Schedule for Week of October 26th - The key report this week is Q3 GDP on Thursday. There will be an FOMC meeting on Tuesday and Wednesday, and the FOMC is expected to announce the end of QE3...
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"Labor is prior to, and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration."Teddy Roosevelt, giving a speech before the convention of the National Progressive Party in August 1912 after serving as the eighth Republican President:
"We hold that minimum wage commissions should be established in the Nation ... We stand for a living wage. Wages are subnormal if they fail to provide a living ... We wish to control big business so as to secure among other things good wages for the wage-workers and reasonable prices for the consumers. Wherever in any business the prosperity of the business man is obtained by lowering the wages of his workmen and charging an excessive price to the consumers we wish to interfere and stop such practices ... we desire that business shall prosper; but it should be so supervised as to make prosperity also take the shape of good wages to the wage-worker and reasonable prices to the consumer ... Wherever nowadays an industry is to be protected it should be on the theory that such protection will serve to keep up the wages and the standard of living of the wage-worker in that industry with full regard for the interest of the consumer ... There is no warrant for protection unless a legitimate share of the benefits gets into the pay envelope of the wage-worker ... The cost of living in this country has risen during the last few years out of all proportion to the increase in the rate of most salaries and wages..."The last "liberal" Republican President was Richard Nixon: "In the 1950s and 1960s, before Nixon took office, minimum wage stayed on track with productivity. However, that pattern fell off in the next decade. After six years of stagnant wages and escalating costs of living, the Nixon administration stepped in -- In 1974 Nixon signed an amendment to the Fair Labor Standards Act. That law raised wages by more than 40 percent."