Sunday, March 18, 2012

How Does That Work?

From Paul Krugman comes an Alec MaGillis article on hedge fund managers in which a neoliberal economics professor intones, concerning the mild criticism of the men and women who wrecked the economy, that because
it wasn’t just anyone knocking them–it was the president of the United States, notes Eugene Fama, a legendary finance professor at the University of Chicago and Asness’s former mentor. “Lots of [hedge fund managers] started out poor, and made a huge amount of money, and created thousands and thousands of jobs in the process. They’re used to being the American Dream, and now you have the president who looks at them and sneers at them like they’re bad guys.”
How does that work? What jobs did the hedge fund manegers create? One or another of my siblings suggests private cooks, maids, butlers, yoga teachers, and related etc. Recall, on the jobs front, that from Reagan on stock prices rose on the shedding of decently paid jobs and their replacement with machines or shipping of to low wage countries.

Hurrah the hedge fund managers and profit maximizing corporate presidents and boards, they hollowed out the American economy and profited form the semi-slave labor and nonexistent environmental laws and regulations of repressive regimes.

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