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| Photo: Michael Hale |
"Surprise, surprise. Demand creates jobs. Austerity kills jobs. If consumers don't have money to spend, eventually the system seizes up and even well-insulated multinational firms take a hit. So Wall St. is taking up vain hope that the Fed will use more 'quantitative easing' to funnel money into the financial sector, to offset the austerity measures that Washington delightfully put in place in the middle of a recession, to prevent the discredited ratings agencies from maybe saying some mean things.
The denizens of Wall St. must be the most short-sighted people on the planet. They've bought our government wholesale and gotten just about everything they've asked for. They've played Republicans and Democrats off of one another, encouraging neoliberal economic policy, free trade, bank bailouts, and then a hoodwinked Tea Party movement to stand up to Democrats just in case they might consider raises taxes even ever so slightly on the rich.
What they've gotten for their trouble is a deadlocked government divided between far-right and center-right with a few mostly powerless center-left and progressives sprinkled in. A government that cannot even begin to function properly, has effectively hollowed out the American middle class, made investment in the future nearly impossible, and is ultimately very bad for business."— David Atkins, thereisnospoon
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