Jobs Crisis

From Adam Davidson, at New York Times, "Can Politicians Really Create Jobs?":

The current economic downturn has been called a housing crisis, a financial crisis and a debt crisis, but the simplifying logic of the political season has settled on what is really more a result than a cause. We are now, according to nearly everyone running for office, in a jobs crisis. Every politician currently has a “jobs plan,” very often a list of vague proposals filled with serious-sounding phrases like “budget framework” and “regulatory cap” that are designed, for the most part, to mean both everything and nothing at all.

RTWT.

GOP leaders say they have a plan, and at Minority Leader Eric Cantor's page, "The Republican No Cost Jobs Plan."

The NFL Won't Share 'All-22' Television Footage

This is interesting.

At WSJ, "The Footage the NFL Won't Show You: Despite Its TV Ubiquity, the League Won't Share 'All-22' Footage; Second-Guessing the Coach."

Prime Minister George Papandreou Survives Confidence Vote

At Telegraph UK, "Greek prime minister survives confidence vote."

And at New York Times, "Greek Leader Survives Vote, Bolstering Deal on Europe Debt." And at Business Week, "Papandreou Seeks to Form Unity Government to Avert Default":

Prime Minister George Papandreou is seeking to form a government of national unity that will enable Greece to convince international leaders to resume aid before the nation runs out of funds next month.

Papandreou met with President Karolos Papoulias today as pressure mounts on the 59-year-old to step aside after he was forced to cancel a referendum that may have led to Greece being ejected from the euro. The premier won a confidence motion early this morning after pledging to disaffected members of his ruling Pasok party that he would not stay on.

Papandreou proposed “contributing definitively to creating a government of wider cooperation with the main goal of guiding legislation and anything else related to the historic Oct. 26” agreement with international lenders, the premier told reporters after meeting the president in Athens today. Last month’s accord “is a prerequisite for our remaining in the euro.”

Long Beach Defense Work Bulks Up Boeing's 3rd Quarter Profit

This was last week, at Long Beach Press-Telegram, "Boeing's 3rd quarter profit tops $1 billion."

Boeing reported a $1.1 billion quarterly profit on Wednesday that beat expectations because of strong growth in its defense business.

The company's passenger jet profit grew more slowly and manufacturing problems have forced it to cut its forecast for deliveries of its two newest jets.

A large share of Boeing's defense work is done in Long Beach and surrounding communities, including production of the C-17 Globemaster cargo jet, satellite research and development in Seal Beach, and engineering and other work in Huntington Beach.

Boeing also maintains a large defense workforce in El Segundo, where crews operate the world's largest satellite manufacturing facility, said Paula Shawa, Boeing's regional spokesperson.

Photo: "Long Beach Boeing C-17 Tour."

In Santa Ana, Mexicans Attack New Businesses for 'Ethnic Cleansing'

At New York Times, "New Faces and a Contentious Revival":

SANTA ANA, Calif. — Business has never been slower at Mina Bridal, which sells billowing taffeta ballroom dresses in colors like hot pink and electric blue for quinceañeras, the traditional 15th birthday celebration for Mexican girls.

Mina Madriles, who has run the downtown store for nearly three decades, said that a generation ago girls would have elaborate parties just as their parents had — where a $1,000 dress was just a fraction of the expense. Now, she is giving away her dresses to some families who hire her to coordinate the party at their homes to save money.

“Nobody has any money anymore; there’s nothing we can do,” Ms. Madriles said.

Fourth Street — also known as Calle Cuatro — has long been the center of Latino business in Orange County, the place where Mexican immigrants could find nearly anything they might have looked for in their homelands. Along some stretches, it is impossible to hear anything but Spanish. The signs beckon customers to travel to Guadalajara or buy a pair of snakeskin cowboy boots for a “super discuento,” and the sidewalk vendors shout, “Frutas, frutas,” as they call attention to their freshly cut coconuts and mangos.

But as the economy has soured, many of these stores have struggled to stay afloat. Some stores closed, others asked their landlords for a reduction in rent. At the same time, several property owners began pressing to create a group to improve downtown Santa Ana.

The owners, who were mostly white, were determined to make it more welcoming to English-speaking clients and bring in customers from more affluent parts of Orange County. What they really wanted to do, opponents said, was scrub away any suggestion that it is an immigrant hub, in a city that is 85 percent Latino. Fiesta Marketplace changed its name to “East End,” and the pink buildings that might evoke a Mexican plaza were repainted in muted hues. A few stores put up signs proclaiming, “Stop ethnic cleansing.”

I grew up in neighboring Orange, and Santa Ana's been a Mexican enclave for decades. With 85 percent of the population Hispanic, I don't think folks need to worry about "ethnic cleansing." The economy hitting everybody pretty hard, and you'd think Santa Ana locals would be pleased with new businesses entering the market.

RELATED: At Los Angeles Times, "Children of immigrants hit an economic ceiling."

PREVIOUSLY: "Santa Ana Enclave Tops Orange County In Proportion of Single-Parent Households."

Occupy Orange County: 'Get Money Out of Politics'

My initial reaction to Occupy Orange County was that it was almost like a tea party. But after turning out for the protest march at the Irvine Civic Center yesterday, I'm going walk back that analogy just a bit. The Orange County protests definitely have a suburban feel to them, but activists have established an encampment similar to New York and other major occupations. (See: "Irvine council lets Occupy group stay overnight.") And along with the tents comes a wider diversity of kooks and hippies, bolstered by a lot of Democrat-Socialist and communist-conspiracy-mongers. These are hardly limited government types.

I arrived around 11:45am, just in time for the group of over 100 protesters to begin their march at Harvard Avenue and Alton Parkway. Irvine City Councilman and former Democrat presidential candidate Larry Agran gave the movement his blessings. (See: "Occupy Orange County Morale Still High and Gaining Supporters.") And if there was one theme I noticed, it was the overall sense of conspiratorial one-world government and "End the Fed" ideology. Some folks are warning about "ideotic conspiracies." Perhaps ASFL progressives will take after their own "morans."

Here's the scene at parking lot at the Irvine Civic Center. I'm reminded of William Jacobson's bumper sticker coverage. This guy's car is classic. Notice the "Obama 2012" sticker in the window, right next to "UNIONS = JOBS." And not to mention the obligatory "Bush Lied People Died." And a couple of recent ones as well, like "America's 99% Solution":

If you're sporting "Millions of Dead Cops" bumpers stickers, I'm not sure if pulling up in front of the Irvine Police Station (at the Civic Center) is a good idea. It's a free country, I guess:

The procession gets under way at the corner of Alton and Harvard:

There were more "End the Fed" types than "End Israeli Apartheid" activists, but this guy was clearly of the latter variety:

At the information tents:

Now walking West on Alton toward Jamboree:

The Democrat-Socialists:

Lots of anti-Federal Reserve protesters:

Protesters were chanting: "You. Are. The 99 Percent! You. Are. The 99 Percent!"

I'm seeing more of this, anti-work ideologies: "Jobs Are Not the Answer." Seriously?

People before profits, ad nauseum:

Heading back over to Harvard, there's the encampment on the corner. You've got the suburban vibe:

Sitting on the corner is this old-timer with the "Remember Wisconsin" sign. He's holding forth on how Occupy Wall Street is the country's last chance to save democracy:

He's a dreamer:

Is this idealism, or fearmongering? I guess if Martin Luther King, Jr., said it, that's cool:

Now moving over by the information table:

That's Kyle on the right, the spokesman in charge yesterday morning. Interesting guy. He said two weeks ago, he'd never been involved in politics. He's talking to the woman who had a lot of questions. She was sympathetic to Occupy Wall Street but had seen the less savory coverage. She still had some reservations. Kyle responds with, "Well, there's a lot of different opinions out there." As I listened it didn't seem like he was articulating any real coherent agenda. So I asked him, "Can you summarize the movement down to one or two specific demands?" And he responded with, "Get money out of politics." And I said: "What would that do?" He says, "We'd have government by the people." It wasn't particularly edifying.

There wasn't a whole lot of literature set out at the table.

Maybe the dude should spend some time looking at the Occupy Orange County website. I asked Kyle if he supported revolutionary change, overthrowing capitalism in the United States. He said no. And with the exception of the anarchists with the "Millions of Dead Cops" bumper sticker, and the group hanging out with that pro-jihad dude, the Orange County protesters evinced more of a reformist agenda than some of the more radical occupy protests that have been in the news. That said, the information table had laid out a copy of the Declaration of the Occupation of New York City. And it's available at the Occupy Orange County website. And it's a fairly revolutionary manifesto. So I'm taking this as more the official position, which is Marxist and internationalist:

As we gather together in solidarity to express a feeling of mass injustice, we must not lose sight of what brought us together. We write so that all people who feel wronged by the corporate forces of the world can know that we are your allies.

As one people, united, we acknowledge the reality: that the future of the human race requires the cooperation of its members; that our system must protect our rights, and upon corruption of that system, it is up to the individuals to protect their own rights, and those of their neighbors; that a democratic government derives its just power from the people, but corporations do not seek consent to extract wealth from the people and the Earth; and that no true democracy is attainable when the process is determined by economic power. We come to you at a time when corporations, which place profit over people, self-interest over justice, and oppression over equality, run our governments. We have peaceably assembled here, as is our right, to let these facts be known...

New Poll Finds Deep Distrust of Government

Hey, maybe the contradictions of capitalism are ripe for revolution.

At New York Times (via Instapundit):

With Election Day just over a year away, a deep sense of economic anxiety and doubt about the future hangs over the nation, according to the latest New York Times/CBS News poll, with Americans’ distrust of government at its highest level ever.

The combustible climate helps explain the volatility of the presidential race and has provided an opening for protest movements like Occupy Wall Street, to highlight grievances about banks, income inequality and a sense that the poor and middle class have been disenfranchised.

Almost half of the public thinks the sentiment at the root of the Occupy movement generally reflects the views of most Americans.

With nearly all Americans remaining fearful that the economy is stagnating or deteriorating further, two-thirds of the public said that wealth should be distributed more evenly in the country. Seven in 10 Americans think the policies of Congressional Republicans favor the rich. Two-thirds object to tax cuts for corporations and a similar number prefer increasing income taxes on millionaires.

On Tuesday, the Congressional Budget Office released a new study concluding that income distribution had become much more uneven in the last three decades, a report that could figure prominently in the battle over how to revive the economy and rein in the federal debt.

The poll findings underscore a dissatisfaction and restlessness heading into the election season that has been highlighted through competing voices from the Occupy Wall Street and Tea Party movements, a broad anti-Washington sentiment and the crosscurrents inside both parties about the best way forward.

Not only do 89 percent of Americans say they distrust government to do the right thing, but 74 percent say the country is on the wrong track and 84 percent disapprove of Congress — warnings for Democrats and Republicans alike.

Also:

Nearly 9 in 10 Democrats, two-thirds of independents and just over one-third of all Republicans say that the distribution of wealth in the country should be more equitable...

Hey, that Obama-Pelosis class warfare really works!

RELATED: At The Blaze, "RADICAL BILL AYERS SPEAKS TO OCCUPY CHICAGO PROTESTERS ABOUT REVOLUTION & THE TEA PARTY."

The Tax Reform Evidence From 1986

From Martin Feldstein, at Wall Street Journal:

Congress's Joint Select Committee on Deficit Reduction is struggling to find $1.5 trillion in cuts over the next 10 years. This is a unique opportunity to use tax reform to reduce future budget deficits while lowering individual tax rates.

The Tax Reform Act of 1986, enacted 25 years ago last Friday, showed how a tax reform that includes lower rates can change incentives in a way that grows the tax base and produces extra revenue. The 1986 agreement between President Ronald Reagan and House Speaker Tip O'Neill reduced the top marginal tax rate to 28% from 50%. A conservative Republican and a liberal Democrat could agree to a dramatic reduction in top rates because the legislation also eliminated a wide variety of tax loopholes.

A traditional "static" analysis that ignores the response of taxpayers to lower tax rates indicated that those combined tax changes would leave total revenue unchanged at each income level. But the actual experience after 1986 showed an enormous rise in the taxes paid, particularly by those who experienced the greatest reductions in marginal tax rates.

RTWT.

Dan Neil Reviews the 2012 Honda Civic

This is Neil's "Rumble Seat" column, which used to be exclusively at the Los Angeles Times.

Now (also?) at Wall Street Journal, "Honda's Sporty New Civic, Heavy on the 'Ick'":

And just like that, a giant stumbles. The redesigned 2012 Honda Civic—one of the most successful cars in U.S. auto history, a nameplate burnished with the grateful tears of generations of Americans—is a dud. A sham. A shud. Massive fail, LOL.

Civic's U.S. sales were down 26% in September and 15.6% year-to-date, a cratering rivaled only by the 15.7% decline registered by the Honda Accord. Some part of the losses was caused by supply-chain issues associated with the April earthquake; the greater part, surely, is bad press. The Civic sedan/coupe recently got scratched off the Consumer Reports list of Top Five recommended cars—which for Honda is like getting your name scratched off the frontispiece of the family Bible.

Over at the Honda fan site vtec.net they're in the midst of a high-tech Spanish Inquisition, with John Mendel, American Honda's executive vice president for sales, as guest of honor. It ain't pretty.

I've just spent two weeks enjoying the company of the 2012 Civic Hybrid sedan (see sidebar) and the Si sedan—the sport-tuned version with a 201-hp four-banger, a limited-slip differential, and a six-speed manual gearbox to slap around—and, to damn them with faint praise, they're actually pretty good cars. Still, they do not burn with Honda's once-routine overachievement, and the ire the company faces reflects the high expectations and great trust consumers have placed with the brand. In other words, merely decent feels like a betrayal from Honda.

What's going on with these cars? I have a theory....

Keep reading.

I've had three Honda Civic LX sedans, the second two with GPS navigation systems. They're awesome cars. But Honda does this every couple of iterations. They alienate the car's core fan base, perhaps attempting to appeal to a larger, family demographic, etc.

In any case, I used to read Neil's column every Wednesday at the Los Angeles Times. I thought I read something of his over there a few weeks back, but he might be syndicating his reviews now across different newspapers. He's fun to read, in any case.

As the Rich Go, So Goes Much of the Economy

At Wall Street Journal, "The Wild Ride of the Wealthiest 1%."

An amazing report:

During the past three recessions, the top 1% of earners (those making $380,000 or more in 2008) experienced the largest income shocks in percentage terms of any income group in the U.S., according to research from economists Jonathan A. Parker and Annette Vissing-Jorgensen at Northwestern University. When the economy grows, their incomes grow up to three times faster than the rest of the country's. When the economy falls, their incomes fall two or three times as much.

The super-high earners have the biggest crashes. The number of Americans making $1 million or more fell 40% between 2007 and 2009, to 236,883, while their combined incomes fell by nearly 50%—far greater than the less than 2% drop in total incomes of those making $50,000 or less, according to Internal Revenue Service figures.

Wall Street Did It?

Don't blame big banks for the flailing economy and housing crash, notes IBD:

... based on the number of toxic loans in the system in 2008, the government was responsible for not just a simple majority, but more than two-thirds. It's quantifiable — 71% to be exact (see chart). And the remaining 29% of private-label junk was mostly attributable to Countrywide Financial, which was under the heel of HUD and its "fair-lending" edicts.

Via Memeorandum and Verum Serum.

PHOTO CREDIT: That Mr. G Guy.

The End of the Euro?

I've been keeping tabs on this. I think the end is near, especially as Europe's economy is becoming segmented into the healthy and sick, with Germany the healthiest of all.

See Bruce Thornton, at Defining Ideas (via Instapundit):

The champions of the European Union once touted it as a “bold new experiment in living” and “the best hope in an insecure age.” But these days “fear is coursing through the corridors of Brussels,” as the B.B.C. reported in September. Such fear is justified, for the nations of Europe are struggling with fiscal problems that challenge the integrity of the whole E.U.-topian ideal. Greece teetering on the brink of default on its debts, E.U. nations squabbling about how to deal with the crisis, debt levels approaching 100 percent of GDP even in economic-powerhouse countries like Germany and France, and European banks exposed to depreciating government bonds are some of the signposts on the road to decline.

A monetary union comprising independent states, each with its own peculiar economic and political interests, histories, cultural norms, laws, and fiscal systems, was bound to end up in the current crisis. All that borrowed money, however, was necessary for funding the lavish social welfare entitlements and employment benefits that once impressed champions of the “European Dream.” Yet, despite the greater fiscal integration created by the E.U., sluggish, over-regulated, over-taxed economies could not generate enough money to pay for such amenities. Now, the president of the European Council, Herman Van Rompuy, admits, “We can’t finance our social model.”

This financial crisis means the government-financed dolce vita lifestyle once brandished as a reproach to work-obsessed America is facing cutbacks and austerity programs immensely unpopular among Europeans otherwise used to amenities like France’s 35-hour work week, or Greece’s two extra months of pay, or England’s generous housing subsidies that cost $34.4 billion a year. No surprise, then, that from Athens’ Syntagma Square to Madrid’s Puerta del Sol, austerity measures attempting to scale back government spending have been met with strikes, demonstrations, boycotts, and protests, some violent, on the part of citizens for whom such government entitlements have become human rights. In fact, such transfers of wealth have been formalized as rights in Articles 34 and 35 of the E.U.’s Charter of Fundamental Human Rights.

Continue reading.

RELATED: From Tyler Durden, at Zero Hedge, "It's Baaack: FT Deutschland Pronounces Deutsche Mark's Return, Prices Itself At 4.11 DM." (Also via Instapundit, who hedges on Zero Hedge.)

Cain's Stimulating '9-9-9' Tax Reform

Arthur Laffer's down with it, at Wall Street Journal:

It used to be that the sole purpose of the tax code was to raise the necessary funds to run government. But in today's world the tax mandate has many more facets. These include income redistribution, encouraging favored industries, and discouraging unfavorable behavior.

To make matters worse there are millions and millions of taxpayers who are highly motivated to reduce their tax liabilities. And, as those taxpayers finagle and connive to find ways around the tax code, government responds by propagating new rules, new interpretations of the code, and new taxes in a never-ending chase. In the process, we create ever-more arcane tax codes that do a poor job of achieving any of their mandates.

Republican presidential candidate Herman Cain's now famous "9-9-9" plan is his explicit proposal to right the wrongs of our federal tax code. He proposes a 9% flat-rate personal income tax with no deductions except for donations to charity; a 9% flat-rate tax on net business profits; and a new 9% national tax on retail sales.

Mr. Cain's 9-9-9 plan was designed to be what economists call "static revenue neutral," which means that if people didn't change what they do under his plan, total tax revenues would be the same as they are under our current tax code. I believe his plan would indeed be static revenue neutral, and with the boost it would give to economic growth it would bring in even more revenue than expected.

Continue reading.

Romney Strikes Back After Lousy Performance at CNN Debate in Las Vegas — UPDATE: Ad Pulled!

More background on the CNN debate at Riehl World View, "Don't Stick A Fork In Perry, He Isn't Done, Yet."

Mitt Romney obviously agrees.

At Politico, "Team Mitt Romney video tries to remind on Rick Perry."

UPDATE: The ad was pulled. See Hot Air, "Brutal new Romney ad: Rick Perry’s a moron; Update: Romney pulls ad?"

And here's a copy of it:

Bank of America's Death Rattle

I bailed out of Bank of America a couple of years ago, after my wife and I consolidated some of our accounts. But the service was getting just awful.

And here's this at Protein Wisdom, "'Not With a Bang, But a Whimper: Bank of America's Death Rattle'."

And follow the links over there.

Perry, Romney Spar in CNN Debate

Ed Morrissey has a great report, "Who won the Vegas fight?", and also at Michelle's, "Fight Club: GOP candidates brawl on CNN":

Romney and Perry — both flip-flopping squishes on immigration enforcement — tried to out-tough each other on the issue.

Perry resurrected Romney’s illegal alien problem from 2007. (See here for background.) Romney counter-attacked by calling out Perry’s opposition to E-verify.

Bottom line. They are both, in Perry’s words, “conservatives of convenience” on the issue. What is it with the GOP andimmigration cross-dressers? Ugh.

RELATED: At LAT, "Perry accuses Romney of 'shape-shifting,' promises 'unbridled truth'."

VIDEO HAT TIP: Althouse.

Can We Credibly Compare the Current Economic Crisis to the Great Depression?

It's long been cliché to remark that our current recession is the worst economic downturn since the Great Depression. Indeed, President Obama, while a candidate and once in office, incessantly harped about how today's economy is the worst since the 1930s. While I think most people realize the magnitude of the current crisis --- my best comparison is to 1990-91, when I can literally recall people fleeing California's recession by the truckload --- it strains reason to endlessly hammer away at the Great Depression analogy. And that's why, as sympathetic as I am to the historical scale of our dislocation, I'm still not convinced by arguments like Joe Nocera's, at New York Times, "The 1930s Sure Sound Familiar." Nocera discusses Since Yesterday, a history of the 1930s by Frederick Lewis Allen. After a bunch of nostalgic whimpering, Nocera gets down to what's really bugging him:

What dominates “Since Yesterday” — as it must dominate any history of the Great Depression — is the government’s responses to the crisis. Herbert Hoover was “leery of any direct governmental offensive against the Depression,” writes Allen. “So he stood aside and waited for the healing process to assert itself, as according to the hallowed principles of laissez-faire economics it should.” Sticking to his convictions, Hoover allowed the country to sink deeper and deeper into Depression, becoming in the process one of its victims — “along with the traditional economic theories of which he was the obstinate and tragic spokesman.”

Then came Roosevelt, untethered to any economic theory and willing to try anything to get people back to work. Allen describes the alphabet soup of agencies he created, the deficits he generated, the regulations he enacted. The economy, which bottomed out in 1932, steadied and then began to grow until, by 1937, it appeared that the Great Depression had ended.

Allen then takes us through the terrible days of late 1937, when the economy collapsed again. “Roosevelt’s Depression,” businessmen called it, blaming it on a business tax they particularly loathed. In fact, Allen makes the convincing case that the real problem was that Roosevelt had tried to do something business wanted: balance the budget. Shrinking government spending dried up demand. And not until the following spring, when he reversed course and decided to “go in for heavy spending again,” did conditions begin to improve.

The tragedy of Washington today, as the supercommittee begins its task of finding $1.2 trillion in cuts, is that nobody seems to remember the lessons of “Since Yesterday” — and most other books about the Great Depression.

When I think back to the 1930s, I don't necessarily pine for the return of Franklin Roosevelt. Economists differ on the downturn of 1937, and from my recollection it wasn't until the economic mobilization of World War II that the American economy really recovered --- and hence it was war mobilization, and not Democrat industrial policies, that finally brought an end to the era. That said, I'm not an economist. But there was a good piece from Bradley Schiller back shortly after Obama took office, "Obama's Rhetoric Is the Real 'Catastrophe'." What's interesting is the incomparability between the scale of crisis then to today:

President Barack Obama has turned fearmongering into an art form. He has repeatedly raised the specter of another Great Depression...

This fearmongering may be good politics, but it is bad history and bad economics. It is bad history because our current economic woes don't come close to those of the 1930s. At worst, a comparison to the 1981-82 recession might be appropriate. Consider the job losses that Mr. Obama always cites. In the last year, the U.S. economy shed 3.4 million jobs. That's a grim statistic for sure, but represents just 2.2% of the labor force. From November 1981 to October 1982, 2.4 million jobs were lost -- fewer in number than today, but the labor force was smaller. So 1981-82 job losses totaled 2.2% of the labor force, the same as now.

Job losses in the Great Depression were of an entirely different magnitude. In 1930, the economy shed 4.8% of the labor force. In 1931, 6.5%. And then in 1932, another 7.1%. Jobs were being lost at double or triple the rate of 2008-09 or 1981-82.

This was reflected in unemployment rates. The latest survey pegs U.S. unemployment at 7.6%. That's more than three percentage points below the 1982 peak (10.8%) and not even a third of the peak in 1932 (25.2%). You simply can't equate 7.6% unemployment with the Great Depression.

It goes on like that (here). And Schiller argues that the administration's economic fearmongering is actually dangerous, in how it perverts economic expectations and consumer confidence.

But then again, things are bad, right? Just not as bad as the 1930s? Well, I'm interested in a different comparison being made, that the U.S. might be entering into a long period of sustained high unemployment, and that the American economy could be resembling the European economies after the oil shocks of the 1970s. The major industrial states like France and Germany became accustomed to long-term (secular) unemployment rates of often 10 percent or more. Thinking about that, David Leonhardt, at New York Times, gives us another reason not to compare the current era to the 1930. The economy of the Great Depression was in fact one of the most technologically productive ever, "The Depression: If Only Things Were That Good." The counter-intuitive economic innovation of the day, combined with the drastic shedding of dead weight bloat and over-appreciation in the economy, laid the basis for the sustained recovery by the 1940s:

UNDERNEATH the misery of the Great Depression, the United States economy was quietly making enormous strides during the 1930s. Television and nylon stockings were invented. Refrigerators and washing machines turned into mass-market products. Railroads became faster and roads smoother and wider. As the economic historian Alexander J. Field has said, the 1930s constituted “the most technologically progressive decade of the century.”

Economists often distinguish between cyclical trends and secular trends — which is to say, between short-term fluctuations and long-term changes in the basic structure of the economy. No decade points to the difference quite like the 1930s: cyclically, the worst decade of the 20th century, and yet, secularly, one of the best.

It would clearly be nice if we could take some comfort from this bit of history. If anything, though, the lesson of the 1930s may be the opposite one. The most worrisome aspect about our current slump is that it combines obvious short-term problems — from the financial crisis — with less obvious long-term problems. Those long-term problems include a decade-long slowdown in new-business formation, the stagnation of educational gains and the rapid growth of industries with mixed blessings, including finance and health care.

Together, these problems raise the possibility that the United States is not merely suffering through a normal, if severe, downturn. Instead, it may have entered a phase in which high unemployment is the norm.

On Friday, the Labor Department reported that job growth was mediocre in September and that unemployment remained at 9.1 percent. In a recent survey by the Federal Reserve Bank of Philadelphia, forecasters said the rate was not likely to fall below 7 percent until at least 2015. After that, they predicted, it would rarely fall below 6 percent, even in good times.

Not so long ago, 6 percent was considered a disappointingly high unemployment rate. From 1995 to 2007, the jobless rate exceeded 6 percent for only a single five-month period in 2003 — and it never topped 7 percent.

“We’ve got a double-whammy effect,” says John C. Haltiwanger, an economics professor at the University of Maryland. The cyclical crisis has come on top of the secular one, and the two are now feeding off each other.

In the most likely case, the United States has fallen into a period somewhat similar to the one that Europe has endured for parts of the last generation; it is rich but struggling. A high unemployment rate will feed fears of national decline. The political scene may be tumultuous, as it already is. Many people will find themselves shut out of the work force.

And if this is so, the solution is not to become more like the European Union nations. That is, the Obama administration's massive debt and deficit policies are more likely to turn the U.S. into France, or heaven forbid, Greece. And thus, back to Joseph Nocera pining for the governmental activism of the 1930s. He's wrong in his comparisons, and he's wrong in his proposals. We need to invigorate the private sector and productive individualism and innovation. We need to see 1000s of Steve Jobs bloom. I'm not so pessimistic that we won't see that happen. I expect the U.S. to have another decade of booming growth similar to the 1990s. We just need to let markets work and get the hell out of the way.

RELATED: At The Hill, "Obama wants $35 billion for teachers, first-responders first" (via Memeorandum). Sounds laudable, but more of the same, unfortunately.

Wall Street Bankers Diss Protesters as Fringe Losers

At New York Times, "In Private Conversations, Wall Street Is More Critical of Protesters.

USA Today on Debit Card Fees

See: "What debit card fee critics miss on capitalism":

Ever since Bank of America announced a new $5 monthly fee on debit card use, an outcry has echoed from Main Street all the way to the White House. A Fox Business anchor cut up her BofA debit card on the air in front of a sign that read "Big Bad Bank of America." Sen. Dick Durbin, D-Ill., told BofA customers to "get the heck out of that bank." President Obama slammed the charge as a bad business practice. And Consumers Union called on Congress and regulators to investigate the new fee, which will go into effect in early 2012.

Let's everybody take a deep breath...

As annoying as the fees are, they're a far cry from the industry's past egregious practices, now banned or blunted. Those included raising rates "at any time for any reason" on existing credit card balances, re-ordering debit transactions to drive up overdraft penalties, and "disclosing" practices in incomprehensible language in type that required a magnifying glass to read.

So what power do aggrieved bank customers have to respond? They can take their business elsewhere. Switching is a hassle, but there's no lack of competition. If enough consumers bolt or howl, then perhaps Bank of America and others will reconsider.

Well, yeah.

In fact, I think the editors are reading my blog: "It's Robbery to Charge for Debit Cards?"

'Occupy Wall Street'

The video's from The Blaze, "‘THE JEWS CONTROL WALL STREET!’: 2ND ALLEGED WALL ST. PROTESTER SPEWS ANTI-SEMITISM."

And at Pamela's, "Calling All the Dregs of the Earth #occupywallstreet."