(06-15-2011 06:41 PM)Velleity Wrote: Yeah Sandy, I hear you.
It's just another variation of their repetitive theme that the rich are that way because they're just better, damn it. And for those who aren't rich, well, tough shit for you.
Does this guy, who claims to have a PhD in "business," have a shred of empirical evidence to support his conclusions? Does he even bother to address disparity in incomes? Does he have anything even remotely resembling scholarship?
Like all "conservatives" he mentions "liberal economists like Robert Reich and Paul Krugman" as if they were the black plague, but completely fails to address anything that either Riech or Krugman say. I have yet to find a "conservative" who even understands what Keynesian economics is, let alone one who can do anything more than spew "conservative" think tank wankers talking points.
I said it once before in a thread on the economy. These people talk in theories, not dollars and cents. He's actually describing, quite well, what has happened since the 80s. What he's failing miserably at is to see that it was malisciously done with the "free market" and marketing and the attack on labor. They intentionally caused it because they don't see us out here as real people with real lives, or even consumers most of the time. We're just cogs on an economic chart.
Sell 5 million mortgages at 4% interest.
Raise interest to 11%.
Sell the deal to investors and watch the speculation go out of control.
Mo Money! Mo Money!
Sell insurance against the collapse!!
Mo Money Mo Money Mo Money!!!
And rationalize it all because historically people don't walk away from their homes and real estate never loses money. HaHa. Dumbasses. Nobody accepts getting cheated. When the police tell the old lady she shouldn't feel bad because she got scammed by the slick-talking con artist, he should say the same thing to every young couple that got scammed into one of these shady loans.
The FACT that living breathing people are at the bottom of this equation, or the hideous credit card rates (which is the primary debt referred to in that post), or any other scam they've ran on us in the last 30 years - just doesn't even enter the mind of the economist.
That's why they always, always, fail. And we always always suffer.