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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (349164)8/30/2007 6:47:06 PM
From: combjelly  Read Replies (1) of 1576374
 
"The Republicans also created problems that helped cause the great depression, in particular Herbert Hoover,"

Tim, the problems started well before Hoover. The economy was growing quickly, but pay scales weren't keeping up. For every Henry Ford who recognized that if he paid his employees well enough to actually buy his products, then his sales would increase and his company could use economy of scale to push prices even lower and make more money, there were 10 who didn't see things that way. Now, Smoot-Hawley kicked things off, but the Great Depression was an accident waiting to happen. If too much of the wealth is concentrated in only a few hands, then the economy is fragile. It only takes a small push for it to heel over and sink. Which is what happened.

It was no accident that the Great Wage Compression resulted in a golden age of prosperity for the country. And as the result of the GWC were nullified, our economy has gotten more and more precarious.
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