Please stop comparing historical “creative destruction” with our current problems. I can retrain a horse and buggy driver to be a cab driver (circa 1910) in about a day. I can’t teach a sales clerk at Macy’s how to write Python code.
Israel’s plan of loving all thing’s Sunni and hating all things Shiite is and always was a self-serving policy that will fail spectacularly. The enemy of my enemy is not necessarily my friend. Didn’t we all finally learn this during the 2nd Gulf war? How about this? – The fiend of my friend (Israel) isn’t necessarily my friend.
No, China has no idea how to transition from a small TIGER like , export-driven, economy to a fully diversified first world economic state. We fed it a few import tariffs and the wheels are almost coming off the entire corrupt state. It’s a dirt cheap offshore polluting, parasite fed by our purchases. Let us never forget that.
Renaming NAFTA is not an achievement. Neither is your assertion that you saved pre-existing exemptions for new buyers of health insurance – because you failed to get it passed.
So far our giant corporate tax cut has given us exactly what we expected – soaring budget deficits, giant stock buybacks, no wage gains, no acceleration in hiring or training. Even the Repubs are too embarrassed to bring it up.
The stock market has been fed by two energy sources over the past twenty years:
Outsourcing and automation that raises the ROR on labor … They are both going away (for now) but we have fabulous stock buybacks to help transition us into a rather dull sideways or down market. No reason for panic if you’re long but no reason for optimism either.