but to the main point
i think looking only here at the outcomes of policy on say the safety net occupants or our battered ever more post industrial mcshit job wage class
in the final analysis fails to capture the main driving motives of "organizations "that play their great game on a global stage
global free range profiteering today requires a stagnation...requires it ..the other options reduce global profits
in this key sense i doubt the target is local american job class opporession...we are just part of the collateral damage
----
if u start with a simple premise:
hi fi TNCs run the Fed and can have their way when necessary with the budget
but these banks are global
like so many isles of laputa they fly over the planets market systems making things happen for the great MNCs
they think globally and use uncle hegemonic pretty much as they please come a crunch
they clearly didn't want a run away contraction but they didn't want a full and fast recovery either
hence the half hearted fiscal measures
these chaps can repeal elements of the new deal but they can't repeal the laws of trade and finance
the US's chronic import gap has reached nasty levels unsustainable levels
we could devalue but like britain it would be against the euro zone and not against the emerging asian "partners"
ie
not effective
we won't devalue against the asians because that is where the big and growing profits come from
the forex tilt is a key part of the cross border arbitrage
the trade gap it creates however needs to be manzaged
and if you can't devalue or "protect"
you have to slow absorption by slowing domestic income
read romney robinson its that old hat
i submit the recent credit crisis was not wasted by the MNCs and their bankers
that crsis became the perfect pretext for a programatic stag policy
btw
if you look at the US economy as if its a closed system
even if run by trans nat corporations
all this global reality becomes an annex to domestic considerations
ie
turns the tail into the dog and the dog into the tail
