Whats wrong with today and why
Quote:
Originally Posted by
MED
1970s Issues:
Yes, Vietnam played a part but not a large part by the late 70s.
Factors:
Stagflation: high interest rates coupled with high inflation in a time of low growth.
High interest rates were caused by having to pay down the Vietnam debt. Just like they will become that way due to Bushes unpaid for taxcuts and unpaid for wars. And to add........ so too because of Obamas unpaid for spending.
OPEC: gas lines, supply issues, terrorism; need I saw more?
Gas prices rose because of peak oil in the US. Just as today higher gas prices are being cause by global peak oil. The world powers just don't want to admit we hit peak oil just yet it would only make things worse today. Ignorance is bliss to them. Now drilling in the US might help. But I would rather drill here after we pump the rest of the world dry. I say this because it is in our nations best long term interests to think of the future when things get even worse.
Great Society Legislation: More government obligations.
halved the poverty rate of the poor. It worked, you just think that costs too much. There is a point to the cost. But I think adding more demand (less people in total poverty) helps more than it harms
Suffocating tax rates that were reduced in the 80s.
Actually Reagan lowered taxes on the uber wealthy and raised taxes on the middle class higher with the increases in payroll tax number. Historical fact Soc Sec doubled its tax rate. Then our national debt tripled..... BAD THING
Suffocating regulation that was also reduced in the 80s
That was a bad thing? Hardly.. Now we manufacture NOTHING in America because we cut regulations on import tariffs. That is long term death to our economy
Clean Air Act: Although some of it was needed, it had a disastrous affect on industry.
Also lowered our external costs we were paying for. I personally am glad the air I breathe and the water I fish in is not as polluted as it was in the 1960s. If you are an avid outdoors man you should be thankful too. In fact I am sure you want the water cleaner so you can fish to your hearts content and not worry about cancer crap in your catch.
Counter Culture: If the 40s and 50s were about hard work and sacrifice to make a better tomorrow; their kids rebelled and made life about rebellion, doing drugs, and forgoing work. The production of the 20 somethings and 30 somethings was severely diminished in the 70s. Innovation was at an all time low during this period.
The counter culture was not all bad. In fact they brought more freedoms to all Americans. Work ethic......well no one can get a job because we offshored all the good paying jobs thanks to all the insane trade deals. So don't hate the people because the system is broken
Your bank issues: I really disagree with lending to individuals who don't qualify for loans. However, it is the political correct thing right? The nation played pretty fast and loose with lending in the 90s. The Community Reinvestment Act was one of the the more idiotic things done. I don't disagree that banking needs some work. There needs to be a balance between promoting investment and managing risk. Over regulation is not the answer but neither is no regulation.
When we ended the Regulations on banks being able to be investment houses (read gambling and shady loans backed up by credit default swaps) the stage was set to get any putz to sign a loan being a good thing. Good for short term profits, horrible for long term societal stability.
I started this so I would not shit up another thread more. Please post here.
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