I feel like I’m in the middle of Star Trek V: The Final Frontier movie. You know, when the entity masquerading as God talks a good game and is trying to seduce his listeners into believing that a wonderful future awaits–if only he can hitch a ride on the Enterprise. To which Capt. Kirk asks, "What does God need with a starship?" Ooopppsss, inconvenient question (wrath of entity pretending to be God follows and, well, the rest is unimportant).
The point being the inconvenient question–the stock market skyrockets yesterday and is rising again but this all appears to me to be a bunch of quick profit-taking that ignores the inconvenient question: what exactly has changed in the basic incomes of most working people? NOTHING. Where will consumer spending come from? No one has cash anymore, housing prices are falling so there is no "nest egg" to borrow from…
So, I hate to be a downer but, folks, this still seems like a bad situation that won’t get better until we:
1. Talk about FULL EMPLOYMENT. If the government wants to guarantee credit for banks, why not guarantee everyone a job?
2. Raise the minimum wage immediately to at least $10 an hour, and bring it up within a couple of years to what it should be, based on productivity gains over the past 30 years: to $19 plus an hour.
3. Pass single-payer health care. You want people to spend? Let them put their dollars into something other than paying off the leeches of the insurance industry.
4. Guarantee the Yankees a World Series ring in 2009…okay, so I digress a little. But, think of all the happiness that would buy.
I’d settle for the first three and pray for number 4.