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View Diary: NYT: It's Krugman Vs. Reinhart & Rogoff, Who Trivialize Their Incompetence And Attack “Left” (246 comments)

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  •  Yes a Continuing Depression DOES Serve the Inter- (17+ / 0-)

    ests of the rich.

    Because they're not looking to merely increase their wealth.

    They're taking over the world.

    We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

    by Gooserock on Fri Apr 26, 2013 at 04:33:37 AM PDT

    •  so many gifts (17+ / 0-)

      1.lax regulations, because you can't stifle innovation in a depression.
      2. Lower wages, because you can't hurt profits in a depression. Besides, your employees are grateful enough to have any job.
      3. Cheap, even free money. zero percent interest is awesome if you want to leverage your own vast wealth with a whole lot more to do things like gamble more daringly in the stock market, the derivatives market, or just get a loan for that next trip to Vegas. It's also pretty handy if you want to close up a few factories in the US and build a bigger, less safe one in China or Bangladesh.
      4. Increased influence over governmental policies. Hey, in tough times, the political contributions from certain constituencies dry up. That means those still flush have proportionally greater influence for their money.
      5. Austerity, baby. That means killing off the safety net, which pays off directly (send that savings back to the taxpayers, the jawb creators!!) AND keeps the populace cowed into submission, as their own situations become more and more precarious.

      Yes, a healthy economy "lifts all boats" and a non-sociopath would see and appreciate that benefit to all outweighs benefit to one, especially when the latter is at the direct expense of everyone else. But we are not talking about non-sociopaths, at this point. These demons know damned well that a sinking tide "lifts the boat" of the guy who owns all the rights to the emerging dry land. And they are MORE than fine with that.

      Last full month in which the average daily temperature did not exceed twentieth-century norms: 2/1985 - Harper's Index, 2/2013

      by kamarvt on Fri Apr 26, 2013 at 05:25:03 AM PDT

      [ Parent ]

    •  Right now they get the benefits (3+ / 0-)

      and have so far avoided the crash of 1929.

      From that perspective its working damn well.

      .................expect us......................... FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

      by Roger Fox on Fri Apr 26, 2013 at 08:27:18 AM PDT

      [ Parent ]

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