I ran a bankruptcy practice and so I've had plenty of experience of bubbles and recessions. I've seen a lot of people lose their homes, wiped out, their houses flogged off at distress prices.
I'm old fashioned enough to believe that a home is the essential core asset of any family. It's not like a car or a cottage or a stock portfolio. It's where you go to at the end of the day, where you raise your kids, it's where you live out your life.
Out here in the West we've certainly had our housing bubbles, albeit not as wild as the disaster now unfolding in the U.S. In B.C. they used to follow a 7-year cycle. Property values would escalate and then they'd slump. The more they escalated, the bigger and harder the slump that followed.
The wildest days out here were in the early 80's. We went real estate mad. Just holding an interim agreement was enough to generate a huge return. In some cases interim agreements changed hands several times before the property was actually bought and transferred to the "new" owner who was likely then to simply put it right back on the market.
I can remember taking the elevator with former real estate magnate Nelson Skalbania and watching him turn to the wall of the elevator so he could write cheques on his way up to his lawyers' offices. At the time he said there was no such thing as a bad deal. If you paid too much for a property you only had to wait a couple of months before it became a good deal. There was no bad property, there were no bad deals.
At that time, real estate agents got heavily into the housing market, buying properties themselves on spec. Between the developers and the realtors, they cranked the housing market into a frenzy.
What had happened is that these moneymen turned housing into a speculative commodity, not a basic essential. That led to inflated, runaway prices. Now, if you owned your own home it all looked grand. But if you were a young couple, eager to start a family, desperation set in. People who wanted homes were buying out of desperation, afraid if they didn't take "the plunge," prices would get totally out of their reach in a month or two. So they dived in and paid $450,000 for a $250,000 house.
Wait a minute. If a house is selling for $450,000 it's worth $450,000, not $250,000 right? Maybe if you're selling it but not if you're buying out of fear.
In a healthy housing market, a house is worth no more than someone willing to live in that quality of house can afford to pay for it. Today in Vancouver, with new home ownership requiring close to 75% of the typical buyers' combined takehome pay, that's all gone up in smoke.
Years ago I read about a Scandinavian country, Sweden if memory serves, that chose to recognize that housing was special and that affordable housing met a crucial, social need. So they found a way to make house prices reflect their actual value. They simply taxed away speculative profit.
Everybody got a deal - on one residence. If you owned your home for a set number of years you could sell it without a speculative profit tax. If you sold your house before then it was okay so long as you invested your takings in another residence. But, if you bought a house to flog it on spec, well then your profits would be taxed away on the sale. Obviously it was more sophisticated than that but this is the rough idea.
The policy recognized that houses are supposed to be homes and homes are an important part of a healthy society. Therefore they're to be treated differently than other assets. Stop allowing speculators to whipsaw the housing market and homeowners come out the winners.
In America, it was speculation that destroyed their housing market just as it was speculation in housing that drove the American economy during the Bush years. It was speculation in housing that triggered the credit crisis their government is wrestling with today. It was speculation in housing that accounts for the $700-billion bail out now pending in Washington.
Speculation in housing has undermined the very economy of the United States of America, forcing the most "free market" capitalist government to resort to nationalization of their country's financial sector.
Cut out all the middlemen - the subprime scam artists, the derivative-flogging hucksters of Wall Street - and you're left with housing speculation at one end and economic catastrophe at the other and a powerfully direct, causal link between the two.
Maybe if housing speculation is enough to bring the American economy to its knees, it's time to put an end to it.
I'm old fashioned enough to believe that a home is the essential core asset of any family. It's not like a car or a cottage or a stock portfolio. It's where you go to at the end of the day, where you raise your kids, it's where you live out your life.
Out here in the West we've certainly had our housing bubbles, albeit not as wild as the disaster now unfolding in the U.S. In B.C. they used to follow a 7-year cycle. Property values would escalate and then they'd slump. The more they escalated, the bigger and harder the slump that followed.
The wildest days out here were in the early 80's. We went real estate mad. Just holding an interim agreement was enough to generate a huge return. In some cases interim agreements changed hands several times before the property was actually bought and transferred to the "new" owner who was likely then to simply put it right back on the market.
I can remember taking the elevator with former real estate magnate Nelson Skalbania and watching him turn to the wall of the elevator so he could write cheques on his way up to his lawyers' offices. At the time he said there was no such thing as a bad deal. If you paid too much for a property you only had to wait a couple of months before it became a good deal. There was no bad property, there were no bad deals.
At that time, real estate agents got heavily into the housing market, buying properties themselves on spec. Between the developers and the realtors, they cranked the housing market into a frenzy.
What had happened is that these moneymen turned housing into a speculative commodity, not a basic essential. That led to inflated, runaway prices. Now, if you owned your own home it all looked grand. But if you were a young couple, eager to start a family, desperation set in. People who wanted homes were buying out of desperation, afraid if they didn't take "the plunge," prices would get totally out of their reach in a month or two. So they dived in and paid $450,000 for a $250,000 house.
Wait a minute. If a house is selling for $450,000 it's worth $450,000, not $250,000 right? Maybe if you're selling it but not if you're buying out of fear.
In a healthy housing market, a house is worth no more than someone willing to live in that quality of house can afford to pay for it. Today in Vancouver, with new home ownership requiring close to 75% of the typical buyers' combined takehome pay, that's all gone up in smoke.
Years ago I read about a Scandinavian country, Sweden if memory serves, that chose to recognize that housing was special and that affordable housing met a crucial, social need. So they found a way to make house prices reflect their actual value. They simply taxed away speculative profit.
Everybody got a deal - on one residence. If you owned your home for a set number of years you could sell it without a speculative profit tax. If you sold your house before then it was okay so long as you invested your takings in another residence. But, if you bought a house to flog it on spec, well then your profits would be taxed away on the sale. Obviously it was more sophisticated than that but this is the rough idea.
The policy recognized that houses are supposed to be homes and homes are an important part of a healthy society. Therefore they're to be treated differently than other assets. Stop allowing speculators to whipsaw the housing market and homeowners come out the winners.
In America, it was speculation that destroyed their housing market just as it was speculation in housing that drove the American economy during the Bush years. It was speculation in housing that triggered the credit crisis their government is wrestling with today. It was speculation in housing that accounts for the $700-billion bail out now pending in Washington.
Speculation in housing has undermined the very economy of the United States of America, forcing the most "free market" capitalist government to resort to nationalization of their country's financial sector.
Cut out all the middlemen - the subprime scam artists, the derivative-flogging hucksters of Wall Street - and you're left with housing speculation at one end and economic catastrophe at the other and a powerfully direct, causal link between the two.
Maybe if housing speculation is enough to bring the American economy to its knees, it's time to put an end to it.
4 comments:
Same thing happened in Ontario in the 80s. I was working in real estate law back then. Every house purchase automatically had 2 mortgages right from day one. They were given financing based on their ability to work overtime. I literally could not keep up with the volume of real estate files. It was freaking nightmare. And for those of us starting out, we looked around (most of us) and felt like we would never be able to afford a home. It was terrible.
It sounds like you and I came through the same experience. I was lucky my first child didn't come along until the bubble had burst so I was able to buy at a realistic price. A couple of years before that I too was stressed feeling I might never be able to own a home.
I'd like your thoughts on taking housing stock out of speculative markets.
Don’t believe one optimistic word from any public figure about the economy or humanity in general. They are all part of the problem. Its like a game of Monopoly. In America, the richest 1% now hold ALMOST 1/2 OF ALL UNITED STATES WEALTH. Unlike ‘lesser’ estimates, this includes all stocks, bonds, cash, offshore accounts, and material assets held by America’s richest 1%. Even that filthy pig Oprah acknowledged that it was at about 50% in 2006. Naturally, she put her own ‘humanitarian’ spin on it. Calling attention to her own ‘good will’. WHAT A DISGUSTING HYPOCRITE SLOB. THE RICHEST ONE PERCENT HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. Don’t fall for any of their ‘humanitarian’ CRAP. ITS A SHAM. THESE PEOPLE ARE CAUSING THE SAME PROBLEMS THEY PRETEND TO CARE ABOUT. Ask any professor of economics. Money does not grow on trees. The government can’t just print up more on a whim. At any given time, there is a relative limit to the wealth within ANY economy of ANY size. So when too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty. A similar rule applies worldwide. The world’s richest 1% now own over 40% of ALL WORLD WEALTH. This is EVEN AFTER you account for all of this ‘good will’ ‘humanitarian’ BS from celebrities and executives. ITS A SHAM. As they get richer and richer, less wealth is left circulating beneath them. This is the single greatest underlying cause for the current US recession. The middle class can no longer afford to sustain their share of the economy. Their wealth has been gradually transfered to the richest 1%. One way or another, we suffer because of their incredible greed. We are talking about TRILLIONS of dollars which have been transfered FROM US TO THEM. All over a period of about 27 years. Thats Reaganomics for you. The wealth does not ‘trickle down’ as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class. Causing a domino effect of socio-economic problems. But the rich will never stop. They just keep getting richer. Leaving even less of the pie for the other 99% of us to share. At the same time, they throw back a few tax deductible crumbs and call themselves ‘humanitarians’. Cashing in on the PR and getting even richer the following year. IT CAN’T WORK THIS WAY. Their bogus efforts to make the world a better place can not possibly succeed. Any 'humanitarian' progress made in one area will be lost in another. EVERY SINGLE TIME. IT ABSOLUTELY CAN NOT WORK THIS WAY. This is going to end just like a game of Monopoly. The current US recession will drag on for years and lead into the worst US depression of all time. The richest 1% will live like royalty while the rest of us fight over jobs, food, and gasoline. So don’t fall for any of this PR CRAP from Hollywood, Pro Sports, and Wall Street PIGS. ITS A SHAM. Remember: They are filthy rich EVEN AFTER their tax deductible contributions. Greedy pigs. Now, we are headed for the worst economic and cultural crisis of all time. Crime, poverty, and suicide will skyrocket. SEND A “THANK YOU” NOTE TO YOUR FAVORITE MILLIONAIRE. ITS THEIR FAULT. I’m not discounting other factors like China, sub-prime, or gas prices. But all of those factors combined still pale in comparison to that HUGE transfer of wealth to the rich. Anyway, those other factors are all related and further aggrivated because of GREED. If it weren’t for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. IF IT WEREN'T FOR THE OBSCENE, UNREASONABLE, AND UNJUST DISTRIBUTION OF UNITED STATES WEALTH, THERE NEVER WOULD HAVE BEEN SUCH A MARKET FOR SUB-PRIME AND THERE NEVER WOULD HAVE BEEN A COLLAPSE IN THE HOUSING MARKET. Which by the way, was another trick whipped up by greedy bankers and executives. IT MAKES THEM RICHER. The credit industry has been ENDORSED by people like Oprah Winfrey, Ellen DeGenerous, Dr Phil, and many other celebrities. IT MAKES THEM RICHER. In fact, they specifically endorsed Countrywide by name. The same Countrywide widely responsible for predatory adjustable rate sub-prime lending and the subsequent collapse of the housing market. ENDORSED BY OPRAH WINFREY, ELLEN DEGENEROUS, AND DR PHIL. Now, there are commercial ties between nearly every industry and every public figure. IT MAKES THEM RICHER. So don’t fall for their ‘good will’ BS. ITS A LIE. If you fall for it, then you’re a fool. If you see any real difference between the moral character of a celebrity, politician, attorney, or executive, then you’re a fool. No offense fellow citizens. But we have been mislead by nearly every public figure. We still are. Even now, they claim to be 'hurting' right along with the rest of us. As if gas prices actually effect the lifestyle of a millionaire. ITS A LIE. IN 2007, THE RICHEST 1% INCREASED THEIR AVERAGE BOTTOM LINE WEALTH AGAIN. On average, they are now worth over $4,000,000 each. Thats an all time high. As a group, they are now worth well over $17,000,000,000,000. THATS WELL OVER SEVENTEEN TRILLION DOLLARS. Another all time high. Which by the way, is much more than the entire middle and lower classes combined. Also more than enough to pay off our national debt, fund the Iraq war for twenty years, repair our infrastructure, and bail out the US housing market. Still think that our biggest problem is China? Think again. Its the 1% club. That means every big name celebrity, athlete, executive, entrepreneur, developer, banker, and lottery winner. Along with many attorneys, doctors, politicians, and bankers. If they are rich, then they are part of the problem. Their incredible wealth was not 'created', 'generated', grown in their back yard, or printed up on their command. It was transfered FROM US TO THEM. Directly and indirectly. Its become near impossible to spend a dollar without making some greedy pig even richer. Don't be fooled by the occasional loss of a millionaire's fortune. Overall, they just keep getting richer. They absolutely will not stop. Still, they have the nerve to pretend as if they care about ordinary people. ITS A LIE. NOTHING BUT CALCULATED PR CRAP. WAKE UP PEOPLE. THEIR GOAL IS TO WIN THE GAME. The 1% club will always say or do whatever it takes to get as rich as possible. Without the slightest regard for anything or anyone but themselves. Reaganomics. Their idea. Loans from China. Their idea. NAFTA. Their idea. Outsourcing. Their idea. Sub-prime. Their idea. High energy prices. Their idea. Oil 'futures'. Their idea. Obscene health care charges. Their idea. The commercial lobbyist. Their idea. The multi-million dollar lawsuit. Their idea. The multi-million dollar endorsement deal. Their idea. $200 cell phone bills. Their idea. $200 basketball shoes. Their idea. $30 late fees. Their idea. $30 NSF fees. Their idea. $20 DVDs. Their idea. Subliminal advertising. Their idea. Brainwash plots on TV. Their idea. Vioxx, and Celebrex. Their idea. Excessive medical testing. Their idea. The MASSIVE campaign to turn every American into a brainwashed, credit card, pharmaceutical, medical testing, love-sick, celebrity junkie. Their idea. All of the above drive up the cost of living, shrink the middle class, concentrate the world’s wealth and resources, create a dominoe effect of socio-economic problems, and wreak havok on society. All of which have been CREATED AND ENDORSED by celebrities, athletes, executives, entrepreneurs, attorneys, and politicians. IT MAKES THEM RICHER. So don’t fall for any of their ‘good will’ ‘humanitarian’ BS. ITS A SHAM. NOTHING BUT TAX DEDUCTIBLE PR CRAP. In many cases, the 'charitable' contribution is almost entirely offset. Not to mention the opportunity to plug their name, image, product, and 'good will' all at once. IT MAKES THEM RICHER. These filthy pigs even have the nerve to throw a fit and spin up a misleading defense with regard to 'federal tax revenue'. ITS A SHAM. THEY SCREWED UP THE EQUATION TO BEGIN WITH. If the middle and lower classes had a greater share of the pie, they could easily cover a greater share of the federal tax revenue. They are held down in many ways because of greed. Wages remain stagnant for millions because the executives, celebrities, athletes, attorneys, and entrepreneurs, are paid millions. They over-sell, over-charge, under-pay, outsource, cut jobs, and benefits to increase their bottom line. As their profits rise, so do the stock values. Which are owned primarily by the richest 5%. As more United States wealth rises to the top, the middle and lower classes inevitably suffer. This reduces the potential tax reveue drawn from those brackets. At the same time, it wreaks havok on middle and lower class communities and increases the need for financial aid. Not to mention the spike in crime because of it. There is a dominoe effect to consider. IT CAN'T WORK THIS WAY. But our leaders refuse to acknowledge this. Instead they come up with one trick after another to milk the system and screw the majority. These decisions are heavily influensed by the 1% club. Every year, billions of federal tax dollars are diverted behind the scenes back to the rich and their respective industries. Loans from China have been necessary to compensate in part, for the red ink and multi-trillion dollar transfer of wealth to the rich. At the same time, the feds have been pushing more financial burden onto the states who push them lower onto the cities. Again, the hardship is felt more by the majority and less by the 1% club. The rich prefer to live in exclusive areas or upper class communities. They get the best of everything. Reliable city services, new schools, freshly paved roads, upscale parks, ect. The middle and lower class communities get little or nothing without a local tax increase. Which, they usually can't afford. So the red ink flows followed by service cuts and lay-offs. All because of the OBSCENE distribution of bottom line wealth in this country. Anyway, when you account for all federal, state, and local taxes, the middle class actually pay about the same rate as the rich. The devil is in the details. So when people forgive the rich for their incredible greed and then praise them for paying a greater share of the FEDERAL income taxes, its like nails on a chalk board. I can not accept any theory that our economy would suffer in any way with a more reasonable distribution of wealth. Afterall, it was more reasonable 30 years ago. Before Reaganomics came along. Before GREED became such an epidemic. Before we had an army of over-paid executives, bankers, celebrities, athletes, attorneys, doctors, investors, entrepreneurs, developers, and sold-out politicians to kiss their asses. As a nation, we were in much better shape. Strong middle class, free and clear assets, lower crime rate, more widespread prosperity, stable job market, lower deficit, ect. Our economy as a whole was much more stable and prosperous for the majority. WITHOUT LOANS FROM CHINA. Now, we have a more obscene distribution of bottom line wealth than ever before. We have a sold-out government, crumbling infrastructure, energy crisis, home forclosure epidemic, credit crunch, weak US dollar, 13 figure national deficit, and 12 figure annual shortfall. The cost of living is higher than ever before. Most people can't even afford basic health care. ALL BECAUSE OF GREED. I really don't blame the 2nd -5th percentiles in general. No economy could ever function without some reasonable scale of personal wealth and income. But it can't be allowed to run wild like a mad dog. ALBERT EINSTEIN TRIED TO MAKE PEOPLE UNDERSTAND. UNBRIDLED CAPITALISM ABSOLUTELY CAN NOT WORK. TOP HEAVY ECONOMIES ALWAYS COLLAPSE. Bottom line: The richest 1% will soon tank the largest economy in the world. It will be like nothing we’ve ever seen before. The American dream will be shattered. and thats just the beginning. Greed will eventually tank every major economy in the world. Causing millions to suffer and die. Oprah, Angelina, Brad, Bono, and Bill are not part of the solution. They are part of the problem. THERE IS NO SUCH THING AS A MULTI-MILLIONAIRE HUMANITARIAN. EXTREME WEALTH MAKES WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. WITHOUT WORLD PROSPERITY, THERE WILL NEVER BE WORLD PEACE OR ANYTHING EVEN CLOSE. GREED KILLS. IT WILL BE OUR DOWNFALL. Of course, the rich will throw a fit and call me a madman.. Of course, they will jump to small minded conclusions about 'jealousy', 'envy', or 'socialism'. Of course, their ignorant fans will do the same. You have to expect that. But I speak the truth. If you don’t believe me, then copy this entry and run it by any professor of economics or socio-economics. Then tell a friend. Call the local radio station. Re-post this entry or put it in your own words. Be one of the first to predict the worst economic and cultural crisis of all time and explain its cause. WE ARE IN BIG TROUBLE.
So what can we do about it? Well, not much. Unfortunately, we are stuck on a runaway train. The problem has gone unchecked for too many years. The US/global depression is comming thanks to the 1% club. It would take a massive effort by the vast majority to prevent it. Along with a voluntary sacrifice by the rich. THATS NOT GOING TO HAPPEN. But if you believe in miracles, then spend your money as wisely as possible. Especially in middle and lower class communities. Check the Fortune 500 list and limit your support of high profit/low labor industries (Hollywood, pro sports, energy, credit, pharmaceutical, cable, satelite, internet advertising, cell phone, high fashion, jewelry, ect.). Cancel all but one credit card for emergencies only. If you need a cell phone, then do your homework and find the best deal on a local pre-pay. If you want home internet access, then use the least expensive provider, and share accounts whenever possible. If you need to search, then use the less popular search engines. They usually produce the same results anyway. Don't click on any internet ad. If you need the product or service, then look up the phone number or address and contact that business directly. Don't pay to see any blockbuster movie. Instead, wait a few months and rent the DVD from a local store or buy it USED. If you want to see a big name game or event, then watch it in a local bar, club, or at home on network TV. Don't buy any high end official merchendise and don't support the high end sponsors. If its endorsed by a big name celebrity, then don't buy it. If you can afford a new car, then make an exception for GM, Ford, and Dodge. If they don't increase their market share soon, then a lot more people are going to get screwed out of their pensions and/or benefits. Of course, you must know by now to avoid those big trucks and SUVs unless you truly need one for its intended purpose. Don't be ashamed to buy a foreign car if you prefer it. Afterall, those with the most fuel efficient vehicles consume a lot less foreign oil. Which accounts for a pretty big chunk of our trade deficit. Anyway, the global economy is worth supporting to some extent. Its the obscene profit margins, trade deficits, and BS from OPEC that get us into trouble. Otherwise, the global economy would be a good thing for everyone. Just keep in mind that the big 3 are struggling and they do produce a few smaller reliable cars. Don't frequent any high end department store or any business in a newly developed upper class community. By doing so, you make developers richer and draw support away from industrial areas and away from the middle class communities. Instead, support the local retailer and the less popular shopping centers. Especially in lower or middle class communities. If you can afford to buy a home, then do so. But go smaller and less expensive. Don't get yourself in too deep and don't buy into the newly developed condos or gated communities. Instead, find a modest home in a building or neighborhood at least 20 years old. If you live in one of the poorer states, then try to support its economy first and foremost. Be on the lookout for commercial brainwash plots on TV. They are written into nearly every scene of nearly every show. Most cater to network sponsors and parent companies. Especially commercial health care. Big business is fine on occasion depending on the profit margins and profit sharing. Do your homework. If you want to support any legitimate charity, then do so directly. Never support any celebrity foundation. They spend most of their funding on PR campaigns, travel, and high end accomodations for themselves. Instead, go to Charitywatch.org and look up a top rated charity to support your favorite cause. In general, support the little guy as much as possible and the big guy as little as possible. Do your part to reverse the transfer of wealth away from the rich and back to the middle and lower classes. Unfortunately, there is no perfect answer. Jobs will be lost either way. Innocent children will starve and die either way. But we need to support the largest group of workers with the most reasonable profit margins. We also need to support LEGITIMATE charities (Check that list at Charitywatch.org). This is our only chance to limit the severity and/or duration of the comming US/global depression. In the meantime, don't listen to Bernanke, Paulson, Bartiromo, Orman, Dobbs, Kramer, OReiley, or any other public figure with regard to the economy. They are all plenty smart but I swear to you that they will lie right through their rotten teeth. IT MAKES THEM RICHER. These people work for big business. The 'experts' they cite also work for big business. They are all motivated by their desire to accumulate more wealth. THEY WILL LIE RIGHT THROUGH THEIR ROTTEN TEETH. So don't fall for their tricks. Instead, look at the big picture. The economic problems we face have been mounting for well over 20 years. All of them caused or aggrivated by a constant transfer of wealth from poorer to richer. Soon, it will cause the first ever GLOBAL DEPRESION. Its not brain surgery. Its simple math. Like I said, you are welcome to run this by any professor of economics or socio-economics. If thats not good enough, then look up what Einstein had to say about greed, extreme wealth, and its horrible concequences. I speak the truth. GREED KILLS. IT WILL BE OUR DOWNFALL.
Its already underway. A massive campaign to divert our attention. Trump, Buffet, OReiley, Pickens, Norris, and several other well known public figures have been running their mouths about the economy. Finally admitting a hint of severity after almost 2 years of denial. They even have the nerve to acknowledge the possibility of a US/global depression. Still, they refuse to acknowledge the single greatest underlying cause. GREED KILLS. IT WILL BE OUR DOWNFALL.
A word for those who respond with the usual 'I know more than you. Look how smart, knowledgable, and articulate I am' crap. Let me say this in advance. I don't claim to be an expert in this field. But I did go on record with these predictions long before any public figure uttered the word 'recession'. If you search long enough, you will find my early postings from '05' and '06'. Including the first draft of this rant. Since then, I've gone on record against people like Greenspan, Bernanke, and Paulson. So far, my predictions have been accurate. Like I said. This is not brain surgery. For the mostpart, its simple math. When you concentrate the world's wealth, you also concentrate its capital and shrink the middle class along with the potential market for every major industry. Homes go unsold. Bills go unpaid. Banks fail. More products go unsold. Jobs are lost. More banks fail. and so on. and so on. It happened 80 years ago. It will happen again. This time on a global scale. Throughout the cycle, the rich will tighten their grip. Concentrating the world's wealth and resources even further and ensuring the collapse of every major economy worldwide. Think it can't happen? Think again. GREED KILLS. IT WILL BE OUR DOWNFALL.
Another thing. I don't want credit for any of this. Otherwise, I would have given my full name a long time ago. As far as I'm concerned, you can put this rant in your own words and take credit for all of it. I don't care. Just spread the word. Otherwise, the greatest injustice of all time will go down in history unchecked.
Anon, you've made some very interesting points. I think you might do a lot of good if you could break these down into sequential, point form, flesh each out with the readily available data (it's remarkable how much is out there today) and then present them in a chapter format.
Things do change, Anon. We see this in the ordinary swing of the political pendulum. Effective regulation and social policy keeps that pendulum swinging in an orderly fashion. It's when these safety nets fail that society gets as seriously imbalanced as we find today. Then, instead of the rubber band stretching and relaxing, it continues to stretch until it breaks.
We seem to be getting to that point as your comments suggest. While I've had no experience of depressions, I have lived through recessions and know enough to suspect that what's coming won't be of the garden variety.
The United States has a fascinating history with its Progressive movement. Could something like that be on us again soon?
Don't despair, there is some reason for hope. Thanks for your commentary.
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