Jared Bernstein.Senior Fellow, Center on Budget and Policy Priorities I see a lot of the wire reports on the lousy jobs release focusing on Europe, China, and other external factors to explain why employment growth once again appears to have decelerated. Sure, European instability and a slower growing China are part of the problem. But they are not at its core. For that, we've simply got to look in the mirror. The economic reason the job market is once again downshifting is because we as a nation failed to take out recovery insurance in the form of temporary stimulative fiscal policy against precisely the situation we now face. The president proposed the American Jobs Act back in September of last year for just this reason. The economy in general, but especially the job market, has never reliably achieved "escape velocity," i.e., consistently high enough growth rates that would set off the virtuous growth cycle of more jobs leading to more incomes, more consumption, which feeds back into greater demand, more jobs, etc. And the thing that has blocked us from taking out the insurance we needed was and is political gridlock. In fact, it's worse. Beyond gridlock, dysfunctional Congressional politics have led to self-inflicted wounds to the economy, wounds that are being freshly reopened with talk of going over the fiscal cliff, another debt ceiling fight, and the loss of extended unemployment insurance benefits for hundreds of thousands of jobless persons. When politicians come to Washington not to solve our immediate pressing problems, not to compromise, but to promote, above the public interest, a narrow political agenda -- when they do so regardless of the degree of hardship in the current economy -- then I'm afraid we shouldn't be surprised at our inability to self-correct. http://www.huffingtonpost.com/jared-bernstein/may-jobs-report_b_1562139.html
The problem is people still listen to this worthless piece of shit. The same guy who engineered the meltdown. The same guy who ignored all the warning and red flags. This dope should be in a jail cell. On a day that rates were falling in the U.S. after a wretched jobs report, former Federal Reserve Chairman Alan Greenspan was warning that investor opinions could turn quickly against excessive deficits and drive interest rates sharply higher. In the wake of the May employment data, which showed just 69,000 nonfarm jobs were created in the U.S., a much worse reading than analysts and traders expected, yields on Treasury debt were lower across the board. The 10-year note was recently yielding 1.486% and the 30-year bond was at 2.577%, according to FactSet. Greenspan, speaking on CNBC, expressed concern that the economy could begin to follow a track like it did in the second half of the Carter administration -- not exactly anyone's view of vibrant times for the U.S.'s financials. Then, the 10-year was yielding about 9% before bolting higher. "I listen to a lot of what people say that we don't have to worry. We can do it in our own time," Greenspan said in reference to lowering the $1.2 trillion budget deficit, a CNBC summary of his comments said. "Good luck. The markets have not been told this."
huh? do you need glasses? Jared Bernstein is not Greenspan. he leans right most of the time. you se him on kudlow a lot.
I wasn't talking about Bernstein. I just didn't want to start a new thread about who the problem is. Greenspan is the turd I was referring to.
Haha stock market goes up, Obama is responsible, Obama wins. stock market goes down, Republicans are responsible, Obama still wins. You just can't win.
Greenspan is a turd sure enough. No surprise that he's a Ayn Rand groupie. Just like most of the rightie retards in this forum.