Oh, You Better Believe It’s a Crisis…Socialism in America
Monday, October 14, 2019 17:49
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“Oh, You Better Believe It’s a Crisis…Socialism in America”
by David Stockman
“What we obtain too cheap, we esteem too lightly:
’tis dearness only that gives every thing its value.”
– Thomas Paine, “The American Crisis” (1776)
“The Elizabeth Warren Express is gaining momentum. Ukrainegate is turning out to be a double-whammy, with Congressional Democrats bloodying the Donald even as the Tweeter-in-Chief and his attack dogs completely drown out whatever already weak signal still emanates from Joe Biden’s 2020 candidacy. Talk about a thin red line.
If the third great Wall Street bubble of the 21st century collapses and takes Main Street down with it before November 2020, America will have its first woman president. More importantly, a cryptosocialist chief executive will start us down a nightmare path of vengeful redistributionist policy that will end capitalist prosperity and democratic self-governance as we’ve known it.
On the evidence of the last several decades there should be no doubt the battered, debt-ridden Main Street economy can stand a lot of punishment. But it probably won’t stomach another outbreak of slash-and-burn “restructuring” by CEOs and CFOs responding to plunging stock prices and options packages.
In the age of Bubble Finance, causation has been reversed. Recessions are triggered by crashing Wall Street bubbles, not the Main Street credit crunches that waylaid your grandfather’s economy.
At the most basic level, the Great Recession was the result of injecting the equivalent of monetary heroin straight into the financial veins of the American economy. At Peak Debt, the consumer borrowing channel of monetary transmission gets clogged. Meanwhile, proceeds of business borrowing are magnetically sucked back into the casino by the petulant speculators demanding endless stock buybacks and other feats of financial engineering, world without end…
But central bank stimulus never escapes the canyons of Wall Street. It fuels asset bubbles until they collapse under their own weight. Evidence of excess abounds: WeWork was a $47 billion company not that long ago. The fact that that absurdity hasn’t made it to market can’t obscure the fact that Beyond Meat (Nasdaq: BYND) traded at 85 times sales. And Netflix (Nasdaq: NFLX) was priced at 104 times net income, even as it faces a tsunami of streaming competition from Disney+ and other big content kings.
Should a market perched at historically high valuations lose its lunch again during the next 13 months, there’s no doubt what’ll follow. Corporate America – CEOs and CFOs who earn 800 times what the average American takes home, mostly due to gains in their stock-options packages – will once again make Main Street wage-and-salary workers the detritus of yet another collapsed Wall Street bubble. What remains of the Donald’s support – his “MAGA” base and fair-weather GOP allies – will melt.
The former loves his red-meat media attacks and his maudlin patriotic humbug. At the same time, a lot of them live paycheck to paycheck. They depend upon Walmart’s (NYSE: WMT) “Everyday Low Price” of Chinese imports. This Trade War has already put those in peril. And, of course, the non-Never Trumpers among the old tax-cut-and-deregulation crowd will bail once the coming market crash devolves, inevitably, into recession. The Donald had no friends in Imperial Washington on November 8, 2016. He’s accumulated few since January 20, 2017.
Thus, the Donald and his purported multibillion-dollar empire will soon be at the mercy of a Democrat mob more vengeful than any faction since the Radical Republicans after the Civil War. And, in the context of another collapsed bubble and wrecked economy, bile, bombast, braggadocio, and bullshit won’t cut it anymore in the Rust Belt and Bread Basket precincts of Pennsylvania, Ohio, Michigan, Wisconsin, and Iowa.
Here’s what might…
That’s the picture form of a populist indictment of the obscene wealth accumulated by a tiny elite at the treetops of the U.S. economy. It’s what makes Senator Elizabeth Warren is such a clear and present danger.”
Source: http://coyoteprime-runningcauseicantfly.blogspot.com/2019/10/oh-you-better-believe-its.html
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Socialsim isn’t our problem, unbridled capitalism is.
Socialist countries have a higher standard of living than we do, a work force that works far less hours for a better lifestyle, lower infant mortality, high levels of home ownership, and access to medical care that isn’t cost prohibitive.
They don’t have the insane poverty we have, they don’t have the crime rates we have, and their media isn’t controlled by the corporate monolith like ours is.
You can keep crying “socialism” as the blame for everything we are going through, but it is not. It is very obvious that what is at fault is the greed that drives capitalism.