- Top Features:
- War Room
- Glenn Greenwald
- Broadsheet
- Joan Walsh
- Camille Paglia
- Since You Asked
- Follow Salon:
Read other letters about this article
I pulled out of any index funds a few weeks ago, and I'm glad. The stampede of the elephants runs down the 401Ks and mutual funds of ordinary persons.
The bright side is that Bush's moribund plan to privatize social security and hand those massive assets over to Wall Street has another stake in it's heart.
And step back, the real key here is that since 2003 the U.S. economy has become dominated by the financial sector and their 'products' - derivatives, etc. - and not by producing actual products. This is according to Kevin Phillips in his book "American Theocracy." In his view, this is the formula for historic economic weakness.
Domination by the financial sector also results in less employment, because the financial sector does not create the jobs the productive part of the economy did. And the kicker is the government and the economic establishment INTENDED to do this - weaken or offshore the productive economy. NAFTA was just a part of this move. Blue collar workers should take note.
What parties and people are in bed with Wall Street? Republicans AND Democrats...
