461–470 of 477 posts
The author believes the problems can be traced to the US congress switching from closed (anonymous) to open voting on January 3rd, 1971
Somewhat related, this post shows how the US congress has grown incredibly divided over time https://www.realclearscience.com/journal_club/2015/04/24/pol...
Plenty of events to choose from here: https://en.wikipedia.org/wiki/1971 Highlights: - "A new stock market index called the Nasdaq Composite debuts." - "Starbucks, a major coffeehouse and outlet in worldwide, is founded in the U.S. State of Washington." - "The U.S. ends its trade embargo of China." - "President Richard Nixon declares the U.S. War on Drugs." - "Southwest Airlines, a low-cost carrier, begins its first…
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The argument is about government spending "crowding out" commercial spending. I have a very hard time believing that any government spending programs are affecting the demand for financiers' labor.
Oh I see. Sorry I took "This free money" to mean the money flowing into finance, largely as a result of regulatory changes IIRC, rather than direct govt. spending. But it's possible I've lost the thread of what's being argued here.
Yeah, that's a different argument. Its arguing that low-cost finance is crowding out savings. However, in this case if you look at the savings rate, its still a little too high relative to historical averages. Of course, 2020 is nuking all of the statistics. But prior to the COVID shock, both gross and personal savings were high and climbing despite constantly juicing the markets with cheap finance.
https://fred.stlouisfed.org/series/PSAVERT https://fred.stlouisfed.org/series/GSAVE
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It's interesting that the middle class started losing wealth and income stagnated in relation to the larger economy starting in 1971-1972, but most of the events from 1971 are lagging indicators. Eg, the CIA was actively keeping China from being able to obtain chips in the mid '70s. China was barely able to export anything until the late '80s - early '90s. The birth of the digital age is another good example, but tec…
>Also, we have regulated food prices in the US Can you expand on this?
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> oil crisis If the basic stuff that runs the world (energy and chemical feed stock) doubles in price two separate times in the space of 7 years, you just might expect tough times. Interest rates lower than inflation, gold and silver not keeping pace with inflation either, general economic stagnation. Not a good time, no it wasn't.
> you might expect tough times Unless your currency is the one the oil is required to be priced/sold in worldwide, maybe. Sounds like a great time to have USD to me.
Basically everything doubled in price in 1973/1974, and again in 1979/1980.
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I'm not looking forward to being treated by an autodidact dentist, but to each their own.
I'll take the autodidact, you take the student fresh out of college with no practice :)
Plenty of events to choose from here: https://en.wikipedia.org/wiki/1971 Highlights: - "A new stock market index called the Nasdaq Composite debuts." - "Starbucks, a major coffeehouse and outlet in worldwide, is founded in the U.S. State of Washington." - "The U.S. ends its trade embargo of China." - "President Richard Nixon declares the U.S. War on Drugs." - "Southwest Airlines, a low-cost carrier, begins its first…
That isn't it. Starbucks didn't open its sixth store until 1984.