Thursday, November 5, 2009

The Revolution Will Not Be Refinanced

Market Observation - Michael Panzner 11.05.2009:
"The Labor Department today reported that nonfarm productivity rose 9.5% in the third quarter, the fastest pace in six years. Boosted by lower than expected labor costs, the bigger-than-expected jump was widely hailed as positive by economists and stock traders. Huh? In a debt-challenged, consumer-dependent economy like ours, where a growing number of Americans are struggling to get by, the fact that businesses continue to benefit from squeezing wages and cutting jobs would seem to be the recipe for social unrest and revolution, not a return to economic good fortune."
Funny I should hear about revolution from a veteran investor in, not from KPFA.

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