Yesterday’s market plunge is extremely important to understand from a class, race and gender perspective, and here’s why:
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Analysts said the market tanked on “fears of rising wages.” In our current system, rising wages indicate inflation, so the Fed pulls back and raised rates to cool the economy....
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but that’s because the “inflation target” — the rate the Fed thinks is safe — is only 2%. Thanks to the work of activists like @AdyBarkan Janet Yellen, who was predisposed to lean this way already, was considering raising the target number...
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that’s so important because it would allow wages to grow without causing the market to tank and would push us toward full employment. At full employment bosses cannot indulge their racism and sexism because they need the worker more than the worker needs them. And wages rise.
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The market plunged because of uncertainty I think, not rising wages. When the prez & GOP Congress attack the FBI & DOJ, investors get nervous. This is not normal.
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Synergistic effect
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