Woody Tasch discusses destructive economics

In this three-minute video, author Woody Tasch compellingly illustrates that "Economic growth is not synonymous with well being." In fact, much of what we call "economic growth" is destructive. Woody concludes: "We can't just continue to grow our way out of our problem. In fact, 'economic growth' is often destructive.'" My strategy is to disparage the ubiquitous media reports that applaud when the GDP is "up," or when the "economy" is humming along. Those numbers assume that strip mining is better for the economy than conservation measures. They assume that rampant crime is better for the economy than fixing many of the root causes of crime-- e.g., the "war on drugs," injects violence into drug use and "allows" us to hire a lot more police officers, whereas decriminalizing drugs might cause the loss of law enforcement jobs. The many commentators who fetishize the GDP embrace a principle that prefers a violence-ridden police state. We need to dramatically shift our focus from measuring numbers of dollars flowing through the system to (admittedly more difficult task of) measuring the real quality of life.

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Garrison Keillor: Put them to work.

Garrison Keillor, not known for his conservatism, wonders why the government is not putting people to work:

It's the conservative in me that wishes we had an old-fashioned government jobs program, such as FDR's Works Progress Administration, which hired unemployed people to work to build roads, libraries, public toilets, hiking trails, tens of thousands of small useful projects. (When my dad saw the initials WPA on the cornerstone of a building, he said it stood for "We Poke Along," but he could afford to be disdainful since he'd been hired after high school by his uncle Lew to pump gas at Lew's Pure Oil station.) My inner conservative thinks unemployment is wasteful and damaging to the spirit -- 15 million unemployed, many more underemployed -- a disaster, a blight upon the land. Intolerable. Work is redemptive.

I often wonder why we are paying out unemployment benefits without asking recipients to do something in return. There a lot of work that the government needs done; can't some of this work be done in return for unemployment benefits? How about cleaning up vacant lots and parks? How about tutoring children how to read? How about helping the military with some of the non-combat related tasks that it needs to get done domestically? I realize that many jobs are specialized, and that you can't just throw anyone into many types of jobs, especially for short periods of a few weeks or months. And I despise the idea of make-work, forcing people do things that aren't productive in return for a check. But can't the taxpayers get something in return for some of those unemployment benefits, at least in some cities, some of the time? I do agree with Keillor that at least some kinds of work can be redemptive--and most adults I know are out there dragging themselves out of their cozy houses to do some sort of work. I don't think of meaningful work as punishment, but perhaps that's where I differ with those who think that Keillor's idea is cruel.

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Dylan Ratigan’s three strikes against the pending financial services legislation

Dylan Ratigan put on a "Family Fued Show" to illustrate the three major failures of the pending financial services legislation. Seems like this bill is not for any meaningful reform. It's only a dog and pony show.

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Senator Ted Kaufman stands out

Arianna Huffington has recognized the excellent work of Senator Ted Kaufman, who dares to comes out swinging against Wall Street.

In the last week alone, Kaufman has taken to the Senate floor to deliver two major -- and blistering -- speeches. The first was a masterful overview, offering chapter and verse on what led to the financial crisis and what, specifically, needs to be done to ensure that we "build a regulatory system that will endure for generations instead of one that will be laid bare by an even bigger crisis in perhaps just a few years or a decade's time." . . . . The great thing about Kaufman is that he isn't afraid to use direct, pointed language, saying that "fraud and lawlessness were key ingredients" in the financial collapse. And he's willing to name names: in his attack on derivatives, he called out Alan Greenspan, Robert Rubin, and Larry Summers as key cheerleaders for unregulated derivatives markets . . .
But why is Kaufman speaking out against dysfunctional/corrupt Wall Street banks while most other senators are timid? The absence of money as a factor in his decision making.
Kaufman didn't need to raise any money to become a senator -- he was appointed. And he doesn't need to raise any money for his reelection campaign -- he's not running. At 71, with a long, distinguished career in government under his belt, Kaufman is completely unencumbered by the need to curry favor and approach moneyed interests with his hat in his hand. So let's all take a good look at Ted Kaufman. This is what it looks like when our representatives are not beholden to special interests, and are only serving the public interest.

Continue ReadingSenator Ted Kaufman stands out