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Is this what you had in mind? While operating income did recover, something else recovered even more for US manufacturing-- and that was recurring income from non-operating sources. These non-operating sources include interest payments, dividends, royalties, earning from minority interests in other businesses. Prior to the recession of 2001, these revenue streams were about 33 to 40 percent of the amounts for operating earnings. However, after 2004, the size of all other income from non-operating sources increases to 50, then 60, and 70-75 percent of the amount for operating earnings, and accounts for almost 40 percent of total income. The US bourgeoisie was earning its money the old-fashioned way-- by making others work productively for it. At the same time cash, US government securities, and other securities held by US manufacturing companies increased 50 percent from 2003 levels, peaking in the 4th quarter 2007 at $454 billion. http://thewolfatthedoor.blogspot.com/2009/01/not-just-just-not-2.html data from the Dept. of Commerce's Quarterly Financial Reviews of Manufacturing, and its Annual Census of Manufacturing. ----- Original Message ----- From: "Patrick Bond" <[email protected]> To: "David Schanoes" <[email protected]> Sent: Thursday, December 03, 2009 8:31 AM Subject: Re: [Marxism] FROP again > ====================================================================== > Rule #1: YOU MUST clip all extraneous text when replying to a message. > ====================================================================== > > > Rakesh Bhandari wrote: >> ... They rarely consider >> the possibility that the earnings rise is just another temporary >> manifestation of the stock market rise." p. 136 > > And not just the stock market rise: there have been several good studies > showing that earnings increases in the 1990s-2000s can be deconstructed > for interest income associated with financialisation, or sales of > (bubbled-up) real estate, or other manifestations of profits that are > not correlated to surplus value extraction - which after all would be > the whole point of the FROP argument, eh. I wish there were more such > studies into the 'hollow' corporation. > > ________________________________________________ > Send list submissions to: [email protected] > Set your options at: > http://lists.econ.utah.edu/mailman/options/marxism/sartesian%40earthlink.net ________________________________________________ Send list submissions to: [email protected] Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
