10 September 2015

Wall Street, the casino.

John Maynard Keynes: “When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.” [Michael] Hudson expands further:

“Instead of warning against turning the stock market into a predatory financial system that is de-industrializing the economy, [business schools] have jumped on the bandwagon of debt leveraging and stock buybacks. Financial wealth is the aim, not industrial wealth creation or overall prosperity."

Notes
[1] "How Wall Street Parasites Have Devoured Their Hosts, Your Retirement Plan and the U.S. Economy." By Pam Martens, counterpunch, 9/1/15. An interesting article marred only by a reference to "impoverished immigrants running from their own leeches" idiocy. With our own problems ably identified by Martens and Hudson, the problems of Mexican, Nigerians, Somalis, and Zulus are also problems that we must address at the same time by bringing them to live among us. Here's a thought. We we solve our own problems first, including problems already caused by 40,000,000 illegal immigrants already here who stole jobs from Americans, spread crime throughout our lands, and sent billions of dollars overseas.

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