Saturday, March 14, 2009

'Yo Momma's a Socialist: From a Production Economy to a Finance Economy


While we once had a robust economy, with factory
and production jobs supported by strong unions,
this is no longer the case
and it must be understood
in order for us to make any meaningful, sustainable
in our lives and in our economy.

How did we get here? We went from a nation of people who
things to a nation where a relatively small number of people
made a lot of money moving money around, selling money
trading money.

The next time someone tells me that Obama's a Socialist I
am going to tell them, "'Yo Momma's a Socialist."

The Shift from a Production Based Economy to a
Consumption Economy.

It is important to understand that we were a nation
of farmers,
then a nation of producers, in factories,
and now we have become
a nation largely of
consumers, service workers and finance workers.

In the book Bad Money, Kevin Phillips, the former
Republican Party strategist turned
harsh critic of the Republican
outlines the shift made from being a production based
economy to a finance
centered economy. Phillips writes,
The financial services sector in the 1990's became the largest sector
of the U.S. private economy. By 2004-2006 financial services represented
20-21 percent of the GDP , manufacturing represented just 12 or 13 %.
....continued in the next post.

'Yo Momma's a Socialist: From Production to Consumption '
'Yo Momma's a Socialist: Reagan and Bush, "The Banks Will
Never Be Allowed to Fail"

'Yo Momma's a Socialist: Podcast

The 'Yo Momma's a Socialist Podcast is a conversation
that Filthy and I recorded last September. We discuss
American Consumption, Racism, WWII, Adult Onset Poverty,
Why More Schooling Isn't the main Solution, Lenin, Fordism
The Soviet Union
, Why Products Don't Last Anymore, Germany.

Thoughts? Do you agree? Disagree? Need more info?
All your money is in Euro's so it doesn't matter?


BP said...

This is really a good read. I do agree that we have shifted from production based to consumer..I would venture to say we reached the peak of the high stage of capitalism(reading Lenin). Or it probably surpassed Lenin's thesis.

Need more information. Send more podcasts!


Model Minority said...


Gurl....I dug that one up out the wood work from last September....That being said...I think Imma just start recording conversations and turning them into

Good to see you around these parts.


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