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You didn't live in Houston the last time the price of petroleum dropped. It took 15 years to overcome. Lots of geologist turned into yard men. One could not give away a house. But entrepreneurship grew.
IIRC, the oil companies need $50 a barrel to stay in business.
I did live in Houston then...not only that, I sold 400 houses a month...once a month, on the first Tuesday, in the lobby of the Family Law Center. My boss was the Texas Foreclosure King. Times were good for vulture capitalists...but I had to bail when my big mortgage company went full rogue...robosigning, kickbacks, faked loan apps, the stuff that mortgage companies nationwide embraced 20 years later.
You didn't live in Houston the last time the price of petroleum dropped. It took 15 years to overcome. Lots of geologist turned into yard men. One could not give away a house. But entrepreneurship grew.
IIRC, the oil companies need $50 a barrel to stay in business.
Houston seemed to managed just fine, as its population continued to grow exponentially. it certainly didn't turn into another Detroit.
Point being? You're likely grossly overexaggerating the effects of the low oil prices back then.
And if anything, oil downturns should be a lesson that Houston needs to diversity its economy versus depending on a single industry.
I always find it funny people screaming about socialism. Socialism is already here in the US under Trump whether people want to admit it or not. We have not had free markets in this country ever since too big to fail and the taxpayer bailouts of Wall Street. This was a classic redistribution of wealth mandated by the government. But instead of being redistributed in a downward fashion it was thrown to the top. Picking winners and losers ("Crony Capitalism") is not capitalism, it is a form of socialism.
Ever since then we have had a central bank that has completely destroyed the free market. It has been all about rigging interest rates, injecting artificial liquidity, and creating distortions in the market everywhere. It will all end very badly for the people not at the top, but stop trying to fool yourself into thinking socialism is not already here. And Trump wants a more dovish Fed and lower interest rates lol (AKA more of the same).
Read up on the recent talk of the ever-increasing amount of "zombie companies." These are companies that should fail and go under, but because of current monetary policy, they are being propped up. Another example of socialism in action.
most of you imbeciles who support socialism need to go live in a socialist country for a year. then you can come back smarter and wiser. Unfortunately some people aren't even smart enough to know how ignorant they are. That's the way they like you though.
noun
a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Quote:
com·mu·nism
noun
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Houston seemed to managed just fine, as its population continued to grow exponentially. it certainly didn't turn into another Detroit.
Point being? You're likely grossly overexaggerating the effects of the low oil prices back then.
And if anything, oil downturns should be a lesson that Houston needs to diversity its economy versus depending on a single industry.
BTW, I will add that the oil industry isn't as simple as "low prices bad, high prices good."
While the companies who would pump the oil struggled, the folks who stored it were doing just fine because of the oversupply of oil that had to be processed and go somewhere.
Absolutely. "3-homes" Sanders would love for all property to be publicly owned and controlled by the government (except their own property of course.) These types hate the idea of privately retained rights. They think the government should run everything.
Read up on the recent SCOTUS case involving Knick. Over the course of the last couple of days the liberal rag outlets and the 4 liberal justices acted like it was a BAD thing for private ownership rights to be bolstered. This is their line of thinking.
"3-homes Sanders" is no different.
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