If both the rich and poor don't work and middle class is getting unemployed, then...

[AKUMATOTENSHI]

Quote from Eight:

the cavalry will come and save the day...

You keep on waiting for that cavalry to save the day. I am working on my inventory reduction and exit strategy. The statiscal probabilty that an ecomonic turn around will occur in the next 20-30 years is very low. Take hope and throw it out the window, it doesn't pay the bills. They don't take "good job" nor "that was a nice thing to do" at the bank. People need to wake the *&^ up and acknowledge that stagflation is here to stay. The after effects of the mortage fiasco will last long after Gen Alpha has graduated from University.

Akuma

 

[HedgefunTrader2]

Quote from latinotrader:

They spend years in expensive universities pretending to attend useless degrees.

Can you explain how someone attends a degree? People attend classes or seminars, how does one attend a degree??

 

[Scataphagos]

Quote from T_Geithner:

"... if only America could realize that constant technological advancement is what makes America what it is. America has stopped innovating, and other countries are catching up through reverse engineering or buying technology from one another. Basically America is losing its edge.

We could INNOVATE OUR ASSES OFF and it won't help. With innovation, a few people get rich per product. The REAL wealth for the country is in manufacturing... and our labor costs/expectations are too high to compete. Therefore the "real money" from innovation will be made Asia.

 

[DT-waw]

the reality is:
less and less human work is needed to produce better and better stuff, services, construction, etc. due to technological progress.

in today times, about 80-95% of people provide NO real benefit or value to the society. accountants, security staff, military, private prisons employees, traders, lawyers, most doctors, insurance salesmen... all they do is protect the current wealth and status quo. no progress, no invention.

 

[darwin666]

Quote from DT-waw:

the reality is:
less and less human work is needed to produce better and better stuff, services, construction, etc. due to technological progress.

in today times, about 80-95% of people provide NO real benefit or value to the society. accountants, security staff, military, private prisons employees, traders, lawyers, most doctors, insurance salesmen... all they do is protect the current wealth and status quo. no progress, no invention.

+1
exactly.. where is the actual wealth creation. everyone seems to be in the SERVICES tertiary industry. Realtor, trader, teacher, services. We need real wealth .creation. crop /agriculture production. food production or equipment manufacturing. or mining. etc. those are REAL JOBS

 

[DanielPrice]

Quote from DT-waw:

the reality is:
less and less human work is needed to produce better and better stuff, services, construction, etc. due to technological progress.

in today times, about 80-95% of people provide NO real benefit or value to the society. accountants, security staff, military, private prisons employees, traders, lawyers, most doctors, insurance salesmen... all they do is protect the current wealth and status quo. no progress, no invention.

I don't think so...there are plenty of people working for little or no pay because they seek to be of service to others. Think of all those working for non-profit groups. I'm a librarian by training, a profession that usually requires one holds an advanced degree, and the pay is awful, but the point is not the paycheck, the point is promoting literacy, knowledge, creativity, the spread of ideas, no matter how unpopular they are. I'm not protecting the current wealth or status quo, I'm protecting free speech, personal development, and community building, and I seriously don't think I'm part of a 20-5% minority.

Of course, greed is the point of capitalism, so as long as that's the status quo, many confused people are going to continue feeling they are entitled to everything and need to give nothing back. Maybe if we start reforming our own views, truly useful innovation will begin to develop.