August 2011
36 posts
July 2011
41 posts
One thing is clear: Financialization, in some form, has taken place. In 1947, manufacturing accounted for 25.6 percent of GDP, while finance (including insurance and real estate) made up only 10.4 percent. By 2009, manufacturing accounted for 11.2 percent and finance had risen to 21.5 percent—an almost exact reversal, which was reflected in a rise in financial-sector employment and a drop in manufacturing jobs. It is also clear that high-risk speculation and fraud in the financial sector contributed to the depth of the Great Recession. But Phillips, Johnson, and the others go one step further: They claim that financialization is the overriding cause of the recent slump and a deeper economic decline. This notion is as oversimplified, and almost as misleading, as the conservative attack on the evils of big government.
Much of what liberals blame on financialization is a result of profound changes to both the United States and the global economy that date from as early as 1968—well before the onset of financialization. In fact, the growth of the finance sector was partly a product of these developments. It is true that the speculative disruptions caused by financialization have to be addressed if we don’t want to suffer another crash down the road. But, if policymakers truly want to arrest America’s decline in the world and attend to the various ills that have accompanied it, then they must come to terms with the much broader story of what has happened to American industry and global capitalism in the last four decades. Simply cracking down on Wall Street won’t be enough.
(Via Longreads)
This news link http://drudge.pricetweet.us/v3/hop.pl?hop=http%3A%2F%2Fphiladelphia.cbslocal.com%2F2011%2F07%2F15%2Fwildwood-police-investigating-racist-sign-posted-at-hotel-parking-lot%2F was sent from a friend.
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Looks like Tony Stark is in trouble.
Finally got this one done. Gots just under an hour of tunes. I hope you enjoy. Click on the link to get you some.
Tracks:
Cali Pop Lock Tribal - Kankick
In Good Hands - The Come Up
Crime Pays - Bear Hands
Unforgotten Souls (Flickers Interlude) - (Prod. by Booradley)
Good Thoughts, Bad Thoughts - Funkadelic
Lewis Takes Action (Owen Pallet Cover) - Hooray for Earth
What Remains - Foals
Do What you Wanna - Jackson 5
A House is Not a Home - Glass House
Justa Sidechick - Raz Fresco
Celebrity - Big Sean
Personified (Super-Charged Remix) - Median
Sinister Kid - Black Keys
Don’t Stop Loving - Floating Action
Light to Dark - Jesse Boykins III
The Suitors Return (Flings Interlude) - (Prod. by Booradley)
Tell Me - Groove Theory
Im A Fool to Want You - Donald Byrd
