Posted by Buzzman72 on January 16, 2009 at 22:14:59 from (74.129.220.44):
In Reply to: Re: Deflation? posted by I need a handle on January 16, 2009 at 22:01:06:
Sorry to tell you, but wage deflation is already in progress. New UAW members--yeah, the union that supposedly robs the car companies, with actual wages of about $29 an hour--will only start at $12 an hour, and won't be covered by the "old" pension plan. But for some members of Congress, like Sen. Mitch McConnell of KY, that's not enough of a pay cut.
And the folks who are unemployed now...they're in the beginning stages of wage deflation, because the guy who was making $30,000 a year at the car dealership finds that the independent shops and parts houses are paying about half that...IF they were hiring, which they're not.
Right now, banks are still carrying some of the bad loans and investments on their books ONLY because, if they wrote them off and took the loss all at once, the bank would be declared insolvent. And I'm not just talking about ONE bank, mind you.
But...if we all just turned our TV's off, everybody would have their jobs back, these foreclosures would all go away, and everything would be hunky-dory. Instantly, I'm guessing. Because there's not really a problem, the lying left-wing media is just whipping up hysteria.
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