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MrRodgers -> RE: The American Experience: The Crash of 1929 (8/26/2010 11:01:07 AM)
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quote:
ORIGINAL: Termyn8or
FR
I'm not even watching it. We never got out of the first depression, all we got was a credit card with a 12 trillion dollar limit.
Need I say more ?
T
Yes, a lot more.
We did leave the depression because it accomplished its goal of the federal banks taking over private banking as they fell. It wiped-out almost all private wealth unlike today and it offered up business assets acquired for pennies on the dollar. unemployement as you traveled west was approaching 40-50% while 25% in the populated east.
When the country went to war and the few years after it, demand and other spending upon its end (15 years) was the only period in US history where everybody did get richer if only because while most 'wealth' is only on paper...for 15 years, it could sell at or above what you paid. Not now, you can't trust them.
So, the only real money chasing paper (non-speculators) is tax-incentivized 401K, Keogh's and the like. By 1952, unemployment was down to 5.2 % I believe it was and even after the recession of 1959, that was short but turned to a period of higher inflation.
Until about the mid 60's, labor actually did realize a higher disposable income because of its higher productivity unlike the last 30-40 years. That has finally proven now days to be only so much more capitalist propaganda.
There are in fact no laws of man or nature that requires capital to share the fruits (money) of higher productivity with labor. Witness the capitalists finding great productivity in China for obvious reasons. Like I have been trying to tell people...slaves had jobs. They are killing themselves they are getting so rich.
BTW
Yes, we are not slave as in chattel but we will forever be impoverished with debt service as that $12 Trillion...is merely a down-payment on all of the debt.
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