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Forum Post: Economy slowing

Posted 1 year ago on July 16, 2013, 11:53 p.m. EST by AntiPoverty (-3)
This content is user submitted and not an official statement

...WallSt still gaining. MAN! this is going to be good. I'm going to stock up on popcorn this week, just in case :)



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[-] 1 points by Shule (1696) 1 year ago

When I was little, Mama used to take us down to the Meryl Lynch office where we could watch the ticker tape in a small auditorium. It was more fun than the movies.

[-] 1 points by Misaki (893) 1 year ago

Would create a billion jobs worldwide, meaning that companies have no reason to export jobs to other countries: http://occupywallst.org/forum/this-is-important-we-can-change-the-conversation-i/

[-] 1 points by AntiPoverty (-3) 1 year ago

Inflation. Inflation trumps your plan. Your plan was already tried, it's called overtime pay. The idea of overtime was to reduce the amount of work hours required of each employee, thus enabling the hiring of more workers. Overtime legislation was followed with an increase in the minimum wage as well, thus "less hours and more pay". Business owners simply abuse this system now by keeping small armies of part-timers and this benefits middle management as well because part-timers don't qualify for most benefit plans and thus reduces labor cost and managers get a fat bonus for it.

You present time and time again why academics are not qualified for politics or social movements. You have no life experience and no understanding of the world outside of a book.

Get rid of speculative trade and every facet of WallSt and you fix the system.

[-] 1 points by Misaki (893) 1 year ago

Interestingly enough, working fewer hours was considered an alternative to the overtime system. http://eh.net/encyclopedia/article/whaples.work.hours.us

Hours' Reduction during the Great Depression

Then the Great Depression hit the American economy. By 1932 about half of American employers had shortened hours. Rather than slash workers' real wages, employers opted to lay-off many workers (the unemployment rate hit 25 percent) and tried to protect the ones they kept on by the sharing of work among them. President Hoover's Commission for Work Sharing pushed voluntary hours reductions and estimated that they had saved three to five million jobs. Major employers like Sears, GM, and Standard Oil scaled down their workweeks and Kellogg's and the Akron tire industry pioneered the six-hour day. Amid these developments, the AFL called for a federally-mandated thirty-hour workweek.

The Black-Connery 30-Hours Bill and the NIRA

The movement for shorter hours as a depression-fighting work-sharing measure built such a seemingly irresistible momentum that by 1933 observers predicting that the "30-hour week was within a month of becoming federal law" (Hunnicutt, 1988). During the period after the 1932 election but before Franklin Roosevelt's inauguration, Congressional hearings on thirty hours began, and less than one month into FDR's first term, the Senate passed, 53 to 30, a thirty-hour bill authored by Hugo Black. The bill was sponsored in the House by William Connery. Roosevelt originally supported the Black-Connery proposals, but soon backed off, uneasy with a provision forbidding importation of goods produced by workers whose weeks were longer than thirty hours, and convinced by arguments of business that trying to legislate fewer hours might have disastrous results. Instead, FDR backed the National Industrial Recovery Act (NIRA). Hunnicutt argues that an implicit deal was struck in the NIRA. Labor leaders were persuaded by NIRA Section 7a's provisions -- which guaranteed union organization and collective bargaining -- to support the NIRA rather than the Black-Connery Thirty-Hour Bill. Business, with the threat of thirty hours hanging over its head, fell raggedly into line. (Most historians cite other factors as the key to the NIRA's passage. See Barbara Alexander's article on the NIRA in this encyclopedia.) When specific industry codes were drawn up by the NIRA-created National Recovery Administration (NRA), shorter hours were deemphasized. Despite a plan by NRA Administrator Hugh Johnson to make blanket provisions for a thirty-five hour workweek in all industry codes, by late August 1933, the momentum toward the thirty-hour week had dissipated. About half of employees covered by NRA codes had their hours set at forty per week and nearly 40 percent had workweeks longer than forty hours.

The FSLA: Federal Overtime Law

Hunnicutt argues that the entire New Deal can be seen as an attempt to keep shorter-hours advocates at bay. After the Supreme Court struck down the NRA, Roosevelt responded to continued demands for thirty hours with the Works Progress Administration, the Wagner Act, Social Security, and, finally, the Fair Labor Standards Acts, which set a federal minimum wage and decreed that overtime beyond forty hours per week would be paid at one-and-a-half times the base rate in covered industries.

[-] 1 points by TroubledMind (10) 1 year ago

The economy is still strong in the Silicon Valley (San Jose/San Francisco/Oakland, CA). But 2013 may merely be a high-tech social-media bubble such as 2000 was a dot-com boom followed by a bust.


[-] 0 points by AntiPoverty (-3) 1 year ago

The economy in the valley is strong because of ad revenue, period. The model is sound and viable for the foreseeable future. I like it as well because it allows society access to many great things in exchange for being bothered with a small commercial or ad. Some of the ads we like to see or like the product we see in the ad. This is a good deal and a good model. I do however think Big Tech needs to get out of Wall Street. The nature of being a publically traded company makes you subject to the whims of the pentagon and DHS by way of EO:12333(1981)

[-] 0 points by TroubledMind (10) 1 year ago

Wow, Executive Order #12333 from 1981 seems to start the path that the United States Government has reached today:

"3.6 Revocation. Executive Order No. 12036 of January 24, 1978, as amended, entitled "United States Intelligence Activities," is revoked."

Thanks for the informative post Antipoverty!

[-] 1 points by AntiPoverty (-3) 1 year ago

"#RestoreThe4th - damn Internet Defense supporters pop'n up all over the place.

[-] 1 points by AntiPoverty (-3) 1 year ago

deadmau5 - Raise Your Weapon "how does it feel now, to watch it burn..."

[-] 0 points by AntiPoverty (-3) 1 year ago

Stop removing comments. Stop trying to control everything. Let the conflict be seen. Let the dissent be seen on all side by everyone.