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We are pre-great depression in many respects. Debt levels being at very high percentages. Income inequality out of control. Inflation out of control. Fundament

We are pre-great depression in many respects. Debt levels being at very high percentages. Income inequality out of control. Inflation out of control. Fundamentally as well it's the baby boomer's fault. Right before the great depression was when the boomers of the american civil war were retiring. The 1980s inflation and crashes were WW1 boomers and now is the WW2 baby boomers retiring. History repeats.

mabub24 5y ago
Not to say it can't happen, but there are quite a few new institutional and regulatory safeguards that (in spite of the attempts by some to neuter them) exist now that did not exist pre- and during the great depression that make such a thing happening again, or to the extent that it did, quite hard. The more interesting question is whether there is the political will, let alone ability, to accurately and quickly respond to events as they are happening, rather than with extreme delay. Covid-19 (granted as much a public health crisis as an economic one) showed that American domestic problem solving has grown rather fragile and inflexible.
- sleepysysadmin 5y ago
  >Not to say it can't happen, but there are quite a few new institutional and regulatory safeguards that (in spite of the attempts by some to neuter them) exist now that did not exist pre- and during the great depression that make such a thing happening again, or to the extent that it did, quite hard. So it's interesting. 1 of the key rules is that you cannot borrow money to invest. You know what ive never seen all my life until recently? THAT! My bank and others that have nothing to do with me have been advertising, 'you can borrow $5000 to get your investment fund going!' People said the reason the great depression happened was stuff like this. I personally dont expect it's a depression level event. I think most people were hoping for this because it's better than extreme inflation like the 1980s. HArdly a prediction given inflation is so high already.
anonporridge 5y ago
The United States at least is actively in a great depression. It's just being papered over with currency debasement so rich people don't notice. But if you actually visit parts of this country that are outside of the wealthy, coastal bubbles, you'll see first hand the real world devastation that's happening to people. It's why there's a major opioid epidemic in the Midwest. It's why homelessness is exploding. It's why rampant, degenerate speculation in stocks and crypto is going crazy and rife with scams and conmen selling hope to the hopeless. It's why populists like Trump and Sanders have so much political energy behind them. And all of this is pre pandemic. I'm sure the past two years have added a new level of devastation. People are depressed and dying everywhere, but us winners in our gilded bubbles have the privilege of being able to look away and continue living in our illusory, drunken stupor.
- hirundo 5y ago
  If there's a great depression and few people are noticing, then it isn't that great. The great ones aren't subtle. I live in the rural southwest. Business isn't booming here. But it isn't that bad either, yet. Maybe we're in the "so far so good" phase, but there's a big difference between the fall and arriving at the pavement.
  - newsclues 5y ago
    Great is an interesting term. Would it not be a Great Depression if it impacts millions of Americans for years or decades if the academic elite don’t see it from their ivory towers to document it?
    - rat87 5y ago
      So in other words it's not Great? The great depression effected a much larger percentage of the population in a much more negative manner You seem to be talking about local economic difficulties in some regions of the country. Which isn't a great thing but not nearly as terrible as the great depression.
      - 5y ago

mabub24 5y ago

Not to say it can't happen, but there are quite a few new institutional and regulatory safeguards that (in spite of the attempts by some to neuter them) exist now that did not exist pre- and during the great depression that make such a thing happening again, or to the extent that it did, quite hard. The more interesting question is whether there is the political will, let alone ability, to accurately and quickly respond to events as they are happening, rather than with extreme delay. Covid-19 (granted as much a public health crisis as an economic one) showed that American domestic problem solving has grown rather fragile and inflexible.

sleepysysadmin 5y ago
>Not to say it can't happen, but there are quite a few new institutional and regulatory safeguards that (in spite of the attempts by some to neuter them) exist now that did not exist pre- and during the great depression that make such a thing happening again, or to the extent that it did, quite hard. So it's interesting. 1 of the key rules is that you cannot borrow money to invest. You know what ive never seen all my life until recently? THAT! My bank and others that have nothing to do with me have been advertising, 'you can borrow $5000 to get your investment fund going!' People said the reason the great depression happened was stuff like this. I personally dont expect it's a depression level event. I think most people were hoping for this because it's better than extreme inflation like the 1980s. HArdly a prediction given inflation is so high already.

anonporridge 5y ago

The United States at least is actively in a great depression. It's just being papered over with currency debasement so rich people don't notice. But if you actually visit parts of this country that are outside of the wealthy, coastal bubbles, you'll see first hand the real world devastation that's happening to people. It's why there's a major opioid epidemic in the Midwest. It's why homelessness is exploding. It's why rampant, degenerate speculation in stocks and crypto is going crazy and rife with scams and conmen selling hope to the hopeless. It's why populists like Trump and Sanders have so much political energy behind them. And all of this is pre pandemic. I'm sure the past two years have added a new level of devastation. People are depressed and dying everywhere, but us winners in our gilded bubbles have the privilege of being able to look away and continue living in our illusory, drunken stupor.

hirundo 5y ago
If there's a great depression and few people are noticing, then it isn't that great. The great ones aren't subtle. I live in the rural southwest. Business isn't booming here. But it isn't that bad either, yet. Maybe we're in the "so far so good" phase, but there's a big difference between the fall and arriving at the pavement.
- newsclues 5y ago
  Great is an interesting term. Would it not be a Great Depression if it impacts millions of Americans for years or decades if the academic elite don’t see it from their ivory towers to document it?
  - rat87 5y ago
    So in other words it's not Great? The great depression effected a much larger percentage of the population in a much more negative manner You seem to be talking about local economic difficulties in some regions of the country. Which isn't a great thing but not nearly as terrible as the great depression.
    - 5y ago