Category: econocaste

economics .. the short version, since the long is wasted on the young

Bush Sees Danger

Posted on Posted in econocaste

From the Wall Street Journal reporting about President Bush’s speech ahead of the G-20 meeting.

Mr. Bush also will warn against the danger of overregulation, noting that some European countries oversaw their mortgage markets more extensively than the U.S., yet experienced “problems almost identical to our own.”

This is a, ‘but Johnny did worser’ arguments. Let’s put this into a contrarian phrased example to bring out the center of the argument. Your neighbor lives in a house built to higher code standards than your house. As your house burns down because of shoddy construction and negligence on your part, the flames spread quickly to those of your neighbors. And you stake your defense as being ” their house shouldn’t have caught fire if it were built better.” Sadly, his argument is taking hold, even though those countries that burned with Wall Street were built using the model of Wall Street. Ayn Reagan gets its way.

The real word: beware whose homework you copy

A Difference

Posted on Posted in econocaste, paradox lost

Employees have life, money doesn’t.

People have interests, money only interest.

The company is a fiction created to accumulate funds and functions beyond the life of its original author. That fiction must be held up by the state and so too its market space must be held together by that same state. While capital may create jobs, it is workers that create things, manage processes. It is labor that buys and makes. It is, oddly, labor that provides Capital with the capital. Odder still, it is the evil, evil unions that continuously stream money to the Investment Vessels. And it is from those Vessels that the Priests of Capital drink so fully.

Elections Past

Posted on Posted in econocaste, fauxtons, on TV

Jobs From Money

Wall street creates jobs on mainstreet — grant me this idiom

I have been accumulating viewer points watching the media duel. Capturing opinions as voiced by Main Street Media and Wall Street Media.

I am posting charts from BLS data, not because I believe they have the best data, but because they have the most often cited data, therefore, media and academics amplify its dissemination. Hence, their data has wider effect, if any.

Just yesterday [Nov 3,2008] CNBC and FOX commentators said, with unquestionable authority, that democrats are not good for job creation. The unchallenged opinion is based upon the democrat’s philosophy.

The following chart is BLS unemployment data for September of election years for the past forty years. The choice of September is because that is the last month data published prior to an election. October data is published after the November election.

unemplElection.001.jpg

If you had to write a thousand words to replace this chart, would it be the same tale told so stridently by those occupying the on aire eight box? Are jobs created during Redstreet eras?