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Dylan Ratigan: Three Ways Our Government Could Trigger the Creation of Many More Private Sector Jobs in America

By   Follow Me on Twitter     Message Richard Clark     Permalink
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Throwing trillions at the big banks is like pouring water into a bucket with a hole in it.   How so?   Because current banking laws, and for that matter trade laws, both make it more profitable for banks to:

(a)   engage in financial speculation, loan the money right back to our own government, or invest it overseas . . rather than to . .

(b)   focus on domestic lending.

In other words, before the money ever gets to domestic lending, it leaks out the hole in the bucket and ends up either overseas or in the gambling casinos of Wall Street (i.e. the markets for stocks and derivatives).

In order to "reverse the blower," therefore, we need laws that encourage banks to lend, rather than speculate and extract.   That way, money can be spread around to job creators who actually produce ideas and hire workers to produce products and services based on those creative ideas.

Finally, let us realize something that Dylan Ratigan apparently does not, and that is that even if small businesses had all the loaned investment money they needed to expand and hire new employees, they wouldn't do that unless there were sufficient numbers of consumers out there ready and able to buy the services and products of these companies.   And that's not going to happen unless a whole lot more money is put back into the hands of existent workers and consumers.   This means that a whole lot of federal financial help is going to first have to go to the following potential spenders whose then resultant spending is going to be absolutely required:

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a)     State and local governments so that they can hire back, or give raises to, the state and local government employees who   they   have   either been forced to lay off or reduce the wages of

b)     The unemployed who badly need extensions of their unemployment insurance

c)     People who are on welfare and food stamps and who immediately spend into the economy every penny they receive.

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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)

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