US more productive than Europe?
If stripped off its prowess in derivatives trading and other financial services related innovations (much of which is the cause of the housing bubble / foreclosures / bankruptcies / bailouts / stimulus), can US still be counted as the more productive than Europe? How productive are we actually, if we take into account manufacturing etc? Browse a fairly recent publication (2007) from the Center of Economic & Policy Research (CEPR) here...Is Executive Compensation in America Excessive?
Turns out that American executive compensation rates are quite different from those of the rest of the developed world. In Japan a typical executive makes eleven times what a typical worker brings home; in Britain, 22 times. In America, it is close to 500 times. Check this pbs.org link ...Great Liberator or the Harbinger of the Great Recession?
Milton "Mr. Greed" Friedman had his achievements in terms of pushing American Capitalism of "Free Markets" and "Greed" to the erstwhile Soviet nations, and thus contributed to Glasnost and Perestroika. However, the "Greed" and "de-regulated Free Markets" that he peddled were lapped up by everyone from greedy bankers to academicians like Dr. Summers. Here, in the following article, Dr. Summers claims that every Democrat is a "Friedmenite." Please! It is greed which makes the rich richer, the working poor poorer. When will America learn? When half the homes are foreclosed? Or when we have ten million homeless? When will the corrupt "system" which favors bank jobs over manufacturing change so that hard-working Americans get a chance to reap what they sow? In any case, in the following article titled "The Great Liberator", Dr. Summers shares his views (before it became public that in 2008, he pocketed more than $2 million from banks and premiere consulting firms like McKinsey in talking fees, in addition to enjoying a compensation of more than $5 million for working one day a week for a hedge fund):
THE GREAT LIBERATOR
Largest Bankruptcies - All Time
Click on the link below to see the whole list (Lehman Brothers tops the list with $691 billion in assets, GM is fourth with $91 billion in assets):20 largest bankruptcy filings since 1980
PMI Group's Report on Real Estate Pricing etc. (July 2009)
July Oversight Report by the TARP COP (Congressional Oversight Panel)
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