2011-08-03 — blogspot.com
``"We are at a tipping point," Gross said, adding that the firm has reduced its forecasts for economic growth in the second half of the year to a range of 1 percent to 2 percent, from 2 percent to 3 percent. "The Fed is approaching a dead end in that all they can do have been done.''
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PC LOAD LETTER at 14:07 2011-08-04 said:
OK so we got huge debt problems and will almost certainly go back into a recession even according to the gov's cooked books if indeed we aren't already in one again, no disagreement there. BUT then he give his "solutions":Scrap Davis Bacon and all prevailing wage laws. End collective bargaining of public unions Enact national right-to-work legislationJesus H. Christ we need wages to go UP not down, particularly if we end up in a inflationary recession. And further destroying labor's power by taking away collective bargaining will be a return to old school Gilded Age labor abuse all over again. High labor costs are not the reason why things are so bad right now. Its a leadership issue. The damn government keeps trying to prop up the FIRE economy at the expense of the middle class and poor. Further eroding the middle class and poor's wealth and standard of living will not solve anything!! Permalink
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