The Fed’s New Bubble (Masquerading as a Jobs Program)

economic collapse

Robert Reich: The latest jobs bill coming out of Washington isn’t really a bill at all. It’s the Fed’s attempt to keep long-term interest rates low by pumping even more money into the economy (“quantiative easing” in Fed-speak).

When the Poor Conspire to Keep Themselves Poor

David Love: Although the history still has yet to be written on the Obama presidency, it looks as if the second coming of F.D.R. ain’t gonna happen just yet. There are very good intentions in this administration, mixed with conflicting allegiances and amateurism.

Why It’s Foolish to Weaken the Dollar to Create Jobs

bread dollar

Robert Reich:I keep hearing the only way we’re going to get jobs back any time soon is with a weak dollar. Baloney.

Republican Economics as Social Darwinism

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Robert Reich: John Boehner, the Republican House leader who will become Speaker if Democrats lose control of the House in the upcoming midterms, recently offered his solution to the current economic crisis: “Liquidate labor, liquidate stocks, liquidate the farmer, liquidate real estate. It will purge the rottenness out of the system. People will work harder, lead a more moral life.”

Recession Is Over! (If You Want It)

combat

Joseph Palermo: The National Bureau of Economic Research tells us the Great Recession is “over.” The only thing this announcement reveals is just how out of touch and compassionless those who view human society through the lens of quantitative measurements can be.

Of Course Poverty Is On the Rise In Charles Dickens’ America

poverty

David Love: That anyone can actually utter the words “the recession is over” at a time of mass unemployment, foreclosures, homelessness and general despair tells you all you need to know about America. The nation actually exists as two nations: the few that have, and the many who don’t.

Why No Amount of Fiscal or Monetary Stimulus Will Be Enough

recession

Robert Reich: The Fed’s decision Tuesday to keep short-term interest rates near zero is no surprise. What’s odd is its apparent decision not to boost the economy by buying hundreds of billions of bonds — despite its acknowledgment that ”the pace of recovery in output and employment has slowed in recent months,” and that prices are rising too slowly for comfort (i.e., we might be facing deflation).

Why A Civil Society Extends Unemployment Benefits

unemployment

Robert Reich: A record number of Americans is unemployed for a record length of time. This is a national tragedy. It is to the nation’s credit that many are receiving unemployment benefits. This is good not only for them and their families but also for the economy as a whole, because it allows them to spend and thereby keep others in jobs.

The Stock Market Rally Versus the World’s Economic Fundamentals

happy labor day

Robert Reich: The real economy is jobs and paychecks, what people buy and what they sell. And the real economy — even viewed from a worldwide perspective — is as precarious as ever, perhaps more so.

The Economic Fallacy of ‘Zombie’ Japan

happy worker

Steven Hill: Paul Krugman and others have got Japan wrong: Americans should be so lucky as to get a Japanese-style lost decade

Pushing Working People Down

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Jim Fuller: Probably the most obvious example so far of how the very rich are using this economic downturn to consolidate their power is the strike by 305 hourly workers at the Mott’s apple juice plant in upstate New York.

The Two Stories of This Terrible Economy, Yet Obama and the Dems Won’t Tell Theirs

gop gloom and doom

Robert Reich: Republicans lack specific policies but they have a story. Obama and the Democrats have lots of specific policies but don’t have a story. That spells even more trouble for Democrats.

Forget Double Dip: We’re Still in One Long Big Dipper

recession

Robert Reich: It’s nonsense to think of the economy heading downward again into a double dip when most Americans never emerged from the first dip. We’re still in one long Big Dipper.

Economic “Recovery?” Not for You and Me

works progress administration

Jim Fuller: The essential hidden fact of economics in 21st century America: What we have is exactly what the tiny economic elite, the one or two percent of richest Americans, wants us to have.

The Vanishing American Consumer and the Coming Trade War

g-20 summit

Robert Reich: We’re unlikely to see a repeat of the disastrous Smoot-Hawley tariffs that worsened and lengthened the Great Depression. But you can forget trade-opening agreements. In Toronto last week, the G-20 leaders dropped their 2009 pledge to finish the Doha round this year. In the U.S., agreements with South Korea, Panama, and Columbia are languishing.

No Jobs – The Theory of “Structural” Unemployment

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Carl Bloice: With high unemployment and no jobs, the actions of those in Congress who hold up the extension of benefits to the unemployed are morally repugnant. making it. The fellow who said the jobs are not coming back failed to say where they went.

Skewed Wealth Distribution and the Roots of the Economic Crisis

david barber

David Barber: What I do know is that while “social psychology” may have had some small role as a causal factor in the Crash of ’08, it was the actual structure of the American and world economies which brought on the crisis. And if in fact we enter a second round of this Crash, it will not stem from what Dr. Shiller calls a “weakness and vulnerability of confidence,” but will result from the same structural elements of our economy as those that brought on the “first dip.”

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