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

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posted on Jun, 18 2011 @ 11:59 AM
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Originally posted by poet1b
There is a perfect model to follow back to economic prosperity, laid out in the fifties. High taxes on the rich, who


www.nytimes.com...

Do that, and the rich will move to Switzerland. Making that country's economy even stronger than it is now.




posted on Jun, 18 2011 @ 12:00 PM
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Originally posted by g146541
reply to post by projectvxn
 


People live pretty well without cash nowadays.
In fact many years before cash or money the human race survived.
I'm in.


I can't make a truckload of macaroni to barter for one LCD TV. I'm not.



posted on Jun, 18 2011 @ 12:54 PM
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reply to post by poet1b
 





Basically, free market economics has turned control of our country over to the Fed Res, or in other words the banking elites, who occupy themselves with stealing our nations wealth through fraudulent business practices.


This right here shows a fundamental ignorance of history.

It was the early 20th century Progressive Movement that moved us toward the Federal Reserve system in 1913. It was the early 20th century Progressives that began the process of social engineering through the income tax. It was the early 20th century progressives who saw it fit that the government should steer markets instead of the people where that right firmly belongs.

Free marketeers never advocated for the Fed. Free marketeers(Mises and Hayek) would never have approved of governments steering markets, and never approved of the notion of the income tax. You have no idea the position of Mises and Hayek. You have no clue who and how the Fed was started apparently. I'll bet you couldn't name the president at the time without googling it for a quick answer. (Hint, he wasn't a conservative).

You've said a lot of ignorant things in this thread and I've just let it slip by. You need to learn some economics and some history before you waltz in claiming you know how it is.



posted on Jun, 18 2011 @ 04:13 PM
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reply to post by projectvxn
 


Look up the history yourself, you have been fooled into believing a lot of mythology and paint everything with an unrealistic broad stroke that ignores the true history.

Here is wiki link. Note that the conservatives wanted a national bank far more independent of government oversight. I don't normally use wiki, but there is enough information there for you to do your own research, if you care to look for the truth.

en.wikipedia.org...

Would you have preferred the Aldrich–Vreeland Act?

What the Mises and Hayek wants is for corporations to control our economy and usurp the role of representative government. That is communism, pushing for an economic system to be the law, and it is an extremely foolish idea. They would turn over the control of our nation to the bankers, and all attempts at deregulation, time and time again demonstrate that free market ideals turn power over to the banks, and demonstrate how foolish of an idea that is.

You are the one who has made the ignorant claims, the difference being that I have pointed out those false beliefs, while you pretend to have made a point, without ever succeeding in tying any of your beliefs to actual history.



posted on Jun, 18 2011 @ 04:16 PM
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reply to post by eldard
 


Good, let them sell all of their U.S. held assets at fireside prices.

Funny how they didn't flee the country in the fifties, sixties, or nineties when taxes on the rich were much higher. Why would they flee now?



posted on Jun, 18 2011 @ 04:58 PM
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reply to post by poet1b
 


If the rich flees, another group will just take their place, anyway. Ever heard of Animla Farm?
The 90% tax rates of the 50s was hardly enforced and easy to circumvent. And America was the only country with an intact industry back then. The vaunted German and Japanese engineering was a few decades away from wreaking havoc on American manufacturing.

There's was no globalization back then. Even during Clinton China wasn't all that much attractive. It's different now and it's not just China. There's Dubai, India, etc.



posted on Jun, 18 2011 @ 05:15 PM
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reply to post by eldard
 


At the end of WW II the U.S. was deeper in debt than it has ever been. The economy was up and down throughout the decade, yet we engaged in a massive build up of infrastructure, while helping our former enemies to rebuild, and paid off that huge national debt. Those tax loop holes led to reinvestment. The system worked, resulting in the economic expansion of the sixties, while our former enemies economies grew and prospered.

It is clear that you don' care about history, and your only goal is to distort that history.



posted on Jun, 18 2011 @ 05:22 PM
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Originally posted by poet1b
reply to post by eldard
 

Those tax loop holes led to reinvestment.


And they still do to this day. They're just not reinvesting it in your country.



posted on Jun, 18 2011 @ 06:27 PM
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Here's a video Lee Doren made in response to Reich's video.



ETA: Here's another one by Dr. Robert Murphy.


edit on 18-6-2011 by Rockdisjoint because: (no reason given)



posted on Jun, 18 2011 @ 06:54 PM
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Originally posted by Dbriefed

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.


Well thats Africa...

...they are good at making ANY land, whether owned by rich or poor , into a "wasteland".

Its just how they operate there and wherever they go...



posted on Jun, 18 2011 @ 07:05 PM
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All money is debt. The system is set up for it to be no other way. The money supply and economy cannot expand except through increasing debt.

The answer to all our problems is to have the government buy all consumer debt and make it more affordable. It is doable without anyone paying any extra taxes. We just need to print the money instead of lending it into creation



posted on Jun, 18 2011 @ 07:30 PM
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reply to post by eldard
 


Great video. And for those disputing this . . . you have to understand that he is calling for the raising of taxes on the rich as they were at least during Bill Clintons administration . . . that BTW was the last time the budget was balanced. In other words we need to bet back the revenue that is being denied us because of the reckless tax cuts for the rich that the Republicans have given to them.

Also, it was the Republicans and Bush who threw the budget out of balance, not Keynesian economics.

I think the only thing Reich should have mentioned is that the revenue increases are a short term solution but in the long term outsourcing must be stopped in America or there will be no more jobs.



posted on Jun, 18 2011 @ 07:33 PM
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reply to post by pplrnuts
 


And wherever white people from Europe go. ... There goes a genocide or destruction and theft of people’s lands.

Africa was fine and dandy until the first white man came and then it was destroyed, you ignorant bigot! Read your history.



posted on Jun, 18 2011 @ 09:40 PM
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Originally posted by inforeal
reply to post by pplrnuts
 


And wherever white people from Europe go. ... There goes a genocide or destruction and theft of people’s lands.

Africa was fine and dandy until the first white man came and then it was destroyed, you ignorant bigot! Read your history.


It's rich to hear someone talk a bunch of crap about white people and then call a man a bigot...Lefties are great ain't they?



posted on Jun, 18 2011 @ 10:05 PM
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Originally posted by projectvxn
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)


So your saying that simultaneously going to war in both Afghanistan and Iraq while, at the same time, legislating massive tax cuts for the rich, (the Bush tax cuts) had absolutely nothing to do with our current economic situation? You act as though the government is the only entity that shouldn't ever borrow money for any reason. What private business here in America operates without any borrowing?

Unfortunately, the reason that the bank bailouts were necessary was because of the fact that if the banks were allowed to fail and subsequently there was no money left to loan to private industry, then private businesses would soon follow suit in a chain reaction that would have left most americans unemployed and more than likely led to another great depression. That's not to say that the banks should never have been allowed to get themselves in such a precarious position in the first place, but that's what happens when they are left to self regulate.

Our current economic situation has a two fold cause and it includes both overzealous spending, especially when it comes to national defense and corporate subsidies, as well as the destruction of our tax base or revenue source via the Bush tax cuts, especially at a time when our nation was engaged in two wars. I am convinced that our current situation cannot be overcome without addressing both issues simultaneously.

By the way, Robert Reich is dead on.


edit on 18-6-2011 by Flatfish because: (no reason given)



posted on Jun, 19 2011 @ 05:36 AM
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Originally posted by poet1b
Those tax loop holes led to reinvestment.


So you're saying high taxes with loopholes are just low taxes in drag? Well, we can agree on that one.



posted on Jun, 19 2011 @ 05:50 AM
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Originally posted by Flatfish
Our current economic situation has a two fold cause and it includes both overzealous spending, especially when it comes to national defense and corporate subsidies, as well as the destruction of our tax base or revenue source via the Bush tax cuts, especially at a time when our nation was engaged in two wars. I am convinced that our current situation cannot be overcome without addressing both issues simultaneously.

edit on 18-6-2011 by Flatfish because: (no reason given)


Don't forget high fuel costs that ate up most of the lower middle class and the poor's budgets. Leaving them unable to pay their mortgages which led to the subprime crisis.

Then there's Bush's encouragement of cheap housing (which can only be possible with easy credit) for everyone. I thought only dems do that?



posted on Jun, 19 2011 @ 08:54 AM
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@pplrnuts , inforeal and projectvxn.

To be honest alot of people forget that islam with it's jihad , also did alot to destroy Africa. A Jihad that is still going on in places like sudan , Nigeria , Ethiopia , Kenya. This is in no way excusing the whites for what they have done to native africans , just showing the bigger picture.

People learn mostly about the Trans-Atlantic Slave trade perpetrated by the Europeans (Mostly western and central europe) but people forget or are not taught about the Arab Slave Trade mostly not to agitate middle eastern trade partners. It ravaged Africa , eastern Europe and The Balkans , the Black sea Area/circassia. The seragglios (brothels) , Harems and Plantations of the middle east were supplied and filled with young girls and boys , ranging from black africans , greeks , to slavs and russians.

That's just africa and europe not counting India and Indonesia. Most of the blacks who captured and sold other africans into slavery were muslims who considered their captives not as fellow humans but kufars or infidels , who either deserved forced conversion , death or slavery. With this islamic jihad mentality and european greed and exploitation (colonialism) mentality bred into africans coupled with Aids , low levels of literacy , economic instability and having to watch out for lions and hyenas is it any wonder Africa is what it is?

Hope that wasn't too off topic.



posted on Jun, 19 2011 @ 09:02 AM
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reply to post by projectvxn
 


Dont take things out of context
I was responding to him saying africans destroy things wherever they go. Which BTW has nothing to do with this threads theme.



posted on Jun, 19 2011 @ 09:08 AM
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reply to post by De La Valletta
 


My post about white people destroying Africa was in response to a racist post by someone on this thread about Africans being no good and destroying everything they touch.

This clown who posted that likely wanted to distract from the theme of the thread, but I had to bash his racism and that is why I posted what I did.

I don’t want that racist ignoramus to disturb this thread any longer so I will decline to answer your post about the Arab slave trade, at least on this thread, perhaps you might want to start a thread on that someplace else.



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