Socialism Watch
Steven L. Taylor
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Saturday, February 2, 2013
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14 comments
Via the BBC: Dow at five-year high on jobs data
The main US share index closed at a five-year high on Friday, buoyed by official data showing that the economy added more jobs than previously estimated at the end of last year.
The Dow Jones finished up 1.1% or 149 points to 14,010, the first time it had passed 14,000 since October 2007.
Obama is clearly the most inept socialist (let alone Marxist) ever.
About Steven L. Taylor
Steven L. Taylor is a Professor of Political Science and a College of Arts and Sciences Dean. His main areas of expertise include parties, elections, and the institutional design of democracies. His most recent book is the co-authored
A Different Democracy: American Government in a 31-Country Perspective. He earned his Ph.D. from the University of Texas and his BA from the University of California, Irvine. He has been blogging since 2003 (originally at the now defunct Poliblog).
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Austerity now!
Clearly, you need to coordinate with your co blogger Doug, who assures us that the job forecast was just ho hum and that the economy is stagnant.
Yes, Obama IS clearly the most inept Marxist ever—LBJ certainly leaves him in the dust— just like Chimpy McBush is clearly the most inept Christianist ever. Where’s that promised theocracy the leftwing wackos where shrieking about if Chimpy was elected?
Disappointment abounds on all sides.
Rising markets means rising fees, commissions and bonuses for the one per centers and “be thankful you still have a job” for the rest.
Yes, Fed policy is producing inflation in financial assets.
@Dave Schuler:
Or possibly speculation without the “sticking power” of inflation. Time will tell.
@walt moffett: I am far from a 1% er. Never grossed more than $49K/year in 50 years of working. Made that much one time.
I do own stock in various companies. I want the market to do well because dividends add to my retirement income. (Social Security+very limited pensions).
The notion that anyone who benefits from a healthy stock market is swimming in cash like Uncle Scrooge McDuck is just dumb.
Headlines for the last few days have factories around here laying off thousands; nationally reports are that Sears, Office Depot, Radio Shack, and Best Buy are closing hundreds of stores. More jobs lost and people’s confidence down. Things seem bad everywhere we turn except McDonald’s and places selling Super Bowl food.
You underestimate him, Steve. It’s all part of his ultra-long term plan, which he will enact in one sweeping move in his final month in office. Count on it!
@Dave Schuler:
Point taken….but when has it not?
@Tyrell:
While that seems alarming, it may be better to think of these store closures as artifacts of their business model rather than harbingers of economic doom.
We all need appliances, office supplies, cell phones, and TVs. But need we buy them from Sears, Office Depot, Radio Shack, or Best Buy?
No.
Also, things are pretty bad at McDonald’s too. Sure there’s one in every zip code, but the only way they make money is by serving crap food and paying crap wages.
@Tyrell: Those companies are just run badly – we can’t blame the president for Radio Shack having no business plan beyond hobbyists from the 70s or Amazon doing business at extremely low margins and slaughtering brick-and-mortar commodity sellers. There will always be struggling businesses – I suppose the true “reds” would want to protect and nationalize them.
@Tyrell
As others have pointed out, the business models of Sears, Pennys, and so on simply don’t work today. Shopping at all of those stores sucks. I would think that the freebird uber-capitalists on the right would applaud as these dinosaurs fall victim to creative destruction.
Perhaps you have not heard about the mountains of cash that so many of America’s corporations are sitting on, or the vast compensation their senior executives receive. I assure you, some people in this country are enjoying good times, and it’s not the ones making frys at McDonalds.
You might want to do a little research before you comment on the economy.
@Tyrell:
Headlines for the last few days have factories around here laying off thousands; nationally reports are that Sears, Office Depot, Radio Shack, and Best Buy are closing hundreds of stores.
Is a healthy economy one in which companies never fail, in which technology and innovation never change markets? I can’t fly Pan-Am, or buy a new Betamax player or Commodore computer, or shop at Woolworth’s, or buy a new Edison phonograph. Shouldn’t those companies still exist? I mean, they were big and everyone had heard of them, so they can never fail, right?
So if Sears gets its ass kicked by Target, Walmart and Amazon, why is those companies’ success not a sign of a economic health? Is it wrong that Blockbuster has nearly failed? Should we all go back to renting movies at stores to save the economy? Should we all stop taking pictures with our phones to save Eastman Kodak? They’ve been around forever!
The writing has been on the wall for Radio Shack for years. Best Buy is a terribly run company with horrible customer service that’s been following Circuit City down the tubes as they have been unable to keep up with far more successful competitors. Or do you think people don’t buy electronics anymore? Office Depot is growing online and shrinking it’s brick and mortar operation in a tough and crowded market, and wisely so. They seem to be on a solid path.
Things seem bad everywhere we turn except McDonald’s and places selling Super Bowl food.
Expand your view.
See ya. I’m going to take my new DeLorean down to Sharper Image to buy a Walkman.
Tyrell has fled the thread…