I asked you to provide a single study by an economist working at the Fed aimed to justify their existence. You claimed that's what all those economists working at the Fed are doing, surely you can actually back up your claim with one of those studies? A book by a disgruntled former employee is nice, but has nothing to do with your claim. Could it be you just pulled it out of your ass?
Why 3.5 million Americans in their prime years aren’t working — and no, it’s not video games
- Thread starter Banjo
- Start date
Do the math. Like I said they are the world's number employer of Economists yet continuously get things wrong.
For example that little thing called the home mortgage market bubble bursting.
Bernanke - November 15, 2005
With respect to their safety, derivatives, for the most part, are traded among very sophisticated institutions and individuals who have considerable incentive to understand them and use them properly. {Sure do}
Greenspan - Feb 27, 2003
"The notion of a bubble bursting and the whole price level [of the housing market] coming down to me, as far as a nationwide phenomenon, is really quite unlikely." {ah huh}
Bernanke - Dec 3, 2010
"One myth that's out there is that what we're doing is printing money. We're not printing money." {riiiiiight}
Yellen - September 27, 2005
First, if the bubble were to collapse on its own, would the effect on the economy be exceedingly large? Second, is it unlikely that the Fed could mitigate the consequences? Third, is monetary policy the best tool to use to deflate a house-price bubble?
My answers to these questions in the shortest possible form are, "no," "no," and "no."
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I could go on and on but I'd just be wasting further time with you since obviously you prefer to remain happy but ignorant to what The Fed (and the politicians of both parties) are really doing to this country.
When China and India (their worker bees anyway) no longer absorb the hidden inflation the Fed is creating people will ask WTF happened? And I expect them to say, as they always do, wasn't us.
You made a very specific claim. I asked you to back up that very specific claim. You were unable to, because you pulled it out of your ass, so you shuck and jive. That doesn't put you in a position to call anyone "ignorant"!
Anytime a new disruptive technology comes along, there are going to be folks losing their jobs and become unemployable. In the 60s, the Aerospace Industry employed tens of thousands of draftsmen in the Saturn 5 Rocket development. All those draftsmen lost their job when CAD came along and those who could not be retrained ended up in low paying subsistence jobs. Today SpaceX's Falcon 9 Heavy Lifter likely employ a few hundred CAD engineers instead of tens of thousands of draftsmen.
AI and automation will displace a lot more middle level employees in the coming decades and many will be unemployable in equivalent paying jobs so ended up in early retirement or subsistence jobs. History keeps repeating itself.
That is true. However the fact of the matter is that there are plenty of jobs in the economy as a whole. I know several rooftop solar installers who have a hard time getting enough labor despite paying above market for the type of jobs they're offering. The key problem to me is that the coal miner in rural small town Kentucky thinks the world owes him a job doing exactly what he's always done in that exact rural small town and refuses to move or learn something new, then complains about people from outside the U.S. who are more than willing to move anywhere in the world for a job. I'm guessing most of the draftsman who were willing to move and consider other fields did just fine, and the few that weren't willing are the complainers we all hear about.
There is always a displacement going on, it's been throughout the ages. However the fact that change is happening at much faster pace could be the reason. Nowadays, by the time you get your education or work through your ranks, your area of expertise might be obsolete or in demise.
I don't agree with the arguments that the culprit are the entitlements etc. If anything, it's rather low pay (minimum) for entry levels that is discouraging many in the developed countries as they can calculate easily you can barely survive on that so what's the point.
Aside from the above, there are other issues at play that are hard to pinpoint. Intuition tells me that part of the problem is the social media, including youtube etc, it's long time effect on people. I can't back that up but it's a hunch. Myself I don't have accounts nor use FB, Twitter and many other social media and I'm amused with their popularity. I mean, how can you mind your own business (and future) when you spend time watching what others are up to? That's a full time job by itself...
If you ever live in a small town you'll find all kinds of folks who make it their full time job to mind everyone else's business, no social media required!
you're right, but it takes an hour or so after the Sunday prayers to find out what's cooking in the town, there is plenty of time left. With social media people are trying to find out what is going on with other's across the world, that is individuals that they will never cross their path with. Total waste of time... but once you "follow" you "have to" stay tuned, it's your duty to know...If you ever live in a small town you'll find all kinds of folks who make it their full time job to mind everyone else's business, no social media required!