Midnight Meme Of The Day!
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It was this week in 1929 that the worst economic disaster to yet befall the United States occurred. The market crash and the ensuing Great Depression began on October 24th in 1929. By the 29th, America had fallen into a catastrophic pit of hell and suffering that would last for years. The crash was caused by unfettered, unregulated greed, and a diabolical income gap that was continuously exacerbated by a non-stop flow of distribution of wealth upward instead of a more moral and sensible distribution across all levels. Sound familiar?
Just weeks before, know-nothing Republican president Herbert Hoover and his party were boasting about his stewardship of a booming economy. The amount of human misery republican polices of the day begat is, to this day, unmeasurable beyond the more obvious statistics like banks failed, companies failed, and Americans thrown out of their jobs and into soup and bread lines. Republicans of the day didn't care then. They don't care now, and, they won't care when the current bubble, bigger than the one in 2008, explodes like the Hindenburg. The first lady will even wear a jacket that confirms the Republican sentiment and the president will try to sell more hats to people who won't even have money for food.
If there is a bubble burst, as they call it, you know you can make a lot of money... people like me would go in and buy like crazy.Hardly anyone who was alive that week in 1929 is alive now, and those who were were mostly too young to remember the gory details now. That is only for those who study history. As the saying goes: Those who don't know history are doomed to repeat it. And the powers that be are too damn selfish and arrogant to think or give a damn that such a disaster could happen again.
- Donald Trump, 2006, in his audiobook for his failed Trump University
Labels: memes, Trump economy
posted by DownWithTyranny @ 12:01 AM
3 comments
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3 Comments:
It's party time for the wealthy! They are going to get theirs no matter who gets hurt. And there is no one to stop them or do anything to them.
Quite true. Does DWT think the democraps won't be first at the trough when the next bubble blows?
After all, the previous big bubble was THEIR FAULT!! And when it blew, all they DID was to save the rich by bailing out the banks, AIG and refusing to prosecute one single person (human or corporate) for $20 trillion in fraud.
11 million homes were lost (none by a billionaire or banker) and 10 million jobs went poof (bankers got bonuses). It took 9 years to get 10 million jobs back, but the wages of those 10 million were about half that of the 10 million lost.
Again, bankers got raises and bonuses. The democraps made damn sure of that.
Nice meme.
In '81 Reagan (his team, ron didn't know shit) changed most of the official governmental reporting to numbers that measured MORE how the rich were doing than the broader economy.
Their primary goal was to baffle the imbeciles who elected their puppet into thinking that they were actually making things better.
Things did get better, from the standpoint of inflation, but it was far more because of Keynesian actions than from tax cuts. While the rich got richer, more money became available to buy government. Not much was reinvested into making shit and jobs. The jobs ticked up because they also pumped $200 billion new money into the defense buildup and space (star wars).
The debt ballooned, but the situation called for it. What they refused to do was to rebalance when the economy recovered.
This cycle has continued and been magnified ever since. The only real constant has been the mushrooming debt.
But then, we simply cannot tax the rich and corporations. It's like the bible says so or something. Neither side of the monochromatic political spectrum will go there.
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