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Alternative Visions – US Economy Slows Further + More on Repos + UAW-GM Deal?

A review of latest data on US economy, now showing retail sales and consumer joining the contractions in manufacturing, industrial production, business investment and construction. Why the Repo Market instability and problem is not going away, as bankers refuse to sell Treasuries back to the Fed (who’s trying to buy them in order to pump more cash needed into the market)—i.e. the Fed’s strategy to pump $400b more into Repos (QE Lite?) may not work. Then what? A third show topic is an assessment of the just announced ‘deal’ between the UAW and GM and why it may not be approved by the autoworkers themselves in their now scheduled contract ratification vote. How management ‘moves the money around’ in last minute negotiations. How it can manipulate the temp workers offer. How it will reduce its contract offer by not reopening plants in the US and increasing jobs in Mexico. Why lump sum payments actually reduce costs for the company and take home pay for the workers. The politics behind union contract ratification voting. The show concludes with Dr. Rasmus outlining his forthcoming book (next week), ‘The Scourge of Neoliberalism: US Economic Policy from Reagan to Trump’, Clarity Press, October 2019. Why ‘neoliberalism’ is not really liberalism at all, and not really about free markets but an idea created by conservative economists to obfuscate policies designed to restore hegemony for US capitalists at home and abroad.

 

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