"What is good, and what does the Lord require of you?
To act justly,
to love mercy
and to walk humbly with your God."
Micah 6:8
Sunday, February 23, 2014
We Are Proud of You, Yuna Kim
Yuna Kim did her best in Sochi. Her beautiful performance took my breath way. She has been amazingly poised in her career. We've been proud of you, Yuna.
From CNN:
From CNN:
Kurt Browning, a four-time world
champion, told The New York Times: "I just couldn't see how Yu-na and
Sotnikova were so close in the components. I was shocked. What, suddenly, she
just became a better skater overnight? I don't know what happened. I'm still
trying to figure it out."
Kim was looking to be only the
third woman to defend her Olympic figure skating title, joining Katarina Witt,
who took to the ice in Calgary 26 years ago, and Sonja Henie, who competed in
the 1920s and '30s.
In 2010, she took gold in the
Vancouver Olympics by a landslide, where she scored a record 228.56 points to
win in women's figure skating. She eclipsed her closest rival by a massive 23.06
points.
Known as "Queen Yuna" to her
legions of fans, Kim's victory in Vancouver made her the first Korean figure
skater to win a gold medal.
http://edition.cnn.com/2014/02/21/sport/kim-sotnikova-skating-controversy/
China Sold Second-Largest Amount Ever Of US Treasurys In December: And Guess Who Comes To The Rescue
What has been the overriding force behind East Asian countries' rapid rise? In order to understand the symbiotic relationship between between the U.S. and East Asian countries including China, Japan and Korea, one has to see changes in the U.S. treasury (i.e., the U.S. debt) holdings.
From Zero Hedge:
While we will have more to say about the disastrous December TIC data shortly, which was released early today, and which showed a dramatic plunge in foreign purchases of US securities in December - the month when the S&P soared to all time highs and when everyone was panicking about the 3% barrier in the 10 Year being breached and resulting in a selloff in Tsy paper - one thing stands out. The chart below shows holdings of Chinese Treasurys (pending revision of course, as the Treasury department is quite fond of ajdusting this data series with annual regularity): in a nutshell, Chinese Treasury holdings plunged by the most in years, after China offloaded some $48 billion in paper, bringing its total to only $1268.9 billion, down from $1316.7 billion, and back to a level last seen in March 2013! This was the second largest dump by China in history with the sole exception of December 2011.
http://www.zerohedge.com/news/2014-02-18/china-sells-second-largest-amount-us-treasurys-december-and-guess-who-comes-rescue
From Zero Hedge:
While we will have more to say about the disastrous December TIC data shortly, which was released early today, and which showed a dramatic plunge in foreign purchases of US securities in December - the month when the S&P soared to all time highs and when everyone was panicking about the 3% barrier in the 10 Year being breached and resulting in a selloff in Tsy paper - one thing stands out. The chart below shows holdings of Chinese Treasurys (pending revision of course, as the Treasury department is quite fond of ajdusting this data series with annual regularity): in a nutshell, Chinese Treasury holdings plunged by the most in years, after China offloaded some $48 billion in paper, bringing its total to only $1268.9 billion, down from $1316.7 billion, and back to a level last seen in March 2013! This was the second largest dump by China in history with the sole exception of December 2011.
http://www.zerohedge.com/news/2014-02-18/china-sells-second-largest-amount-us-treasurys-december-and-guess-who-comes-rescue
빚더미에 허리 휘는 가계…금융위기 때보다 심각
Korea is in the danger zone in terms of household debt. The leadership of Korea has been responsible for this to a degree by blowing credit and real estate bubbles and letting jobs shift overseas.
매일경제로부터:
매일경제가 박덕배 현대경제연구원 전문연구위원의 조언을 받아 가계부채 위험도에 대한 시나리오를 분석한 결과 올해 한국의 가계부채 리스크가 2008~2009년 글로벌 금융위기 수준을 훌쩍 넘어서는 것으로 나타났다. 2006년 100 수준이던 가계부채위험지수는 글로벌 금융위기가 계속되던 2009년에 151.8로 정점을 찍고 떨어졌지만 2011년부터 다시 반등해 올해는 사상 최고치인 157까지 도달할 것으로 예상됐다. 올해 성장률 회복세가 기대되지만 가계부채 문제를 방치하면 적신호가 켜질 수 있다는 방증이다.
미국 테이퍼링 이후 글로벌 시장이 크게 흔들리고 한국 경제의 거시 변수가 동시에 악화돼 경기, 집값, 금리 등 주요 거시변수가 예상궤도를 크게 이탈할 경우 가계부채 부실은 더욱 심각해진다.
예를 들어 수출이 급격히 위축되고 내수 회복이 더뎌지면 올해 성장률이 3% 수준에 그칠 가능성을 배제할 수 없다. 터키와 인도처럼 자국 통화가치가 떨어지고 자본 유출이 심각해지면 0.5%포인트의 기준금리 인상을 단행해야 할지도 모를 일이다.
가계부채위험지수는 2003년 카드사태 직전에 상승했으나 전반적으로 가계부채 수준이 낮고 신용불량자 위주의 제한적 상황이라 크게 높지 않았다. 하지만 2005년부터 주택담보대출 등이 본격적으로 늘어나면서 가계부채 위험이 급상승했으며 글로벌 금융위기와 맞물려 더욱 올라갔다.
2010년엔 경기 회복과 주택가격 안정세 등으로 위험지수의 급등세가 진정됐지만 최근 수년간의 경기침체 장기화, 부동산 위축, 가계부채 증가로 인해 종전 최고점을 상회할 전망이다.
http://news.mk.co.kr/newsRead.php?year=2014&no=256650
매일경제로부터:
매일경제가 박덕배 현대경제연구원 전문연구위원의 조언을 받아 가계부채 위험도에 대한 시나리오를 분석한 결과 올해 한국의 가계부채 리스크가 2008~2009년 글로벌 금융위기 수준을 훌쩍 넘어서는 것으로 나타났다. 2006년 100 수준이던 가계부채위험지수는 글로벌 금융위기가 계속되던 2009년에 151.8로 정점을 찍고 떨어졌지만 2011년부터 다시 반등해 올해는 사상 최고치인 157까지 도달할 것으로 예상됐다. 올해 성장률 회복세가 기대되지만 가계부채 문제를 방치하면 적신호가 켜질 수 있다는 방증이다.
미국 테이퍼링 이후 글로벌 시장이 크게 흔들리고 한국 경제의 거시 변수가 동시에 악화돼 경기, 집값, 금리 등 주요 거시변수가 예상궤도를 크게 이탈할 경우 가계부채 부실은 더욱 심각해진다.
예를 들어 수출이 급격히 위축되고 내수 회복이 더뎌지면 올해 성장률이 3% 수준에 그칠 가능성을 배제할 수 없다. 터키와 인도처럼 자국 통화가치가 떨어지고 자본 유출이 심각해지면 0.5%포인트의 기준금리 인상을 단행해야 할지도 모를 일이다.
가계부채위험지수는 2003년 카드사태 직전에 상승했으나 전반적으로 가계부채 수준이 낮고 신용불량자 위주의 제한적 상황이라 크게 높지 않았다. 하지만 2005년부터 주택담보대출 등이 본격적으로 늘어나면서 가계부채 위험이 급상승했으며 글로벌 금융위기와 맞물려 더욱 올라갔다.
2010년엔 경기 회복과 주택가격 안정세 등으로 위험지수의 급등세가 진정됐지만 최근 수년간의 경기침체 장기화, 부동산 위축, 가계부채 증가로 인해 종전 최고점을 상회할 전망이다.
http://news.mk.co.kr/newsRead.php?year=2014&no=256650
Japan's Quarterly Growth Disappoints Ahead Of Sales Tax Hike
Korea was modeled after Japan. Korea may follow a similar trajectory.
From BBC:
Japan's economy grew less than expected last year, despite forecasts it would benefit from a jump in spending ahead of a sales tax increase in April.
Gross domestic product rose by 1% on an annualized basis in the three-month period to December, compared to market estimates of a 2.8% expansion.
This was due to weaker private consumption and capital spending, as well as lower export figures.
Mr Abe also pushed through a controversial sales tax increase last year, in an attempt to raise funds to reduce the country's large public debt.
However, Japan's GDP is forecast to shrink in the April-to-June period because of the increase in the consumption tax to 8% from 5%.
ww.bbc.co.uk/news/business-26222281
From BBC:
Japan's economy grew less than expected last year, despite forecasts it would benefit from a jump in spending ahead of a sales tax increase in April.
Gross domestic product rose by 1% on an annualized basis in the three-month period to December, compared to market estimates of a 2.8% expansion.
This was due to weaker private consumption and capital spending, as well as lower export figures.
Mr Abe also pushed through a controversial sales tax increase last year, in an attempt to raise funds to reduce the country's large public debt.
However, Japan's GDP is forecast to shrink in the April-to-June period because of the increase in the consumption tax to 8% from 5%.
ww.bbc.co.uk/news/business-26222281
Sunday, February 16, 2014
Be doers of the word, and not merely hearers who deceive themselves that they are righteous... those who look into the perfect law of liberty and persevere by action will be blessed in their doing. If any think they are of the Way, and do not restrain their speech and deceive their hearts, their religion is worthless. What is pure and undefiled before the Father is to worship by caring for orphans and widows in their distress, and to keep one's life untainted by worldliness."
James 1:22-27
James 1:22-27
사제로 살아가기
한겨레로부터:
내가 잘 아는 교우 한 분이 편지를 보내왔습니다. 10년 넘게 직장생활을 하는 평범한 회사원입니다. “오늘은 퇴근하는데 왜 이리 마음이 허전하고 기운이 빠지는지요. 요즘 제가 회사에서 제일 많이 듣는 말은 이런 겁니다. 바보처럼 착해 빠졌다, 헛똑똑이, 잘난 척도 할 줄 모르냐, 술도 잘 먹어야 한다, 윗사람에게 아부하고 정치를 잘해라, 잘못된 건 다 남의 탓, 손해 보는 짓은 절대 금물, 등등입니다. 하지만 제가 어릴 적부터 성당에서 배운 것은 착한 사람 되라, 모두가 내 탓, 이웃은 내 형제, 서로 사랑하고 약한 자를 도와주라는 것들입니다. 달라도 너무 다릅니다. 배운 것과 정반대로 살지 않으면 촌스럽고 무식하고 리더의 자격이 없는 무능력자로 낙인찍혀서 결국은 쫓겨날 수밖에 없습니다. 한데 목구멍이 포도청이니….”
답장을 해줘야 할 텐데 뭐라고 하지요? 회사에서 왕따가 되고 쫓겨나는 한이 있더라도 배운 대로 살라고? 그게 신앙인의 자세요, 순교정신이라고? 그가 그걸 몰라서 물었겠습니까? 그렇다고 세상이 다 그런 거니까 낙오되지 않게 요령껏 살라고, 그게 이 풍진세상을 살아가는 지혜라고, 좋은 게 좋은 거 아니냐고 두루뭉술하게 넘길 수만도 없는 노릇입니다. 꼭 신앙인이 아니라도 세상을 착하고 바르게 살려고 마음먹은 사람이면 누구나 하게 되는 흔해 빠진 고민인데, 그가 남들처럼 마음 편히 일하고 교회의 가르침에도 어긋나지 않는 삶을 살게 할 딱 알맞은 대답이 떠오르지 않았습니다. 왜 못할까? 문득 내게도 문제가 있다는 생각이 들었습니다. 나의 신앙심은 확고하고 옳은가? 나도 여느 사람들처럼 성직(업)을 단순히 먹고살기 위한 방편쯤으로 치부하는 것은 아닌가?
예수님이 하신 이야기(루가 10, 30 이하)에 등장하는 사제의 모습에서 나를 봅니다. 강도를 만나 죽어가는 사람을 보고도 못 본 체 피해 간 인물입니다. 예수님은 말씀하십니다. “부정한 것을 가까이해서는 안 된다는 법이나 관습에 얽매이지 말고 먼저 너를 필요로 하는 사람에게 달려가라. 그게 이웃이다.” 예수님은 율법과 전통에 충실한 사제보다 유대교의 기본 상식조차 모르는 이방인의 행동이 더 옳다고 하셨습니다. 명색이 사제인 내가 지금 들어도 얼굴 뜨뜻한 이야기인데 나는 여전히 시시콜콜한 규정들에 목이 매인 채로 눈치를 살피고 있으니 부끄럽습니다.
일약 세계의 스타가 된 프란치스코 교황은 한 사제 서품식에서 이렇게 말했습니다. “세상 속으로 들어가 영적으로뿐만 아니라 온몸으로 가르침을 실천하라!” 그는 정치·경제가 나락으로 떨어진 남미 아르헨티나의 교구장이었으니 사회나 교회, 동료 사제들의 속사정들을 너무나 잘 알고 있었겠지요. 그런 그가 취임 원년에 사제는 세상과 단절된 교회 안에서 심신의 안일만을 추구하지 말고 갖가지 상처로 얼룩진 세상 속으로 들어가라고, 흙먼지에 더러워지는 것을 두려워하지 말라고 강조했습니다. 절대 만만찮은 당부입니다. 그의 뜻을 실천하려면 옷은 물론이고, 맨살마저 상하기 십상이니까요. 엄청난 희생과 손해를 무릅써야 비로소 가능합니다. 부자와 권력자들의 소리는 크고 강하지만 가난하고 힘없는 사람들의 소리는 잘 들리지 않아서 교회의 기득권자인 사제는 저도 모르는 사이에 자칫 대세의 흐름에 휩쓸리기 때문입니다.
설을 쇠고 떡국과 함께 나이를 한 살 더 먹었습니다. 남들 다 하는데 나는 못하랴 싶은 가벼운 마음으로 사제생활을 시작한 건 아닙니다만, 이 신자유주의 세상, 더군다나 지구상에 하나밖에 없는 남북, 동서의 분단과 대립의 땅에서 죽을 때까지 사제로 살아가기란 정말 쉽지 않은 일입니다.
호인수 인천 부개동성당 주임사제
http://www.hani.co.kr/arti/opinion/column/623144.html
내가 잘 아는 교우 한 분이 편지를 보내왔습니다. 10년 넘게 직장생활을 하는 평범한 회사원입니다. “오늘은 퇴근하는데 왜 이리 마음이 허전하고 기운이 빠지는지요. 요즘 제가 회사에서 제일 많이 듣는 말은 이런 겁니다. 바보처럼 착해 빠졌다, 헛똑똑이, 잘난 척도 할 줄 모르냐, 술도 잘 먹어야 한다, 윗사람에게 아부하고 정치를 잘해라, 잘못된 건 다 남의 탓, 손해 보는 짓은 절대 금물, 등등입니다. 하지만 제가 어릴 적부터 성당에서 배운 것은 착한 사람 되라, 모두가 내 탓, 이웃은 내 형제, 서로 사랑하고 약한 자를 도와주라는 것들입니다. 달라도 너무 다릅니다. 배운 것과 정반대로 살지 않으면 촌스럽고 무식하고 리더의 자격이 없는 무능력자로 낙인찍혀서 결국은 쫓겨날 수밖에 없습니다. 한데 목구멍이 포도청이니….”
답장을 해줘야 할 텐데 뭐라고 하지요? 회사에서 왕따가 되고 쫓겨나는 한이 있더라도 배운 대로 살라고? 그게 신앙인의 자세요, 순교정신이라고? 그가 그걸 몰라서 물었겠습니까? 그렇다고 세상이 다 그런 거니까 낙오되지 않게 요령껏 살라고, 그게 이 풍진세상을 살아가는 지혜라고, 좋은 게 좋은 거 아니냐고 두루뭉술하게 넘길 수만도 없는 노릇입니다. 꼭 신앙인이 아니라도 세상을 착하고 바르게 살려고 마음먹은 사람이면 누구나 하게 되는 흔해 빠진 고민인데, 그가 남들처럼 마음 편히 일하고 교회의 가르침에도 어긋나지 않는 삶을 살게 할 딱 알맞은 대답이 떠오르지 않았습니다. 왜 못할까? 문득 내게도 문제가 있다는 생각이 들었습니다. 나의 신앙심은 확고하고 옳은가? 나도 여느 사람들처럼 성직(업)을 단순히 먹고살기 위한 방편쯤으로 치부하는 것은 아닌가?
예수님이 하신 이야기(루가 10, 30 이하)에 등장하는 사제의 모습에서 나를 봅니다. 강도를 만나 죽어가는 사람을 보고도 못 본 체 피해 간 인물입니다. 예수님은 말씀하십니다. “부정한 것을 가까이해서는 안 된다는 법이나 관습에 얽매이지 말고 먼저 너를 필요로 하는 사람에게 달려가라. 그게 이웃이다.” 예수님은 율법과 전통에 충실한 사제보다 유대교의 기본 상식조차 모르는 이방인의 행동이 더 옳다고 하셨습니다. 명색이 사제인 내가 지금 들어도 얼굴 뜨뜻한 이야기인데 나는 여전히 시시콜콜한 규정들에 목이 매인 채로 눈치를 살피고 있으니 부끄럽습니다.
일약 세계의 스타가 된 프란치스코 교황은 한 사제 서품식에서 이렇게 말했습니다. “세상 속으로 들어가 영적으로뿐만 아니라 온몸으로 가르침을 실천하라!” 그는 정치·경제가 나락으로 떨어진 남미 아르헨티나의 교구장이었으니 사회나 교회, 동료 사제들의 속사정들을 너무나 잘 알고 있었겠지요. 그런 그가 취임 원년에 사제는 세상과 단절된 교회 안에서 심신의 안일만을 추구하지 말고 갖가지 상처로 얼룩진 세상 속으로 들어가라고, 흙먼지에 더러워지는 것을 두려워하지 말라고 강조했습니다. 절대 만만찮은 당부입니다. 그의 뜻을 실천하려면 옷은 물론이고, 맨살마저 상하기 십상이니까요. 엄청난 희생과 손해를 무릅써야 비로소 가능합니다. 부자와 권력자들의 소리는 크고 강하지만 가난하고 힘없는 사람들의 소리는 잘 들리지 않아서 교회의 기득권자인 사제는 저도 모르는 사이에 자칫 대세의 흐름에 휩쓸리기 때문입니다.
설을 쇠고 떡국과 함께 나이를 한 살 더 먹었습니다. 남들 다 하는데 나는 못하랴 싶은 가벼운 마음으로 사제생활을 시작한 건 아닙니다만, 이 신자유주의 세상, 더군다나 지구상에 하나밖에 없는 남북, 동서의 분단과 대립의 땅에서 죽을 때까지 사제로 살아가기란 정말 쉽지 않은 일입니다.
http://www.hani.co.kr/arti/opinion/column/623144.html
You Can Now shop on Amazon by Taking Photos
The implications of this technology could be huge, given the current state of the global economy.
From MarketWatch:
Amazon’s app for iPhone this week added “Flow,” an image recognition tool designed to allow consumers to add a product to their shopping cart by merely pointing their phone’s camera at it.
Flow—as its name suggests—aims to make it as seamless as possible to shop. MarketWatch carried out its own “showrooming” with the app. Scanning a three-bottle package of the hair growth serum Rogaine, Flow immediately found the item on Amazon for $43.85, 30% cheaper than the $62.99 price in a Duane Reade store. Russell Stover Pecan Delights—a heart-shaped box of chocolates just in time for Valentine’s Day—were $8.99 online, $1 cheaper than in Duane Reade. “This trend will take some time to grab hold,” says retail analyst Jeff Green, “but it’s an ingenious idea.”
Flow can scan millions of items, according to Amazon, but it won’t work with older iOS versions and it’s not yet available on Android. The feature will replace “Snap It” as an image recognition search feature on the Amazon iPhone app (iOS7 and above). iOS5 and iOS6 customers will still be able to use Snap It for visual product recognition. “Scan It”—which just scans bar codes—remains unchanged. However, Amazon pitches Flow as something to use at home—rather than as a price-comparison tool in stores. “In some ways, Flow replaces the kitchen white board or chalk board where most families keep their growing list—only this way you don’t accidentally forget the shampoo,” the spokeswoman says.
Retail experts are divided over its usefulness. “This strikes me as the lazy man’s shopping robot,” says Edgar Dworsky, founder of ConsumerWorld.org. “If you can’t even type in the name of the product, give me a break. Most people in a supermarket are not going to take a picture of a Cheerios box, and then leave the store to go to a competitor where it’s 20 cents cheaper,” he says. And it’s not appropriate for big ticket items like TVs, he adds. It’s rather gimmicky, according Rick Singer, CEO of GreatApps.com, but he still regards it as a good tool to compare prices at your local store to those on Amazon.
http://www.marketwatch.com/story/amazon-turns-cameras-into-credit-cards-2014-02-07?siteid=rss&rss=1
From MarketWatch:
Amazon’s app for iPhone this week added “Flow,” an image recognition tool designed to allow consumers to add a product to their shopping cart by merely pointing their phone’s camera at it.
Flow can scan millions of items, according to Amazon, but it won’t work with older iOS versions and it’s not yet available on Android. The feature will replace “Snap It” as an image recognition search feature on the Amazon iPhone app (iOS7 and above). iOS5 and iOS6 customers will still be able to use Snap It for visual product recognition. “Scan It”—which just scans bar codes—remains unchanged. However, Amazon pitches Flow as something to use at home—rather than as a price-comparison tool in stores. “In some ways, Flow replaces the kitchen white board or chalk board where most families keep their growing list—only this way you don’t accidentally forget the shampoo,” the spokeswoman says.
Retail experts are divided over its usefulness. “This strikes me as the lazy man’s shopping robot,” says Edgar Dworsky, founder of ConsumerWorld.org. “If you can’t even type in the name of the product, give me a break. Most people in a supermarket are not going to take a picture of a Cheerios box, and then leave the store to go to a competitor where it’s 20 cents cheaper,” he says. And it’s not appropriate for big ticket items like TVs, he adds. It’s rather gimmicky, according Rick Singer, CEO of GreatApps.com, but he still regards it as a good tool to compare prices at your local store to those on Amazon.
http://www.marketwatch.com/story/amazon-turns-cameras-into-credit-cards-2014-02-07?siteid=rss&rss=1
Sunday, February 9, 2014
Real Causes of Income Disparity and Struggles of SMEs in Korea
Korea’s income
disparity in Korea has grown over the years.
Some have identified factors like technology, currency arbitrage and the
growing importance of China. While those
factors may have played a role, one has to see the overriding factors that are
the real cause of income disparity.
Korea’s economic
model has been closely associated with Korea’s innovation model. Therein lies the fundamental problem of Korea’s
innovation undertaking. Korea has
pursued the export-dependent, chaebol-centered economic model. Since its economic model was flawed from the
start, it was bound to hit the wall at some point. And it has, indeed.
What kind of country
Korea wishes to be? Its economic and
innovation model should be geared toward serving the broader social interest. Korea has to transition its economic model to
more domestic consumption-based one with stronger economic principles including
proper capital market structure. Korea
should have corrected the flaws of its economic model and dismantled Korea
Inc. It should have recognized the
fragile foundation of Korea’s rapid rise in the course of industrialization as
well. Along this line, its innovation apparatus
has to be more centered around SMEs.
The real causes of
Korea’s income inequality and struggles of SMEs stem from those overriding
factors. Instead of working on these
issues, Korea has pushed off genuine reforms and employed quick fixes such as
credit and property bubbles with little regard to long term consequences.
if Korea wishes to
stop SMEs from declining, it needs to work on the real causes of income
inequality since a decrease in median income and purchasing power has hampered
SME’s’ growth and sustainability. This
is what makes the Park administration particularly disappointing, despite its
efforts to boost the Korean SMEs. If
this administration is really serious about turning the economy around, it has
to take a holistic approach.
What concerns us most
is that the price for the flawed model and policies falls heaviest on the broader
public. The solid middle class and
democracy go hand in hand. History has
taught us that we cannot have one without the other.
제가
현정권이 지향하는
방향을 알고
있기에 애정을
갖고 여러
번 정책관련
포스팅을 했습니다. 큰
그림을 보고
국가의 목적이
무엇이 되어야
하고, 이와
연계해 경제
모델이 어떻게
수정, 보완되어야
할 것이며,
혁신의 역할을
정립하고, 중소기업
관련 세부
정책을 펼쳐
나가야 할
것입니다.
이것이 통합적으로, 총체적으로
이루어져야 함을
다시 한
번 강조하고
싶습니다.
세부적인 내용은 이미 여러 번 다루었기에 여기에서는
핵심 요지만
다루고 있습니다. 관련된
포스팅들은 다음의
링크를 클릭하면
보실 수
있습니다.
How Korea Has Changed Since 1997
(IMF 위기이후 한국은 어떻게 변했는가)
The Decline of
the Middle Class Both in the U.S. and Korea (미국과 한국의 중산층 쇠퇴); 박근혜 정부는 중산층 재건에 총력을 다해야
http://innovationandeconomicanalysis.blogspot.kr/2013/03/the-decline-of-middle-class-both-in-us.html
“The
fallacy of Korea’s Economic and Innovation Model (한국 경제와 혁신 모델의 오류)” http://innovationandeconomicanalysis.blogspot.kr/2012/10/the-fallacy-of-koreas-economic-and.html )
Why Korea’s
Manufacturing Share Of Total Employment Has Dwindled (왜 한국 제조 일자리는 쇠퇴해 왔는가)
Comparison of Two
Critical Regimes in Korea: The Park Chunghee Regime vs. Kim Daejung Regime (박정희 정권과 김대중 정권의 비교)
Park Urges Chaebols
To Share Growth With Community and Promises SMEs Support; 박 당선인 중소기업 대통령 되겠다
박근혜 정부의 중소기업 정책에 바란다
Google Overtakes Exxon As Second-Biggest US Company
Google is doing well businesswise. Of course, we know that Google is more than a search engine firm. Google's success seems to reflect the realities of the U.S. in interesting times.
What are the critical foundations of personal computers and the Internet? Creativity and independence would be important parts of them. And yet, there is a concern that those are being underminded.
From Zero Hedge:
Trinkets and Ads trump global energy provision...
Google, which became the world’s largest online advertiser through its dominant search engine, has a market capitalization of $393.5 billion while oil company Exxon is valued at $392.6 billion, according to data compiled by Bloomberg. Apple has a market value of $465.5 billion. Software company Microsoft Corp. is No. 4 with $302.1 billion.
Chart: Bloomberg
http://www.zerohedge.com/news/2014-02-07/google-overtakes-exxon-second-biggest-us-company
What are the critical foundations of personal computers and the Internet? Creativity and independence would be important parts of them. And yet, there is a concern that those are being underminded.
From Zero Hedge:
Trinkets and Ads trump global energy provision...
Google, which became the world’s largest online advertiser through its dominant search engine, has a market capitalization of $393.5 billion while oil company Exxon is valued at $392.6 billion, according to data compiled by Bloomberg. Apple has a market value of $465.5 billion. Software company Microsoft Corp. is No. 4 with $302.1 billion.
Chart: Bloomberg
http://www.zerohedge.com/news/2014-02-07/google-overtakes-exxon-second-biggest-us-company
Friday, February 7, 2014
28 Signs That The Middle Class Is Heading Towards Extinction
From Zero Hedge:
The death of the middle class in America has become so painfully obvious that now even the New York Times is doing stories about it. Millions of middle class jobs have disappeared, incomes are steadily decreasing, the rate of homeownership has declined for eight years in a row and U.S. consumers have accumulated record-setting levels of debt. Being independent is at the heart of what it means to be "middle class", and unfortunately the percentage of Americans that are able to take care of themselves without government assistance continues to decline. In fact, the percentage of Americans that are receiving government assistance is now at an all-time record high. This is not a good thing. Anyone that tries to tell you that the middle class is going to be "okay" simply has no idea what they are talking about. The following are 28 signs that the middle class is heading toward extinction...
Some of the largest retailers in the United States that once thrived by serving the middle class are now steadily dying. Sears and J.C. Penney are both on the verge of bankruptcy, and now we have learned that Radio Shack may be shutting down another 500 stores this year.
Real disposable income in the United States just experienced the largest year over year drop that we have seen since 1974.
Median household income in the United States has fallen for five years in a row.
The rate of homeownership in the United States has fallen for eight years in a row.
http://www.zerohedge.com/news/2014-02-06/28-signs-middle-class-heading-towards-extinction
The death of the middle class in America has become so painfully obvious that now even the New York Times is doing stories about it. Millions of middle class jobs have disappeared, incomes are steadily decreasing, the rate of homeownership has declined for eight years in a row and U.S. consumers have accumulated record-setting levels of debt. Being independent is at the heart of what it means to be "middle class", and unfortunately the percentage of Americans that are able to take care of themselves without government assistance continues to decline. In fact, the percentage of Americans that are receiving government assistance is now at an all-time record high. This is not a good thing. Anyone that tries to tell you that the middle class is going to be "okay" simply has no idea what they are talking about. The following are 28 signs that the middle class is heading toward extinction...
Some of the largest retailers in the United States that once thrived by serving the middle class are now steadily dying. Sears and J.C. Penney are both on the verge of bankruptcy, and now we have learned that Radio Shack may be shutting down another 500 stores this year.
Real disposable income in the United States just experienced the largest year over year drop that we have seen since 1974.
Median household income in the United States has fallen for five years in a row.
The rate of homeownership in the United States has fallen for eight years in a row.
http://www.zerohedge.com/news/2014-02-06/28-signs-middle-class-heading-towards-extinction
Tuesday, February 4, 2014
연구개발 1곳당 보조금, 대기업 43억•중소기업 3억
The
article below points out a flaw in the Korean R&D funding system, which I
have discussed on this blog.
The
developmental state can play a positive role in nurturing innovation. Unfortunately, in many cases, it spurs
innovation for political expediency.
The wellbeing of the most people is the very underpinning of society. Innovation endeavor has to fulfill this. It has to serve the best interest of the most people.
Innovation
undertaking in a nation should be pursued in such a way that it facilitates
economic and social democratic process to empower a large class of people.
Korea’s
chaebol-centered innovation endeavor and trajectories have been problematic in
this context.
한겨레로부터:
"대형 연구 사업의 성과에 대한 검증 없이 정부가 또 대형 사업을 벌였다. 산업부가 대형 과제를 추진하게 되면, 정부 지원의 상당 부분이 대기업으로
흘러가 결국 대기업의 경쟁력 강화에 도움이 될 것으로 보인다." '창조경제의 성장 엔진' 격인 이번 대형 융합과제 발표를 보고 정부 연구개발 지원사업 관계자는 이렇게 평했다.
이명박 정부의 대형 연구개발 사업인 미래산업선도기술은 이른바 '대형 먹거리'를 개발한다며 2011년부터 시작됐다. 당시 황창규(현 케이티 회장) 아르앤디전략기획단장은 '조기 성과 창출형 과제'와 '신시장 창출형 과제' 등 모두 10개 세부과제를 기획했다. 정부는 여기에 3~6년에 걸쳐 4995억원을 투입하기로 했다.
이 '대형 먹거리' 개발 과제는 누가 맡았을까? 10개 세부과제별 총괄 주관기관 가운데 8개를 대기업이 맡았다. '조기 성과 창출형 과제' 5가지 가운데 글로벌 선도 천연물신약은 동아제약, 정보통신 융복합기기용 핵심 시스템반도체는 엘지(LG)전자, 차세대 전기차 기반 그린수송 시스템은 현대자동차, 고효율 대면적 박막태양전지는 삼성에스디아이(SDI), 코리아 마이크로 에너지 그리드는 삼성물산이 총괄 주관기관으로 참여했다. 모두 대기업이다.
신시장 창출형 과제 5개 중엔 투명 플렉시블 디스플레이는 엘지디스플레이, 심해자원 생산용 친환경 해양플랜트는 현대중공업, 인쇄전자용 초정밀연속생산 시스템은 삼성전자한테 주관기관이 돌아갔다. '그린카 사업' 등 대기업에 대한 정부의 연구개발 지원이 과다하다고 국회가 국정감사 등을 통해 지적한 뒤, 2013년 상반기에 총괄 주관기관이 결정된 그래핀 소재·부품 기술 개발과 웰니스 휴먼케어 플랫폼 구축 사업에선 대기업이 빠졌다. 대신 대기업은 세부 주관기관으로 들어갔다. 결국 미래산업선도기술 사업은 삼성그룹 계열사 3곳, 엘지그룹 계열사 2곳, 현대차, 현대중 등에 혜택이 집중됐다.
이명박 정부의 대형 연구개발 사업인 미래산업선도기술은 이른바 '대형 먹거리'를 개발한다며 2011년부터 시작됐다. 당시 황창규(현 케이티 회장) 아르앤디전략기획단장은 '조기 성과 창출형 과제'와 '신시장 창출형 과제' 등 모두 10개 세부과제를 기획했다. 정부는 여기에 3~6년에 걸쳐 4995억원을 투입하기로 했다.
이 '대형 먹거리' 개발 과제는 누가 맡았을까? 10개 세부과제별 총괄 주관기관 가운데 8개를 대기업이 맡았다. '조기 성과 창출형 과제' 5가지 가운데 글로벌 선도 천연물신약은 동아제약, 정보통신 융복합기기용 핵심 시스템반도체는 엘지(LG)전자, 차세대 전기차 기반 그린수송 시스템은 현대자동차, 고효율 대면적 박막태양전지는 삼성에스디아이(SDI), 코리아 마이크로 에너지 그리드는 삼성물산이 총괄 주관기관으로 참여했다. 모두 대기업이다.
신시장 창출형 과제 5개 중엔 투명 플렉시블 디스플레이는 엘지디스플레이, 심해자원 생산용 친환경 해양플랜트는 현대중공업, 인쇄전자용 초정밀연속생산 시스템은 삼성전자한테 주관기관이 돌아갔다. '그린카 사업' 등 대기업에 대한 정부의 연구개발 지원이 과다하다고 국회가 국정감사 등을 통해 지적한 뒤, 2013년 상반기에 총괄 주관기관이 결정된 그래핀 소재·부품 기술 개발과 웰니스 휴먼케어 플랫폼 구축 사업에선 대기업이 빠졌다. 대신 대기업은 세부 주관기관으로 들어갔다. 결국 미래산업선도기술 사업은 삼성그룹 계열사 3곳, 엘지그룹 계열사 2곳, 현대차, 현대중 등에 혜택이 집중됐다.
이 막대한 지원 가운데 절반가량은 대기업에 흘러간다. 민병주 의원(새누리당)이 '최근 5년간(2008~2012년) 국가연구개발사업 기업 규모별 참여현황'을 분석한 자료를 보면, 대기업은 기업 지원금 가운데 43.4%를 차지했다. 대기업은 2012년 기준 한 곳당 평균 43억2000만원을 받은 반면, 중소기업은
한 곳당 평균 3억2000만원을 받는 데 그쳤다.
최근 5년간 국가연구개발사업 연구비를 받은 상위 10위권 기업(연구금액 기준)은 18개 대기업이 돌아가며 독점했다. 삼성 계열사 4곳(삼성전자, 삼성SDS, 삼성테크윈, 삼성전기)과 두산 계열사 3곳(두산DST, 두산인프라코어, 두산중공업), 현대차 계열사 2곳(현대자동차, 현대로템), 현대중공업, 대우조선해양, 포스코, 한화, 효성 등이었다.
정부의 연구개발비 지원을 지켜본 산업부 출신 전 관료는 "삼성 등 대기업들은 돈도 많고, 이제는 홀로 할 수 있는데도 계속 정부 지원을 받는 것은 문제"라고 말한다. 국회의 한 보좌관도 예산 집중 문제에 대해 "한쪽에 기회를 준다는 것은 다른 한쪽에는 기회를 주지 않는 불공평의 문제"라고 했다.
최근 5년간 국가연구개발사업 연구비를 받은 상위 10위권 기업(연구금액 기준)은 18개 대기업이 돌아가며 독점했다. 삼성 계열사 4곳(삼성전자, 삼성SDS, 삼성테크윈, 삼성전기)과 두산 계열사 3곳(두산DST, 두산인프라코어, 두산중공업), 현대차 계열사 2곳(현대자동차, 현대로템), 현대중공업, 대우조선해양, 포스코, 한화, 효성 등이었다.
정부의 연구개발비 지원을 지켜본 산업부 출신 전 관료는 "삼성 등 대기업들은 돈도 많고, 이제는 홀로 할 수 있는데도 계속 정부 지원을 받는 것은 문제"라고 말한다. 국회의 한 보좌관도 예산 집중 문제에 대해 "한쪽에 기회를 준다는 것은 다른 한쪽에는 기회를 주지 않는 불공평의 문제"라고 했다.
Crazy Abenomics Orgy In Japan Is Ending Already – Pounding Hangover Next
Abenomics is not working. Average Japanese people are taking a hit hardest.
From Testosterone Pit:
From Testosterone Pit:
Kudos to
the Bank of Japan. Its heroic campaign to water down the yen has borne fruit.
The Japanese may not have noticed it because it is not indicated in bold red
kanji on their bank and brokerage statements, and so they might not give their
Bank of Japandemonium full credit for it, but about 20% of their magnificent
wealth has gone up in smoke in 2013. And in 2014, more of it will go up in
smoke – according to the plan of Abenomics.
What
folks do notice is that goods and services keep getting more expensive.
Inflation has become reality. The scourge that has so successfully hallowed out
the American middle class has arrived in Japan. The consumer price index rose 1.6% in December from a year earlier. While prices of
services edged up 0.6%, prices of goods jumped 2.6%.
It’s
hitting households. In December, their average income was up 0.3% in nominal terms from a year earlier. But
adjusted for inflation – this is where the full benefits of Abenomics kick in –
average income dropped 1.7%. Real disposable income dropped 2.1%.
In 2014,
the hangover will be even worse than in 1997. Businesses and consumers are
dodging a hike of three percentage points, not two percentage points. Hence,
the motivation to front-load is even stronger, the payoff greater, and the
subsequent falloff steeper. This, on top of the already toxic concoction of
stagnant wages and rising prices. Oh, and the plight of the retirees, whose
savings and income streams are gradually getting eaten up by inflation. The
glories of Abenomics.
But there
are beneficiaries. Japan Inc. benefits from lower cost of labor. The
government, without having to reform its drunken ways, might somehow be able to
keep its out-of-control deficits and its mountain of debt from blowing up in
the immediate
future. Throughout, the Bank of Japan, which is buying up enough government
bonds to monetize the entire deficit plus part of the mountain of existing
debt, will remain in control of the government bond market, what little is left
of it – even if it has to buy the last bond that isn’t totally nailed down. But
for the real economy the party is now ending, and by spring, a pounding
hangover will set in.
According
to Japan’s state religion of Abenomics, devaluing the yen would boost exports
and cut imports. The resulting trade surplus would jumpstart the economy and
induce Japan Inc. to invest at home. It would save Japan. But the opposite is
happening. Read.... Why
Japan’s Trade Fiasco Worries Me So Much
Sunday, February 2, 2014
Weekend Reading: God and Mammon, Fear and Love
From Jesse's Cafe:
To my way of thinking, the desire for wealth, in excess and for its own sake, is just a manifestation of the will to power, which underlies most evil.
Fear, in excess or obsession, is often the spur to power, a means to seek to control that which we fear and resent. Perhaps it is part of the character, or the result of uncaring or abusiveness from our past.
There is a substantial difference between fear and respect, the latter of which is a high and proper regard, but intermingled with love and mutuality. We respect our parents, for example, if our relationship with them is proper, but we do not fear them as we would an enemy.
The will to power was the first sin of pride of the fallen angels. As John Milton said, 'Better to reign in hell, than to serve in heaven.'
http://jessescrossroadscafe.blogspot.kr/2014/02/god-and-mammon-fear-and-love.html
To my way of thinking, the desire for wealth, in excess and for its own sake, is just a manifestation of the will to power, which underlies most evil.
Fear, in excess or obsession, is often the spur to power, a means to seek to control that which we fear and resent. Perhaps it is part of the character, or the result of uncaring or abusiveness from our past.
There is a substantial difference between fear and respect, the latter of which is a high and proper regard, but intermingled with love and mutuality. We respect our parents, for example, if our relationship with them is proper, but we do not fear them as we would an enemy.
The will to power was the first sin of pride of the fallen angels. As John Milton said, 'Better to reign in hell, than to serve in heaven.'
"Though I speak with the tongues of men and of angels, and have not love, I am become as sounding brass, or a tinkling cymbal." 1 Cor. xiii
"...Our Lord says, 'If you love Me, keep My commandments;' but they feel that though they are, to a certain point, keeping God's commandments, yet love is not proportionate, does not keep pace, with their obedience; that obedience springs from some source short of love. This they perceive; they feel themselves to be hollow; a fair outside, without a spirit within it.
It is possible to obey, not from love towards God and man, but from a sort of conscientiousness short of love; from some notion of acting up to a law; that is, more from the fear of God than from love of Him. Surely this is what, in one shape or other, we see daily on all sides of us; the case of men, living to the world, yet not without a certain sense of religion, which acts as a restraint on them.
They pursue ends of this world, but not to the full; they are checked, and go a certain way only, because they dare not go further.
This external restraint acts with various degrees of strength on various persons. They all live to this world, and act from the love of it; they all allow their love of the world a certain range; but, at some particular point, which is often quite arbitrary, this man stops, and that man stops.
Each stops at a different point in the course of the world, and thinks every one else profane who goes further, and superstitious who does not go so far,—laughs at the latter, is shocked at the former. And hence those few who are miserable enough to have rid themselves of all scruples, look with great contempt on such of their companions as have any, be those scruples more or less, as being inconsistent and absurd. They scoff at the principle of mere fear, as a capricious and fanciful principle; proceeding on no rule, and having no evidence of its authority, no claim on our respect; as a weakness in our nature, rather than an essential portion of that nature, viewed in its perfection and entireness.
And this being all the notion which their experience gives them of religion, as not knowing really religious men, they think of religion, only as a principle which interferes with our enjoyments unintelligibly and irrationally. Man is made to love. So far is plain. They see that clearly and truly; but religion, as far as they conceive of it, is a system destitute of objects of love; a system of fear. It repels and forbids, and thus seems to destroy the proper function of man, or, in other words, to be unnatural.
And it is true that this sort of fear of God, or rather slavish dread, as it may more truly be called, is unnatural; but then it is not religion, which really consists, not in the mere fear of God, but in His love; or if it be religion, it is but the religion of devils, who believe and tremble; or of idolaters, whom devils have seduced, and whose worship is superstition,—the attempt to appease beings whom they love not; and, in a word, the religion of the children of this world, who would, if possible, serve God and Mammon, and, whereas religion consists of love and fear, give to God their fear, and to Mammon their love."
John Henry Newman, Parochial and Plain Sermons, Vol. 5, No.23
http://jessescrossroadscafe.blogspot.kr/2014/02/god-and-mammon-fear-and-love.html
Did Google Really Lose on Its Original Motorola Deal?
The Korean media outlets report Google's loss selling Motorola. And yet, the NYT article below contends otherwise. As was the case of Nokia, Google's move was shrewd businesswise.
From the New York Times:
From the New York Times:
The deal universe is abuzz about how Google
lost billions of dollars in selling
Motorola Mobility to Lenovo for $2.91 billion. After all, the technology
giant paid $12.5 billion for Motorola, so clearly it would take a $9.5 billion
hit, right?
Not so fast.
Breaking down the admittedly messy math shows that Google
didn’t exactly lose nearly $10 billion on the deal. Here are some back of the
envelope calculations.
- When Google bought Motorola, the hardware maker had about $3 billion in cash on hand and nearly $1 billion in tax credits. So that brings the original deal’s effective price down to about $8.5 billion.
- Then, Google sold Motorola’s set-top box business to Arris for nearly $2.4 billion. That lowers the effective price to roughly $6.1 billion.
- Now, Google is selling Motorola Mobility — primarily the handset business, along with a few patents — for $2.9 billion. So we’re at about $3.2 billion.
It’s worth noting a few more things. In a
regulatory filing in 2012, Google disclosed that it valued Motorola’s
overall “patents and developed technology” at about $5.5 billion.
Under the terms of the deal announced on Wednesday,
Google will hold onto the bulk of Motorola Mobility’s patents. By comparison,
the group of companies like Apple
Inc. and Microsoft
that bought Nortel
Networks‘ patents out of bankruptcy paid about $4.5 billion in total. So
Google got a pretty good deal.
Moreover, it has drawn revenue from Motorola’s patents
since the transaction closed, putting a further dent in that deal’s cost.
Of course, these calculations ignore the strategic
benefits Google has enjoyed from the deal. It locked up important patents to
defend its Android ecosystem, while climbing into a position to pick the right
strategic partners for the Motorola hardware businesses.
Admittedly, Motorola has also run up millions of
dollars worth of operating losses during its time as a Google subsidiary. But
all told, the technology giant did not do so bad after all.
http://dealbook.nytimes.com/2014/01/29/did-google-really-lose-on-its-original-motorola-deal/?_php=true&_type=blogs&_r=0
Matt Taibbi: Jamie Dimon's Raise Proves U.S. Regulatory Strategy is a Joke
I know that many of you are sick of the economy and banking sectors. And yet, one has to see what has been going on in the U.S. banking sector to understand the structure and participation of the global capital markets. This is one of the main drivers of East Asian countries' rapid rise, while their endogenous efforts certainly played a part. Now this model is broken, as pointed out.
From Rolling Stone:
If you make a big show of punishing someone, and when you're done they still don't think they have a behavior problem, you probably picked the wrong punishment. Every parent on earth knows this implicitly – but does the Obama White House finally get it, too, now, after Jamie Dimon's raise?
When the board of JP Morgan Chase gave its blowdried, tirelessly self-regarding CEO a whopping 74 percent raise – after a year in which the Justice Department blasted the bank with $20 billion in sanctions – it was one of those rare instances where Main Street and Wall Street were mostly in agreement.
Everyone from the Financial Times to Forbes.com to the Huffington Post decried the move. The Wall Street pundits mostly thought it was a dumb play by the Chase board from a self-interest perspective, one guaranteed to inspire further investigations by the government. Meanwhile, the non-financial press generally denounced the raise as a moral obscenity, yet another example of the serial coddling of Wall Street's habitually overcompensated executive class.
Both groups were right. But to me the biggest news was how brutal an indictment Jamie's raise was of the Obama/Holder Justice Department, which continues to profoundly misunderstand the mindset of the finance villains they claim to be regulating.
Chase's responses to Holder's record penalties have been hilarious. Their first move was to make sure people outside the penthouse boardroom took on all the pain, laying off 7,500 employees and freezing salaries for the non-CEO class of line employees.
Next, Chase's board members sat down, put their misshapen heads together, considered the impact of this disastrous year of settlements, and decided to respond by more than doubling the take-home pay of the executive in charge, giving Dimon about $20 million in salary and equity.
In the end, the fines left the decision-making class of the company not just uninjured but triumphant. Dimon's raise was symbolic of a company-wide boost in compensation following the mass layoffs, as average per-employee expenses rose four percent overall, to $122,653, despite the $20 billion burden imposed upon the firm by the state...
People like Holder still don't understand that the leaders of these rogue firms have no problem blowing up their own companies and/or imperiling the world economy, so long as they continue to personally get paid.
Regulators have been blind to this for years, decades. It's why the Fed, the OCC, the OTS, the Justice Department and a host of other agencies missed incoming icebergs like the AIG and Lehman disasters, once upon a time.
In fact, since the days of Alan Greenspan and his halcyon dreams of a future of pure self-regulation, the notion that corporate leaders will always act in the interest of their own firms – that they'll behave according to the principled corporate egoism that was an article of faith both for Ayn Rand and acolytes like Greenspan – has been a core basis for broad policies of regulatory restraint...
http://www.rollingstone.com/politics/blogs/taibblog/jamie-dimons-raise-proves-u-s-regulatory-strategy-is-a-joke-20140130#ixzz2ruUJdKIx
From Rolling Stone:
If you make a big show of punishing someone, and when you're done they still don't think they have a behavior problem, you probably picked the wrong punishment. Every parent on earth knows this implicitly – but does the Obama White House finally get it, too, now, after Jamie Dimon's raise?
When the board of JP Morgan Chase gave its blowdried, tirelessly self-regarding CEO a whopping 74 percent raise – after a year in which the Justice Department blasted the bank with $20 billion in sanctions – it was one of those rare instances where Main Street and Wall Street were mostly in agreement.
Everyone from the Financial Times to Forbes.com to the Huffington Post decried the move. The Wall Street pundits mostly thought it was a dumb play by the Chase board from a self-interest perspective, one guaranteed to inspire further investigations by the government. Meanwhile, the non-financial press generally denounced the raise as a moral obscenity, yet another example of the serial coddling of Wall Street's habitually overcompensated executive class.
Both groups were right. But to me the biggest news was how brutal an indictment Jamie's raise was of the Obama/Holder Justice Department, which continues to profoundly misunderstand the mindset of the finance villains they claim to be regulating.
Chase's responses to Holder's record penalties have been hilarious. Their first move was to make sure people outside the penthouse boardroom took on all the pain, laying off 7,500 employees and freezing salaries for the non-CEO class of line employees.
Next, Chase's board members sat down, put their misshapen heads together, considered the impact of this disastrous year of settlements, and decided to respond by more than doubling the take-home pay of the executive in charge, giving Dimon about $20 million in salary and equity.
In the end, the fines left the decision-making class of the company not just uninjured but triumphant. Dimon's raise was symbolic of a company-wide boost in compensation following the mass layoffs, as average per-employee expenses rose four percent overall, to $122,653, despite the $20 billion burden imposed upon the firm by the state...
People like Holder still don't understand that the leaders of these rogue firms have no problem blowing up their own companies and/or imperiling the world economy, so long as they continue to personally get paid.
Regulators have been blind to this for years, decades. It's why the Fed, the OCC, the OTS, the Justice Department and a host of other agencies missed incoming icebergs like the AIG and Lehman disasters, once upon a time.
In fact, since the days of Alan Greenspan and his halcyon dreams of a future of pure self-regulation, the notion that corporate leaders will always act in the interest of their own firms – that they'll behave according to the principled corporate egoism that was an article of faith both for Ayn Rand and acolytes like Greenspan – has been a core basis for broad policies of regulatory restraint...
http://www.rollingstone.com/politics/blogs/taibblog/jamie-dimons-raise-proves-u-s-regulatory-strategy-is-a-joke-20140130#ixzz2ruUJdKIx
Real Disposable Income Plummets Most In 40 Years
This once great country is faltering thanks to the leadership of the U.S. to a great extent. The decline in disposable income has led to the erosion of the middle class and collapse in aggregate demand. Policies do matter. The leadership should have done more for the public good. Will future generations ever learn from this epic debacle?
From Zero Hedge:
We may not know much about "Keynesian economics" (and neither does anyone else: they just plug and pray, literally), but we know one thing: when real disposable personal income drops by 0.2% from a month earlier, and plummets by 2.7% from a year ago, the biggest collapse since the semi-depression in 1974, something is wrong with the US consumer.
And longer-term chart:
Source: BEA
http://www.zerohedge.com/news/2014-01-31/wtf-going-real-disposable-income-plummets-most-40-years
From Zero Hedge:
We may not know much about "Keynesian economics" (and neither does anyone else: they just plug and pray, literally), but we know one thing: when real disposable personal income drops by 0.2% from a month earlier, and plummets by 2.7% from a year ago, the biggest collapse since the semi-depression in 1974, something is wrong with the US consumer.
And longer-term chart:
Source: BEA
http://www.zerohedge.com/news/2014-01-31/wtf-going-real-disposable-income-plummets-most-40-years
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