How on earth does Wall Street itself create unemployment?
Example 1: Right now you're paying approximately one dollar directly to Goldman, Morgan, Citi, and a handful of other banks & hedge funds for every gallon of gas. One dollar right off the top. This is pure speculation feeding the deregulated derivatives market. Paper based on paper based on paper. It has nothing at all to do with productive economic worth, nor does it relate in any meaningful way to supply or demand. It is pure fictitious speculation.
Higher fuel prices = fewer jobs afforded to employers in a logistical across entire economic strata, not to mention less social mobility in a literal sense afforded to employees.
Example 2:
AIG and the few other largest insurance companies are now more or less investment banks of their own. Paper based on paper based on paper. No correlation to physical, tangible, productive assets. Ask the average small to medium sized business owner what kind of burden current insurance rates put on them. Ask the same of a large industrial production company. And yes, corrupt labor unions don't help this much either.
Example 3: Wall Street's fanaticism with the bottom line compels companies to source production overseas to increase profit margins. Many companies do not or did not outsource until they being bought by an asset stripping hedge fund or investment fund on Wall Street.
Lower production costs = higher margins = increased growth = higher stocks = more derivatives. Ask the average blue collar machine tool operator or production line supervisor whose family earned living wages for three generations what he thinks of outsourcing.
Example 4: The 'bailout'. Over two trillion to Wall Street, a healthy portion of which was shipped overseas to stuff the pockets of Eurogarch douchebags in London, Paris, Zurich. Written by ceos and ex ceos of Wall Street investment banks. No explanation needed for how and why this destroys long term job prospects in a general sense.
I could go on and on: insourcing, the petrodollar, food price manipulation destroying family farming, our country's first worldwide claim to fame before the industrial revolution.
The long and short of it is that Wall Street has well over a quadrillion dollars of toxic speculative paper ballooning out into the atmosphere and they need to feed it whatever they can to keep the illusion alive. Thus the crap mortgages, the bailout, etc.
What you won't see our Wall Street controlled government do is issue zero percent credit for industrial production, research and development, infrastructure, etc. which would actually create jobs. It all goes to financial services, the most useless and parasitic economic sector in existence.
fuck i said i wasn't going to reply.
I heard that Ron Paul recently said he supports a Tobin Tax. This is #WINNING and he'll get my vote for this alone.
gonna hafta pull a Jake Stratham here and commit myself to not get pulled in. Too much work to do & not in a RP thread :banana_sml: