Rachel Maddow opened her economy update segment last night with some good news: The job growth “bikini graph” has turned into a “Loch Ness monster graph” with incoming April job numbers! What she means is that the number of available jobs is, finally, growing. Despite that, however, Maddow was concerned for the US economy, because its behavior has been so volatile and its players so unregulated that it’s starting to become an undesirable market for foreign investors to work in.
Citing Thursday afternoon’s “flash crash,” the Bernie Madoff Ponzi scheme, and the Goldman Sachs scandal as examples, Maddow argued that, if she were a foreign investor, she wouldn’t have too much faith in the American system right now:
“When you think about it, why would anybody want to invest with us if we have (a) unpredictable, inexplicable, giant, not-found-in-nature flash crashes, like we did yesterday, and (b) if government regulators are so underpowered that something like, say, the Bernie Madoff thing went on for years undetected by them? or (c) how about a financial system with giant players like Goldman Sachs allegedly selling products to their consumers– selling products to their customers– that were designed to fail?”
She concluded that the takeaway message from the American economy at the moment is that “the system is totally rigged in favor of the crooks, and you’ll get fleeced.”
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