In a recent and typically long-winded post, Jim uses a lot of data and graphs to make many otherwise valid points. Unfortunately, he does not understand what those data and graphs actually mean-- and that they don't actually support his arguments-- thus undermining (destroying) his credibility (at least with me).
For example, Jim uses the same exact data and graph that prompted my post here to argue:
A country that allows bankers to syphon off 35% of all the profits in the country without producing any benefits to society is destined to fail, with the dire consequences that follow.But so-callled "Domestic Corporate Profits" are actually NOT generated "in the country." In fact, there is no way to correlate these so-called "Domestic Corporate Profits" with the U.S. economy. My best guess is that substantially ALL of the profits indicated by data and graph were generated and continue to be held outside of the U.S.
