Roubini Google Speech: U.S. Zeitgeist 2010
Nouriel starts at 19:25 (Click for YouTube Video)
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10 Responses to “Roubini Google Speech: U.S. Zeitgeist 2010”
Thank you Nouriel,That was the best general discussion I have heard in a long time.Giving the employer and the employee a break would help a little but I just don’t see how we can fix the base issues without major deleveraging and a major reduction in the costs of financial services.Your idea about a holiday for FICA is a good one. It would put money into the hands of the working class, who could use it to pay down debt or for new consumption while at the same time lower the costs to employers. Which is a piece of the picture but I feel it is the demand side that is really suffering.The trouble is still, we are borrowing from future income to pay for yesterday’s and today’s excesses. This could be part of the solution but it needs to be permanent. SS and its associated disability programs should be born equally across the board. It should not be the responsibility of only the working class. Production and work benefits all of society, so all of society should pay for the eventual retirees and the disabled.All the talk about creating jobs by helping small business is a little lame IMO. So is blaming the lack of hiring on the lack of available credit. Why should I borrow money to expand when there are fewer customers every month? Why would I replace my perfectly good laser printer or a machine even if a new one is more productive unless it made some sense economically. The only thing a tax credit on new machinery would do would be to bring that purchase forward from future need.IMO the financial sector is still taking to big a piece of the pie, thus leaving every other sector with less. I know interest is low but every thing is leveraged. Compounded interest on compounded interest takes a huge bite making the cost of production in the US to high to be competitive.There are other issues, like health care and pension costs that also make the cost of production in the US high. All this adds to the costs of doing business in the US but there are other issues.I agree about education. But it is more than just providing access to learning. To many of the people in the US have become mentally lazy. They don’t want to know the facts. It is to easy to just spout some line that they heard on Fox or one of the other pseudo news/media sources. They don’t want to analyze. They feel comforted that their neighbor or friend or co-worker spouts the same talking points that they do. We have some of the best universities in the world here in the US but the quality or narrow mindedness of the students is a problem.I’m sorry, but I think the US needs to go through some hard times so that people understand that everything isn’t a just a free ride.I was talking to a woman the other day who recently retired from a job in the California court system. She retired at 58 with full CalPers pension. She did it because the state asked her to take some furlough days and she quit because she could do as well retired.Her partner retired on a disability under CalPers. Similar age, and he is no more disabled than most people in their late 50’s who do physical work all there lives.A lot of people in the country are lazy and expects someone else to provide for them.The US has problems that aren’t going to get solved by tax credits or a FICA tax holiday.This isn’t all the people in the country but there are enough. Add them to the financial service sector, who’s bosses believe they deserve to take something like 15% of GDP and I think we have a long road to hoe before we get done ridding the field of weeds.
People who take higher paying private sector jobs & do well in the stock market retire at 58, and they are called clever investors justified in early retirement. But the woman who took a state job that paid in good benefits–she’s lazy for retiring after earning her pension through years of service?
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