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Yes, let's blame the bad economy on technology. I mean, it couldn't have been Wall-street's fault or Washington's fault.

• rayiner 12y ago
  Wall Street was Wall Street and Washington was Washington in the 1990s and the 1950s when there were plenty of jobs. It's hard to blame the constant thing for problems that are different between then and now.
  • marcosdumay 12y ago
    No, they were not. Society was different, laws were different, both Wall Street and Washington did eat a much smaller share of the US GDP. You can't even extent your observation to the rest of the world, because almost the entire world passed through the same transformation at about the same time.
    • rayiner 12y ago
      Not really. 1950-1960 was thoroughly the modern world: http://peakwatch.typepad.com/.a/6a00d83452403c69e2017d40f40bd2970c-800wi http://peakwatch.typepad.com/.a/6a00d83452403c69e2017d40f40b.... Federal sending was 16-18% of GDP from 1952-1967. From 1995 to 2008 it was 18-22%. So a little smaller, but not "much" smaller. It spiked above that in 2008 because of the recession, but you can hardly blame federal spending that happened after the recession for having caused it.
      • me2i81 12y ago
        But the financial industry as a percentage of GDP is much higher now than in the 1950-1960 era.