The financial markets were waiting for the other shoe to drop with today's report from the Federal Reserve. Basically, they knew that the feds have shot their bolt as far as helping the economy, but they wanted the "truth" from the Federal Reserve Board.
Balancing the budget at the federal and local levels, or cutting taxes so that firms will hire more workers will not work, because it means that the jobs that support 70 percent of our consumer-driven Main Street market will be eliminated or see their wages reduced. No Jobs, no market, and no American economy! These are facts and not economic theory.
Any stimulus to the economy will only come through job creation! The banks are sitting on their money or investing in the Far East. They are creating jobs in Asia, but not in America.
Since private enterprise won't help, the government has to provide jobs through investing in our infrastructure. Hiring foreign companies or bringing over foreign workers to work will not help American workers or the American economy they support. Like the Chinese, we need to decouple from the world economy, and recreate the independent, self-sustaining economy we once had before NAFTA and other free-trade agreements. We built our industrial base and the jobs they supported behind a wall of tariffs. No tariffs, no industries, no jobs, and no American economy. This is how countries are developed. No theory is involved, because this is how America developed it's economy!
Pervis James Casey
Aug 10 2010 - 4:22pm