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mmonk

(52,589 posts)

14. Austerity will kill it in many ways.

Reply to coalition_unwilling (Reply #12)

Wed Jun 13, 2012, 06:27 AM

Jun 2012

An economy cannot grow or be stable with widespread wage decline except for the top. All money at the top creates money chases which are nothing more than temporary capital bubbles until the bubble bursts.

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What killed our economy was moving to a leveraged [View all] mmonk Jun 2012 OP

Are you saying that debt was to easy for the avergae Joe to acquire? badtoworse Jun 2012 #1

Yes and was a substitute for lack of wage growth. mmonk Jun 2012 #2

There is a lot of truth in what you say badtoworse Jun 2012 #6

We had our first concession contract in 1982 so I already knew this NNN0LHI Jun 2012 #3

In the past 30 years . . . HughBeaumont Jun 2012 #4

Yes. The tech boom was a real boom. It was sold off to the monoploists and covered up Egalitarian Thug Jun 2012 #11

Exactly. Debt became a substitute for higher wages....and the chickens have come home to roost..... marmar Jun 2012 #5

They thought it would be better to issue easy credit... Bonhomme Richard Jun 2012 #7

Who is "They"? badtoworse Jun 2012 #8

"They" are the one percenters that drive everything from..... Bonhomme Richard Jun 2012 #10

You make it sound like there is some cabal that plans all this stuff badtoworse Jun 2012 #13

Yup, why pay more wages when loans and credit cards must be re-payed with interest? TheKentuckian Jun 2012 #9

Although I am one of its victims currently, I would not describe this economy as 'killed' or 'dead,' coalition_unwilling Jun 2012 #12

Austerity will kill it in many ways. mmonk Jun 2012 #14