Thursday, August 21, 2014
Blodget gets it
Too bad he's got trouble finding decent staff who can do proper journalism instead of just caps-lock doomery, cos Blodget gets it:
BI - the economy stinks because owners are greedier than ever before.
By the way, here's a question for Krugman:
Isn't this what secular stagnation looks like?
Seriously: on the one hand you have the triumph of Volcker's shock doctrine keeping forward interest rate expectations artificially low. On the other hand, you've had 35 years of anti-union anti-working-class warfare led by the Republican Party, keeping real wage growth negative for decades.
Toss in Piketty's continued concentration of capital among the people least likely to spend it.
Don't you think that these, alone, might be entirely responsible for the datapoints that you're identifying as "secular stagnation"?
Kruggers might think he's such a radical pinko because he still advocates Keynesian economics, but the truth is his narrative is still entirely supportive of the existing plutocratic power structure and still participates in all its myths and fabrications.