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August 31, 2010

Ben Bernanke and Barack Obama Don't Get It...Cheap Money Works For The Classes Not For The Masses

When Robert Reich speaks someone in the administration should listen.  Fjor those of you who don't know Reich, he was former Secretary of Labor and is currently a Professor at Berkeley University.

He gets what those in charge of "working" our economy don't.  Cheaper money will not improve our economy.  I believe it will not  stop the recession - which many are saying has stopped.

The Huff Post just ran one of Reich's articles which first appeared on his own site - 

Reich very logically explains why Why Cheaper Money Won't Mean More Jobs, which is the title of his article.

The sad reality is that cheaper money won't work. Individuals aren't borrowing because they're still under a huge debt load. And as their homes drop in value and their jobs and wages continue to disappear, they're not in a position to borrow. Small businesses aren't borrowing because they have no reason to expand. Retail business is down, construction is down, even manufacturing suppliers are losing ground.
No cheaper money won't work.  We have seen the affects of cheap money ever since the announcement of the economic crisis in 2008 - which I say really began in 2007.  Cheap money benefited only our Too Big Too Fail Corporations and are now benefiting any LARGE corporation.  None of it has yet benefited the average person, the unemployed, the under employed or the millions of suffering Americans all having to look to social programs just to survive.  But maybe that's what it is all about - social programs for a socialist society.  A two class system - the haves and the have nots.

You must begin to wonder what all of this is all about.  After all, Bernanke is not a stupid person.  In fact, he is a very intelligent and smart person.  He understands what will work and what won't.  At the same time, Barack Obama is not a stupid person either - he understands.  What they understand is what we all out here in Recession America understand - helping big business does not help the public.  Is this the real plan?
But this big-business borrowing won't create new jobs. To the contrary, large corporations have been investing their cash to pare back their payrolls. They've been buying new factories and facilities abroad (China, Brazil, India), and new labor-replacing software at home.
If Bernanke and company make it even cheaper to borrow, they'll be unleashing a third corporate strategy for creating more profits but fewer jobs -- mergers and acquisitions.

Read Reich's full here

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1 comment:

  1. The people go from the stove to the frying pan...its collusion on the grandest scale ever...the cheap money only gets to their crony's...just read this...IBM LBPS...everyone has a piece of the pie and the citizens get the pit! They should all get cancer of the stomach the way I've got it!

    IBM Lender Business Process Services LBPS scam