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August 24,2015-BLACK MONDAY PDF Print E-mail
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Written by Barry Kowal   
Aug 24, 2015 at 09:44 AM
August 24,2015-BLACK MONDAY






Hello everybody,

  on Monday stock markets all over the world crashed.On Wall Street it dropped 1000 points. see:http://money.cnn.com/2015/08/24/investing/stocks-markets-selloff-china-crash-dow/
The USA never blaming themselves was very quick to point their finger at China. Is it now really when China sneezes the world catches the cold.Look a little closer. China has a very large manufacturing industry.The country relies heavily upon exports.It's biggest consumer is the USA.Like Europe,there is much austerity in the USA.To exploit cheaper labor,many US companies have moved overseas.There is now much unemployment in the USA.Many people in the USA who do have a job can barely support themselves and their families.Some even with jobs have to rely on public assistance.This is because the US congress refuses to raise the minimum wage.Logic dictates if people make more money they will spend more money.This creates jobs,stimulates the economy and will help the Chinese sell their products.The middle and working class people in the USA are the biggest consumers.
  In the 1980s Ronald Reagan preached Reaganomics.A doctrine premised on a tenement that believed by getting government off the back of big business it would stimulate the economy because the new wealth would trickle down.It would be nice if that did happen.Instead of the wealth trickling down it has been siphoned up. With this crash in the stock market the chickens of Reaganomics may be coming home to roost.
Last Updated ( Aug 31, 2016 at 09:03 PM )


  
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