We rarely do link-throughs, but I came across an interesting conversation yesterday. It began with Don Peck’s Atlantic essay on “How a New Jobless Era Will Transform America,” and then quickly moved on to our friend Ian Welsh’s thought-provoking reply. A snippet:
Because any economic growth right now increases the prices of oil, which then strangles the economy, you must reduce dependence on oil, or you can’t fix your problems.
Because banks aren’t lending, and because they are a net drag on the economy having destroyed more wealth than they created, you must break up the major banks or take other similar actions to the same ends, or you don’t fix your problems. Continue reading Fixing America