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David Neiwert – Catfood Commission proves we are at the political and economic mercy of the financial-services sector

From Crooks and Liars:

Catfood Commission proves we are at the political and economic mercy of the financial-services sector

By David Neiwert

Americans really want to know why we don’t make stuff anymore. What happened to American manufacturing? Why is everything made in China now?

The answer: Because we are now at the economic — and political — mercy of the nation’s financial-services sector.

Here’s an illustration of what’s happened to America in the past 30 years, taken from page 33 of Kevin Phillips’ fine book, Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism, which predicted the global economic crisis well before it happened:

Manufacturing-Financial.JPG

As Phillips explains, this shift came about because both political parties in Washington — well fed with Wall Street money — decided America’s economic future lay in the financial sector, not in manufacturing.

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