Human history becomes more and more a race between education and catastrophe.


“How can the Dow hit a record today when most Americans are still on a downward escalator? Mainly because corporations are (1) squeezing payrolls (pushing down real wages and benefits) and (2) borrowing at bargain-basement rates to buy back their shares of stock. This strategy depends on continuing high unemployment so that (1) people with jobs are scared of losing them, and those without jobs will take whatever is available, and (2) the Fed will keep interest rates low.”


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