"A depressed economy for workers, but not at all for corporations"

Notes on a Krugman post, "Why Corporations Might Not Mind Moderate Depression" (NYT paywall, Edited from my remarks over there.)

Are we perhaps in a bubble again? Military production, maintained by tax money worldwide, that is real production. But how much of the "good" economy for corporations is due to pushing money around, rather than making anything real—a bubble economy? Or is the appearance of a good economy perhaps the result of converting productive capital into the wealth of rich—the kind of anti-capitalism that made Mitt Romney wealthy?

I am not sure there is more to be looted from the former good economy of the West, but if there is, I am sure someone somewhere has figured out how to loot it.

[2014.01.07 Editorial cleanup. .08: "somewhere" added.]