Category: U.S. Economy

Hydraulic Fracking and the Economy

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For example, estimates of Pennsylvania job creation due to increased shale gas production since 2009 range from 44,000 to 72,000. In Bradford County, Pa., the 2009 unemployment rate of 10 percent has been halved because of Marcellus Shale gas development. New York’s economically depressed Southern Tier is also benefiting from gas field development in nearby Pennsylvania. Case in point: RB Robinson Contracting, Inc., a family construction business in Candor, N.Y., had eight full-time employees in 2009. Today, it provides full- and part-time work for 120 people.

The Weblog

Finance Now Exists For Its Own Exclusive Benefit

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This article appears to be a sincere attempt, using Bank of America’s most recent financial statement, to 1) explain the financial mechanisms of current banking, and 2) analyze the risks.

Even with the author’s thoughtfulness, it becomes easily evident that current banking ‘mechanisms’ are based upon a language structure that is, at best, obscure. Reminds me of trying to read Sartre…and that is not a good thing.

The Article

Tax On Trades

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I for one, think this would be a great idea. The micro trades are already a large part of the problem with the stability of the market. A tax might inhibit some of this type of trading (and that’s coming from the son of a specialist broker whose dad worked his whole life on the floor of the NY Stock Exchange)

http://www.dailykos.com/story/2011/11/07/1034109/-Transaction-tax-would-raise-$350-billion-over-next-decade?via=blog_1=

Occupy Wall Street

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I’ve followed the Occupy Wall Street activities and have heard several of them speak to NPR reporters. They seem particularly well-spoken about their concerns…and their frustrations.

I certainly understand their frustration….and I share their concern about the unfairness in our political economy. Unfortunately, I don’t think there are any ‘big’ solutions to the problem…other than motivating/educating a LOT of people to change their consumption patterns and their political instincts.

I read a David Brooks editorial and he thinks the real solutions cannot be simplified to the 99% versus the 1%…..I agree. He also thinks real solutions are often seen as boring…..I also agree. Real solutions are thoughtful, complex and subtle…and don’t accommodate today’s sound bites.