From Pine View Farm

Political Economy category archive

The Stock Market Is Not the Economy 0

One more time.

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The Businesses of America Are Giving America the Businesses 0

Mike Ellerbrock points to a number for factors to explain what he dubs “the lopsided evolution of income, wealth, and power during the last four decades.” Follow the link for a detailed discussion of each one.

  • Stakeholders vs Shareholders.
  • Workers’ Wages.
  • Workplace Justice.
  • Corporate Welfare.
  • Market Concentration.
  • Civic Leadership.

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Rugged Individualism, the America Way 0

Title:  Learning Curve on the Road to Success.  Image:  Man and woman looking at pedestrian crossing, which has two lanes.  One lane, labeled

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Thrown to the Wolves of Wall Street 0

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Celebrating This Trumpled Labor Day 0

Crowd of masked persons parading down the street past buildings with signs in the windows saying

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The Stock Market Is Not the Economy, One More Time 0

Will Bunch explains.

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Belabored 0

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The Stock Market Is Not the Economy, Reprise 0

Donald Trump as a one-man band beating the drum for the stock market, as he marches past a graveyard with gravestones reading

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The Stock Market Is Not the Economy 0

The Bonddad Blog has an informative article explaining why the stock market can do well while the overall economy is hurting.

The short version is that the stocks of certain large tech companies have boomed because of their usefulness in a work-and-study-from-home-during-the-pandemic environment. In contrast, the portions of the economy that affect and are peopled by everyday persons (that is, not what is sometimes referred to as the “investor class”) are suffering, along with the persons who live in and depend on them.

The long version is at the link.

Afterthought:

I need a new tube for one of my bicycle tires, so, late last week, I headed out to my local bike shop, where I’ve been trading since I moved to these parts, only to find that it was gone. The two stores on either side of it in the little shopping center were also closed.

Persons who can afford boats to parade in are not worrying about catching up with last month’s rent because the restaurant or store they used to work in has closed.

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Decoding De Code 0

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Stray Question 0

PoliticalProf raises an interesting point.

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Malpracticing Medicine without a License 0

Talya Miron-Shatz is fed up with politicians making medical decisions. A snippet:

The US was one of the last countries to impose a lock down, which meant loss of lives that could have been saved. This did not happen because the data on the virus was missing, or the trajectories weren’t clear. It happened because some politicians viewed stern response to the virus as surrender.

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“American Exceptionalism” 0

The United States has most recently demonstrated its exceptionalism by its abject failure to contain COVID-19.

Will Bunch explores why.

I can’t summarize or excerpt his piece and do it justice. Just go read it for yourself.

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Bombshells 0

At the Idaho State Journal, Mike Murphy posits that recent “bombshell” books about Donald Trump, such as those by Mary Trump and John Bolton, are hardly bombshells by any definition, maybe not even firecrackers or squibs.

He suggests that anyone who has followed Donald Trump’s career already knows what Donald Trump is.

A snippet (emphasis added):

As you read blurbs describing the books that discuss the president in a negative light one word keeps recurring: “Bombshell.”

Which is really sort of a head scratcher since one definition of the term bombshell is “an overwhelming surprise, a shocking revelation.” Since none of the claims describing the president’s behavior in any of the books come as the teeniest bit of a surprise to informed individuals, labeling any of the books as a bombshell is classic hyperbole.

(Brain skip fixed.)

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Tales from the Front 0

A caller tells Thom of her experiences at the demonstrations in Portland, Oregon. (It should come as no surprise that her story differs from the picture painted by Attorney-General Lowering the Barr.)

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Calling in the (Federal) Reserves 0

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The Miscount 0

The unemployment numbers that the BLS released last week were significantly lower than the actuality.

Again.

It does appear to have been an honest SNAFU, complicated by new unemployment situations resulting from layoffs and closures due to COVID-19 and stay-at-home orders. Nevertheless, the Trump administration’s (and Fox News’s) crowing about the figures released last week has been demonstrated to be wholly unwarranted.

A snippet (details of the SNAFU at the link):

The BLS admitted that some people who should have been classified as “temporarily unemployed” during the shutdown were instead misclassified as employed but “absent” from work for “other reasons.”

I find it quite credible that it was an error, rather than an intentional lie, especially as the BLS voluntarily–er–regretted the error.

We live in strange times and many persons are in unprecedented (un)employment situations.

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Prerequisite 0

At The Roanoke Times, retired professor of economics George McDowell suggests that those who would “reopen” the economy must first understand how it works.

I commend his article to your attention. No attempt to excerpt or summarize it would not do it justice.

Aside:

After you read the article, you will know more about economics than our preside–oh, never mind.

(Misplet wrod correxed.)

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Mitch McConnell Does His Math 0

Title:  McConnell's Metrics.  Images of Mitch McConnell, captioned

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Deficit Pending 0

As state and municipal revenues have cratered in these viral times, Republicans are balking at any federal effort to ameliorate suffering and penury for states, municipalities, and persons.

At the Portland Press-Herald, Greg Kesich points out that there are other deficits on which the party of Scrooges turns its back. Here are a couple of his examples; follow the link for more.

Putting off school construction projects – the kind of thing that happens in bad economies – is another kind of deficit. It creates long-terms costs in the form of inefficient energy use and transportation plans that somebody is going to have to pay.

There is a long-term debt that comes with every lost opportunity for a child to learn, and every person who can’t afford to see a doctor. But we have been trained to think that cutting school funding and health care programs – the inevitable result of a “smaller government” – is sound fiscal management instead of calling it what it really is: recklessly borrowing from the future to get us out of our present crisis.

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