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Only a tiny tiny segment of the population (like 0.1%) profits from the cycles of booms and busts in our economy of Collusive Capitalism. The majority of people in this country would be much better off if we had an honest and true financial system that isn't dependent on global wage slaves, money manipulation, protected banking institutions, cronyism, bubbles and infinite growth.
The Central Bank of a nation should never be controlled by a private and international 'corporation'
(and The Federal Reserve is a corporation for all intents and purposes).
We should have allowed the corrupt banks and financial institutions to fail in 2008 instead of rewarding them with TRILLIONS in bailout money. We've added even more tape to the house of cards but that doesn't mean it will never fall.
Could you explain in detail what you feel would have happened if the banks were allowed to fail? Please expand your explanation to include the US, the world and detailed recovery plans
Could you explain in detail what you feel would have happened if the banks were allowed to fail? Please expand your explanation to include the US, the world and detailed recovery plans
Haha, I never claimed to be a leading Economist; I can just see through BS. Corrupt institutions should close when they are discovered to be corrupt-not put on life support and brought back to life. In fact the Banks that were deemed "too big to jail or fail" back in 2008 have now grown to control even more aspects of our economy while the little guys that actually played fair and aren't allowed to break the rules were bought for pennies on the dollar and consolidated even moreso into our corrupt system.
Our money is nothing but paper-it is only backed by it's global reserve status and the faith of it's citizens even though the citizens pay interest on every Dollar created to a private entity for the privilege of using it. We could easily devise a new system more equitable and representative of the free market but that would mean people that have power relinquishing it-which if you know the history of the World is never an easy fight. Lincoln created "greenbacks"- a currency bearing no interest in order to fund his war efforts when the Central Bank wanted to charge him interest.
Could you explain why you think bailing out institutions with upwards of $28 TRILLION () is more effective than directly bailing out people (considering that consumer spending constitutes 70%+ of our economy.)?
Haha, I never claimed to be a leading Economist; I can just see through BS. Corrupt institutions should close when they are discovered to be corrupt-not put on life support and brought back to life. In fact the Banks that were deemed "too big to jail or fail" back in 2008 have now grown to control even more aspects of our economy while the little guys that actually played fair and aren't allowed to break the rules were bought for pennies on the dollar and consolidated even moreso into our corrupt system.
Our money is nothing but paper-it is only backed by it's global reserve status and the faith of it's citizens even though the citizens pay interest on every Dollar created to a private entity for the privilege of using it. We could easily devise a new system more equitable and representative of the free market but that would mean people that have power relinquishing it-which if you know the history of the World is never an easy fight. Lincoln created "greenbacks"- a currency bearing no interest in order to fund his war efforts when the Central Bank wanted to charge him interest.
Could you explain why you think bailing out institutions with upwards of $28 TRILLION () is more effective than directly bailing out people (considering that consumer spending constitutes 70%+ of our economy.)?
Since you skipped the first question, before I attempt to answer yours can you explain who got
28 trillion or even a smidge of how you are coming up with that number?
If the banks were allowed to fail it would have been an even larger world wide issue than the economic crash was. It's far too simplistic to say we would just create something else
Kids now start out with $100K debt or even more. This will effect the future economy of this country and they will move back home and try and pay some of it down. Talk about a tough start in life. Would have been great if we would spend more money on education than on wars in our country, but it is what it is and we now have to live with it. It is all about money, not education anymore.
Where are these kids going to university that they have 100k+ in debt? Maybe they are in med school or law school.
If you can't get a scholarship or help from your parents, just go to a community college for a few semesters. CC is very cheap. Most high school kids can also take AP courses and take exams to get out of a few classes.
Then you only have 2-3 years at a major university. In Texas, if you stay "in state" tuition is about 5 or 6 grand per semester.
So that might be 20,000- 50,000$. you will have less debt if you live at home and work part time.
Haha, I never claimed to be a leading Economist; I can just see through BS. Corrupt institutions should close when they are discovered to be corrupt-not put on life support and brought back to life. In fact the Banks that were deemed "too big to jail or fail" back in 2008 have now grown to control even more aspects of our economy while the little guys that actually played fair and aren't allowed to break the rules were bought for pennies on the dollar and consolidated even moreso into our corrupt system.
Our money is nothing but paper-it is only backed by it's global reserve status and the faith of it's citizens even though the citizens pay interest on every Dollar created to a private entity for the privilege of using it. We could easily devise a new system more equitable and representative of the free market but that would mean people that have power relinquishing it-which if you know the history of the World is never an easy fight. Lincoln created "greenbacks"- a currency bearing no interest in order to fund his war efforts when the Central Bank wanted to charge him interest.
Could you explain why you think bailing out institutions with upwards of $28 TRILLION () is more effective than directly bailing out people (considering that consumer spending constitutes 70%+ of our economy.)?
I agree that bailing out the banks was better than not bailing them out during the crisis. But the whole crisis was rooted long before the crash through deregulation. Banks keep on merging with each other to get bigger and more profitable at the expense of individuals. The top managers and CEOs of financial industry knew VERY WELL that they can be as risky as they want repacking toxic assets and creating exotic derivatives because if S**T happens they are too big to fail, and boy were they right on. Earning even more ridiculous bonuses for a job well done in driving the world economy into the ground.
But whats done is done, nothing we can do right? No, these guys are at it again trying to recreate the whole cycle by repealing or weakening Dodd Frank. Not much regulation and improvement has being made since the crash due to legal bribing (lobbying). We haven't learned anything from History. So instead of sitting here and arguing whether the bail out should or shouldn't happen, we should be focused on stopping the vicious cycle from happening again and again.
And the debt burden mentioned doesn't include PLUS loans or parent co-signed loans. Ed debt is the only non-dischargable debt. I'd like to see stats for how many parents are in debt, have spent down their 401s, or have extended their retirement age to accommodate their children's education costs. That's another huge bubble waiting to pop/drag on the economy.
Half the problem is kids these days don't want to move.
You have to go where the jobs are.
They also had to take on debt that many people didn't need to previously. Remember with the military during the period boomers grew up into the mid 70's there was also a peace time draft that gave you the G.I. bill. The G.I. bill, gave you a college education virtually free of charge. Also the cost for college was lower and there was more jobs. Now it is higher costs with less jobs.
Quote:
Originally Posted by Costaexpress
But many of them returned from places where there are supposed to be jobs. But there were high rents. Many of these kids didn't major in something marketable, and they are irrelevant to the high paying jobs in these places.
Exactly.
Quote:
Originally Posted by bruhms
This. The Boomers are showing how egotistical and out of touch they are once more by acting as if it was normal for the kid to move out, have a house, be married, and have a nice job at 18.
The boomers came of age during an economic anomaly that ended in 2000 with the dot.com bust.
Quote:
Originally Posted by tamajane
Sure they can, they just have to put up with squeezing in there with wacky smelly roommates and see it as an adventure. Too much comfort expectation, unwilling to pay dues.
I've done this three times and only had seven roommates/suite-mates who weren't bad. This is out of 16 total roommates I've had in dormitories. Have I been perfect, no but I've had enough of no permission to use, eat or drink my items, noisy, messy, belligerent when drunk and other inconsiderate roommates. One of which was an ex so it was good and bad at times.
They also had to take on debt that many people didn't need to previously. Remember with the military during the period boomers grew up into the mid 70's there was also a peace time draft that gave you the G.I. bill. The G.I. bill, gave you a college education virtually free of charge. Also the cost for college was lower and there was more jobs. Now it is higher costs with less jobs.
What? No, during the period we Boomers grew up, there was a wartime draft: Vietnam.
Quote:
The boomers came of age during an economic anomaly that ended in 2000 with the dot.com bust.
The anomaly was the post-WWII economic boom. Remember that the all global industrial competition was smashed in WWII. The US had obliterated the German and Japanese infrastructures--smashed roads, smashed power plants, smashed bridges, smashed railroads, smashed factories. England was heavily damaged, France and Italy heavily damaged. The USSR and China were still half a century behind.
The end of the war also left the US with new access to cheap resources that had previously been locked up by European colonialism.
That left the US "the last man standing" after WWII. The rest of the world was in desperate need for industrial goods, and the US was the only major supplier--everything from copper wire and steel girders to washing machines and nylon stockings. If anyone wanted it, it was "Made in the USA."
Meanwhile back in the States, the US government heavily subsidized the movement of Americans from the farms to the urban factories with VA no-money-down home loans and the GI bill. That is where the "American Dream" of having a college degree and owning a home came from--"ordinary" people
It was in that atmosphere that we Boomers developed the idea that was normalcy--the way the world was. In fact, it was only a bubble that couldn't possibly last. The US had absolute global industrial supremacy from 1945 through the end of the 60s...when the rest of the world finally caught back up.
If you go back and look at the economic shenanigans of the early 70s, you can see the shell-gaming the government and society did to keep up appearances.
President Nixon took the dollar off the gold standard and allowed it to float against the international money market. Nixon also instituted a national wage and price freeze by executive order (imagine Obama trying something like that). Double-digit inflation--double digit home mortgage loans. Such things can't even be imagined today. And let's not forget the 1974 Arab Oil embargo that left American drivers buying fuel on even/odd day ration schedules and gas stations flat running out of gasoline with long lines at the pumps.
Women entering the workforce in droves in the 70s wasn't so much about liberation as it was about keeping the household economy afloat when it became impossible for a huge percentage of high-school educated males to support families. The American economy would have collapsed in the 70s
But not having realized we were growing up sitting on a bubble, we Boomers also taught our children that world would continue to be the same way for them. And most of us Boomers haven't caught on yet that the current problems are not a matter of bad governmental decisions--they are a matter of how the world really is when it has come back to "normal."
What? No, during the period we Boomers grew up, there was a wartime draft: Vietnam.
The anomaly was the post-WWII economic boom. Remember that the all global industrial competition was smashed in WWII. The US had obliterated the German and Japanese infrastructures--smashed roads, smashed power plants, smashed bridges, smashed railroads, smashed factories. England was heavily damaged, France and Italy heavily damaged. The USSR and China were still half a century behind.
The end of the war also left the US with new access to cheap resources that had previously been locked up by European colonialism.
That left the US "the last man standing" after WWII. The rest of the world was in desperate need for industrial goods, and the US was the only major supplier--everything from copper wire and steel girders to washing machines and nylon stockings. If anyone wanted it, it was "Made in the USA."
Meanwhile back in the States, the US government heavily subsidized the movement of Americans from the farms to the urban factories with VA no-money-down home loans and the GI bill. That is where the "American Dream" of having a college degree and owning a home came from--"ordinary" people
It was in that atmosphere that we Boomers developed the idea that was normalcy--the way the world was. In fact, it was only a bubble that couldn't possibly last. The US had absolute global industrial supremacy from 1945 through the end of the 60s...when the rest of the world finally caught back up.
If you go back and look at the economic shenanigans of the early 70s, you can see the shell-gaming the government and society did to keep up appearances.
President Nixon took the dollar off the gold standard and allowed it to float against the international money market. Nixon also instituted a national wage and price freeze by executive order (imagine Obama trying something like that). Double-digit inflation--double digit home mortgage loans. Such things can't even be imagined today. And let's not forget the 1974 Arab Oil embargo that left American drivers buying fuel on even/odd day ration schedules and gas stations flat running out of gasoline with long lines at the pumps.
Women entering the workforce in droves in the 70s wasn't so much about liberation as it was about keeping the household economy afloat when it became impossible for a huge percentage of high-school educated males to support families. The American economy would have collapsed in the 70s
But not having realized we were growing up sitting on a bubble, we Boomers also taught our children that world would continue to be the same way for them. And most of us Boomers haven't caught on yet that the current problems are not a matter of bad governmental decisions--they are a matter of how the world really is when it has come back to "normal."
One of the best posts of all time.
The danger of what people push for today is that they have not realized that the world changed. They are not going to get back to that level of American prosperity and relative position in the world. You forgot to mention that China wasn't just behind. They couldn't participate in the global labor market, making it much less competitive for western labor. Now they will be competing in all aspects.
If this country wants prosperity again, it would have to first and foremost examine our many policies. These policies contain too many ideological luxuries that we can no longer afford. This is where the commoners of both parties are frustrated by their own party. If we still obsess ourselves with old policies that "worked" we will face a more dismal future.
This. The Boomers are showing how egotistical and out of touch they are once more by acting as if it was normal for the kid to move out, have a house, be married, and have a nice job at 18.
I don't know about that at all and if anything that was my parents beliefs and it was just the way it was. My father, from the 'Greatest Generation' and my mother, from the 'Silent Generation' told us children (Baby Boomer & Generation X) when we received our High School diplomas...it would be time to move along and get out on our own. I was reprieved of that edict because my mother had an additional child (read surprise baby) which needed tending to and therefore I did not depart until the age of 19. As someone here has already posted...none too soon for me or maybe not soon enough in my opinion, I don't really know.
Sometimes it seems to me there is a lot of generalizing which takes place on these forums and it doesn't appear to matter what subject, what country, what race, what ethnicity, what nationality, and apparently...what generation. I'm thinking it all boils down to perception and of course the media is always our friend when it comes to promoting one theory or another, one philosophy or another. I don't subscribe to it. All my children are "Millenials" and I have an absolute love, respect, and great regard for them as they also have for me and I can only hope that they don't get brainwashed by all the propaganda in the media...past, present, and future.
Point being my children were with me long after the age when I left home and I did not have a problem with it but rather encouraged it while they were getting their education and then work. They're still welcome home anytime they need to be there. My children can 'boomerang' if and as often as they need to should a crisis of any nature occurs in their lives.
That's all I got folks.
Last edited by HomeIsWhere...; 06-26-2014 at 09:28 PM..
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) is more effective than directly bailing out people (considering that consumer spending constitutes 70%+ of our economy.)?
