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Allen Krell
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Allen Krell, Huntsville, Alabama
Allen Krell, Huntsville, Alabama

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To rephrase a famous quote by Ronald Reagan.
"I didn't leave the Republican party, the Republican party left me."

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Several news sites have recently interviewed Ben Bernanke,  Federal Reserve chairmen during the 2008 financial crisis.   One article in USA Today said

“Bernanke has been interested in the Great Depression since his grandmother told him stories about it from her front porch in Charlotte, N.C., during quiet summer evenings. Her family had been living in Norwich, Conn., where some children went to school in worn-out shoes or even barefoot because their fathers lost their jobs when the shoe factories closed. That meant their families didn’t have enough money to buy shoes — which presumably would have kept the factories in business and their fathers employed.”

All financial policy since the Great Depression has been based on a historical study and modeling of that time period.   I keep thinking about the modern equivalent.   Now, the story is that the shoes are made in a very low wage overseas factory.   Domestically, the only jobs created by buying a shoe is the retail person (a low wage job), a distribution worker (a low wage job), the marketing people (a high wage job), and the CEO of the marketing and distribution companies (very high wage job).  Domestically, the example Bernanke describes above creates two levels of income, the very low wage retail/distribution jobs and the high wage marketing and CEO jobs.   No jobs get created in the middle.

I then listen to the politicians.  One side say the poor need to work more hours.  The other side say we need to send everyone to college.  Neither approach makes any sense to me.  The poor already work much more than 40 hours, more low wage hours won’t help.   For the other approach, we can’t just send everyone to college and make everyone in the U.S. a marketing or business major.   We will just have a bunch of college graduates working retail.  The fundamental labor imbalance will still exist.   I haven’t heard anyone describe a workable solution.

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New Orleans, Algiers Point, Allen Krell, Penny Krell
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Lake Pontchartrain, Allen Krell, Penny Krell
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New Orleans, Lake Pontchartrain
Allen Krell, Penny Krell
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