“The Bear Market Economics Phenomenon” is an observation of Political Economics. Wall Street Admits: ‘We Got Rich Off the Backs of Workers’ thus creating the Bear Market. The Bear Market is America's default war.
The ethic of Wall Street is the ethic of celebrity. It is fused into one bizarre, perverted belief system and it has banished the possibility of the country returning to a reality-based world or avoiding internal collapse. A society that cannot distinguish reality from illusion dies.
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People ask me all the time why we don't have a revolution in America,
or at least a major wave of reform similar to that of the Progressive
Era or the New Deal or the Great Society.
Middle incomes are sinking,
the ranks of the poor are swelling, almost all the economic gains are
going to the top, and big money is corrupting our democracy. So why
isn't there more of a ruckus?
The answer is complex, but three reasons stand out.
First, the working class is paralyzed with fear it will lose the jobs and wages it already has.
In earlier decades, the working class fomented reform. The labor
movement led the charge for a minimum wage, 40-hour workweek,
unemployment insurance, and Social Security.
No longer. Working people don't dare. The share of working-age
Americans holding jobs is now lower than at any time in the last three
decades and 76 percent of them are living paycheck to paycheck.
No one has any job security. The last thing they want to do is make a fuss and risk losing the little they have.
Besides, their major means of organizing themselves -- labor unions
-- have been decimated. Four decades ago more than a third of
private-sector workers were unionized. Now, fewer than 7 percent belong
to a union.
Second, students don't dare rock the boat.
In prior decades students were a major force for social change. They
played an active role in the Civil Rights movement, the Free Speech
movement, and against the Vietnam War.
But today's students don't want to make a ruckus. They're laden with
debt. Since 1999, student debt has increased more than 500 percent, yet
the average starting salary for graduates has dropped 10 percent, adjusted for inflation. Student debts can't be cancelled in bankruptcy. A default brings penalties and ruins a credit rating.
To make matters worse, the job market for new graduates remains lousy. Which is why record numbers are still living at home.
Reformers and revolutionaries don't look forward to living with mom and
dad or worrying about credit ratings and job recommendations.
Third and finally, the American public has become so cynical about government that many no longer think reform is possible.
When asked if they believe government will do the right thing most of the time, fewer than 20 percent of Americans agree. Fifty years ago, when that question was first asked on standard surveys, more than 75 percent agreed.
It's hard to get people worked up to change society or even to change a
few laws when they don't believe government can possibly work.
You'd have to believe in a giant conspiracy to think this was all the
doing of the forces in America most resistant to positive social change.
It's possible, of course, that they intentionally cut jobs and wages
so much to cow average workers, bury students under so much debt they'd
never take to the streets, and make most Americans so cynical about
government they wouldn't even try to for change.
But it's more likely they merely allowed all this to unfold, like a
giant wet blanket over the outrage and indignation most Americans feel
but don't express.
Change is coming anyway. We cannot abide an ever-greater share of the
nation's income and wealth going to the top while median household
incomes continue too drop, one out of five of our children living in
dire poverty, and big money taking over our democracy.
At some point, working people, students, and the broad public will have
had enough. They will reclaim our economy and our democracy. This has
been the central lesson of American history.
Reform is less risky than revolution, but the longer we wait the more likely it will be the latter.
Robert Reich, former U.S. Secretary of Labor and Professor of Public
Policy at the University of California at Berkeley, has a new film,
"Inequality for All," to be released September 27. He blogs at
www.robertreich.org.
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