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Re: something approaching a religion
On 26 Nov 1996, David Lloyd-Jones wrote:
> On Tue, 26 Nov 1996 13:38:37 -0800, Dale Wagner
> <dwagner@mail.coos.or.us> wrote:
>
> >The largest % of the basic producers-farmers, foresters, fishermen, and
> >miners- have lost their buying power. For example, in 65, a top of the
> >line pickup cost 2000 bu. of wheat, 300 lambs, or 30 wk labor. today
> >it is 4000 bu. of wheat, 2 yr labor.
>
> The decrease in the price of wheat and lambs is the obverse of the
> ongoing and wonderful conquest of hunger. A top of the line pickup
> truck today last much longer, gets twice or more miles to the gallon,
> pollutes much less, and kills far fewer people per million miles
> driven than did the one made in 1965.
>
> However there have been some genuine inequities in the period: between
> 1980 and the second quarter of this year there was a sharp change in
> the annual distribution of income. The poor and the middle class make
> less, both in real terms and proportionally. The ten percent make
> more, and they make more more, thanks to policies of the nutso
> right-wing Reagan and Bush Administrations.
>
> >The DJ went from 800 in 80 to 6600 today. The price-earnings ratio is
> >uncalcuable on many and the dividend earnings are basicly nonexistent.
> >This is because short-term earnings have over ridden long-term
> >intelligence. How can we keep the geese laying if we eat all the eggs?
>
> I take no position on prices freely arrived at. If people want to buy
> or sell any given stock at any given price, that's their business.
> Regardless of what the Dow Jones _index_ is, I still think there are
> stocks worth buying, and I am doing so.
>
> It is of course notorious that the stock market reflects the feelings
> of middle aged males, a spectacularly flighty and emotional bunch.
>
> -dlj.
>
>
Under both President Reagan and President Bush government spending went up
(whether measured in money terms, real terms, or as a percentage of the
economy).
Under President Reagan total federal taxes did not go down (either in
money terms, real terms or as a percentage of the economy). As for income
tax cuts at the top rates ("tax cuts for the rich") these produced MORE
revenue for the government (whether measured in money terms, real terms,
or a percentage of income tax revenue).
Under President Bush taxes went up (however measured).
As for regulations. Under President Reagan there was a lot of talk and
virtually no action about deregulation. Under President Bush there was a
vast increase in regulations.
Under both President Reagan and President Bush there was an increase in
the money supply (however measured - M0, M1, M2, M3 - etc) although such
policy is more the concern of the Fed that the President.
If Mr Lloyd-Jones wishes to describe the above policies as "nutso
rightwing" that "increased the gap between rich and poor" that is up to
him.
Paul Marks.
References: