Comments by "" (@jmitterii2) on "TradingCoachUK"
channel.
-
@heels4lifx There was a choice... it was to do Iceland and simply take it over. Fire all the executives and tops... and prosecute them for various misconduct both civil via SEC and criminal via DOJ.
And government take over, would allow to readjust mark to mark all bank debts on these insolvent banks. Push prices to the deleveraged stupidity rates... readjust interest rates... this would have assisted all borrowers to keep them in their homes and buildings... same with developers to keep supply of housing increasing for the population growth requiring persistent new housing supply.
Instead, the banking cartel Fed Reserve bailed out the banks via monetizing all that debt, causing massive inflation on costs despite the big jobless layoffs... and many lost homes and crushed necessary suppliers like developers thus causing a huge imbalance on needed housing against a population that isn't decreasing, but increasing... only giving way to another pump and dump opportunity... at no point since 1980 has new constructions for both multi and sing dwelling housing topped 24 new constructions per 1,000 households. In the 60's and 70's new constructions per 1,000 households were as high as in the 30ish new constructions.
2004 it topped out at just 18 new constructions per 1,000 households... and dipped as low as 9 new constructions per 1,000 households after 2010.
This oscillation is not good for economic well being of anybody.
Monetary policy should simply be utilized to keep inflation and deflation at 0%. And stimulus to keep employment low, only legislature can determine needs to invest... housing, transportation, healthcare, fire service, infrastructure including utilities, energy, transportation which include roads, rail, airports, mass transit both local, regional, and continental mass transit, and food.
Stimulant without a plan just gives the con artists and morons and fuck heads to swindle the system blind, and when the wrought of dominos or stacked, they're out. But everyone else in the civilization is super screwed.
9
-
5
-
4
-
3
-
1
-
Let's be frank, the average American was living on low income or in absolute abject poverty. Much of the USA looked similar to many 2nd world nations. Islands of prosperity existed and in those islands abject poverty. They're literally talking about the very top 1% and their version of the middle class was only among the top 20% earners.
80% of the people in the US were very poor living in dirt floor shacks with a cast iron stove. Saw the one my grandma lived in and my great grandparents in Idaho on my mom's side. One shack still existed, but a week after our visit to it a tornado or small dust devil destroyed... an odd place for something like that in a mountainous area and in a deep ravine in Inkom Idaho.
On my dad's side, Germans who arrived in Texas late 1840-50's. Those in early 1900's built homes that if any exist are in ghost towns. Mostly demolished or abandoned hulls today. You can see the rocks acting as foundations of their hovel.
No family members around here were ever "middle class" with a modern home with indoor plumbing and electricity until the mid and late 1930's. It was a novelty in the 1920's to have floor boards of any kind and not dirt floors. And to have a home that had a bedroom in it or even two was a mansion in their eyes until again the mid to late 1930's.
When farmers were promised various minimum pay for their crops, livestock, insurance against crop yield, workers joined unions to demand pay that could afford more than just barely feeding themselves, a great works program that actually turned dirt highways into paved roads. FHA and other use of local and federal tax money that went to modernizing housing requiring foundations and floorboards along with various utilities including indoor plumbing and electricity. Is how my great grandpa was able to build his "mansion" as he called it in Inkom in 1938, still stands today looks like a normal 3 bedroom and a living room and kitchen 1,300 square foot home as he worked on the Portland Cement Plant that provided the Portland silicate lime that was mined until recently in Idaho.
Before then he was a farm hand both for other people and other extended family members, on some of his own plots, and was a clerk at various stores.
And of course he was able to buy an automobile, instead of walking or renting a horse.
Prosperity for at least 80% of the people began about 1938 and beyond.
And it had fits and starts all through 1940's and 1950's. Then you could say at least in rural areas most people were doing decent about 90%... they actually started getting party lines (phones) in the 1960's. Their internet dial up of the day.
And they weren't stupid. They knew of its vital nature of an advancing technological nation, and deemed it a utility regulating the monopoly and demanding their revenue go to capital expenditure to grow it into private phone line upgrades and into more areas; instead of putting that money in their 1% pockets.
Social mixed markets is the only way any nation distributes prosperity that doesn't get choked down to throats of only a top 20ish%. While leaving everyone else rather not so well off.
The 1920's were mostly a stock market speculative bubble. The economy in general was about the same miserable slop of the 1800's.
Depression of 1920–21 Jan 1920 –July 1921 Business activity declined 38.1%, a very harsh depression, short, but even many rich were sent to suicide.
The average American, 80% poor: didn't really notice much, same shit, same stink.
1923–24 recession May 1923 –June 192 Business activity declined 25.4% Was a mild recession for the extreme rich, but stunk for the worker and farmer.
1926–27 recession Oct 1926 –Nov 1927 business activity declined 12.2%, very mild.
Only people who thought the roaring 20's were so roaring were the affluent and well to do. And run on banks were fairly frequent so well before the 1920's the average American never really trusted banking. Keeping lion share of money in a hidden spot on their premise.
1