Topic: It's the economy, stupid! (Read 73188 times)

Brentai · « **Reply #560 on:** March 13, 2011, 11:51:02 AM »

This is my surprised face.

Thad · « **Reply #561 on:** March 13, 2011, 01:23:24 PM »

And now it's time for another round of "How will the Democrats fuck this up?"

Mongrel · « **Reply #562 on:** March 17, 2011, 05:43:42 PM »

So in an unbelievably sporting show of cooperation, the G7 has agreed to an ~~unprecedented~~ nearly unprecedented* act of well, charity, by dumping Yen to help lower the Japanese currency. The yen has skyrocketed lately, on speculation that Japan will have to sell overseas assets to pay for rebuilding, so the currency's rise really hurts Japan at a time it can obviously ill afford it.

*The G7 did this once before, in 2000, to help the Euro out of a major post-implementation crisis.

This afternoon has been... well, I don't know when I fell in the parallel universe where people aren't retarded, but boy it would be nice to just stay here. Maybe I should listen to Queen all week more often.

"I'll defy the laws of nature and come out aliiiiiiiiiiiiive!

THEN I'LL GET YOU!"

*WRRRAMMMMMMMMMMMMMM!!!!!!!!!*

Mongrel · « **Reply #563 on:** March 31, 2011, 03:24:46 AM »

GOP furiously tries to hide Wisconsin Congressman's whine session about his shockingly low pay

Ohhhhhhhh this is too good.

Mongrel · « **Reply #564 on:** April 08, 2011, 09:17:39 PM »

Haha, oh wow

Citigroup put out a report on 2005 that pooh-poohs the risks of wealth imbalances. But only from the perspective of the wealthy.

EDIT: Man, that thing is gas.

Basically the paper posits that equity investment decisions made on the basis of consumer behaviour are foolish, since wealth imbalances have now reached the point where the rich have so much money that they ARE the economy (here called a "Plutonomy", a play on "Plutocracy"). The behaviour of the vast majority of the population is irrelevant because they simply don't have any money. The paper recognizes that income inequality cannot continue to grow forever, but argues that this is not going to change anytime soon.

The article then suggests that the correct investment response is to place your funds with stocks from companies that exclusively (or nearly-exclusively) produce high-end luxury goods.

A lot of his information is wrong (savings rates being the most egregiously so*), but his conclusions may still be correct even now. I would be very curious know the relative performance of the so-called "Plutonomy basket" in the past two years. It seems safe to say it took a dip in 2008 and possibly the first half of 2009 - beyond that I wouldn't chance a guess, other than to point out that income inequality is not being addressed and continues to grow.

The accidental insights into the concerns of hyper-rich investors is also kind of funny.

* Saving rates among the wealthy are estimated to actually sit around 25%, save for a big dip to negative number in 2008 and 2009 (the rates are now returning to the natural 25% levels. Whereas savings rates among the poor are closer to 4% - on a good day.

Büge · « **Reply #565 on:** April 09, 2011, 06:13:27 AM »

Blazing Saddles - We Must Do Something! Harrumph!

Mongrel · « **Reply #566 on:** May 06, 2011, 09:07:02 AM »

I thought this was a really interesting introduction on just how bad the Greek economy really is. Granted, it's almost six months old, but I doubt there's been an earthshaking cultural shift since then.

Mongrel · « **Reply #567 on:** May 13, 2011, 06:27:09 AM »

A Senate subcommittee has gift-wrapped the evidence against Goldman Sachs - now, will anybody actually prosecute?

Once again, Rolling Stone of all publications runs in where others not only fear to tread but actively pretend don't exist.

Burrito Al Pastor · « **Reply #568 on:** May 13, 2011, 12:34:34 PM »

Mike Rowe: There's a hole in the American supply of skilled labor

Thad · « **Reply #569 on:** May 13, 2011, 02:16:41 PM »

Excellent link; thanks.

I don't buy the angle that our labor force is in trouble because so many people go to college and pursue white-collar jobs, but I definitely agree that blue-collar jobs deserve more respect than Americans generally give them. Rowe's done a great job over the years of demonstrating that skilled laborers are, indeed, skilled, and that they're smart and gutsy besides. They deserve our respect and admiration, and we need more of them.

To the point: his show's title is what it is for a reason. The rest of the expression is, of course, "but somebody's gotta do it."

Joxam · « **Reply #570 on:** May 13, 2011, 02:25:41 PM »

I don't think he was saying that people go to college and get white collar jobs though, as a matter of fact I would argue that his statement about our jobless rate being so high while our skilled labor job openings are so high is pretty much exactly arguing both of your points.

People THINK the only job they should get is a white-collar job, and they end up not being employed and/or thinking that a skilled labor position is some how second or even third place.

Mongrel · « **Reply #571 on:** May 13, 2011, 02:40:24 PM »

That story's about ten years old here.

And yet a solid decade of "Skilled labour will earn you good money" stories being into people has not stopped students from chasing worthless university degrees - enrollment continues to skyrocket - nor has it resulted in anything more than a tiny uptick in registration rates for skilled labour courses/college programs.

Büge · « **Reply #572 on:** May 13, 2011, 06:39:08 PM »

But it still seems that a lot of skilled labour (manufacturing, at least) is being outsourced to other nations.

Joxam · « **Reply #573 on:** May 13, 2011, 07:17:13 PM »

I was under the impression that 'skilled labour' meant stuff like electrician, glazer, carpenter or mechanic. Things that you'd apprentice for or actually have to go to a trade school to do. Not like, factory work.

Mongrel · « **Reply #574 on:** May 13, 2011, 08:55:27 PM »

Quote from: Joxam on May 13, 2011, 07:17:13 PM

I was under the impression that 'skilled labour' meant stuff like electrician, glazer, carpenter or mechanic. Things that you'd apprentice for or actually have to go to a trade school to do. Not like, factory work.

Yeah. Factory work CAN be skilled labour (machine mechanic, tool & die guys, etc.), but the line grunts and basic machine operators are just higher-end general labour.

Büge · « **Reply #575 on:** May 14, 2011, 07:01:45 AM »

MST3K - WHy Study Industrial Arts?!

Thad · « **Reply #576 on:** May 14, 2011, 08:31:20 AM »

Quote from: Mongrel on May 13, 2011, 08:55:27 PM

Yeah. Factory work CAN be skilled labour (machine mechanic, tool & die guys, etc.), but the line grunts and basic machine operators are just higher-end general labour.

True. But in those cases, we ARE outsourcing skilled factory labor.

There IS plenty of stuff that can't be outsourced -- waste management, construction, carpentry, etc. -- which is why we need a major public works program yesterday.

Burrito Al Pastor · « **Reply #577 on:** May 14, 2011, 08:49:03 AM »

Correct me if I'm wrong, but wouldn't a major public works program provide more skilled labor jobs, not more skilled labor workers? Employment opportunities alone simply aren't going to fill the hole - there's a deeper cultural issue that we have to address first.

sei · « **Reply #578 on:** May 14, 2011, 09:08:59 AM »

If the program includes training/education and blue collar propaganda, then no.

Thad · « **Reply #579 on:** May 14, 2011, 09:44:12 AM »

Right. A public works program can be a solution to the cultural issue. People are ready to work and just waiting on an opportunity; a public works program can give them the opportunity for entry-level work, train them for higher-level work, and play up American patriotism and can-do spirit.

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Author Topic: It's the economy, stupid! (Read 73188 times)