Streams

The Global Financial System and the Middle Class

Monday, June 04, 2012

Michael Casey argues that the vast global financial system is responsible for our economic malaise. In The Unfair Trade: How Our Broken Global Financial System Destroys the Middle Class, Casey traces the flow of money and goods across the world, and shows that our economic problems are largely caused by political agendas that prevent the free market from encouraging fair competition.

Guests:

Michael Casey

Comments [15]

sanych

@Mark_M

The site you mention criticised zazona for its conclusions, not stated facts. The fact of 195K H-1B cap is a matter of records.

Just google "H-1B cap" and you will get tons of links.

Many don't trust wikipedia, but here it is:

http://en.wikipedia.org/wiki/H-1B_visa - "In 1998, the cap was increased to 115,000. The cap was increased to 195,000 for FY 2001, FY 2002 and FY 2003."

Clinton, Clinton, Clinton... :-)

Jun. 04 2012 01:14 PM

@sanych:

http://www.kkeane.com/immigration-and-politics/zazona-debunked.html

Jun. 04 2012 01:05 PM
sanych

65K H-1B visas annually is the number set by WTO agreements - agreements that Michael Casey likes.

The NYT story about Bank of America that LL mentioned specifically mentioned that regulators and prosecutors did not do a good job in the criminal case against BAC. Which contradicts the point CONSISTENTLY made on this show - that we need better laws and regulations. WE DON'T! We need EXISTING laws applied and criminals prosecuted.

Jun. 04 2012 12:54 PM
sanych

@Mark_M

http://www.zazona.com/shameh1b/h1bhistory.htm

Jun. 04 2012 12:48 PM

@ sanych: I agree that H1B visas a are a major issue, and have certainly hurt the American professional class. It is an issue in which both major political parties have failed us. I can find no reference for the numbers you give for Clinton. I do find, as I suspected, that the number of H1B visas available has steadily increased from the 90's through the present day.

Jun. 04 2012 12:42 PM

How can Michael Casey appear on Fox Business?! He sounds rational!

Jun. 04 2012 12:40 PM
ericf

How might US consumers be affected by China giving more priority to it's own consumer market?

Jun. 04 2012 12:36 PM
sanych

Romney, Republicans, two legs bad, four legs good...

Who signed CAFTA?

Democrats.

Can blind people finally realise that it is one party that runs this country?

Jun. 04 2012 12:33 PM
jgarbuz from Queens

Why do I live here? Because it's great! America is the land of the free and home of the brave. But Americans don't like to see their standard of living dropping. But they have no choice. The West can no longer control The Rest. That is called Globalization. Everyone else wants to use more gasoline, have bigger homes, and cars, just like us! It means MORE competition for resources. As resources become scarcer, the prices rise, and we can no longer borrow to keep up the kind of standard of living Americans got spoiled on after WWII. But America is still greater and freer than anyplace else.

Jun. 04 2012 12:28 PM

Again, another intelligent financial analyst points to the Bush economic model being a disaster. And what do Romney and the Republicans promise us? More of the same. I dread what is coming. (Sign me an unemployed professional.)

Jun. 04 2012 12:27 PM
sanych

LL loves to point to failures of Bush administration.

What about your favourite - Bill Clinton - who pushed NAFTA, which resulted in the "unfair" trade being discussed here? What about him increasing quotas for "guest" workers - H-1B - from 65,000 to 195,000 per year? Aren't these foreign workers replace middle class workers?

Jun. 04 2012 12:26 PM
Henry from Brooklyn, NY

Don't we fundamentally have a demographic problem. Industrialized nations are getting older. The older, non-productive population cost more on a per capita basis due to rising health care costs and are supported by an increasingly smaller population of productive workers.

Further, since present wealth is really a claim on future productivity, the demographic trend threatens the solvency of the nation. It seems untenable.

Jun. 04 2012 12:26 PM
joe

@jgarbuz-
So why do you live here?

Jun. 04 2012 12:24 PM
jgarbuz from Queens

The "imbalance" in the world economy happened when Europeans grabbed control of much of the world's resources. The world is re-balancing now! Eventually a new equilibrium will be reached in a century or so, but the West will be the junior partner in the 22nd century global economy.

Jun. 04 2012 12:16 PM
jgarbuz from Queens

In a fully globalized world economy, it is impossible that 12% of the world's people (US/EUROPE/Australia, etc.) can consume nearly 50% of its resources forever. The rise of Asia, Latin America, Africa, etc., means that the former "white" world can continue to expect to maintain the outsized standard of living it became accustomed to. What is going on in the West, is the inevitable reduction of standard of living due to resources shifting towards the developing world. And we can no longer use war as a way of keeping the Rest down. The West is declining as the Rest rise.

Jun. 04 2012 12:13 PM

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