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May 16 2012

surveyork
23:10
So, for example, Fed Chairman Alan Greenspan, at the time when he was still "Saint Alan" - hailed by the economics profession as one of the greatest economists of all time (this was before the crash for which he was substantially responsible) - was testifying to Congress in the Clinton years, and he explained the wonders of the great economy that he was supervising. He said a lot of its success was based substantially on what he called "growing worker insecurity". If working people are insecure, if they're part of the precariat, living precarious existences, they're not going to make demands, they're not going to try to get better wages, they won't get improved benefits. We can kick 'em out, if we don't need 'em. And that's what's called a "healthy" economy, technically speaking. And he was highly praised for this, greatly admired.

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