers.

How can you not get this?

Yeah, over regulation is bad, and under regulation is worse, because it leads to wide spread fraud at the upper levels of the economy, and history clearly demonstrates this. The system requires balance.

When all the power is given to the super rich, there is no balance.



posted on Jun, 17 2011 @ 02:44 PM
link   
He's wrong.

Reich is a shill for the Federal Reserve; those who pushed for reversing the constitutional restriction of the per capita (Salary) tax. He sees the explosion in credit as an explosion of wealth, but in fact it was an explosion of debt. Now he wants to cover the debt implosion which destroyed middle class wealth, with an increase of taxes which will further destroy the middle class.

If congress stops complicating the tax code, they will stop creating loopholes for their rich buddies. Smart wealthy people have zero income to tax. Dumb middle class like us can't write off all our income, and us 139 Million employees end up supporting 305 Million people plus Congress's unethical spending splurges. Then our savings accounts are devalued to help bail out Congress's bankster buddies.



posted on Jun, 17 2011 @ 02:45 PM
link   
reply to post by poet1b
 


Ok..So because people are willing to lend and others are willing to borrow this is the fault of the rich?

How?

Fraud exists in both parties when they both know that the borrower cannot afford to repay the loan. That doesn't require more regulation, it requires enforcing contract laws on both parties.

But to say that a good faith borrower and a good faith lender creates the same type of imbalance in ridiculous.



posted on Jun, 17 2011 @ 02:45 PM
link   
reply to post by projectvxn
 


Um, yeah, what a surprise, the fed government controlled by banking elites, bailed out the super rich.

The deregulation policies that you support is what gave all that power to the banking elites in the first place.

How do you not get this?

Time to connect the dots.



posted on Jun, 17 2011 @ 02:46 PM
link   

Originally posted by g146541
reply to post by Vitchilo
 


So, solution???
Anyone?
Yep, eat the rich.

Seriously, eat them.


They did that in Africa, they killed the white families who had successful farms, and turned their farms into wasteland.



new topics

top topics



 
11
<<   2  3  4 >>

log in

join