I can appreciate that gentleman saying he is still ashamed of the shame he felt seeing his dad was selling ties on the street. Now realizing that his father was doing a noble thing and that there is no shame in a man doing whatever it takes to feed his family. I can understand his feelings as a kid and as a man. It’s actually sad that more men today aren’t like his father was.
Yes our children really don't appreciate how hard we worked to keep them living in a good neighborhood and living in a house owning a car. Summer and winter vacation all while keeping your own business up and going. Without buying into credit cards! Hopefully they will wake up to how easy I made all of it look easy..... most of the time!
@@katherinehunter9526well said, however, children first and foremost learn most life rules through hearing and seeing in their home life experience. In other words, we the parents have taught them by example, perhaps.
One word - credit - explains it all. Money made from nothing, credit, was what created the go go, and then the crash. The Federal Reserve started in 1913. The bankers were riding the wave and greatly benefiting from more credit creation. We are almost there today.
It amazes me how many people are in financial trouble because they live above their means. For what? To show off? There is real gratification in minimalism. Once you are in that state of mind, you don't give cr%p what others think. You go your own way and nobody knows how well you are off financially. But when I look on the road....One SUV after another, big houses, Starbuck lines are long....people, what are you DOING? 85% of new cars are either leased or financed. Let that sink in for a moment....a depreciating asset! If you think 2008 was bad, you have no idea what's waiting for you know. Stay out of debt!
It's no longer about keeping up with the Jones' and more about trying to keep a head over your head, and food on the table. The main issue is; the ruling class who has seen their incomes skyrocket, haven't raised wages along with the rise in the cost of living since the late 80's. At the same time; higher education has become unaffordable for an ever larger portion of the population, just as rent and mortgages have become unaffordable for a greater portion of the population. The ruling class enjoys tax breaks, tax loopholes, bailouts, subsidies, and other forms of social welfare, far in excess of the costs for the social safety net. They perpetuate the lie of everyone starting at the same level on the playing field, that one needs only work hard enough, etc, ignoring the inequities, biases, etc in society and how the social welfare for the wealthy is the largest transfer of wealth from the masses into the pockets of the wealthy. The system was built and designed by the ruling class, for the ruling class, at the department of the masses. The politicians who represent the ruling class push for the very legislation that Leeds to economic crisis, as such a crisis enables the ruling class who shelter their wealth from such a crisis to buy assets for pennies on the dollar once the markets hit the bottom. The more concerning thing to me today is; the extremists in America and abroad pushing towards authoritarianism, fascism, and extremism, have shown they don't care if the US or other nations fail, as long as it furthers their religious and political agendas. This can be seen by the fact Christians have been caught trying to cause conflict between Israel and its neighbors because, they hope to see Israel fall so as to usher in the second coming. We need only look to the dictatorships in the Middle East, parts of Asia, etc, to see how life for the masses would be desisting if these extremists are allowed to gain control. Let's hope history doesn't repeat itself
The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?
I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.
45% of Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… Going from $50k to $600k in my portfolio is surreal all thanks to insights from my financial advisor.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
When the Great Depression and other huge catastrophes occurred, I used to believe that everyone went bankrupt, but they didn't... Some made millions; I also assumed that everyone closed their businesses during these times, but certain did start new ones. It all depends on your point of view; there will always be moments of prosperity for some individuals and times of depression or recession for others. My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my life savings of $200k crumble to dust.
Very true! I've been able to scale from $650K to 1.2m in this red season because my FA figured out Defensive strategies to protect my portfolio and profit from this roller coaster market
The decision on when to pick an advisor is a very personal one. I take guidance from ‘ Natalie Noel burns ‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
The decision on when to pick an advisor is a very personal one. I take guidance from ‘ Natalie Noel burns ‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
I'm being aided by an advisor, i don’t have any special strategy. Amber Dawn Brummit is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I am 77 and grew up in the Southern countryside. We were always in a Depression. We didn't have electricity until the 1950's. Little or no money, but things were cheaper..
My grandfather on my dad's side, kept his job during the great depression. Worked on the Pennsylvania Rail Road. He picked the right proffesion, as almost all goods were shipped by rail. No planes, no Fed Ex, no UPS, and no big semi trucks like today. Him and my grandma, raised 5 kids during the depression.
My grandfather worked for the Ann Arbor railroad all through the great depression. But he lived like he was poor. Their neighbors didn't even know that my grandfather had any money. He drove junk car and basic home. At the end of the war, he sold the house in town and bought a small farm to raise food for his family. The only thing he ever financed was their first home. After that he paid cash for everything. He never even borrowed to buy a new car. And they retired millionaires back in the 1970s
Mom was born in 1927 and lived in The Bronx NY. Her family was a bit better off than most. Her mom took turns with the neighbors preparing soup and taking it down for the lines. Mom said she didn't really understand much about the folks in those lines, but reality hit her when she saw the man with shoes like her daddy. That was when she got scared. If that man is in line, her daddy could end up there too. Here is mom's advice for everybody.....Take care of yourself and keep a roof over your head.
Nah---that's drugs and mental illness, with homelessness and poverty being conspicuous and distracting symptoms of those root causes and untreated/unmanaged crises. The similarity between the two situations is purely superficial and coincidental.
@@thethoughtfulpeanut6662 Well alcohol and some for of drugs were probably available back then. In the old days cocaine was sold openly. The one similarity is clear that people out there are suffering and need help we as a country have to do something here.
I think the Great Depression affected several generations. My mother was raised by a mother that went through the Great Depression. My mom was very frugal because of this. She always had a garden, canned vegetables, butchered her own chickens and always bought half a cow for meat. We were not allowed to waste food. We were not poor, just middle class. My dad had a good factory job with good benefits and health insurance. We took vacations every few years, but always camped in a tent. When my grandmother died, they found frozen meat in her deep freezer that had been there awhile as she had a fear of not having food to eat.
I agree. My grandma lived through the great depression and lived with us when I was growing up. Both of my parents worked so grandma was basically the maid and nanny lol. She grew a victory garden every year and froze vegetables for the winter, she saved and reused Everything and I’m not even 40 yet but I live the same way. I learned so much from her ❤
Same here. When I discovered RU-vid I was looking at depression cooking just out of curiosity. I was shocked to realize that in the early 70s in my childhood mom cooked and fed us what she learned as a depression kid. So here I am in 2023...grown children...we still eat oatmeal and have "dump soup". ❤
@@rubylady7126My grandma grew up in the depression era. And she always used to tell me that "willful waste makes woeful want". I'll never forget it because she never stopped saying it. There was some of that Mastodon meat in her freezer too!
This brings back so many memories of dinner table conversations when I was growing up, the good the bad and the ugly. Myself and my younger Brother were adopted by our Paternal Grandparents in 1956, and my Father legally became my older Brother who was born in 1930. As the older sibling I always still referred to my birth Father as Daddy, Grandpa was Baba to myself and my younger Brother who could say Dada, it stuck. Our Paternal Grandparents were the only Grandparents we knew and they raised four children during the Great Depression. My Father and his three siblings always had a roof over their heads and food to eat. My Grandfather had a job and they didn't eat like kings, but they ate. Although during one particularly severe winter they did need to burn the fence to keep warm. I have great respect for those who survived that Depression, who showed a fortitude to do what they had to to survive.
My mother in law was a child during the great depresion . Her family lived on a farm and she said she would hear the adults talking about it, but it didn't really affect her family because they were pretty independent. Just like our recent great recession, it didnt affect everyone, but the ones who were affected will never forget it. Those who were children and saw their parents lose their homes, etc will probably always be affected by it.
My grandparents were adults back then. After the bank failure they never kept their savings in a bank, it was always hidden in the house in cash. My grandma was home every day, she was a housewife so they didn't have to worry about it. My grandfather was a municipal employee and sometimes they would get paid in city issued currency that could only be used for goods within the city limits. I still have one of the city issued $1 bills. Overall, he said he was lucky because of his job security, whereas other people were losing their jobs and homes.
That was sobering. Watching those young people falling asleep during the dance marathon made me feel sick and ashamed. Tent cities are back. Easy credit is back. I fear we are in for another ugly re-set.
Yes it's sad we are facing this again! My parents both grew up in a small town in Southern Saskatchewan during the 20's and 30's until Dad went off with all the young men, boy's really, went to fight in the Second World War. Mom and her parents saved enough to move to Vancouver where she went into the Vancouver General to study to be a nurse. Sadly I think we haven't hit Rock bottom yet either! I fear we are headed to a Dirty Thirties in the 2030's only this time it will be a 1000X worse!
My grandfather was an architect in Chicago and had a successful business but everything stopped by 1930. They had five daughters still at home including my mom. His brother kept his job at a LaSalle Street insurance company and helped my grandfather throughout the depression.
Yes, because TPTB are greedy, and they always profit from our misery. They control the finances, the weather, everything. And they make money from everything, good and bad. They claim to be helping, but they only help themselves.
There are no parallels between 1929 and today, not the least of which in '29 we were on a gold standard, which severely limited the liquidity of funds and actual availability of cash. Paying down the National "Debt" from 1921 to '29 did no one any favors either.
Bitcoin/crypto bubble was a bit like 1929 yeah I am worried that might start up again in the next cycle. What made 1929 so dangerous and also bitcoin/crypto was that people were taking out loans, (leverage) to buy even more and that is dangerous, if it bursts they not only lost their positive cash but they go in to debt as well.... That is what did so much damage in 1929 and also people who really went crazy in to bitcoin/crypto. Sure, some people made out well but the risks for the average joe is very high.
The government will also deny the actuality of a depression or recession to avoid further instability and lack of confidence of the economy and stock market. The Depression was not acknowledged, nor the "D" word was not used in the media either as per the instructions of the government to also avoid the lack of confidence in the ability of the government to manage the economy.
The government is like a machine, it never runs out of time or money. The government doesn't care about you, but the government wants you to care about it.
The stock market crash in 1929 is a recurrent theme in history. From the Tulip Panic in Europe in the 1800's, to the US stock market in the 1920's, to the US real estate market in the 2000's, the same thing happens over and over again, for the same basic reason. Warren Buffet called it irrational exuberance. Gold rush mentality, lemming effect. Collective intelligence is an oxymoron.
@@ernestmac13 Free market capitalism is a great engine for tapping human energy and entrepreneurial initative, but if it is unregulated it tends to cannibalize itself.
When you chop off the frog's head (1929), that's shocking and painful. It led to massive unionization and the threat of anti-capitalist revolution. But when you slowly boil the frog to death (today), it's less painful, but doesn fix the problem. Shrinking markets and profits were the real cause in '29. The stock market crash was only the main symptom. Today, the ruling class has learned how to slow-cook a frog, while their markets and profits once again are in decline. However, this time, it's every country in the world in decline (unlike in 1929). That's what makes this Great Depression 2.0 much more serious.
The vast majority of humanity at that time was outside of the money economy. The depression had little effect on them since they had no money and lived as serfs. AND, I don't appreciate your tone.@@awilliams4543
Apparently Bodytrust is younger than I am. You are 💯 correct it was a global Great Depression. It is global again now, unfortunately the population is greater now and millions more are being effected.
All investing is based on greed; this is the nature of Capitalism, it favors/impowers those with money, and exploits those who lack money. Studies show the majority of the wealthy have become so due to owning a business vs inheriting money, but what those who ignore the fact those who started a business had the resources to do so, while ignoring the fact most of the working masses have little in savings that could go towards starting such a business. With basic health care becoming less affordable, rent and mortgages climbing higher, and the greater degree to which people are falling in serious debt, starting one's own business is just a pipedream. Sadly; with these crises a large portion of the middle class falls out of the middle class into poverty, and like the great depression, without the Middle Class to drive the economic engine, the economy will not be sustainable. The big question I have is; it appears the technologies that could vary humanity into a post scarcity future are upon us, mainly renewables coupled with battery storage, and eventually modular nuclear fusion reactors, that will power the A.I. driven automation that will bring the costs of manufacturing way down, along with shifting the getting resources from the solar system and even growing resources like wood in manufacturing plants using the same yeast based process to make human insulin, and using vertical farms to grow plant food and manufacturing of meat products using the same yeast based process. The question for me is how to make a shift to this post-scarcity society without economic collapse, social upheaval, or even worse military conflicts?
The stock market is nothing. Fueled by pure speculation and greed. And I'm gonna laugh when all the pension funds and social security get wiped out. Retiree's are going to starve right along with the rest of us.
The south park episode where Stan is told to "invest his money". The banker says " I'll put your money in stocks, derivatives, and other stuff, and oh my ITS GONE! Yup. Your money is GONE!. Poof GONE! Your money is GONE!
From what i had read, Hoover was the very first multimillionaire president. He had made his fortune in the mining industry back in the early part of the 20th century. The reason that Hoover kept his fortune was that he had his financial team pull his money out of the stock market before the crash, so he wasnt really that affected by it. That said, i think Hoover tried to do something, but he made a lot of mistakes and he did not want to create a budget deficit. When the Bonus Army soliders were fired upon and ran out of Washington, FDR was basically given the presidency.
I don't think this kind of crash will be like a thud. I think it'll slowly creep up, as it has been doing. As you can see, a McDonald's meal is $19 now. Groceries have doubled in the last twenty years. Fuel is double in the last twenty years. Certain job's wages have doubled in the last twenty years. All but the trades. The trades are suffering. The market has imported cheap, illegal labor to compensate with new liberal laws. I can't forecast the future. Except a crash that causes mass cultural and economic chaos.
This country will never be great again, it has been lost long ago. The only thing that would make us great is to close every walmart and stores of the like, and force Americans to start producing again.. We are way too lost and way too dependent. We import everything including all those rifle scope lenses. We only export cardboard so China can make boxes to send the junk to us in. Maybe you and I can cook uur own food, grow a garden, can our own food, make our own wine, hunt and fish till the game resources are depleted, fix our own vehicles until we can no longer get parts fron overseas, but 99 percent of this country can not. Just look at the obesity rate due to a McDonald's and convenient stores on every corner. The only thing MAGA can do is listen to lies and let the dictator and his family take over and let him reap the the benefits and the glamor. While the rest fight in the streets and bow to the Supreme leader.
My grandfather had a very successful residential architecture business and an office on LaSalle Street in Chicago. He and my grandmother had 5 children still at home in 1930 when all his income stopped. Fortunately, his older brother was an executive at W.A. Alexander insurance in Chicago. So he subsidized my grandfather's household income throughout the depression.
It feels as if the 2020’s is a repeat of the 1920’s ,inflation is a huge problem. People can’t afford basic things like food and shelter while working full time jobs sometimes multiple jobs, while I leaders insist we can afford a multi front war around the world… troubling times we seem to be in ..
I agree 10 percent. And now trouble in Isreal. Biden can't seem to handle any serious crisis. Yet he continues to send millions to Palestine. And billions to Iran. Those people hate us and want to kill us. And we're paying them for it?
I used to think everybody went broke during the Great Depression and other major crashes but they didn’t… Some made millions, I also thought everybody went out of business during these times but they didn’t, some went into business, there's always depression/recession for some people and there's always a good time for others, it's all about perspective.
most of these strategies and loopholes are better managed by experts and pros in the market, the average Investor on the other hand are left to suffer during a crash.
The issue is people always have the “I’ll have to do it myself mentality” Unapologetically, that’s why the get heavily affected during a crash and coupled with the fact we’ve had the longest bullrun ever in the American history, most folks aren’t equipped to manaqe this crash and it’s impending opportunltles well enough, so it only makes sense to seek proper guidance during these times, that’s what lnvestment-advlsers are for, been using one ever since the pandemc 2020 and I’ve been barely affected by crash, I have $850k in profit sitting in my portfolio and I’m unbothered about the market outcomes.
It’s a She actually ,Catherine Morrison Evans, I initially came across her on a CNBC news report then on smartadvisors and I decided to hit her up. Best decision I made to stay afloat 2020.
Back then, people were ashamed to be poor and take handouts. Now people feel entitled to handouts and cheer when they get approved for government assistance. We're just doomed. I hope the spirit of those who lived through the depression stays alive. This will at least keep some of us strong enough to pick up the pieces when it does inevitably crumble.
During depression, my mom was lucky enough to live on a farm and raising chickens. My grandfather worked odd jobs. On my dad's side, he and his dad worked for the government, mostly on military buildings, etc.-laying floors. Also dad's side, 3 generations lived in one "rowhome".
New house in 1933 and 2022, 235 ounces of US Treasury gold. New house in 1933, $4,700 in credits, and $470,000 in credits in 2022. Massive speculation. A 100x debt credit bubble from 1933 to 2022. Real prices, no increase at all in gold money. All just a speculative bubble in credit. Protect yourself.
Keines se opuso al Tratado de Versailles dijo que Alemania se hundiría en la miseria causando el ascenso de A.H . Alemania moría de hambre y los especuladores y banqueros prestaban dinero con altos intereses , exprimiendo aún más los alemanes empeñaban joyas, su casa, todo lo que tuvieran de valor , las casas de EMPEÑO y BANCOS eran negocios JUD!@$ el resto ya lo sabes...
2023 October record inflation in Canada where the average house is now a million dollars + and a one bedroom apartment i$2500+ and more in big cities. AI is taking away jobs. Young people see no hope of ever owning a home or having a career and multiple videos of them on RU-vid about leaving but where to go? So what’s going to happen this winter? People with jobs living in their cars until their car is repossessed and food doubling in price. If you get sick you have to wait three weeks just to phone a doctor or six minths to see a specialist. What if you have a stroke where minutes count? You hear they have free health care. It isn’t free. If you need an ambulance you pay all the costs out of pocket. Dentists are not covered by the “free” health care. So what do you think is going to happen in the next 12 months and downhill after that? It’s not speculation . It’s happening now while politicians make fake dramatic speeches about freedom and democracy then fly off to Jamaica for vacation while you freeze in the dark.
Talk about the dumbing down of America. My. Know it all cousin age 20 at hs grad. Said he didnt think the Depression happened he said why didnt they go down to the 7-11 with their food stamps and get something to eat...
It may sound odd , but the great depression was caused by the rise of the automobile . Prior to the introduction of the tin lizzy the horse ruled the road . Farmers borrowed huge amounts of money to produce the hay required to feed the horses . The car crashed the hay market which caused a huge wave of loan defaults which lit the fuse of bank failures .
Want to gain a good understanding of the conditions that brought on the Great Depression? Read the book published in 1932 title "Only Yesterday" written by historian Frederick Lewis Allen. Read closely the pages about the connection between speculation in land and the losses experienced by the banks when the banks that provided the credit failed one after another.
The exact same things that caused the great depression are happening right now. And this time will be so much worse. Pension funds are going to be wiped out
Interesting. Hoover was responding to the Depression of 1920, where business was left to their devises. Almost everything Roosevelt did was wrong, which prolonged the Depression making it "Great". Regrettably, when I think about The Great Depression, I always imagine NYC? This documentary did not disappoint in continuing that stereotype.
It is the top 1% that all the Governments on the planet owe their national debts to, and those families do not give a damn that they are ruining the economies of each of those countries or the people within them being taxed beyond reason just to pay the interest back on the loans. Cancel the loans, the rich will get by.@@johnmourer5747
When you have rich socialites.....you have millions of poor people.....Many people weren't affected by the depression....well not until the dust bowl hit anyway.
@@here_we_go_again2571 yep, the same type of farming we use today....we went back to the deep tilling of soil on the flat lands....and no till soil on the hilly terrain.
The dancing contest was just brutal and inhumane, whoever came with that idea was definitely a psychopath. And the people watching… I’m wondering of what level of society did make part of? Having time to watch people dancing until they faint, while the whole country suffers … strange.
Should have just lowered the music volume to 10 or 20% after the intro. That's all. I do alot of editing and this happens alot.. nothing wrong with a re release! ☺️
So many don’t understand the basics of a free market economy. When times are good, even fools can make money. All a recession does is weed out the contenders from the pretenders. But society in mass have short memories, and believe the good times will never end. Eventually, a market gets inflated and has to correct itself to its more accurate level i.e. recession.
All my life I’ve heard there will be another depression. I’m old. I do see many people spending $ on things with nothing to show for it. I also know this economy is making the top % filthy rich, while workers are afraid.
I never thought that capitalism was a good system, it's just best system humanity has come up with to date. Marx was far off the mark on what would replace capitalism but he was spot on in pointing out its weaknesses. One of those weaknesses is that it is not stable.
Capitalism is good when your are willing to work and save. But pride and greed will always tempt you to pay less to your worker so you can make more. Love your worker as you would LOVE YOUR SELF😮😊
Government is still bettter than corporations, the problem lies when government decides to lie in bed with those greedy corporations.@@williamwilliam5066
Same corporate greed will repeat and Surely the Almighty will end the game it tries to continue . This time, no more capitalism, no more governments, and no more brotherhoods of divisions will be rebuilt 🎉
The blaming of Hoover is absurd. He is given the least fair shake of any president in history. The depression was so extreme and persistent because the federal reserve refused to do its job; ie, to maintain the money supply. There could be no recovery with such extreme deflation, and managing these pressures is a prototypical function of the Federal Reserve. Hoover was actually by far the MOST interventionist president in terms of the economy up to that point, and FDR primarily continued and expanded the programs which he began.
Goverments do not let unbridled entities, especially large ones, exist in a country. The economy crash was purposely made to happen. This claim is interesting if you knpw history.
"There's one overriding fact. The entire financial system of the Western world is in private unelected unaccountable hands, the hands of people who meet in absolute secrecy. The Bank for International Settlements (BIS) every four five six weeks has a meeting of the top governors of the banks, and they meet in absolute secrecy. And they have the big banking families and so forth, they all meet up. The 'minutes' are never made available and they decide on the money creation and the money supply of the world. But none of us are allowed to know anything about it." ~Justin Walker, 03/20/2023
It is interesting that double entry accounting is 700 years old but no experts suggest mandatory accounting/finance in the schools. Adam Smith wrote "read, write and account" multiple times in Wealth of Nations. Search the book for "and account". He used the word 'education' Eighty Times. So how do the Left and Right not think of this and mention it in decades?
