Thomas Smicklas

Time for the U.S. Economy to Reindustrialize

I agree that our economy needs to emphasize industrial products. In previous ages, individuals, trusts and later, corporations were allowed literal free reign with little or no confiscatory taxes, government regulation, politically correct mandates ("green", anyone?) and competing industry subsidies to produce items of value. Not that any era was perfect, but it seems to me that the present time in America is not conducive to instrialization.

Unfortunately, many in our society look upon productive labor as a dirty phrase and prefer to confiscate wealth from others.


On Nov 15 07:51 AM Tom Armistead wrote:

> You are too polite in labeling GS, BAC, JPM et al as participants
> in a knowledge-based economy. Too much of their operations are in
> the fantasy land of financialsim, and too little in the prosaic world
> of utilitarian financial products, loans that support industry and
> the creation of productive assets.
>
> Eamonn Fingleton's "In Praise of Hard Industries, Why Manufacturing,
> not the Information Economy, is the Key to Future Prosperity," written
> in 1999, makes an extremely good case for the need for the US to
> retain (or rebuild) its manufacturing and industrial base.
>
> It also includes, in its 3rd chapter, an incisive and prescient critique
> of financialism. If there is one lesson coming out of the meltdown
> of our financial system, and any hope for constructive change, it
> is in the area of rebuilding a strong manufacturing capacity in the
> US, providng real jobs that create value.

The Dividend Dilemma

Obama is all about words rather than substance. I have no problem with that, as talk sure beats action by the government is displayed in the bailout fiasco to date.

A public whipping of banks to cut dividends will suffice, as the majority of Americans know nothing of preferred or bond instruments. The common stock will take the hit, which will satisfy the masses. Obama gets his political points. Good for him.

I predict that preferred stocks and bonds will not be touched.