>Wojtek Sokolowski wrote:
>>
>> You seem to imply that the ruling class seeks to harm
>> working class *in addition* to profit seeking. How
>> can you separate the two?
>
>Because the investing class is so often willing to take a sizable
>monetary loss in order to diminish the leverage of the working
>class. What else would you call it when the Fed hoists rates in
>order to discourage industrial credit and cool off the economy, just
>so they can run the unemployment level back up a couple of ticks?
>Keep in mind that during the Reagan and Bush I administrations the
>Fed would put the damper on whenever the unemployment rate
>threatened to dip below the magic "NAIRU" figure of six percent or
>so, when the Clinton Administration demonstrated that even
>unemployment rates a full two percent lower didn't result in the
>feared avalanche of uncontrollable wage-driven inflation. How I
>wish that fucker Greenspan's pencil neck were within reach of my
>hands.
But Greenspan hasn't run a tight policy since the first few months of 1987. He let unemployment get very low in the mid-90s, and did everything he could to keep the economy from sinking in 2000-1. The reason, of course, was that the working class had already been defeated in the 1980s, so it didn't matter. But that's another story.
Doug