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I'd say the single biggest thing was the economic meltdown, and the fact that millions lost their jobs, savings and houses. Its absurd to suggest we'd be better off if we had continued with loose lending which caused the whole issue in the first place.
Agreed, and let's not forget the so called quantitative easing, which was basically giving banks trillions of dollars as they supposedly were too big to fail. That was a massive transfer of our money into Wall St, with no return on that investment no payback and no accountability. So far the US tax payers have pissed $4.5 trillion dollars down the sewers of Wall St. If that doesn't make you made, then I don't know what will.
the recession was two factors...housing bubble and outsourcing of jobs along with the minwage increase of 07
housing bubble/bust started in 95, when Clintons chief of HUD Henry Cisneros changed the mortgage rules
Outsourcing of jobs skyrocketed under the globalist liberals
Thats what happens when you don't protect your own. Japan does a good job at it, so does China and Germany. In the US we have businessmen and Politicians for both parties selling us out: From Clinton selling us out to the Chinese initially, to Obama saying we can't manufacturer products here and bringing solar panels in from China, to Trump giving Tax breaks to the rich.
Everyone is selling out the American Worker. Loyalty to US workers by our companies and politicians is the real problem.
Her answer, which she laid out in a series of blog posts, as well as a lecture at the New York Federal Reserve in March, was yes. “Post-crisis monetary and regulatory policy had an unintended but nonetheless dramatic impact on the income and wealth divides,” she wrote recently.
That particular sentence was in a blog post devoted to a recent study by the Federal Reserve Bank of Minneapolis that evaluated income and wealth inequality from 1949 to 2016. The study certainly seems to validate her thesis. It shows that between 1989 and 2007, the top 10 percent increased their share of the nation’s wealth by just 5.8 percent. But in just the next nine years, between 2007 and 2016, the richest Americans captured an additional 8.3 percent of the country’s wealth. Meanwhile, those in the 50 percent to 90 percent wealth bracket saw their share of the nation’s wealth drop by 17 percent, and those in the bottom 50 percent saw a 52 percent drop. The single biggest variable that changed after 2007 was the way banking was conducted and regulated.
In the end this is why we have Trump. He is not making it better and we will move past him also but will enough people figure out that the system is not working for them?
P.S. I disagree with her that this was unintended.
You misunderstood what you read.
The study certainly seems to validate her thesis.
Those are weasel words. The fact that it "seems" to validate is not validation.
The single driver of Wealth is Demand, not banking rules and regulations.
Without Demand, there's not a lot of Wealth.
An acquaintance from high school inherited 100 acres of land from her grandfather in the mid-1990s. At the time, the land was valued at $200 an acre. Today, it's valued at $22,400 an acre.
Neither banking regulations nor any government rules and regulations are responsible for that increase in value, but Demand is.
You can imagine if someone owned a parcel of land in down-town San Fransisco in 1989, what it would be worth today, probably quadruple or quintuple its value at the time, and that is due solely to Demand.
Demand is also what drives the value of stocks. Bill Gates doesn't have $200 Billion in cash. He has only a few $Million in cash and the other $198 Billion in Wealth he has is mostly the Millions of shares of Microsoft stock he owns (valued today at $109/share). If the stock plummeted to $0.03/share, like Chiquita's stock did a few years back, his Wealth would evaporate, except for the other shares of stocks he owns, and his real estate holdings.
As you can see, banking regulations have little to no impact.
Outsourcing of jobs skyrocketed under the globalist liberals
Cut the bull-crap. It nearly doubled between 2001 and 2007 when GOP had full control of all branches of government. As a matter of fact, we outsourced more in 2007, than in 2016.
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