If a government that protects ordinary people is a “nanny state,” then one protecting the super-rich deserves the title of “super nanny state.” Bernanke and the Super Nanny-State
Don’t look now America, but your leaders have abandoned any pretensions to economic management. Back in ‘06 I made an unpopular prediction that the Republicans would tank in the mid terms because they ignored the household economy of middle America.
The Republicans were blindsided when rust belt states started turning against them. How could it be? The markets are booming!
You are being led by a bunch of economically illiterate dingos. Sure they gave away economic responsibility to The Fed and a bunch of corporate mates. Maybe they knows more about economics…
Great move, the corporate mates don’t give a rat’s arse about you, unless you are a shareholder. The Fed champions monetarist policy which essentially means looking after the corps, the big money. So when the Fed cuts rates it is intended to help the big boys out, the markets.
The markets aren’t the economy; the markets are a side game like poker in the parlour. Unless you manage to slip a few chips out of the pot while no one is watching the game gives nothing to the house. If you play like me it would probably take a fair bit.
So now the US is in deep shit, and despite what commentators, IMF et al try to tell you, the US is in that shit pit pretty much on their own. China and India might feel a blip, but they are in a major growth period. They have your manufacturing industries.
Australia fell into bed with these giants and is in danger of being swamped in cash, an economy stretching the bounds of growth. Europe is more complex, but has enough diversity and manufacturing to get through.
And don’t let your leaders put all the blame on the sub-prime market. That was just one element of the rampant greed encouraged by get rich quick merchants you believe are there to protect you.
It seems like old Abe was wrong on one issue, “you can fool most of the people all of the time.” But then the US has always rewarded the robber barons at the cost of the people. You are now living in the Super Nanny State.