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 Carbon Principles: Banks Don't Want to See Any More Loans Go Bad

Bad politics guiding cowardly business driving a grossly exaggerated notion. Yikes.