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NinjaguyDan on 23 December 2009
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Kasz216 said:
NinjaguyDan said:
TheRealMafoo said:
MontanaHatchet said:
TheRealMafoo said:
GamingChartzFTW said:
TheRealMafoo.. do you have any Māori ancestors? Is that why you are considering moving to Australia? (if that is you in your avatar picture) :/

No offense.

No, Russian and German Jew is what gives me my color.

@Montana

I don't hate America, I just hate what it's becoming. The America I was born in 40 years ago is gone, and I will never see it again.

I don't hate Belgium, but no way in hell would I live there.

Oh, and the reason for Australia over NZ, is I think there immigration laws make it easier to enter and work. Both seemed like great places to live.

Yeah, but you once bitched at Akuma for saying that he'd rather live in France. I just thought that was some big hypocrisy coming from you. Whatever.

For 200 years, the US used to stand for something. I want to live in the country that follows those views.

When I was born, the US was the best country in the world with respect to that. Not anymore. If our government wants us to follow in Europe's footsteps then fine. I just don't wish to go there.

I want to live under the form of Government that's closest to the US in 1920 (and add in civil rights). That country, I think is Australia. It's not the US, and nothing in washington at the moment tells me it ever will be.

We all know how that decade ended. 

We know how... but amusingly nobody knows why.

I believe the most commonly believed theory among economists currently is debt deflation cause by the Federal Reserve stepping in and trying to fix a regular depression.  Forcing a "great" depression.

The theory being that depressions are natural since the world moves in cycles, however being part of a natural depression isn't great for your political life, so you try your best to postpone it... and just make matters worse.

Things start slowing down, so the fed lowers interest rates... so more people invest, and more people... however these people shouldn't be investing and take risks they probably shouldn't... and bam.  You've got a big problem.

Anybody who knows what they're talking about will tell you it was caused by:

1. False Prosperity

  • overdependence on mass production, consumer spending, advertising, welfare capitalism, high tariff, "invisible hand"
  • automobile was the leading industry
  • chemicals, appliances, radio, aviation, chain stores
  • overproduction in textiles, farming, autos
  • real wages increased only 11%
  • 60% population less than $2000 poverty minimum
  • top 5% earned 33% income - spending by the rich essential
  • Andrew Mellon cut taxes

2. Speculation

  • Fed loaned at 3.5%, gold inflow 1927, Great Bull Market 1928
  • broker loans on call rose from $3.5b in 1927 to $8.5b in 1929
  • Goldman Sachs investment trusts, 50% margin trading at 5% interest
  • only 1.5m of 120m population were investors
  • pooling tactic of "anglers" - John J. Raskob
  • Charles Mitchell of National City Bank: "I know of nothing fundamentally wrong with the stock market." (Oct. 21, 1929)
  • Joe Kennedy: "Only a fool holds out for the top dollar" (sold after RKO merger in October 1928)

3. Stock Market Crash

  • Sep. 3 Dow high of 381
  • Sep. 6 Babson break - market became erratic
  • Sep. 20 - collapse of Hatry in Britain
  • Oct. 23 - J.P. Morgan buys to stop price decline
  • Oct. 24 - panic selling began - 12.8m shares
  • Oct. 29 - "Black Tuesday" - 16.4m shares
  • prices decline to Dow low 41.22 on July 8, 1932

4. Banking Crisis

  • deposits withdrawn, deflation
  • 9000 banks fail in 1930, 1932 waves
  • Austria's bank failed May 1931

5. Unemployment

  • ripple effect as leading factories close
  • rose to 25-35% of total labor force, 80% in Toledo
  • farm income declined 60%; 1/3 lost land

6. Trade Collapse

  • foreign countries retaliate with high tariffs
  • Weimar Republic unable to pay reparations or U.S. banks loans
  • U.S. had been creditor with $638m annual surplus

7. Republican Policy

  • "The Ordeal of Herbert Hoover"
  • laissez faire, balanced budget, trickle down, voluntarism
  • no use of monetary or fiscal policies
  • Agricultural Marketing Act, Hawley-Smoot tariff, RFC of Jesse Jones

WOW, most of that sounds familliar!

The dismantling of the safeguards that were put into place after the First Great Republican Depression was started by Ronald Dickhead Reagan and completed by that dumbass jackoff phoney prick Clinton.

The 21st Century: The New Feudal Age?



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