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Old 10-23-2018, 07:18 AM
 
Location: Born in L.A. - NYC is Second Home - Rustbelt is Home Base
1,564 posts, read 624,926 times
Reputation: 1289

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The Great Depression came about cause they were on the gold standard. Nowadays $ is created out of thin air, so no limit to making electronic $.

The problem is with fossil fuels. As they run out they cannot pull them out of thin air.
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Old 10-23-2018, 07:22 AM
 
Location: Inland FL
1,003 posts, read 572,078 times
Reputation: 1797
We already had one back in the 1930s.
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Old 10-23-2018, 10:25 PM
 
Location: Silicon Valley
2,759 posts, read 1,211,909 times
Reputation: 5077
Quote:
Originally Posted by C2BP View Post
Is this what we have become? We exist for the survival of the Corporations? Which is worse, this scenario, or the Socialist scenario, that Corporations and Capitalism exist for the welfare of the masses?

Socialist scenarios are always the worst possible ones...in case you were still wondering.
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Old 10-24-2018, 12:08 AM
 
535 posts, read 514,126 times
Reputation: 1057
Quote:
Originally Posted by High Altitude View Post
Bailing out the companies was a huge mistake. We should have let them fail.

By bailing out do you mean loaning money, because that is exactly what the bailout was? Unlike with pretty much every government program where billions are handed out to people and never returned, these companies actually paid back what they were given and paid many billions in interest. If every government program acted like “the bailout” we’d be in great shape. Take welfare and medical care for example. Allow people to get the help they need eating, having a roof over their heads and getting medical care. But require them to pay it back as a percentage of future earnings. That way people get the help they need but have an incentive to not take more than they need.
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Old 10-24-2018, 12:36 AM
 
535 posts, read 514,126 times
Reputation: 1057
Quote:
Originally Posted by handy99 View Post
Giving tax cuts from deficit and having optional wars which were not in the budget aren't helping things any.

Obviously many Americans don't see or don't care. They live for today and if a tax cut comes and their children have to pay for it, so be it.

I think anything can happen. The Great Recession, IMHO, was a Depression - economist definitions aside. It was a multi-decade event which, in this much larger economy, makes it quite relevant. It will have lifetime (and more) effects on many who went through it.

That's not something to be overlooked.

If we had decent fiscal policy now I think we could avoid a terrible crash. But we have nothing left - no arrows in the quiver. More and more borrowing, a larger and larger Security State, failure to address health care properly and more. Add to that the chaos of "governing by tweet" and the foundations may be there for even worse.
Thinking it is ok to take people’s money by threat of force which is what Taxation is is the problem. It is always going to lead to an artificial economy predicated on the whims of politicians and bureaucrats that will deprive people of choice in their lives.

There is no excuse or justification in forcing people to pay for services they don’t want or use. I have no kids and don’t want to pay for public schools. If I have kids I still may want to home school or send them to private schools. I don’t want to pay for some road 3000 miles away in Hawaii or 50 miles away that I never use. I don’t want to pay for the police who arrest people for voluntary and consensual decisions for their own bodies whether it is not wearing a seat belt or having pills. Like you said regarding military spending, I don’t want to pay for a military that destabilizes and interferes in the Middle East. I would however pay thousands a year directly to provide for border security and a wall.

The only good fiscal policy is to change government from being an institution of force to being a service provider which allows people to pay for what they want no different than people choosing to pay for housing, transportation or food that suits them. No one size fits all.

Tax cuts are always good fiscal policy because it means people having more economic freedom to spend the money they earn as they see fit.

Last edited by john620; 10-24-2018 at 01:24 AM..
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Old 10-24-2018, 01:48 AM
 
736 posts, read 400,517 times
Reputation: 1092
Quote:
Originally Posted by artillery77 View Post
Socialist scenarios are always the worst possible ones...in case you were still wondering.
Like the SOCIALISM FOR THE RICH scenario that we have since 2001. I agree
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Old 10-24-2018, 01:52 AM
 
736 posts, read 400,517 times
Reputation: 1092
Former Fed chief Volcker worries about US 'plutocracy'

"We're in a hell of a mess in every direction," Volcker told The New York Times.

And Volcker told the newspaper he worries that "we're developing into a plutocracy."

“The central issue is we’re developing into a plutocracy”.
“We’ve got an enormous number of enormously rich people that have convinced themselves that they’re rich because they’re smart and constructive. And they don’t like government, and they don’t like to pay taxes.”

Former Fed Chair Paul Volcker: 'We're in a Hell of a Mess' | Fortune
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Old 10-24-2018, 02:06 AM
 
736 posts, read 400,517 times
Reputation: 1092
Trump: Fed chairman 'almost looks like he’s happy raising interest rates'

Quote:
President Trump ratcheted up his criticism of Federal Reserve Chairman Jerome Powell on Tuesday, asserting Powell enjoys raising interest rates and is endangering economic growth.
https://thehill.com/homenews/adminis...interest-rates

President Trump is angry at the FED. He wants low interest rates, he wants the FED to be accommodative. Thank God Jerome Powell is running the show now.
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Old 10-24-2018, 07:49 AM
 
Location: San Antonio
895 posts, read 1,201,844 times
Reputation: 766
Peter Schiff is sounding the alarm:



https://www.rt.com/business/442118-p...e-economy-dow/ (US Economy about to collapse, taking down dollar & American standard of living)
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Old 10-24-2018, 08:15 AM
 
7,287 posts, read 8,120,225 times
Reputation: 5375
Quote:
Originally Posted by chud View Post
Peter Schiff is sounding the alarm:



https://www.rt.com/business/442118-p...e-economy-dow/ (US Economy about to collapse, taking down dollar & American standard of living)
Schiff has been sounding the alarm every day for decades. He's wrong roughly 90% of the time and looked upon as some sort of oracle by some.
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