Archive for October 22nd, 2009

We are obsessed the “market.”  Market indicators, the Dow, the S & P 500, and NASDAX (and in this international era, the Hang Seng, Nikkei, DAX, and FTSE), are looked upon as a measure of economic health.  These measures tell little about the economic well-being of the lives of individuals and families.  In fact, there is a complete disconnect – market rises usually coincide with worsing conditions of common people.  Shrinking levels of unemplyment cause drops in market prices because they are omens of increasing demands by labor and higher wages – and that puts a squeeze on the all-imp0rtant profit.  Obviously, we have come to look at the nation as a nation not of people but of investment and business.  Tellingly, Presidents Bush and Obama alike have chosen Wall Streeters as their economic advisors while passing by such people-oriented economists as Paul Krugman or Joseph Stiglitz (both nobelauriats). 

It’s time to develop a new measure of the economy indicating how individuals are doing – buying power – employment – full time employment – leisure time – life expectancy.  It is only then that we will once again (or at last?) place a premium on the quality of life of the many rather than profit for a few.  Any ideas?

From the Abyss,


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