Sunday, January 27, 2013

And nothing else matters

There's a reason our corporate and political overlords aren't troubled by insanely high unemployment some five years after the crash. Wall Street is doing just fine so, no problem. This from an interview with some financial wizard explains it all:
Q: But unemployment remains high, and there are other troubling signs in the economy.

A: Yes, but it's better when you look at what drives the stock market, and that's corporate earnings. Stocks continue to be priced inexpensively relative to the earnings they generate and we're seeing decent earnings growth. And America's competitiveness is very strong. Natural gas is incredibly cheap, and we've got an efficient and strong labor force. We've had lots of productivity improvements in corporate America and modest wage growth.
Translated from greed speak, "We're making tons of money. Unemployment is good because, profit.

And apparently they've found the long sought certainty. Congressional gridlock don't bother them no more:
I suspect we'll have more last-minute compromises that won't make Republicans or Democrats happy, but will advance the ball a little bit. It doesn't matter much for corporate America, and for the market and average consumers. The economy and the strength of corporate profitability is what really matters.
Think about that for a minute. In their world, "The economy and the strength of corporate profitability is what really matters."

And by average consumer, I'm pretty sure this guy means the little people like the single mother making only $260K a year the Wall Street Journal was so concerned about recently. Anybody much below that rung on the economic ladder is invisible. Nothing more than a single obscure number on a cost/benefit printout analyzing long term trends in spreadsheet capitalism.

[Photo via TEDSARMY.COM]

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