The problems with today's economy transcends politics in a lot of ways. Gun guru has a pretty good take on it. Went to school then college from the 70's to the mid 1980's. Every step of the way, the notion of working with your hands is going to get you left behind in society is thrown at you. Add to that savings is no longer a part of the modern economic equation. Also, a sense of nonrealistic idealism is taught that you can trust virtually anybody on the face of the earth. The problem is everybody forgot manufacturing built the trade surplus we saw for most of the 20th century. The HARD currency brought in allowed corporations to hand out salary increases most of that time. If the money supply is finite and you send HARD currency out, you can only maintain that level of economic activity with debt. Debt also contributed to the decrease in savings. Aside from the obvious, allowing individuals to leverage themselves made for increases in economic activity(housing, real estate, stocks). Whether intended or not, this made the value of durable goods (as well as commodities) rise artificially. This rate of increase of value as a percent appeared to make savings rates noncompetitive. Did have one professor lecture about the dangers of sudden shifts in the markets of durable goods. It remains to be seen how much our blind trust of international trading partners is going to hurt us long term. Most of the problems we see with the economy spring up from current culture. When we see people making money with little or no effort, the rest of the herd wants to follow suit. I can only hope people are analyzing what's going on and learn a few lessons. Otherwise we will keep seeing relapses for quite some time.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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