Does Anyone feel like Bailing

[tw]

Originally Posted by classicman

OK, Why?

Because we are now paying for the boondoggles. Bills from Mission Accomplished are just starting to flow in. We now have a massive interest payments on debts used four and nine years ago to finance money games. Because GM was told after 2000 that they did not have to innovate; did not have to manufacturer the hybrid that was paid for by the US government starting in 1994. Because shorting pension funds to claim profits was suddenly legal. And now those funds are short $tens of billions. Because welfare to the rich never creates productive jobs. Because money games means jobs must be lost four and ten years later. Because any and all protection for secure investements (ie Glass Stegall) was removed in the name of "finance people can always be trusted". Because the American government had so much contempt for thing that create jobs (science, innovation) as to even have White House lawyers rewrite the science papers. Because America was openly encouraged to massively increase energy consumption (ie SUVs) so as to increase profits rather than make new jobs and inefficient industries. Because the people who destroy innovation were not removed as long as they played money games to hide the massive losses (ie Nardelli in Home Depot, Merril Lynch, AIG, the banks). Because money games (Enron, LTCM, Madoff, AIG, mortgage back securities) were how wealth was created and encouraged - and the bills have now just starting arriving. Because the nation’s incomes have dropped 2% while economic fiscal mismanagement and money games were masking the inevitable in the name of a voodoo economics. And because Tax Cuts and George Jr stimulus plans are now doing to the economy exactly what they were predicted to do by this author how many times how many years ago.

The rich do not create jobs - no matter how many times that myth is promoted. Only innovation creates jobs. And innovation only comes from the little people - who have suffered a 2% reduction in their incomes after 2000. That has never happened since 1929 when the same money games also created an economic disaster.

Originally Posted by tw

Only innovation creates jobs. And innovation only comes from the little people .

I agree...and I would only add that government spending on innovation stimulates private spending.