Sunday, September 9, 2012
Bring Back The Dark Satanic Mills
The mendacity of the Fed and its minions is really starting to bother the hell out of me. They're looking at better data than I have access to so I know damn well their professed frustration over long term unemployment and sub-par GDP growth is just an act designed to make it seem as though they care about ordinary people.
It's real simple, and Washington knows it. Once all the manufacturing jobs were taken away from middle class Americans and given to Chinese Communists and Japanese Robots the consumer demand our economy is designed to create and satisfy began to wither away and die. High interest credit cards and home equity loans were handed out like candy to compensate for the loss of high paying factory jobs, but eventually what McIncome was left after the off-shoring and automating was complete was not enough to keep the debt binge going.
I would suggest that the solution to our country's economic problems could be solved by bringing the dark Satanic mills back to the US, but we all know that's never gonna happen so there's no point in discussing it.
FRED does not lie. As long as the number of manufacturing jobs continues to decline the economy will continue to deflate.