Posted by: James A, Sweeney
Comment: #1
Sat Nov 29, 2008 3:49 PM
Sir;... I have read through your article twice, and no where do I see you finding a problem with a whole society, and in fact, the whole world living on credit which enriched the financial sector in this country to the tune of 90% of the entire profit... Everyone was working for wall street, and wall street was riding every business for higher profits... What do you suppose; that perhaps they sucked too much wealth out of the society too quickly??? Marx may have said, or only quoted another, that high profits were synonymous with glut, which is depression to you... And we have had high profits, but we are not living on gold, and so printing money is an easy matter... But then again, as that poor person said: We don't need more credit...We can't pay the credit we got... So do you think it was only a matter of risk, or of gathering up and exporting so much of our production and demanding such profits that all the available wealth was drawn out of the society??? To me, risk is why interest... But the profit people who have driven down wages across the board, have handed credit to people, and sold it everywhere and advertized it as the key to having what depressed wages would not ... If people had been encouraged to demand their due, there would not have been any extreme profit...Nor would the risk have been unmanageable... But if you look at these exotic sorts of instraments they were all about conserving profit and laying off risk.... People like Greenspan believed in widespread property ownership as necessary to for the political support for property rights...And ultimately, that is the risk you face when great vlaue is lost, because the losers will inevitably realize that their money went some where and not just up in smoke like the value of what they have purchaced...So worry about them going looking for their lives and their futures which the rich and the government have managed to see carted off..If you do not know, sir, i will tell you why property tanked... it tanked because it was inflated as it would never have been if it had been taxed as it once was, to support the whole country... That would have made labor dear and property cheap, and property not supporting itself would have been thrown on the market to lower the price... Leaving property free of taxes for the most part, had the opposite effect of pressing the price of labor for profit and squeezing wages for both interest and taxes, and it is that which raised the price of property and the price of money to pay for it... .Thanks..Sweeney
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