Is It Really Over? Bill Moyers Speaks with James K. Galbraith
The headlines are trumpeting recovery — some are even proclaiming an
end to the recession in the United States (unofficially, that is). The
US economy grew in the third quarter for the first time in a year. But
there are some caveats — although jobless claims dipped slightly, many
analysts still warn of a "jobless recovery." for a number of years to
come.
And then there's the small print — will this recovery be
permanent or is it a function of the stimulus masking bigger problems? THE WALL STREET JOURNAL
warned: "The recovery thus far has been heavily supported by federal
money, casting a question mark over the economy's underlying strength
as government support dwindles." That unease is echoed by JOURNAL guest
James K. Galbraith:

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6 Comments so far
Show AllMoney is made by man and the money supply can be raised or lowered to correct deflation/depression,or inflation.
Money is of 2 kinds. Fiat money,which is less than 5% of the total and credit money which is over 95% of the total.
It is the 95% of the money supply which is created by the banking corporations, and their borrowers that should have some attention,in stead of having all the ignoramuses crying "the government prints too much money and causes inflation".
Why does a government that has the power to give or loan money to the banks and to save them from their gambling losses have to borrow from those same banks, ever????
"The method by which the banks create money is so simple that the mind is repelled" J.K.Galbraith.
A husband & wife, friends of mine, operating a one-store pizzeria are in financial distress, times being what they are.
People who came weekly, monthly, several times a week, "regulars," and semi-regulars (like me) are coming less & less, because of economics.
His landlord is demanding higher rent, on an OLD building that has NO mortgage. He can't afford what it is now, anymore, much less an increase. There were repairs needed that the landlord verbally agreed to, but has not done. (My question to the wife was: "If he runs you out of here, who does he think he's going to get to put in here to collect any rent in the future, at all?" A moot point, apparently, when there's greed at hand.)
They are distraught that they might lose their little family business.
We are a small S.C. town with about 4 stop lights. We're so small, our hospital has 80-beds, a 6-bed ICU. Just to give you a picture as to how small we are, indeed.
We were discussing this while I got my dinner there tonight, the claim that the recovery is at hand.
Bunk! And more emphatic: @#&$*(_)!!!!!
That's right Ray, as I've also said, healthcare reform has the potential to be a major stimulus package, as roughly 200 Million people go for primary checkups, go to the dentist for the first time in years, go get a pair of glasses to help correct eyes ruined by too much computer time, etc. The deluge would actually overwhealm the existing facilities and staffs, to the point where more clinics will need to open and hire staff. But that would mean a GrassRoots stimulus, something it seems clear this president and congress do not want to happen. That would be HR 676, notb the bullshit 1500 pages of toilet wipe produced by Pelosi and company.
Isn't Pelosi's rag up to 2000 pages now, or is Harry Reid's rag up to 2000 pages? Its hard to keep track of the mega shell game "health care reform" has turned in to.
Although I concur with Galbraith that Obama's actions of the past year compare more to Herbert Hoover's actions rather than FDR's, I don't believe that Hoover squandered boatloads of US taxpayers' money bailing out banks and insurance companies.
Galbraith's observation that the US unemployment rate would be reduced considerably if Medicare eligibility was revised to 55 years of age from 65 confirms that Obama and Congress don't give a rip about the unemployed OR real healthcare reform. The only reason a smart guy like Obama hasn't proposed this solution is because he is owned by Wall Street.
I can relate at how jaded and angry you feel.
When I start feeling that way I walk down to the local food bank and volunteer.
Try not to worry about things that you have no control over.
I was a health care professional and got out in the late 1970's because I could see that the insurance companies were taking over and that they were intrinsically
evil.
It took a long time for this to shake down and it can't be fixed over night.
Or maybe it can.....
But spewing hatred isn't going to fix anything.
So start taking care of your own health and get out and take a walk or something.
You'd be surprised how much better you will feel.
Oh
By the way.....What a thoughtful and informative video that was.
Thanks Common Dreams!
Hugs
Birdie