Official economists claim the recession is over. However, it wasn’t a recession to begin with, but rather a depression.
The Recovery Continues
Ted Rall
Ted Rall is a syndicated political cartoonist for Andrews McMeel Syndication, WhoWhatWhy.org and Counterpoint. He is a frequent contributor to The Wall Street Journal, a graphic novelist and author of many books of art and prose, and an occasional war correspondent. He is, recently, the author of the graphic novel "The Stringer."
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Actually, this was a depression which followed the decade long recession which was used as cover to hoard obscene corporate profits in offshore financial institutions (Cayman Islands, etc.) while moving jobs overseas to pay less wages, the windfall produced converting into more obscene corporate profits and greedy executive compensation …
By the way, now that Obama has frozen federal employees’ wages for two years, when will Congress share the pain, and cut their obscene salaries?
Just got you book and read it. I am going to re-read it more in depth. So far I agree with just about everything you said. Very down to earth examination of the state of our country and practical analysis of what needs to be done. I have myself attemted to express the same but nearly as elegantly. But then, I am not a writer.
Hey PMcDonald’63, nice economic summarisation of the last decade.
@ Ted, a lot of points. First off, (1) actually a funny cartoon. The Council of Economic Advisors as cannibal meat.
(2) What’s up with the annoying spambot prevention question?
Ted, I wanted to mention that (3) you missed out on something when talking about the BP spill, which is one of of the major topics in your book. Did you know that it is JP Morgan that is the plurality shareholder of shares in BP, not some British dudes. JP Morgan owns 25 % of the shares in an actor in one of your five paradigm shifting events of the last decade.
Where did I get this? Greg Palast on Press TV (Iran’s version of Russia Today)
No wonder Obama didn’t nationalise BP, he had just spent the last year bailing out it’s owner JP Morgan.
(5) Your argument for a response to 2000’s catastrophe #5 gets wrapped up in the band-aid for 2000’s catastrophe #4.
And Ted, you were on Russia Today. Palast was on Press TV. These are both propagandistic about their respective states which happen to be rather repressive, yet coincidentially are giving airtime to their country’s enemy’s most trenchant critics for reform (assuming you intend some sort of reform for your nation). Aren’t you aiding the enemy in some way by appearing on Russia Today, a channel that supports oppression in Russia (6)?
Any comment on this Ted?