Solutions focus on globalization and job creation. Trump wants to cut taxes on the ruling class to stimulate job creation, and clinton proposes an increase in government sponsored work. They both oppose the Trans Pacific trade pact being pushed by obama. Neither of them, though, nor their fellow politicians down the ballot, pay much attention to what actually may be more important in the changing job scene, and that is automation. Think about it. A hundred years or so ago, nr less than two percent do. Why . The mechanization of farming. The same thing has been happening in every sector of the economy. Law offices used to employ dozens of scribes to type each individual document. Now, one person, using a computer, can do the work that used to require many. Robots are ubiquitous in factories, often replacing the majority of workers; telephone operators are vague memories, changed if not eliminated by automation, the speed of this change has accelerated to the point where some pundits are
Century, technology, automation was welcomed. Labor saving devices were thought to bring progress. Higher wages and shorter hours. That sort of view has changed in the 20th century, so that automation has emerged as a threat, something that takes away our jobs rather than provides us with a richer life, a fuller life, more stuff, more time to enjoy the things that we are making. Now, for some reason and this is what i call in my classes the great leisure mystery for some reason, weve about automation. We fear it. Its going to take away our jobs. I think i have an idea why this transformation occurred, but id just like to put it out there as a mystery. At one time we looked automation as a great boon. Technology brings us were talking about the threat. Peter fisher well, yeah. Just building on that, i think viewing automation as a problem. I guess id like to step back for a minute. Automation is just one form of increasing Labor Productivity which is historically the source of rising st
Cac in france up by quarter of a percent. Check out crude oil price. Crude oil down by 16 cents. 43. 14. Big news is whats happening in georgia and atlantis and other markets where they are having difficulty getting oil or getting gas to the pump. Its been shortages for a lot of drivers showing up and much higher prices for some of those drivers. Thats a story were watching very closely. Lets get an update on the man suspected of setting bomgs in new york and new jersey. Ahmed khan rahami is being treated for gunshot wounds after a shoot out. He was spotted yesterday sleeping in a doorway of a bar in linden, new jersey. Two officers sustained minor injuries after a gun battle. Rahami was conscious as he was loaded into an ambulance. Investigators say at this point hes the lone suspect in the case. Hes a 28yearold naturalized u. S. Citizen born in afghanistan. Hes been charged with five counts of attempted murder of a Law Enforcement officer and more charges including terrorism are expe
The nasdaq has actually been leading today. That is a bit of a switch. Technology has been going in the same direction as other averages but an exaggerated move. A different scenario memo we have seen recently. The s p and dow remain lower and they remain lower than oil prices peered yesterday, we saw stocks drifting lower even as oil held up well. A different story today. If you look at oil, were seeing it down 4 . It bounced off the bottom, but still below 30 a barrel. Oil stocks are weighing on the major averages. We are seeing a lot of big percentage declines among the energy producers. Southwestern Energy Company particular, down 14 . Murphy oil, devon energy, a lot of these Energy Companies have come out in the past week or past couple of weeks talking about various ways to raise cash, whether it is sharing selling shares, cutting dividends. That has been weighing on them, also. Alix a lot of these guys reporting earnings next week like southwestern energy. Aside from oil, we had
Gainers giving up some momentum. In the markets, but a pause. Joe the dows smallest move in six days. The first day the s p did not move a percent in either direction. So a pause is a good way to describe the day. At no point did it ever get a that exciting. Except maybe for ibm. Ibm added 47. 2 the dow. The idea that whatever kind of support we did was just buy one company. Walmart selling off, so there were interesting stories on the individual level. Alix i did want to point out where we came from in just one week. We saw that low and the huge , nonetheless seen climbing higher. It was such a stark reversal from just seven days ago. Really an unbelievable comeback. Joe one interesting thing is despite the egg rally we have seen since thursday, still not much signs of life in the Interest Rate market. Hitting their lowest since february 11. Not seeing much of a bounce back in yields. Alix which is interesting. Another interesting thing on the currency front the british pound seeing a