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Compare And Contrast To The Great Depression: In Three Parts
Every year, at about this time (roughly just before the Fed launches on yet another monetary easing crusade) we get requests to decompose current events into their constituent pieces and present these in parallel with the period in time between 1929 and 1939 better known as the Great Depression. Obviously, doing so in its entirety would require at least a fat paperback, and considering that the average Zero Hedge reader has an attention span that is very stretched when presented with a lengthy bullet point, we fear such efforts may be lost on most. Furthermore, why reconstruct the wheel when it was precisely a year ago (and remember: 2011 is a carbon copy of 2010, so it is effectively yesterday) that Guggenheim's Scott Minerd did just that and in a far more politically and grammatically correct way than we ever could, not to mention with that many more pretty charts. So without further ado, here is Scott Minerd's compare and contrast of the Second Great Depression (the one we are now debating whether or not it has become a recession or not once again) to the original source.
Part 1: ‘Compared to the Incomparable’ (pdf)
Part 2: ‘The Fed, Now and Then’ (pdf)
Part 3: ‘Following the Mistakes of a Hero’ (pdf)
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But... They had radio! The Green Hornet, Fibber McGee and Molly, King Bisquit Time w/Sonny Boy Williamson, Jack Benny, The Farm Report, Burns and Allen, The Cisco Kid, and countless quiz shows...
and FDRs Fireside Chats...
What happened to presidents that acted presidential? Now we encumbered with a succession of dumb ass jitterbugs. Mencken was right...
"We move toward a lofty ideal. On some great and glorious day the plain folks of the land will reach their heart's desire at last, and the White House will be adorned by a downright moron" H L Mencken
paul harvey, was worth waiting for
Correction:
Number of Quality TV Shows 2011 - 0
Number of Quality RADIO Shows 1933 - 100's
The Radio shows of yesterday were Amos and Andy, Dragnet, The Shadow, live music. Much better than TV is today with all the bling, glam, and Snooki.
Personally I think the Depression we're in will be a combination of economic looting and chaos, false flag attacks and power grabs galore, rioting in the streets, all while undergoing a degrading climate caused by greenhouse gases and Solar coronal heating that is out of control, and that we don't have a clue about. We're already seeing plasma bubbles; just recently one in China and another in Vancouver BC.
the false flag business might be pretty lucrative nowadays.
This guy is smoking the government-grade hopium.
The elephant is where the government (fake jobs) and the entitled live... this is the nations divisory number 13:1.
http://www.smartfellowspress.com/_doing01/0000002a.htm
It cannnot and will not continue....non parallel lines intersect... and many will not make it- stay there with those thugs! Deniers will die.
With apologies to bing Crosby...sing all together now..
'He's dreaming of a white texas......
just like the ones he used to know....
where the white women glisten... and don't get roped into dogfart movieeessssss.....
may all your pipe dreams come true.....'
no point getting excited asshat - these people are americans goddamit.
I guess whitey shouldn't have brought them as slaves -tough shit whitey
and that link is almost completely illegible
Yeah, cos every single white American bought and owned slaves, and made money out of it instead of ever being disadvantaged in any way. Every single goddamned one. Those history books about poor whites being screwed over by the antebellum South's political system, impoverished by immigrant labour they could never be as cheap as (hey, hang on a minute...) - that was made up by escaped mental patients who'd snuck into the history professors' offices, knocked them out with unwashed jock straps, and tied them up in the broom closet.
And definitely ignore this dumb myth that it was only the same old plutocratic bastards who were slaveowners then, as are shafting all of us today. Nossir, I won't be taken in by that!
Ping, i like the cut of your jib.
i saw your chat on the uk thread 'tullet prebon'
and we see eye to eye on the tragic decline of the once great country.
actually i see from your later posts you are a history graduate.
fuck that then
ping is another compulsive sark-freak, like falakpenis
if you try to re-write his post as a straight up message to someone about something, i think you will find it a) impossible and b) incoherent, no matter what the fuk the styooopid shithead "majored" in, 6
i may be wrong. show me, ok?
if he is always generating the paradox, by introducing diff levels and context, mechanically, he will always be saying something, but he will never have anything to say
And you're a cunt, so I guess it evens out. Go back to your crappy life.
couldn't get into it; too fuking long
missing the most important difference .................the INTERNET........this time the people who want to know whats coming are able to research and communicate and will be prepared
True, but there is so much "noise" out there that the people who will be unprepared will be REALLY unprepared...I mean like, "unable to change one's own oil" unprepared. I agree with the comment above about less morality / more entitlement mentality and how that will probably lead to more violence in a high unemployment / vanishing middle class scenario.
We already 'have the scenario'
The internet provide lots of useful information for people to peruse... but do they read and comprehend what is available? Are a large majority of the people capable of sorting the wheat from the chaff.
I don't think so. I think that they are overwhelmed by the pace of news and events, even prior to the internet. Another quote from the 'American Nietzche'...
"When a candidate for public office faces the voters he does not face men of sense; he faces a mob of men whose chief distinguishing mark is the fact that they are quite incapable of weighing ideas, or even of comprehending any save the most elemental — men whose whole thinking is done in terms of emotion, and whose dominant emotion is dread of what they cannot understand. So confronted, the candidate must either bark with the pack or be lost... All the odds are on the man who is, intrinsically, the most devious and mediocre — the man who can most adeptly disperse the notion that his mind is a virtual vacuum. The Presidency tends, year by year, to go to such men. As democracy is perfected, the office represents, more and more closely, the inner soul of the people"
H L Mencken Balt Sun, 1920
Thankfully I had a spare 5 minutes to read that.
Good stuff. ;)
People need to understand that we make people handicapped by making life easy for them to exist without work and contribution. Integrity is doing the right thing when nobody is watching.Having Morals means giving more than you take"returning the borrowed shovel cleaner than when you borrowed it". Until the nation relearns these basic ideas: "I hope it fails!"
I can hardly visit this site with all the Marxists here... scummy excuse making 99 weeker pussies who fucked off and got school of art degrees and PHP's... PHD= Pseudo Hippy Dickhead
The reality is gonna strike home for you cocksucking Yankees who care so much for those about to kill you.
The n_word could be left out of that conversation. I am white and know that what you are right about "the give me whats mine, no respect, sheeple society" we have become. I know too many hard working black people to agree with you.
Of course the blacks with real "private sector" jobs should not be included with my remarks. Just how hard working are those Gov workers??? You can give a job to a person, but if not earned a job is wasted.
Do you know any private sector employed blacks??
the only ones I know
safe to say most guberment workers are white lol!
assFire! relax, ok?
you're entitled to your opinions, and "reasons" here, but, yes, offhand i know a number of blacks employed, as skilled people, in the transportation industry, locally, ok? we recognize each other; we stop and say hello and chat. and yeah, i'm a white guy. so what? what level have you sunk to, man? your posts are usually more cogent, imo
look, i hope you're ok, reading this, assFire. we know about goobermint waste and the relative impotence of goobermint "employment" GDP v. private-sector jobs and industry. now, maybe this is some extension of what you guys talk about at the barber shop, in which case, why not just let your fuking hair grow out a little?
Wake up, man! Those 'skilled black men' are highly trained Filipinos in disguise, using a lot of burnt cork! Mexican freaking Filipinos. Run by the Bilderbergers. And Rick Perry. With Aids. After your wife. But I'm after your wife too, so that one's forgivable.
Also, I am impressed that you have taken the time to talk to black people. I'm always telling anyone who'll listen about my black friends. Black people love that.
no, i have other friends who are highly trained filipinos, and no one is disguised
your subtle racism does not escape me; nor does it amuse me; fuk off, toy-boy, you don't have the brains or the cred to join this discussion
you are a stateside version of falakpenis, self-sarking into the oblivion from whence you emerged
go play w/ yer little "one liner" friends, ok? go be cute w/ the "i'm here on zH crowd" of fluff-posters, ok? if you have said anything of substance or insight in the time i've been here, i musta missed it, so please provide the link, you styoooopid little troll
leave me alone; stay in yer little sandbox; you won't be happy fuking w/ me
trust me
Did I forget to say that I was after your wife because pound for pound, that heiffer would earn me a fortune at the butcher's?
I look forward to you fucking with me! If the creek don't rise, the moonshine don't make yer blind, or the cows get loose again.
I'm wondering how you can fuck with me, but hell, we can work that out. I can write you my address. A neigbour may read it to you, if they book learned cursive script. I'm assuming you have text to voice software on your Pentium II at the moment, which is why you can presently communicate. That, and big buttons on the keyboard.
But I shouldn't ridicule. [It means 'poke fun'.] There is nothing so scary as a guy typing in the small hours of the morning in his own country, with grammar that says he may have problems seeing through the tears. Normally, it's a sign of unlimited resources. And power. It must be why your posts are so enthralling, and full of insightful reflections about Mises [a dude, foreign] and your own experiences with leveraged buy-outs.
Right now? I bet you and the other guys in 'transportation' are making a crazy ass battle wagon out of your school busses. That'll fuckin teach me. Drag it over to Europe in your manly yeller teeth and show me.
In the meantime - let's face it - I'm going to be a lot less drunk sounding, bad spelling, and swaggering than you. Which is probably what makes you angry in the first place.
That and your gargantuan wife-sister.
["Why does she only breed young uns with two heads! Pa, it bain't right! We dun the bad thing, pa! Sky jeesus is punishin us!"]
you don't know what you're talking about. my sleep habits are not an issue, here. your understanding is.
i don't think you understand me, zHedge, or what you butted in on, here. you're a fool! you're talking about mises as if i pushed that here?
you want to challenge me b/c i know blacks who don't work in goobermint?
why do you mock a man who stands on his own and speaks clearly of what he knows and has learned in a lifetime?
b/c you do not exist. you are just probing for personal info so you can "do the twist" with that. go play w/ falakpenis, man
people come onto a 'fight club" situ and they seem to resent any swagger i might have, here. you probably test very highly in many subjects, but you cannot think straight. you are not pretending to be goofy, dude, you ARE goofy!
i've given you enuf negative attention. you coulda come around, you know, but you didn't. b/c of your compulsion to make "fun". you have no choice, since you are mentally ill. if you could make sense, i think you would, at this point.
you claim to have an education, be somewhat well-travelled, and have business experience in diff parts of the world. why don't you act like it? why don't you write like it? not in "style" (since you object to mine as admittedly imperfect) but in substance and content?
this wasn't about "some of my friends are black, like Token, here." i'm sorry, it just wasn't. if you can't see that, then let's just call it a night, ok?
you had a very shallow and superficial response to what people were dealing with as far as my fellow zeroHead assFire went. and, you are now doing the 3X with the same nothing.
if you are nothing, X3, you can do the math. i'm sure you'll get giggly, but that won't mean you understand that either, because you cannot understand what is happening here. and it's not slewie's fault or slewie's problem, now, is it ping?
you can't understand me b/c you cannot get to the same reality, intellectually, emotionally, or dialogically, and that's not swagger, it's a fact. if you re-read what "happened" here, you might see it, but probably not, eh?
i've given you the nod a few times on these boards, as you may recall. but not tonight. you butted in on a conversation i was having with another man about a serious topic, and you insulted me, and the effort i was making with him. you know it. anyone who reads this will see it, quite clearly, even you, if you're not too psychotic to see it, which you most certanly may be, given what you have said and done, here, so far
we don't need a big, dramatic "trial" all we need is for you to stf up, and go away, and since you are incapable of that, i shall do so for both of us.
night-night
If I'm evil and 'stupid' and a goofy college boy and everything, it won't hurt you to hear me out. Read what I'm saying and think how superior you are, right?
I'm sorry to be this up-front, but: Borderline Personality Disorder. Please, Google it. You need to at least realise you may have it. Even if you think I'm evil, and you want me to drop dead, please, for the love of Pete, just read-up on the symptoms.
I was serious when I said my girlfriend is a psych nurse, and what she said about your posts. I first met her a long time ago when I got out of university and I worked in mental health to earn beer money. (And if she wasn't around, I'd still tell you this). You'll keep hurting people, feeling wretched, and mucking your life up until you can get medication or counseling.
I read through your many posts on this article, and a lot of your posts from other days. Almost every single one is a pretty vicious attack on someone. You don't swear about issues, or news, or bankers - you swear at people, I'm guessing to try to hurt them. You're rambling. Often incoherent. (I'm sure your words make sense to you, but they're not actually coherently structured. Don't take my word for it. Run them through a word processing package's grammar function.)
You say ZH is going to the dogs. Not many people share that opinion, but you're forceful in it. So, you're hanging around people you don't like, and telling them they're just not as good as you. You tell many people, other than me, who express themselves much more clearly than you do, that you're smarter than them. You tell random strangers you're tougher than them. You use ridiculous John Wayne language like 'I got your back', and that time-honoured cry of every man who can't really express himself, 'you don't get my reality'.
You make a child-like threat to 'fuck with me' when I doubt you could even afford an airline ticket to get where I am. Other people than me send you replies telling you to chill, and describe you as - pretty much - a blowhard. That's your whole pattern: insult people on ZH and tell them they know nothing. You know just what everyone else is like, and you tell them. They deserve your genius.
I'm starting to realise that I probably should have ignored you because I'm feeding your problems, and you're fixating on it. So, my bad. I thought you needed a kick up the keister because I thought you were ignorant and not adding anything interesting.
But, I did ask you a few questions earlier. And they're important, and you didn't answer them. How smart are you? And what do you do? And are you happy? Can you answer those?
Are you the only person who thinks you're intelligent? You awarded that status to yourself, didn't you? Because no-one else in your life told you you were smart, or worthwhile? And you're very unhappy? With your whole life, pretty much? You feel that you're much better than other people - you have to be, right, to compensate for the pain you feel - and you have to tell everyone all the time? And I was, basically, right about your income and your success in life, wasn't I?
So if you're so smart and great, why are you stuck like that? Why are you up at 2 in the morning? You could have answered and said 'night shift' or 'just finished a college essay', but you didn't answer because you felt embarrassed, right? You could have given me facts that show you really are insightful. Maybe you built a business, or raised a million for charity, or wrote a book, or adopted some kids and gave them a loving home. Maybe you're an awesome gardener. You said nothing, so I'd guess you have nothing.
I'm really sorry, but if this is your 'normal' - if you aren't acting like this because you get high or drunk when you post on ZH - you show signs of serious mental health problems.
Anyhow, I'm taking the time to answer your questions, below so you know I actually did. I suspect that it will make no difference, because I suspect that you're acting from anger instead of anything else.
-----
you don't know what you're talking about. my sleep habits are not an issue, here. (OK, but you still didn't explain them. I told you an awful lot about me. What is your life like?) your understanding is.
i don't think you understand me, zHedge, or what you butted in on, here. (Well, it's your opinion. It seems that over the past couple of months, more people like my opinions than like yours. Unless ZH fakes the voting system.) you're a fool! you're talking about mises as if i pushed that here? (No, that was a barb. A rhetorical device to insult you before I fully realised you had problems. And let's face it, I'm not a fool. I'm pretty bright, according to people who are paid to measure that kind of thing. And you have shown nothing as evidence that you're not relatively stupid, certainly below normal intelligence).
you want to challenge me b/c i know blacks who don't work in goobermint? (No, I actually felt that your comment about black Americans was both childlike and insulting to them. It was the way you structured it. I hadn't picked up at that stage that you have problems expressing yourself.)
why do you mock a man who stands on his own and speaks clearly (it is not clearly, it is loudly, swaggeringly, crudely) of what he knows and has learned in a lifetime? (I mocked the 'I know black people' bit. I thought that was embarassing to black people, and to you. And on a point of logic, I have not mocked what you know in a lifetime. I did not state anything close to that. I don't think you were taking in my words.)
b/c you do not exist. (Pretty sure I do. This comment is so 'hippy' it hurts.) you are just probing for personal info so you can "do the twist" with that. (WHO DOES THAT!?!? Seriously, paranoia is part of BPD. And I'm pretty sure you don't have any personal info I want or need, even if I was a super-secret spy.). go play w/ falakpenis, man (Don't know who he is. Why do you expect me to? You're not the centre of the world, and I don't keep up with your running arguments, even if looking at your previous posts today has been a revelation.)
people come onto a 'fight club" situ and they seem to resent any swagger i might have, here. (Well, it's not just me then. And you call it swagger yourself.) you probably test very highly in many subjects, but you cannot think straight. (That's not what the actual evidence says. I can think straight enough to plan complex projects, deal with complex financial modeling, work happily with a big team of good people, and make money in the real world by doing good stuff instead of ripping people off. Psychologists say that low IQ people tend to think other people 'can't think straight' because they don't understand them.) you are not pretending to be goofy, dude, you ARE goofy! (A devastating insult. How do you dream them up?)
i've given you enuf negative attention. (Dyslexia? Or did you really drop out of high school? Do you actually know that you can't spell?) you coulda come around, you know, but you didn't. (Come around? That does tie in with the idea that you're somehow very special, and you need to educate others, doesn't it.) b/c of your compulsion to make "fun". (Oh no, no compulsion. I found you a blowhard, who was posting boring and worthless comments, and was very self-aggrandising. So, I kicked out, because I was fed up of you. I didn't yet realise how ill, and slow, you probably are.) and you have no choice, since you are mentally ill. (Hey, now that's just 'I know you are, but what am I?' My nine year old neice does that. That's not a debate.) if you could make sense, i think you would, at this point. (Or, maybe, you wouldn't recognise it as sense?)
you claim to have an education, be somewhat well-travelled, and have business experience in diff parts of the world. why don't you act like it? why don't you write like it? (With correct punctuation, grammar and syntax? I do.) not in "style". (That should be single quote marks around 'style', like so.) (since you object to mine as admittedly imperfect) (your use of 'admittedly' is redundant here) but in substance and content? (Ok, this is a big clue - no-one makes sense unless you personally like what they say. You're the final judge. This is what really tipped me off that you had fairly serious problems. Because most of us here on ZH can argue like ding-dong and not take it too personally. Normal people can have different ideas, and that's what ZH is about. No-one gets to say 'shut up' or 'you can't say that'. But you think you do. Your attitude is very common amongst BPD sufferers.)
this wasn't about "some of my friends are black, like Token, here." i'm sorry, it just wasn't. if you can't see that, then let's just call it a night, ok?
you had a very shallow and superficial response to what people were dealing with as far as my fellow zeroHead assFire went. and, you are now doing the 3X with the same nothing. (That's your opinion. But I'm not the one who - almost every single post - says he's clever, tough, inspired, and sees things like no-one else. I'm really sorry, but your voting history says that other ZHs think you're the boring and superficial one, swaggering and argumentative. They plain dislike you. You have angered and annoyed so many more people than me on this website, we just don't compare. (But why stick to measurable facts, right?))
if you are nothing, X3, you can do the math. i'm sure you'll get giggly, (no, I'm just feeling like I'm glad I'm not you, and a little sad that I'm arguing with someone slow, instead of preparing a PowerPoint I need to do) but that won't mean you understand that either, because you cannot understand what is happening here. (You know that I can't understand because what? Because why? Just give me a hint. A clue. What is the pattern? What gives you an inkling? I'm giving you concrete, defined reasons why I think you have problems. I'm not inside your darn head, I can't understand what you feel unless you find the right words.) and it's not slewie's fault or slewie's problem, now, is it ping? (Well, it is. You're pretty ill and you piss off lots of ZH readers, almost all of whom seem like better guys than you. A good man might care about that. You're not a good man.)
you can't understand me b/c you cannot get to the same reality, intellectually, emotionally, or dialogically, and that's not swagger, it's a fact. if you re-read what "happened" here, you might see it, but probably not, eh? (Not thinking the same way as you do almost certainly - to my mind - is a good thing. I feel, swapping posts with you, like I'm arguing with a disturbed, slow teenager. Or a whiskey soaked janitor, in all seriousness. Some guy whose world is so awful, he'll break in two unless he can puff himself up.)
i've given you the nod a few times on these boards, as you may recall. (No, I didn't. I skimmed most of your posts since I joined ZH because I thought you never said anything worth reading.) but not tonight. you butted in on a conversation i was having with another man about a serious topic, (and you didn't butt in with him?) and you insulted me, (yeah, but aren't you the guy who swears and swaggers, by his own admission?) and the effort i was making with him (I could hear the gears going round in your head). you know it. anyone who reads this will see it, quite clearly, even you, if you're not too psychotic to see it, which you most certanly may be, ('Which you most certainly may be' is so badly written it's funny: literally, that phrasing means you have no idea if I am or am not. You should have written 'Which you almost certainly are', or 'most certainly are'. 'May be' is conditional and negates the first part of the statement.) given what you have said and done, here, so far
we don't need a big, dramatic "trial" all we need is for you to stf up, and go away, and since you are incapable of that, i shall do so for both of us.
(If you want me to STFU, stop picking arguments with so many ZHers, stop slating the site most of us love, stop bitching, be a man, grow up. You do that, I can ignore you. You act like a blowhard, more people than me will attack your posts.)
night-night
(Sleep through the tears, man.)
Uh ... Reggie Middleton would run intellectual circles round yer dumb ass
PS I forgot to post that in college, I had a black girlfriend. I now automatically score plus 1 in all future posts.
you are making a fool of yourself here, as usual
the snide, snarky, self-sarking act won't work with these people working on these ideas, tonight
you psuedo-sophistry lacks humor, which doesn't mean the joke is on you; it means you are the fuking j-o-k-e here, you shitforbrained asswipe, and the fact that you rilly don't care, just puts you into the upper echelon of trollville, you vicious little psych-job
leave the serious posters alone; nonsense isn't gonna make it, here; how fuking dumb are you?
You're forgetting one very simple thing. Your wife is fucking huge, to the degree than she has her own gravity. It's the only thing that attracts your dick to her.
Also, I'm guessing that I'm much less less dumb than you. I'd think it was rude to say this, normally, but I have a Masters in business, that I paid for myself, my parents working in a supermarket. I got that after my degree in History. I worked for a number of Fortune 500 companies that still actually make stuff in the USA and Europe. My IQ is 145, and I employ a lot of talented, hard working people. I've made their lives better, even if it's on a small scale.
You? What do you do? How dumb are you? Because I get the impression you didn't get out of high school, and you probably lost your dog, your house, your cat, your left ball, and your dignity a long time ago. Or you act like it.
Or, to really hit the nail on the head: how unhappy are you? How angry? My girlfriend is a psych nurse. I emailed her your post, and she said 'drunk or borderline personality disorder'.
My pointless posts? Before they introduced the votes system, I had no idea what people thought of them. Now, I notice that I normally get green to red at a ratio of about 10:1. So I guess people like me, and think you're the douche.
I'm getting on with my job now, in my office, in the daytime over here, in the company I made, using my qualifications, and proper spelling, and thinking about my pretty and intelligent girlfriend. I'd be surprised if you come close to that.
You wouldn't know a Marxist if they pissed in your face...
You gotta do something about that anger too.. gonna turn into cancer....
AF, you sound like some fake TSA wannabe I don't know what. I'm impressed with your act; you have us divided if we look at the voting. I want to congratulate you on your math skills. Your comprehension of division is unparalelled.Hat's off to you, brother om
If there was an actual ``rule of law`` this depression could be avoided... or at least it would be faster.
"rule of law" What a quaint term to hear in these times! When I was a kid we had sensible people and sensible laws and sensible cops...for the most part. Just seeing a cop was rare when I was a kid and when one was encountered they were likely to be at least cordial.
Now we have lunatic people that believe they are 'entitled' and pay no attention to laws and cops that enjoy putting on 'swat suits' and screaming at citizens... psychotic fringe, the lot of them.
I bet the texan likes football (hypocrit) Go SOONERS!
Read the first 2, last was from last year.
Felt like he was building to some conclusion that the fed took the right actions this time vs the 30s, but just left it wide open.
We used to have a manufacturing base. It was the production of actual tangible good which led the country to power to begin with. Now, it's all off sourced to a communist country. What was the point of fighting the communist cold war where in the end they just hand over the keys to the kingdom.
Ah ha. Why indeed, no politician has a reasonable answer for it
"To lower consumer prices" is the answer I usually get from sheeple...which, as we know, is chiefly a benefit if you can eat iPad2's. Or they dodge the question and say "protectionist!" to anyone who espouses anything other than fierce allegience to sell-your-soul "free trade" agreements.
I maintain that the 16th Amendment could be repealed if a) the Federal Government stuck to its Constitutional charter and b) modest trade tariffs were put in place.
Thank you very much. I may not have taken the initiative to harass you for a compare and contrast between GD 1 and 2, but I have crertainly been hankering for such insight. Appreciated.
Read "The Patriot" for a fictional scenario of what could happen.
ZH readers have short attention span? Way to get my attention!!! gotta go ...
That is a cheap shot tyler. I think that....uh. What was I saying.
Opinions?: http://www.youtube.com/watch?v=tj2s6vzErqY&feature=share Yeah, it's a soft sell of the book and newsletter but found it generally good. Any takes on it? It's long...
....like you really think they wont try to print their way outta this? thats all they know, but when the sheep realize they cant feed their families anymore because keynesianism has driven real wages to zero, there will be bloodshed.
this farticle was foul serving of farm fresh steaming horseshit
I read all 3 parts. The comparisons are not relevant. The U.S. was a creditor nation then. We are the biggest debtor in the history of the world now. It may have been wrong to institute social programs then in 1937, but they were a wash to the economy. They had relatively small cost and were mildly stimulative. All of the costs were backloaded. They are arriving now, at precisely the worst time. To the extent that Keynesian stimulus has any validity, it is a one off phenomenom. When there is a relatively small public sector, there is some gain to be had by enlarging it. Once there is a large public sector, there is no gain to be had by its expansion. The ultimate Keynesian stimulus was spending for WW II. We were able to grow our way out of the debt, because all of our economic competitors had been destroyed. That is a situation that will never exist again. All of this leads me to conclude that this very long analysis is an endorsement of the Fed to date. Because of the differences outlined above, we would have been much better off if Obama had focused solely on limiting the power of the financial sector. The banks should have been driven to insolvency, with both the equity and debt holders held accountable. New owners should have reconstituted the banks, with much stricter restrictions in place on their risk taking practices. Tyler, this article did not deserve a second bite at the apple.
Agree. The article misses the forest and so it's an exercise in apples to oranges. Some data points do have comparabiity like GDP growth, however.
In the 1930s we had the world's greatest industrial might. We had the world's largest labor force. We did not rely on external sources for our energy requirements. Now? Yeah right.
One thing many forget that was mentioned in the article : FDR's programs started 4 straight years of face ripping growth: 8,10, 13% ? We can't even hold 2% now.
There are lots of other important comaprison points. Most of which are unfavorable. But the social safety net which we have and which didnt exist in the 1930s has kept lots of people off the street and the level of rebellion low. In the 1932 election, the country was rocked by revolutionary demonstrations and riots, and the socialist and communist parties combined won over a million votes.
Very good observations... esp. the voting profile in '32
What was that part about a bullet point? I never made it to the end of that sentence.
I skimmed this, but it sure seems like this Guggenheim guy is in favor of more stimulus and more QE.
1930's America was a republic. Today's US is an empire. That's the big difference.
An empire can print money and force it onto the world, thus avoiding what would otherwise be an economic catastrophe.
At the same time, the ability to get free lunch also prevents a sense of urgency or common sense needed for a solution to structural problems.
So the problems keep getting worse, yet the pace of decline is moderated by imperial power. Thus the citizens are shielded from pain, but also from truth.
I'm sure that every other former empire can take comfort in what you're saying.
It's true all empires eventually end. That doesn't stop people from abusing power and enjoying it, whenever they get a chance. It's just human nature.
It was good while it lasted ...
Nice Boat, but you need the wind to BLOW MEEEEEEE! Hey look this dude put WTC7 in a picture of Sabbath's 1st albw.
https://www.youtube.com/watch?v=GdwfP9Kmza8&feature=player_embedded
Bonzai7 high alert....
The English language has some wonderfully anthropomorphic collective nouns for the various groups of animals.
We are all familiar with a Herd of cows, a Flock of chickens, a School of fish and a Gaggle of geese.
However, less widely known is a Pride of lions, a Murder of crows (as well as their cousins - the rooks and ravens), an Exaltation of doves and, presumably, because they look so wise, a Parliament of owls.
Now consider a gathering of Baboons. They are the loudest, most dangerous, most obnoxious, most viciously aggressive and least intelligent of all primates.
And what is the proper collective noun for a group of baboons?
Believe it or not ....... a Congress!
I guess that pretty much explains the things that come out of Washington these days...
I find it fascinating that no mention of removing the gold standard so that they could inflate currency was made here. (1933) I do however note, that the economy improved from 32-37 but unemployment did not.
Only the FED can create an excess liquidity fiasco and then claim their alert actions were responsibie for saving us. Not unlike that of a man who robs you and says later that he saved your life because he didn't shoot you. Forgive me Ben if I don't give you a reach around.
Why are used cars/trucks so much higher in price versus a year ago?
You know, I was asking the same thing a couple of days back. I'm in the market for a Land Rover (a proper one, not the ponced out crap you find on the school run!) currently. I want an older one, because they're mechanically simpler and thus easy to keep running with the probable shortage of spares soon to come. Six months ago, you could get a reasonable 10-15 year old one for ~£600 (in the UK, obviously). Now... even the worn out shit with no current MOT (mandatory annual safety test, here) is knocking on the door of a grand. A good one..... 1500 or more.
Few here now know what a great site this used to be. I am gone so you fucking hand lickers can get your utopian marxists experiment on. Enjoy, you worthless non producing fucks.. another voice gone to gualt's gulch.
And you fuckers think you own ideas.
listen.
you've had my back here, before, and i would be remiss and a shitty zero toward you if i didn't say that i think one part of your message and rant is doing a grat disservice to the rest of what you have to say and fight about here
if you don't want to get your dick slammed in the door, keep it in yer pants!
You wish you could leave, don't you?
But you know there aren't many places you can post your drivel and it stays up forever.
You're not going anywhere, moron. It's the same bullshit you pitch about what a toughguy you are.
eh, not a bad piece, but I may disagree with a few points.
1) the equivalent to the 1929 - 1932 crash may not be the 2007 - 2009 plunge, but it could be the 2000 - 2003 NASDAQ bubble bursting. After all, the NASDAQ is still less than half of its 2000 peak on a nominal basis, and much lower inflation-adjusted. So maybe our 2007 - 2009 "correction" was a repeat of the 1937 - 1938 correction. If true, that's almost good news as we may be closer to a market recovery than what we think. I doubt it, as I think this "recession" has at least another decade left.
2) speaking of inflation, Minerd is kinda amateurish if he is using an official BLS unemployment rate of 9.1%. The real number is 22%, according to shadowstats.com, as the government has modified the calculation method over the years to understate unemployment.
3) in the 30's, we were one generation removed from an agrarian society. Many unemployed city folks just left and returned to their family farms. We don't have that option today, as we're urbanized and incompetent when it comes to sustenance.
4) there were millions in bread lines in the 30's. Today's electronic equivalent are food stamps which are swiped at supermarkets. There's only 46 million Americans on food stamps today. gulp
5) we are the most indebted country in the world. The Fed has no options for returning the USDollar to a sound currency (as if it ever was). Bernanke can't raise interest rates like Volcker did because the insolvent US would be bankrupt overnight.
6) the war brought an end to the Great Depression because we had an industrial base then. Today, the manufacturing base has been gutted, and 70% of our economy is consumption-based.
So yeah, this time it is different, and the US will default on its obligations. The only questions are how and when.
Depression? Suck my dick.
Providing Cell Phones for the poor:
http://www.nytimes.com/2009/06/15/technology/15cell.html
Government subsidised housing:
"The tenant will pay about 30% to 40% of their monthly income towards their rent. Section 8 (the government) will pay for (subsidize) the rest."
http://www.section8programs.com/
Government subsidised high speed internet:
http://www.broadbandsatelliteinternet.org/hughesnet_recovery_act
Government subsidised food -SNAP (foodstamps): Provides free food
http://en.wikipedia.org/wiki/Supplemental_Nutrition_Assistance_Program
I could name thousands of other programs. What the fuck do our "poor" have anything to be depressed about? How about WIC, unemployment paychecks, SSD (for things like obesity)
Here are some other programs....1607 of them (and these are only from 2005)
http://funding-programs.idilogic.aidpage.com/
Ya know who's depressed? The people with jobs who pay for this shit through their tax dollars.
hey, bob_d!
sec 8 & "food stamps" have been around since before bob_d, i would opine
in the work i have done around the homeless people in my community, the cell phones are given for several reasons: to aid in seeking employment, childcare, medical care, and so on; we got to the point where almost all the local payphones had been taken over by fraudsters, "businesses" and, yes, for 35 cents, you were s'posed to get a local call, but you didn't. deregulation + privatization = rip-off on that one. too
how about programs to re-train workers? or do you prefer having your corpro-cratic leadership bring in asians, indians, african, and moslem workers who can get a "work visa" and don't hafta be trained, but can just waltz in and take the fuking jobs that are left! is it "better" if people don't pay for "this shit with their (bob_d's?) tax dollars"?
wouldn't a negative income tax and a lifetime educational base grant be superior to 1600 programs where much of the "overhead" is administering the styoooopid rules so guys like you can't say they are being treated unfairly, just b/c you are middle class and perhaps even more fuked than the poor at this point?
yes, being poor does have its advantages; examples include the catholic priesthoods and service orders which brought a lotta education and medical care to this country; mendicant orders in asia, africa, and the far east, including dervishes, the military, when i was in it, studenthood, in general, getting started in marraige, and so on, including some slaves, even, especially under ancient "systems" where slavery was "taken for granted"
you may be old enuf to have noticed that once the jobs were being shipped overseas, wholesale, people had trouble paying rent, and medical expenses, and buying food, and keeping their car running because they didn't have any fuking jobs, anymore, and were on their way to becoming "worthless"
if you haven't noticed how this works, yet, even for good workers and smart, skilled people, i hope you get a taste of it, real soon!
Listen slewmeister, I don't have the time nor the inclination to respond to this reply with the magnitude I want to (it would take a thesis for a brand new PhD)
The bottom line is that no one should be entitled to anything. You should have to work for your bread, if not you should starve...necessity is the mother of innovation/invention.
No one gave my grandparents a thing and people of that generation are referred to as the greatest generation. They not only had next to nothing, but worked hard and made something of this country. Think about that, they turned poverty into prosperity. Now we exercise principles turning prosperity into poverty.
yeah, but then we have this little problem called r-e-a-l-i-t-y where bob_d's fantasies for the collective are only that, really. and yes, you would hafta write a thesis to answer me, and whether you think you are capable of doing it or not doesn't mean much to me at this point.
i understand your "philospohy" and yes, a LOT of that "wisdom" is "lovable" to slewie, tooie. but, you don't "do philosophy" with a meat-ax, bob_d! maybe some day the ideas which you propound will become practical, again. i don't know. but i do know that they aren't right now. that is why i advocate the negative income tax, and have, since 1964, b/c it is practical; abt 70K pages of fuking practical, at this point, PLUS it takes out many of the 1600
you, however, would rather change everything to suit you. fine. but not the best choice for us and our nation, today. sorry. if you don't think that getting rid of the better part of 1600 programs with one swell foop is a good idea, b/c it doesn't "solve" YOUR propblem, maybe you're just as selfish as you sound, here, much of the time.
the diff between me and many of the guys/gals here is that i do try to keep my suggestions practical, i.e. not discontinuous with our fuked reality, today. you are certainly entitled to be a retro-individualist utopian or however you see yourself
the fact that you cannot conceive of any achievable solution which would ameliorate the situ for damned near everybody, as a start, is not my problem.
you put up a post explaining how our grandparents went completely fuking tits up, in RE (mine went BK and then bought the house back~~~by working during the "depression" (!)
perhaps you need to write that thesis, b/c what you write, below, seems to be at variance w/ that, but, oh! wait! you grandparents were the wwII guys, so (paste): "people of that generation are referred to as the greatest generation. They not only had next to nothing, but worked hard and made something of this country. Think about that, they turned poverty into prosperity. Now we exercise principles turning prosperity into poverty."
you sound like you're trying out for the H.S. debate team, to me, here, bro. stop fantasizing about the efficacy of your own brainwashing, and get r-e-a-l in a more practical way, if that is possible for an ideologue like you, friend...
So let me get this straight slewie....
In one sentance to summarize your entire missive:
You don't think people can "make it" without the government support mechanism and that I'm unrealistic for suggesting independance? Oh, don't forget independance comes with such trite nuisances like self-responsibility.
nope, that is not what i said. you may see it as a "logical" extension of what i said, but you are in an ivory tower somewhat, i think, with your "philosophy". you're going dualism on me, bob_d!
i understand what you're saying, but maybe different people have different needs and abilities at different times, and perhaps having some kind of a social safety net does not necessarily imply an overall abdication of responsibility on an individual level
in other words, dare to imagine a community in which people could have the whole spectrum of income/riches/poverty and there would be no "problem" no stigma attached to the bottom, the top, or the middle, of the little status/wealth/power ladder, ok?
you seem to think that for anyone to have earned or be receiving some kinda benefit from his or her own goobermint is necessarily morally decripit. fine! but don't pretend that that that is reasonable and real. again, you are doing your "philosophy" with a meat-ax, and thinking dualistically imo, whereas there might just be a more inclusive step or two we could take which would help out "both sides" but you are blind to it b/c you are so wedded to "either/or" you cannot see the possibility of "both/and" and, philosophically, it must be wrong! b/c it isn't the resolution of the "self-imposed dualism on the situ" that you have trained yourself to accept. no, my ideas aren't "clean & perfect" but if they can help out the poor and the middle class at the expense of the nannies administering 1600 fuking programs, why don't you get your head un-wedged and smell the fuking coffee?
if you can't imagine a polity in which people can choose, at some level, how to participate when the banksters, fascists and pols are cleaning out everybody, don't blame me. and, if you can't see how that might work if the fix wasn't in and the books weren't cooked, that's not my problem, either
Why can't we have the choice to opt out of the current system?
individually, we can; PMs, cash, be your own banker, stop playing in social security, retirement funds, live your own life however you please. just allow other to do as they wish, within reasonable limits, too.
if you don't want to work for practical change as things change so fast that the bullshit won't fly anymore, DON'T
bob_d you have great posts where your "philosophy" cuts thru a lotta bullshit. you've kicked some amazing ass, here. if you live your ideas & ideals, what is the problem? that others don't live by your ideals?
my dad heard a sermon recently and he kinda liked it. he said it was about a man who "lived his faith"
now do you think this man who lived thusly sat around and BiChed b/c others in his community weren't "orthodox" according to his beliefs? well, it's possible, but who the fuk would preach a sermon about an asshole like that?
They are the greatest generation and you're right, no one gave them a thing. They didn't stand on street corners pretending to be tough - they were tough.
In those days, a street corner was a street corner. Not one of these ridged rams with don't walk signs that tick off the seconds till you could be run over by a cell talking fuk in a Benz.
That's where our $14 trill went.
Handicapped ramps on street corners and brushed stainless steel bars around the toilets.
I'm glad too. They got a little enjoyment before we flushed the Union down the toilet.
Do you practice at being a hateful asshole?
No, just a sarcastic one.
Hateful would be the out-of-hand and foul-mouthed indictment of practically everyone mentioned at ZH. (Like Bernanke and Geithner assfuking. Ring a bell?)
Et tu, Brutus?
You're the second ZHer who doesn't understand sarcasm. I hope it's not going around.
I jumped in during the middle... context is everything in a thread.... (I did think it was out of character) mea culpa
No prob. I do that all the time.
http://www.youtube.com/watch?v=GEPOgntWfiE
Not anything like the depression. More like a serious recession, that the economy is slowly healing from. Like 1907. I don't recall a housing bubble in the 1920's.
"I don't recall a housing bubble in the 1920's."
Woops:
The amount the market declined from peak to bottom: Land that could be bought for $800,000 could, within a year, be resold for $4 million before crashing back down to pre-boom levels. The prices were so inflated that to buy a condo-style property in 1926, you would've had to pay the same as you would now have to pay for a luxury home in the guard-gated communities in Miami ($4,500,000) - without adjusting for inflation!
Synopsis: In the 1920s, the United States of America was chugging along like the British Empire of the 1700s, and it was only natural that people were beginning to believe such prosperity was infinite. But it wasn't the stock market that was the recipient of a bubble. It was the real estate market.
In 1920, Florida became the popular U.S. destination/residence for people who don't like the cold. The population was growing steadily and housing couldn't match the demand, causing prices to double and triple in some cases, which was not exactly unjustified at this point. But, news of anything doubling and tripling in price always attracts speculators. So, once people began pumping huge amounts of money into the real estate market it took off. Soon everyone in Florida was either a real estate investor or a real estate agent.
Unfortunately, the rules are the same whether you pay too much for a stock or for a piece of land: you have to make that much more to claim a profit. This did happen for awhile, and land prices quadrupled in less than a year. Eventually, however, there were no "greater fools" to buy the disgustingly overpriced land, and prices began to adjust ever so subtly. Speculators realized there was a limit to the boom, and began to sell their properties to solidify their profits while they could.
Then everybody simultaneously saw the writing on the wall, and panic selling ensued. With thousands of sellers and very few buyers, prices came down with a sickening thud, twitched a bit, and then crawled down even lower.
Read more: http://www.investopedia.com/features/crashes/crashes4.asp#ixzz1WUyVvhEx
Real Estate Prices During the Roaring Twenties and the Great Depression:"Using new data on market-based transactions we construct real estate price indexes for Manhattan between 1920 and 1939. During the 1920s prices reached their highest level in the third quarter of 1929 before falling by 67 percent at the end of 1932 and hovering around that value for most of the Great Depression. The value of high-end properties strongly co-moved with the stock market between 1929 and 1932. A typical property bought in 1920 would have retained only 56 percent of its initial value in nominal terms two decades later. An investment in the stock market index (including dividends) would have outperformed an investment in a typical property (including net rental income), by a factor of 5.2 over our time period."
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1470448
Tom Nicholas Harvard University - Entrepreneurial Management Unit ( email )Cambridge, MA 02163
United States
Anna D. Scherbina (Contact Author) University of California, Davis - Graduate School of Management ( email )One Shields Avenue
Davis, CA 95616
United States
(530) 754-8076 (Phone)
(530) 752-2924 (Fax)
nice! unfortunately, you just gave that troll a heluva nice meal, here, but it was well-served and quite nutritious!
http://lonerangersilver.wordpress.com/2011/08/30/pyramid-of-capital-syst...
T-R-O-L-L
whoever junked me for calling this moronic shithead troll out, please check out 5-10 of his last 30 posts, at random. then, come back and change the junk and apologize you fuking tweaker!
you blaspheme the sacred archetype of The Lone Ranger
all day, evey day
you are fuking scum
hey quit hogging the b*ng - its my turn!
hey, 6!
smoke em if ya got em!
i'm down to shake and stems, man. maybe i'll be in a better mood if i can hijack a load comin down from humboldt
this suxz!
L0L!!! peace 2ya, Big_Duke
oz buddy,the plantlife truly was part of my decision to move here full time,
lr & tonto pic this link will give folks a nice picture and also the story of this great american mythic hero. er, make that texas hero, ok? L0L!!!
The author seems to ignore the debt contraction of the '30s. In the current period, overall debt is increasing with massive fiscal deficits unable to restore the GDP growth necessary to pay for the debt creation.
Few seem to address the reality that the US is borrowing to consume. This can only end up in ruin mathematically. The folly will continue as long as there are sufficient fools with real capital available to hold a depreciating fiat currency. Capital controls ensue when a critical mass of fools attempt to convert.
History is littered with relevant examples. Are we to ignore Reinhart and Rogoff? The real question is, do they really believe this nonsense? Are the captains of the US economy that messed up?
The author of your comment has missed the last three years of ZH authored journalism.
"the average Zero Hedge reader has an attention span that is very stretched when presented with a lengthy bullet point"
Really? BULLSHIT! I have preserved and created a ton of wealth following ZH's analysis and presentation of current events, so I say to TD, fu.....wait I'm not average WOOHOO!
Peace.
@slewie the pi-rat liberal f@cktard, yawn.
your mother is a fuking whore. barf. yawn
when tyler writes: "...the Second Great Depression (the one we are now debating whether or not it has become a recession or not once again) ..." perhaps even the most "blinders on" bloggers will someday come to appreciate the social, political, and economic dimensions of that which he speaks
if things break, yeah, we can fight about how to best fix them~~~the discontinuity so many of you hope for and a "crisis which will accept your solution" but if things don't break, for a while, maybe you fuktards might consider what to doodoo under plan B except BTFD!
as long as your concept of community excludes people who are "not like you" (even if they are fine people and not criminals) you will fail, against me, or against any reasonable, thinking person, whether you call them "libtard" or not. you spawn of a fetid va-jay-jay
and if your concept of "neighbor" conveniently excluses anyone who needs a hand along the way, the whoredom of the mother who bred you and her little cum-bubble toy-boy you call "daddy" will live forever in your degenerate, sub-human BEing
true, BiCheZ!
No matter how bad the situation in EU zone is, the current price action is speaking a different language. Euro is not a good short at these levels. On the contrary, EUR/USD and EUR/GBP are building up a tremendous consolidation last seen probably in 2007. We know what happened then as it broke away to hit all time highs at 1.62. We are not saying it will do so now but the case to do so exists.
Charts
http://capital3x.com/?p=551
Probably more out of work NOW than during GDI.
Great propaganda trip that one was, selling of FDR, promulgated into the 70s.
America has been deliberately ruined and plundered.
We got hardly any family farms, no steel industry, no infrastructure or craftsmen skilled workers (tool & die, master machinists) to produce what a recovery would require. Don't even have many tool manufacturers here anylonger...
No capital to commit to a rebuilding. All that could be looted has been taken and tacked onto the National Debt. We got a divided Nation assured by racism and class warfare. To be sure, the middle-class once identified by millions of Mom & Pop family owned businesses are no more. Capital of the middle-class was destroyed in the myriad bubble collapses and manipulated market drops since the mid-90s. Federal Reserve began loaning money direct to banks at all levels, killing the market for Certificates of Deposit. Granma & Granpa's money had to get something better than 1.5%, so it went to the markets where it was plundered...
No farmers, No raw material harversters and mining, no factories; just lots of service jobs that never contemplated where they'd find anyone generating wealth, real wealth which creates real money....
To be sure all the firearms sales are to foster ethnic cleansing that will make the recent former Yugo attrocities look like a Little Golden Book. You had better be out of the line of fire and situated among the dominant tribal element where you live. Oh and have several years worth of food too.
This is the whole enchilada collapse and it is going global; but that was always the intent otherwise there wouldn't be $2 Quadrillion of derivatives in a world that might have $150 Trillion of assets that could be pledged, assigned, or paid to fund said "instruments".
How did JP Morgan, a $2.5 Trillion net value firm ever become party to derivatives totalling over $70 trillion or about 25 time their net? Who figured they were good for the extra $68 Trillion, without anyplace to acquire it?
No coincidence that we are where we are today. Rather doubtful that this Disneyland For Dummies will be open for business much longer...
Maybe you're not old enough to remember, but the destruction of the "middle-class" holdings really started in the late '70s/early '80s, and for good reason. The first gas-shock had made enough of an impression for the rich folks to start worrying. The roots are in '73, but it really started accelerating by '78.
By the mid-'90s, labor had already been completely smashed in the private sector, and we'd already been through ATC strike, Caterpillar, IBM's "breaking the covenant," increased payroll taxes, the S&L collapse, the first tech crash, "Black Tuesday," blah blah fuckin' blah.
Clinton made everything a shitload worse with MFN for China, financial deregulation, college loan guarantees for everyone, a continuation of all the wrong strategies of the "war on terror" and the "war on drugs," and another decade of licking Greenspan's feet.
This bullshit has been coming for hecka longer than "mid-90's." Don't kid yourself.
I don't know what this guy's smokin'. He hasn't read John Mauldin or Amity Schlaes. We're at the end of a debt supercycle. Humpty Dumpty has fallen off the wall. Nothing other than time and letting nature take its course is going to fix this, but more debt can make it worse.
The attempts by TPTB to remedy this situation are simply making the system more unstable. This doesn't have a happy ending...
i'm more familiar w/ mauldin than amity simply b/c he publishes his weekly freebie in goldSeek. i e-mailed him when his "weekly itinerary" included "meeting with tyler durden of zH to discuss..."
i mean, i don't think the guy realized tyler is a fictitious character! so, i tried to break it to him, nicely; andyhow, he didn't share w/ the non-subscribers how that went for him. hey! maybe he's the new owner!
mauldin seems to me to be a bit conflicted in providing investment and forward-looking economic guidance based on "muddling thru" while at the same time publishing "End Game" which seriously questions the ability of investors, leadership, banksters, and goobermint to muddle thru this nonsense much longer. he's good and i don't doubt that he has a million "friends" who follow him
when his book was coming out, he carefully advised all his readers precisely how to buy it so they got a decent deal, he got paid, and the sales counted for him on the "bestseller list"!!! he pulled it off, too! skyrocketed the fuker! he is clever enough so that when things no longer made cogent sense, he said: disregard everything i've ever told you, b/c i can't see how we're gonna get thru this, BiChez...now, here's what i think you should do...
so ya gotta give him some outrageous style points, doncha think?
no, it probably doesn't have a happy ending, especially if we are all just gonna agree not to rock the boat, politically. he has so many friends, he must "get along" which is pretty weak, right now, for what he knows we are facing, imo
the refreshing part about john_m at this point is that he admits he can't make much sense out of it, anymore, while continuing to muddle out a pretty good living while not making sense. his fishing trip to maine earlier this month was, again, a summer treat. i hope he didn't try to piss outa both sides of the boat, at once, too!
"..considering that the average Zero Hedge reader has an attention span that is very stretched when presented with a lengthy bullet point.."
What a cheek?!!
I've expanded my attention span so far i no longer need the girlfriend to remember all 4 digits of my credit card PIN number ...i'm up to 3 digits now only requiring assistance on the very last one
a long 36 word rambling, red herring inserted, tri/multi-focal TD sentance still takes me 1 hour 42 minutes to download and colate ...if we could replace TD with a resident ZH cartoonist i wouldn't miss TD at all (course i would)
in the meantime flush with some cash profits from some very nice recent trades brings me to my very 1st 'Donate' to the uber-brilliant ZH teamsters sometime tonight ...if i can remember the PIN !!!!
Thanks TD for the best financial source code on the whole world wide web. 9/10 (1 point away, your sentance construction is a bit fuking elongated)
Fair analysis of the topography of the GD with the current situation. Three things that I think are badly missed in this series:
1) Not enough discussion of the weight of the federal debt. Interest rates are far, far more important today in terms of boxing in than was the case in the 1930s. Interest rates must stay low or the debt implodes the central government.
2) The correlation between deficits and unemployment that he charts for the 1930s ain't there this time, especially if you recognize those that have dropped off the unemployment rolls (~6.4 million). Why more money and stimulus is expected to lead to green shoots by the end of 2011 when it has done nothing thus far is irreconcilable.
3) Of the things that enabled the mid-Depression recovery of 1933 - 37, the "cleansing" of the cancerous elements within the economy was a central driver. The mindset has been since that time to do whatever possible to avoid such pain, which we know is only a deferral plan. We must go through a cleansing period if this economy is ever to recover.
The biggest difference between the 1930's and today that comes to my mind is the size of government. There was no giant centralized government anywhere near the scale of today.
Another thing was there was still alot of "capacity for growth" in the 30's. Today we are bumping up against hard limits on what can sustainably be produced and distributed on a daily basis. The numbers are so large that they are much more difficult to net gains from them.
Once upon a time we used to hear about "Zero Population Growth". More recently we've been discussing "Global Warming" and "Peak Oil".
But apparently all these troubles have flown off with Peter Pan to Never Never Land and all we want to talk about is getting back to a partial, iron clad, gold plated standard.
As if that would do anything about our 'real' problems.
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