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SPLIT TOPIC: American society: the poor the unemployed - Page 8 — Brooklynian

SPLIT TOPIC: American society: the poor the unemployed

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  • Well bear in mind, of course, America in general has shifted into different means of making money than manufacturing. Even between the late 20th century booms I don't think UE rose above 7%. The issue here is income distribution, really, which is compounded by the fact that much of the high incomes are made from betting with loans either provided or guaranteed by the gov't, and then supplanted by stock options and other compensation guarantees.

    A fun tidbit I read last night in a very boring but informative book by a GS dude- no financial execs received bonuses from TARP money during the meltdown. There was a lot of funny business with bonuses, but at least in that instance sanity was preserved.

    But anyway, w/the changes of the global playing field (other markets becoming more competitive, outsourced labor becoming expensive due to other economies developing and energy/transport costs skyrocketing) it will take a bit of innovation for the US to stay ahead w/o the use of goofy destructive high leverage financial instruments.....

    Maybe I will blog about this on Facebook.

  • CTK, what book are you referring to? I'd like to at least read a review.

    As far as I know, no TARP money was technically used towards bonus allocation, but money is fungible, and so, it's like saying no water from a leaky roof mixed with the flood in the basement. Even if that assertion were absolutely true, TARP money, which was meant to stabilize bank balance sheets (necessary to restore lending and counteract the contraction of money), was not successful in greasing the lending wheels. It was successful in stabilizing asset prices though, which was part of its mission. So 50% success.

    TARP was exploited, however, as free capital for strategic projects. For example, M&A and long-term strategic (and organic) growth opportunities. So, over the longer term, if those projects are successful, then bonuses will increase as a direct result of TARP.

    On the topic of changes to the U.S. economy, I see a troubling trend in a lack of real investment. In economics, investment is the creation of a new asset (which increases some type of output, such as production).

    Our infrastructure is deteriorating, and in some cases completely outdated and in need of replacement, research and development projects have been slashed (example, Hewlett Packard), and housing is at a standstill. Housing is out of the picture, and with bank lending and government spending way down, it will be a good while before we see a meaningful recovery, let alone a next dynamo to propel our economy.

    Of course, we needn't always have the latest and greatest gee-whiz gizmo (such as the internet, or GPS, government financed projects). Simple investments in old line businesses will do. Perhaps manufacturing? Germany's Mittelstand provides a powerful example. Germany has high cost labor, yet possesses world beating manufacturing coming from middle sized and small companies. NYC has over 200,000 workers employed in manufacturing. Perhaps there is an opportunity? I hope so.

  • The book was "Paper Fortunes". A really, really dry read basically telling the story of Wall St and its various characters and changes. Not entertaining for someone looking to learn about Wall St, and not of much info value for someone looking to get more insight on the crisis (if they have already been following it closely).

    And I think future conditions (i.e., high energy/transport costs, growing foreign labor costs, shrinking local labor costs) will warrant re-investment in manufacturing here. Companies like Walmart would love to keep operations contiguous if they could, it would make things a lot simpler & more profitable. But when you have differences in labor costs spanning several orders of magnitude, you go where the money is.

  • I'm just continually amazed at the amount of crap people buy.

    With population growth, we might outstrip China's ability to supply us with crap and get to manufacture it again. It'll be great.

  • Thank you CTK. I'll still check it out, maybe by just reading the review.

    The factors you point out (energy costs, etc) are certainly in our favor. Labor costs count, certainly, but the equation is more complex than that. What really counts is something economists refer to as comparative advantage (http://en.wikipedia.org/wiki/Comparative_advantage).

    The problem has been a lack of will to develop such an advantage. I believe too many resources have been dedicated to financial services (where I earned the majority of my professional experience, and where I hope to continue working for the next 25 to 30 years). For example, the Japanese (who I sincerely wish as quick a recovery as possible), in spite of being at a disadvantage, were able to build such an advantage in auto manufacturing through investment and perseverance. The U.S. has such an advantage in aerospace, but I believe it is possible to develop more niche advantages across a broad spectrum of industrial manufacturing.

    In a country of more than 300 million, with such a diverse array of skills, we simply can't count on specializing in such a few high paid services (finance, law, and healthcare). There needs to be an expanding base of decent quality jobs for people who don't necessarily have the skills to become a computer scientist, banker, consultant, or electrical engineer.

    In an earlier post, you mentioned that you have come to agree that in a limited and indirect way, the wealthy have at times benefited at the expense of the middle and lower classes (I'm working from memory, and apologize if I've misunderstood your meaning). But I can think of many ways in which the wealthy, through financial institutions, have directly hurt what were decent jobs, leaving those working middle class jobs vulnerable. I can point to private equity (again, where I've had employment). A good example is Simmons Mattress (http://www.nytimes.com/2009/10/05/business/economy/05simmons.html), who built a quality product and provided quality jobs but, after being bought out by private equity (and then traded to other firms), were so loaded with debt that they could not compete. This is directly due to unsustainable greed. This destroys comparative advantage, and causes me to scratch my head at such short term thinking.

  • Short term thinking/results driven business bears much of the blame for many of America's ills. We just don't have the collective attention span to consider the effects of debt, gross consumption, counterproductive trade & economic policy, etc, and such thinking comes from both sides of the political spectrum. To get to where we need to be we need to do a lot of thinking, and be prepared to endure a lot of pain & sacrifice; unfortunately I don't think we are collectively up for that.

    Plus there's the issue of political dialogue; you see it in here & everywhere. One group's problems are the fault of another group, group A is leading the country into ruin and must be stopped by group B, yadda yadda. There's a complete lack of acknowledgment of the fact that at the end of the day if the ship sinks, we are all going down, and that in the long run it benefits everyone if everyone else is able to provide for themselves and given the opportunities to succeed. Naturally it's complex, but I think much of it is simple too, but some people are so wrapped up in their ideology they can't see the forest for the trees.

  • Switching gears a little,

    Aljazeera recently featured Cornell West. The network won't let me embed it, so you'll need to follow the link.

    http://english.aljazeera.net/programmes/rizkhan/2011/03/201132863311584728.html

    Dr. West always makes me think.

  • I'm about 8 minutes in

    Again still mulling through "The World Is Flat" which has given me a bit more context to think about America (and the world's) poverty problem.

    They're talking about Obama... I don't think CW thought Obama himself could elicit the change singlehandedly, but I will go even further and say that Obama's administration could not have fairly turned the tides, at least appreciably + quickly at the point in time it was handed the country.

    I look at the whole thing as a captain being given command of a ship just before it faces a major problem. We were all out at sea running the engines at 110%, and they began to fail just after Obama was put at the helm. Much of the engine problems were due to the last captain's staff as well as shoddy short sighted mechanics. There were also problems with treatment of people in lower ranks. But when the engine crisis hit, Obama had to keep the ship going... he had no time to address the lower ranked people's problems or punish the shitty mechanics.

    And then just as the engine situation seems to calm down, we encounter another ship in distress (Libya). A presidential administration can only do so much. It's easy for people to hunker down and only view the world through the lens of issues that appeal to their situations and emotions. But the POTUS cannot and should not do that. I def am on the fence about our foreign policy, but if Obama had come in & ignored the financial crisis to solve the growing income gap issue we'd most likely be in much worse shape today than we have been. It's more complex than CW seems to be making it out to be.

  • Haven't read any replies way too long for me to dig through them. plus i'm lazy :p.

    The poor has been giving one great tool and many of them don't use it in this country, called a god damn free education. Alot of the poor all over the world would love the opportunity to get themselves out of poverty due to lack of education etc... Besides the free education, we have a social system to support the poor.

    The Poor in this country just abuse those privileges by acting stupid and acting out in schools. reality of things is can't always blame the man for the problems.

    The poor immigrants from other countries come here and do well with our free education system and alot of them within a generation is no longer poor. Alot of them don't even use the education but they work hard and their kids benefit etc...

    the poor in this country is way too self entitled like the wealthy are. they think if you are born here (Americans in general) that you are god given gift to humanity and as citizens you are special with magical properties that distinguish you from rest of humanity.

    Many of native born Americans won't do some type of jobs because its below you. I remember working in crappy jobs that my American friends wouldn't touch, Never understood that, money is money.

  • Your ability to judge others less privileged than you is nearly unparalleled.

  • i grew up poorer than the kids in the projects, hell they made fun of me for wearing the same god damn things every day etc...If you were never poor and never hungry before you don't know what a dollar is or what i'm saying about a wasted education.

    They use to make fun of guys like me in class, for actually learning. from what i didn't learn in class, i went to the library after school to learn. I grew up in brooklyn in the 80's/90's and being the only asian kid in a minority school wasn't fun.

  • More goes into being privileged than money, my friend.

  • I wish i have privilege is something I wish i had.

  • I know, but you also think that Asian Americans are the most disadvantaged group in this country.

    Perceptions are amazing sometimes.

  • Politically asians are the most disadvantaged group. tell me what group still get white guys to play asian roles in america? yellow face still acceptable, media people still making mocking songs and accents etc.... If this happens to Hispanic or blacks, those same people would be fried.

    You probably haven't meet real working class Asians immigrants who work away in anonymous restaurants and sweat shops etc....

    The first generation usually work to death to get their kids a education. Not given educational opportunities etc.. the native kids get. No special affirmative action needs, cause asians do so well, because parents like mines take no vacation days. work 7 days a week whole years. toiling way for crappy dead end jobs. Most Asian immigrant families i know are like this.

    Not waiting for the man to give the handout to. How many generations those native born americans going to wait for the man to act instead of doing it yourself, work hard and start your own business and do other things, Most asians just take the problems and don't complain. Thats why you don't see asian involved in politics etc...

    I grew up worse conditions than the native born American friends i have, their parents spoke english, they had a native born advantage vs some immigrant like me. who had to learn this language etc... My mom still works as a seamstress and dad still works in a restaurant, hell i work in a restaurant before. got one of my friends trying to work in one lol, he gave up on day one. boss was disappointed, and he said this is why we don't hire americans. alot of these immigrant jobs can be handle by native born americans, but alot of native born guys think they are too good to work in them. illegal immigration problem would be gone tomorrow if americans work those type of jobs.

    I wish affirmative action was economic base not race based. Alot of poor asians never get the same education as the middle class ones who parents come from education etc...



  • lets see how long does it take to fire these white folks on this radio station, i really doubt it.

  • armchair_warrior said:

    i grew up poorer than the kids in the projects, hell they made fun of me for wearing the same god damn things every day etc...If you were never poor and never hungry before you don't know what a dollar is or what i'm saying about a wasted education.

    They use to make fun of guys like me in class, for actually learning. from what i didn't learn in class, i went to the library after school to learn. I grew up in brooklyn in the 80's/90's and being the only asian kid in a minority school wasn't fun.

    You deserve a lot of credit for getting yourself out of this situation. I'm glad your hard work has allowed you to enjoy a better life.

  • Like I said.

  • I don't know what class you think I am, I still live at home, saves tons of money can't bring dates home LOL. I worked all my life until recently. Made alot of smart investments with pooled family money.

    My last job man with the van, in fact i meet many brooklynians this way, I made the same as the restaurant jobs I had, just better hours I made myself. Other wise it sucked ass, but Not that much opportunity for a guy like me out there. I could drive a bus, but hated the politics and unions.

    I still didn't master the english language grammar, didn't go to the good schools couldn't afford them. I taught myself english believe it or not. my teachers would just sit me in the back of the class and pass me. They didn't even bother to teach me. While learning you always have the constant worry about random mindless violence from the native born kids, who would hit you for no reason etc.. no way to learn.

  • I'm not terribly concerned with your class or your life. I'm amused by your sweeping generalizations about poor people.

  • I'm not a big fan of generalizations, but I do think it is appropriate to congratulate someone on hard work ....it does not always result in success, but often does.

  • I don't give a damn about generalizing things, its easier and faster instead of wasting eons trying to get to something that would be argue over etc... what is something specific,

    one can never get any real specifics. cause you can always narrow things down to more specifics than the previous persons definition. You just have to stop some where.

    I could say that bushmen is generally small, someone could come along and says that they have seen tall bushmen before or really that small relative to them etc... could waste tons of time trying to define something that people already know what I'm talking about.

  • Yes I'm quite aware you find generalizations extremely helpful to your political commentary.

  • Boygabriel said:

    More goes into being privileged than money, my friend.

    He was poorer than the kids who made fun of him, he was a victim of ridicule and he was routinely ignored and shuffled through the education system by his teachers. How was he more privileged?

    And even if he was (I'm guessing because of his strong family foundation), who cares? The point is in the face of daunting odds dude stepped up to the plate and made something of himself...

    YES, BOOTSTRAPS,

    Not to mention, his "judgments" come from growing up with these people... he's not some Fox News troll who's never seen a black person, he grew up in the hood and is relaying his conclusions from that experience... if actually taking part in a system/society/w/e is not a valid POV to say 'hey this is what is wrong w/the hood' then no such POV exists....

    We can talk all day about all the systematic failures that worsen the conditions of the poor, but at the end of the day you have to acknowledge that ultimately they bear the bulk of the responsibility for their own conditions. Speaking nicey nicey and rationalizing growing entitlements is counterproductive, people need to feel comfortable being honest

  • armchair_warrior said:

    I don't give a damn about generalizing things, its easier and faster instead of wasting eons trying to get to something that would be argue over etc... what is something specific,

    one can never get any real specifics. cause you can always narrow things down to more specifics than the previous persons definition. You just have to stop some where.

    I could say that bushmen is generally small, someone could come along and says that they have seen tall bushmen before or really that small relative to them etc... could waste tons of time trying to define something that people already know what I'm talking about.

    So true, Armchair!

    ...and so related to what others are expressing on a thread in the CH section.

    It as if some people look for reasons to tell people they are being "insensitive", or use "sweeping generalizations".

    ...and in, so doing, completely ignore people's first hand experiences.

    Have we reached the point where one can no longer express a dislike of an individual that is part of a group, without it being assumed that they hate the whole group?

    Is the political correctness of the 90s coming back?

    Was it needed then?

    Is it needed now?

    Who is more annoying?

    a. those who, without cause, correct well meaning people

    -OR-

    b. people who are actually insensitive and/or make sweeping generalizations.

    Sometimes I think it is a close call.

  • Cool The Kid said:

    He was poorer than the kids who made fun of him, he was a victim of ridicule and he was routinely ignored and shuffled through the education system by his teachers. How was he more privileged?

    Our friend Armchair commented on the American poor as a whole. I guarantee to you there is a large segment of the American poor who did not have the family or community support structure Armchair did, and who face far bigger racial barriers than he does.

    Studies show that in this country it is extremely difficult to rise above your station if your parents didn't go to college, don't provide you with work ethic or education, or other support structures.

    It is not a poor non-white kid's fault he's born into an awful situation. And yet in our society is he largely socially immobile.

    So there you have it. There are more privileges than money or speaking English as a first language.

    Cool The Kid said:We can talk all day about all the systematic failures that worsen the conditions of the poor, but at the end of the day you have to acknowledge that ultimately they bear the bulk of the responsibility for their own conditions.

    To put it bluntly, strongly disagree. It's something we've discussed at length and will probably do so again.

    I manage to hold individuals responsible in any given situation, but point far more emphatically at our income inequality and f-cked up American version of "free markets" than you do.

    Cool The Kid said:Speaking nicey nicey and rationalizing growing entitlements is counterproductive, people need to feel comfortable being honest

    growing entitlements? I mean, you saw the Republican budget proposal right? Shall we revisit this when the "deficit" agreement is passed to prevent the Tea Crazies' shut down?

  • Have we reached the point where one can no longer express a dislike of an individual that is part of a group, without it being assumed that they hate the whole group?

    This is not what Armchair typically does with his sweeping generalizations in political discussions. He is most certainly not criticizing a specific individual.

    I mean:

    How many generations those native born americans going to wait for the man to act instead of doing it yourself

    Really? that passes for legitimate discussion? guess we just disagree then.



    Who is more annoying?

    a. those who, without cause, correct well meaning people

    -OR-

    b. people who are actually insensitive and/or make sweeping generalizations.

    Given the amount of inequality and privilege that exist in this country? (B), by a wide margin.

    Minorities, women, gays and a million other non-white-christian males are still not equal in our society.

    Not by a long shot.

    So I'd expect someone as intelligent as you to understand the bigger picture, and why not generalizing or stereotyping groups is actually still extremely important, no matter how much it "annoys" you.

    A vast majority of the people who are irritated by 'political correctness' are usually privileged straight whites. In other words, people who still dominate society and should probably yield to the concerns of less privileged groups, even if it means loss of the "right" to stereotype.

  • So you, let me know if I get this straight:

    You believe that people are annoyed by political correctness because it effectively challenges their stereotypes?

  • There are different answers to that question because obviously there is problematic overzealous political correctness. Like, as you say: if someone says, "I don't like Mr. X" and then someone says, "You don't like him because he's Race X".

    But that's not the "political correctness" I'm describing, nor is it the critique I was making of sweeping generalizations in this here discussion or ones like it.

    As a general rule, people from the privileged groups are prone to be sensitive when their privilege gets challenged or even simply alluded to (try listening to conservative talk radio some time).

    So as soon as groups started speaking up for themselves, backlash from dominant groups was almost immediate.

    It's a pretty standard process that happens everywhere. It's part of what makes one group dominant and others disadvantaged. One is in power and gets to frame the debate. The other is portrayed as "overzealous" or, more offensively, "over sensitive", which is about one of the most pompous and debasing accusations one can make in a discussion of privilege, wealth, race and the like.

  • I think you are making the definition of political correctness more restrictive than it is.

    ....I think you are doing this to separate some of the people who practice it as "not being the majority". By so doing, you are attempting to minimize the number of people I am "supposed to" find annoying.

    And I'm not buying it.

    I continue to believe in my definition of "political correctness", and I apply it to you as you responded to Armchair immediately above. And, yes, it is annoying.

    ...and then your response seems to imply -- that as a result of calling you on your political correctness-- I must be privileged and/or insensitive to the struggles of the poor in this country. This is equally annoying.

    Why is it that you believe only the practitioners of political correctness get to define what is "offensive" and "oppressive", and what is not?

    ....everyone loves a hero for the oppressed, but people really get annoyed by people with an over developed sense of justice. Such people do a disservice to their cause.

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