It is astonishing to hear/read stuff like this. Man, does this guy (vid) nail it. In fact, Hudson just about sums up the whole shebang in a few words within a fifteen minute video. Most important part of the interview, in worst-writer’s opinion, is in the quote below. Reading about Monday’s “stock crash” because of China just kept me laughing as though I was reading about Greece. Go figure. How #americants will deal with this is another question. For example. Even though I’m diggin’ what Bernie Sanders is saying, I don’t think he’s electable because he’s too extreme for the current political environment which has been nurtured, yes, nurtured, by the 99% since Reagan. Bernie would be a huge shift in that political environment and I don’t think a shift like that has ever happened in the US. Not saying that it can’t happen. Hopefully the new generation of voters that are out there can see through what baby-boomers and conservatives have done. What is probably needed is a gradual political left-leaning shift and then some consistency on the part of the electorate to always be able to counter rightwingnut extremism. But what do I know? I jumped ship after Reagan cause I saw all this coming.
“The real problem is that we’re still in the aftermath of when the bubble burst in 2008, that all of the growth in the economy has only been in the financial sector, in the monopolies—only for the 1 percent. And it’s as if there are two economies, and the 99 percent has not grown. And so, the American economy is still in a debt deflation. So the real problem is, stocks have doubled in price since 2008, and the economy, for most people, certainly who listen to your show, hasn’t grown at all. So, finally, the stocks were inflated really by the central bank, by the Fed, creating an enormous amount of money, $4.5 trillion, essentially, to drop over Wall Street to buy bonds that have pushed the yields down so high—so low, to about 0.1 percent for government bonds, that pension funds and investors say, “How can we make money?” So they buy stocks. And they borrowed at 1 percent to buy up stocks that yield maybe 4 percent. But who are the largest people who buy the stocks? They’re the companies themselves that have done stock buybacks. They’re the managers of the companies that have used their earnings, essentially, to push up stock prices so they get more bonuses. Ninety precent of all the earnings of the biggest companies in America in the last five years have gone for stock buybacks and dividends. It’s not being invested. It’s not building new factories. It’s not employing more people. So, the real problem is that we’re in a non-recovery in America, and Europe is in an absolute class war of austerity. That’s what the eurozone is, an austerity zone. So that’s not growing. And that’s really what’s happening. And all that you saw on Monday was just sort of like a shift, tectonic shift, is people realizing, “Well, the game is up, it’s time to get out.” And once a few people want to get out, everybody sees the game’s up.” -Source: Democracy Now!
Good luck suckers. And. Rant on. -t