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David Harvey - Must watch



July 01, 2010 – Comments (6)

I saw this earlier but only got around to viewing it now.

One of the things that I think he does a good job of showing is the decline of wages, something I called consumer liquidity in a post last month.

Yves has a second video from Harvey on her blog.


6 Comments – Post Your Own

#1) On July 01, 2010 at 11:07 PM, ralphmachio (< 20) wrote:

We lost in the 70's, and since then the bankers have won, despite losing it all and then taking back enough to keep dominating us.

If we tell them it's crap they hit us with the taser. Political process has been hijacked a long time ago, subsequent to the mental neutering of the legopeople. 

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#2) On July 01, 2010 at 11:43 PM, ChrisGraley (28.51) wrote:

I'm sorry, but his solution of Marxism has already been proven not to work.

He touches some good points, but you don't fix the problem of banks having too much power by destroying capitalism, you take power away from the banks. 

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#3) On July 02, 2010 at 10:20 AM, AltData (32.19) wrote:

I tend to agree with Chris.

I lol that 68% stat of home ownership in the USA. The overwhelming majority of the so called home owners are under a mortgage. You don't own it until it's paid for. I wonder what the % is of outright ownership?

Let the bad banks go broke.

Economist and Carnegie Mellon professor Allan Meltzer once said: "Capitalism without failure is like religion without sin." 

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#4) On July 02, 2010 at 11:32 AM, dwot (28.88) wrote:

Chris, I don't think corporations have ever had so much power in history before.  The point I was trying to make is there needs to be balance.  I think capitalism is working for less and less people everyday, investors that are having their investment driven to the ground by management lining their pockets at the expense of investors and for the workers who are facing a declining wage and standard of living, and for the client who are getting garbage products and services and cost cutting goes beyond reasonable.  I just shake my head at how many goods I have bought in the past few years that are so cheaply made...  For example, my wieser door lock, the metal parts have been stripped down to the bare minimum, I had some ice in my door and the lock broke trying to pry the ice off.  Ice breaking a lock???  On that notice, Schlage has incredibly good quality locks.  The metal parts are about 1.5 times as thick and you just don't see cheap pressed metal parts in the lock.  And the key is far more solid and secure looking.  The price is about 10% different, but the quality is probably 3 times better.

Sales people know little about the products they are selling today.  When I burned $160 or so on 4 Weiser locks I asked the sales representative what they would recommend and got no recommendation what-so-ever.  But, what do you expect when the business keeps the wage so low, you get turn over and never end up with properly trained staff.

And the staffing shortages...  I had a shopping list when I went into Home Depot.  I started in the morning and I did not get out of the store for 6 or 7 hours because of having to wait 10 minutes to 90 minutes everytime I needed help with a product.  I thought I was going to be in and out in an hour.  I have been doing home renovations and my life has been wasting away for the constant gross level of being short staffed when I go shopping, and then so often the products are really poor quality, despite your expressing you want qualify and are willing to pay for it.  I have a black and decker drill that barely screws into 2 by 4s, and $200 circular saw that worked 4 days...  The list goes on.  It is incredible how much cost cutting corporations have done at the expense of quality and customer service.  I waited an hour for service to buy the saw and then 30 minutes to return it.

At this rate, where is Capitalism heading?

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#5) On July 02, 2010 at 5:37 PM, kdakota630 (28.86) wrote:

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#6) On July 02, 2010 at 7:17 PM, StatsGeek (28.54) wrote:

This guy has some good points but I'm particularly miffed that he would blame free markets for the problems.  The markets have NOT been free.  Some important examples:

1) The price of money, i.e. the interest rate, has been set by the Fed, which is not accountable to the people.  Interest rates that were set too low for too long was THE major factor in the housing bubble.

2) China pegging its currency to the dollar.  This encouraged American companies to move to where the labor was cheap.  Now they produce it and we consume it.

3) F'ed up tax code that over-encouraged home ownership via the mortgage interest deduction.


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