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This sounds like another rehash of the savings glut theory...

Savings glut, savings smut. That is like trying to figure out "Who hit Johnnie". I could give a FF. Savings glut and Wall Street profiteering from job export are just the two sides of the same coin. But to me the ones for the USA to be concerned about are those in the USA who organized and are still profiting from the arrangements that have led to the current sorry state of affairs. Further, the power to do this, but not the will, lies in US hands.  

Personally, I believe that some, probably many of those who profited by shipping all of the manufacturing to China knew what the impact on US employment would be--trading $20/hr jobs for $8/hr jobs--and that that was just fine with them. And I expect that belief to be substantiated in time, perhaps even in my lifetime, if we manage to retain any vestage of "free speech."

The policy needs to be rolled back regardless of who it hurts. "Let justice be done or let the Heavens fall!" Justice aside, as it usually is, the system is unstable and HAS to be unwound or it will soon blow up. Unwind or blow-up are really our choices.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Dec 11th, 2009 at 12:08:25 PM EST
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ARGeezer:
Savings glut, savings smut. That is like trying to figure out "Who hit Johnnie". I could give a FF.
I couldn't agree more.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Dec 11th, 2009 at 12:16:09 PM EST
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