Dear Dr. Wolff: Looking at a chart of the DJIA for this period, in early 1966 it was close to 1,000 and after a 17-year period of declines and recoveries, it hit 1,000 again in early 1983 at which point it has taken off to 26,000 and still climbing. This seems counter-intuitive as the 1966-1983 period in the U.S. had strong manufacturing at home, decent employment, FT jobs with good benefits, etc. Is there an inverse relationship between company profitability and good jobs at home? Could you please address this topic on one of your shows or via a video response? Thank you.
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Watch some Mark Blyth videos. Corporate profits are often the result of not paying good wages. Full employment on the other hand keeps putting upward pressure on wages. THIS IS A GOOD THING SO LONG AS GLOBALIZATION DOESN’T COME IN AND KILL OFF THE POWER OF THE WORK FORCE
Oh right, the 1980’s roll in and sending jobs overseas became the new paradigm. Wages go down, profits go up.
When the stock market soars, the average person should often be irate! Those profits are made by workers but deferred to share holders. And guess what, the top 1% owns 50% of the shares. Capitalism is an accounting farce first and foremost. It needs a complete overhaul.
401K’s replacing pension plans was a Wall Street give away of massive proportions.
This country is being hollowed out by the stock market casino game, but the average person is blind and brain washed. The average person is also encouraged to keep buying into it not realizing they might make a little, but they are actually ensuring that the rich get ludicrously rich. The main function of stock markets is to transfer wealth to owners.
This country has lost its moral compass entirely. If the average person knew what was really going on they might just flip out and take a gamble on a complete unhinged lying con artist like Trump…oh, right.