Economic DownTurns Expose the 401k/Market System..

Economic DownTurns Expose the WEAKNESS in the 401k/Market Based Social System and why people like BERNIE/AOC/YANG/BUFFETT/DALIO/karasu are right about the need for SOCIAL REFORM PROGRESS!

 

It's all MAGA until the Bubble Bursts ;)

Both AOC and Bernie voted for the massive stimulus that was a gift to the rich.  Bernie even sent out letters to his followers telling them what a great bill it was.  They are just as much part of the problem as the shadiest of the GOP.

I was RIGHT again, another brilliant BIG WIN 4 karasu!

A Nobel Prize-winning economist says the coronavirus recession is 'a textbook example of showing that markets don't work'

There's no feeling quite like the stomach-clenching dread that hits when you hear a Nobel laureate in economics label the coronavirus recession as "a textbook example of showing that markets don't work." 

The concept of markets — defined simply as the system that allows buyers and sellers to interact — is a cornerstone of mainstream American economic thought. Free markets are supposedly the most efficient way to determine everything from your salary to the cost of a loaf of bread to the most efficient way to deliver supplies in the midst of a pandemic. "Let the market decide" has become a rallying cry for Republicans and neoliberal Democrats as a refutation of government's role in everything from healthcare to package delivery.

In the latest episode of Pitchfork Economics, Joseph Stiglitz — the aforementioned Nobel laureate who also serves as chief economist at the Roosevelt Institute — questions the role of markets in essential services like public health and recovery from a recession. He identifies our unshakable belief in markets as one of the biggest stumbling blocks in America's lackluster response to coronavirus.-----

https://www.businessinsider.com/pitchfork-economics-markets-need-intervention-wont-recover-itself-nobel-laureate-2020-5

Nobel Prize for karasu!

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has he EVOLVED his thinking to support the TrumpChecks?   I noticed they are now using the keyword "cooperation" to explain the social NEED for BIG GOV management of a civilized society and its financial system

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It really hasn’t, it’s exposed govt intervention.  The markets didn’t tank because Of CV.  They tanked because of govt decisions to limit air travel, go into restaurants or other places of business.