‘Yo Momma’s a Socialist: From a Production Economy to a Finance Economy

Photo by Sean Hemmerle, “The Packard Body Plant”,
From the series, The Ruins of Detroit.

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While we once had a robust economy, with factory
and production jobs supported by strong unions,
this is no longer the case and it must be understood
in order for us to make any meaningful, sustainable changes
in our lives and in our economy.

How did we get here? We went from a nation of people who
made things to a nation where a relatively small number of people
made a lot of money moving money around, selling money
and trading money.

The next time someone tells me that Obama’s a Socialist I
am going to tell them, “‘Yo Momma’s a Socialist.”

The Shift from a Production Based Economy to a
Consumption Economy.
It is important to understand that we were a nation
of farmers, then a nation of producers, in factories,
and now we have become a nation largely of
consumers, service workers and finance workers.
In the book Bad Money, Kevin Phillips, the former
Republican Party strategist turned harsh critic of the Republican
Party, outlines the shift made from being a production based
economy to a finance centered economy. Phillips writes,

The financial services sector in the 1990’s became the largest sector
of the U.S. private economy. By 2004-2006 financial services represented
20-21 percent of the GDP , manufacturing represented just 12 or 13 %.

….continued in the next post.

‘Yo Momma’s a Socialist: From Production to Consumption ‘
‘Yo Momma’s a Socialist: Reagan and Bush, “The Banks Will
Never Be Allowed to Fail”
‘Yo Momma’s a Socialist: Podcast

The ‘Yo Momma’s a Socialist Podcast is a conversation
that Filthy and I recorded last September. We discuss:
American Consumption, Racism, WWII, Adult Onset Poverty,
Why More Schooling Isn’t the main Solution, Lenin, Fordism
The Soviet Union, Why Products Don’t Last Anymore, Germany.

Thoughts? Do you agree? Disagree? Need more info?
All your money is in Euro’s so it doesn’t matter?