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You missed the worst scenario where another virus comes up and kills off way too many people because people who didn't really need to work went to work and spread it.
I think it would be interesting if you compared the way Japan's economy has reacted to negative interest rates and QE for years versus how you believe it will effect the USA. Japan has hardly been able to keep up inflation even with years of QE and negative interest rates.
Wages have not been keeping up with cost of living for a long time. The economy runs on spending, but corporations are hoarding cash and fighting tooth and nail to cut cost and increase margins by charging more.
The best thing you can do is never watch the news. I never look at my portfolio why would I. If you don't need the money for the next15,20,30 years set auto-pilot and concentrate on mental and physical health. Because without those 2 money means absolutely nothing.
You are more than right. If people just learned how to effectively manage their money they would live a truly satisfying and meaningful life instead of pathetically thinking about money all the time. But of course, effectively managing your money requires financial education that pretty much nobody pays attention to.
I cant believe that we are in times when all this information is given correctly and for free.. Respect to Jaspreet Singh.. Thanks for all your efforts in this channel.
Considering our Taxes don't even pay the interest on our debt and much of what we spend will be paid back by future generations that have yet to be born, then yeah, its free money :) Or if the government defaults on the debt in the future then yeah, its free money :) None of this money is going to be paid back.
To everyone who has started or is thinking of starting their own business: Believe in yourself and never give up. If you can work 8 hours for someone else. You can work 2 hours for yourself.
The American people need to look at this as a golden opportunity to stop buying /eatting fast food like chipotle, McDonald's etc. Stop buying things that you don't really need and doesn't mean anything in the long run
These things give cancer, heart attack, obesing, makes sick and cost you a lot when you need to go to hospital and buy expensive chemicals that doesnt fix your disease at all...
But for the people who haven’t had disposable income for such a long time and have been paying 50% to 65% of their income towards housing they need lots of things that got put off for like a decade or longer like car repairs, new bed sets, towels, home stuff, shoes, clothes, TVs etc
Sabrina Decosta, I just fuelled up my 2012 Honda. $45 for 15 gallons of gas. Many Americans will cheer this as a fair price for carbon pollution. Sadly, my Barber doesn't. I've decided to go another month between haircuts to cover the Biden Gas Tax. No big deal, I'm an old hippie and will be fine. I've thawed a Chuck Roast for dinner tomorrow. Sunday Roast. To offset Bidenflation, I'm gonna cut my own grass this month. The savings will certainly cover the costs at the groceries store. I usually pay $60 for my neighbor's college kid to cut the lawn, but I need to keep a balanced checkbook. And for me the financial bottom line is the financial bottom line. So I'll cut my own lawn and use the extra $130 saved to cover other Bidennomics inflationary increases. Reducing our Dinners out, mow my own lawn, reduce optional expenditures (such as haircuts) I can maintain our standard of living. The Struggle is Real!
@@AB_n_C Because some assets will increase exponentially in the few years between the stock market/economic crash and when the dollar is dead. And, no one said all the cash should be USD. 😉
I'm moving from UK to Majorca, Spain. Better weather, cheaper houses! The UK company I work for made us all remote workers permanently so that's been one of the few benefits of covid.
We lived for 5 years in Costa Rica during the early 2000's, with just one pension check of $1,000/month. Things are more expensive there now, but still LESS than the USA. Thinking of moving back to CR, and enjoying "pura vida" !
a lot of states already ended the additional unemployment. some of these large corporations can give higher wages as they should. and i don't blame people for shifting away from customer service jobs the customers have been getting more and more hard to deal with. super entitled.
I am leaving my pretty decent paying client facing/customer service job for a couple reasons but this specifically is a big part of it. I’m tired of people parroting a narrative about how people don’t want to work, people just want to do different work because the work environment in customer service/customer facing roles is so hellish, it almost doesn’t matter how much you pay me to go back to it unless the power balance shifts away from the customer to some degree. It also showed me just how uneducated a huge number of Americans are, I didn’t know until working in a call center how many people have trouble reading basic English from letters our company sent. Unfortunately a lot of the work that needs done is customer facing work…. Personally I’d rather work part time at this point or go back to school and learn about plant science or clinical science…
@@Dazedreamzzz I can imagine a call center is bad. I do think the power balance is shifting a little bit though. Like the other day I took my kids to Dairy Queen. They had a sign on their window that said “we had half our staff quit. Please be nice and patient to the staff that is willing to come to work” that place was packed and everyone was patient & kind to the employees. It was a different vibe for sure. Maybe it will stick.
I now see panhandlers on many intersections where I have never (or very rarely) seen them before and nearly every single business has a help wanted sign.
Prices have been going up regardless of not raising wages. How about stop rewarding CEOs and management the entire company treasury when they keep screwing up.
not only that but a lot of people are just tired of being treated as replaceable and being demeaned as humans. So it's the business fault as well for treating people like numbers.
@@narutov4 Add to that the sentiment of most people being "It is what it is" and being complacent. Why not negotiate? Demand better wages or benefits for yourself. If you're already working, why not strike? It has made changes in the past, why not now? But do people do anything about it? Nope. They just complain "I'm just a number". No they're not, but if the shoe fits lace that thing up and wear it is what I'll tell 'em
They are playing according to the rules that are written. The affordable care act reinforced their incentives to keep hours down. Now sure not everyone plays by the rules but many do. So when the rules are written that penalize things like a 40hr work week do not be surprised when 40 hours are not offered.
Actually under 32 hours, if they give you 32 or more hours for greater than 2 weeks in a row you are considered a full time employee and they are required to give you medical benefits and other benefits
Not due to stupidity. This is intentional. By design. They are buying votes, by giving free stuff to non-productive people, by taking from productive people. Plain and simple. People will try to inject race or class into the debate, but this is simply robbery.
@@concerned_2023 I would say that wage growth has been stagnate while prices have continued to rise. We haven’t seen any real wage growth while we’ve seen massive price hikes in the past few decades.
I dont get it. Yal want my 40 plus hours of sweat and tears, want me to work and contribute to society but I can't afford 1300 plus rent to just live basic. Not luxury, just basic. Then yal whine about 18hr. I'm going to quit, move to a warm climate and say fuck working, since it does nothing improve my quality of life. I would have to work 3 jobs, to go to school to get but then there is no time. I'm not going into 100,000 debt either.
@@concerned_2023 Exactly, if you have a problem with an hourly wage go and create value start a business? upskill? just don't point fingers this is reality money makes the world go round and no one owes anyone anything.
Wrong. What you're really saying is: "It's difficult to even live off $20/hr when I'm buying a new phone, leasing a $500/month car, living in a place with more rooms than I need, eating out more because I can't cook, several subscription services, new useless consumer shit like phones, clothes and junk" There I fixed it for you.
Because it was supposed to happen in 2012 but QE Infinity was in effect so the natural cycles were manipulated and kicked down the road. Wonder how Trillions got spent yet the money still hasn’t gotten distributed to where it was supposed too?!?
We already have socialism . Banks and too big to fail corporations get bailed out by the gov (aka us, the taxpayers) so while banks/corps get profits, their losses get socialized. We dont have real capitalism or free market.
Socialism is when people are supported, these corrupt actions are 100% the result of runaway capitalism collapsing on itself, but never having to pay the price for endangering the economy and all our lives.. Instead, they've captured the political class and have bailed themselves out from the consequences of their own actions.. That ain't socialism, sister, that's big fkn trouble.. And it's just the beginning..
@@Spahi77 Tell that to my Daughter who hasn't been able to collect a dimes worth of Rent since last May . While her Bills did not stop coming . I sold our Rentals because thinking like yours is gaining traction .
Job hire is a rouse. I’ve applied direct to several job ls “now hiring” each one I have gotten the email “we have selected other candidates” or “we have more applications than we need etc.” just saying. I’d like to have a second job. Can’t seem to get one.
I think most people want to get paid a decent salary to buy a house and raise a family but corporations have gotten use to paying workers shitty wages while constantly pushing them to produce more and more year after year.
I tend to agree, but the truth is that a decent salary comes with how much value you provide to the marketplace. I think most people are not aware of that little fact and instead complain and whine about their tiny salaries like it was actually the company's fault.
@@juliohernandez3323 But you also have to look at the inverse up top. CEO compensation keeps rising. If they are worth that much pay, how come all those companies arent worth more and innovating more? We are getting it at both ends. Best thing the average person can do is start their own hustle and network.
@@ChonnyD Companies dont owe jack to anybody except their shareholders. If you want to be an employee, know the perils first. No employer is in business to care for their employees, but to make money (econ 101) whether you are the janitor or the CEO. People need to become responsible of their own finances and stop blaming others for the financial woes. Learn how to manage your money with less reliance on a job and you will be fine.
@@juliohernandez3323 then I'm not f!#$ working 40hrs getting barked at, harrassed, demean, to not even be able to live. F!@#$ it. Yal thinking is so inhumane. Want people sweat for not even wages to be able to rent. Then cry about homelessness, that leads to crime
@@MM-ng5wc There is nothing inhumane about my words, rather spread the message that nobody owes you nothing except oneself. This mindset that a company, the govt, politicians, etc have the obligation to take care of you is wrong and is like a disease. Entitlement is the worst type of feeling anybody could ever harbor like it was a right to exercise.
Businesses usually prioritize profits over employee wages. I think when the demand for workers decreases as governmemt programs end and people need work, wages will likely drop while prices stay up, unless the government incentives businesses to keep their wages up. I agree it's both exciting and scary to see what is about to unfold.
@MultiBagram Well a lot of times it is, prostitution, getting married just for the other spouses money, having kids to get wellfare... P++n industry A lot of money in s++, but you also gotta factor in gluttony and lust. Not just greed.
Why are people at Kroger complaining for making $11? Just go apply to another store or tell management they will leave if salary is not matched. Seems like they are complacent.
Let me add context. In the video Jaspreet said that new hires at Kroger were making $15 and hour and the current ones made $11. So my suggestion was to ask management for a salary match or just apply at another Kroger. The $15 an hour is coming from labor shortage so how is all of the power with corporate? I’m not following.
From the look of things, It can't be overemphasized that, Cash is thrash! 3 BEST and surprisingly easy ways to double/hold your funds in 2021; Crypto, Real Estates, who can guess the 3rd?
Has to be stock trading!!! It's been wonderful investing in stock after I met an expert from a reputable firm earlier this year... Retiring by next year with absolutely no fears!!
Worked with "Judith Mary Ballantyne", she was in the news when she revived Manning and Napier in 2008. In all honesty, she's an Angel. Look her up to get more on her!
As a 19 year old there's really not much I feel like I can do given I'm headed to college here in 2 weeks but I love this channel and I really appreciate the vids and info
Discipline is tough. I just liquidated most of my stocks for safer assets. I'll be honest, it was tough. I kept thinking, "...but what if I stay in for just a little while longer". I finally, begrudgingingly, came to the conclusion that my stocks have done well so far, and "too greedy" could quickly turn into "too late".
Serious question: What safer assets? I'd like to do the same, but the stock market is in a bubble, bonds in a bubble, housing in a bubble, etc. Not sure what is safe any more.
@@ShowMeWhatINeedToKnow I moved mine into guaranteed return indexes.basically cash. Not speaking for the overall economy but the stock market crash will be quick. To much institutional cash on the sidelines waiting for a dip. When it dips, I'll buy back into equity in tranches.
People create their own nightmares in life by ... -Having children -Taking jobs far from home -Buying liabilities that enslave them like homes and cars -Developing terrible spending habits -Developing drug habits -Working for someone instead of starting their own business -Living beyond their means -Seeking validation from others who don’t care about them
In Germany, we have a rising demand for ebikes. Not because of expensive cars tho. Its just a change that seems to happen here. Not an extreme change, its slow but noticeable...
I've purchased a side by side and a large farming implement in the last few months. Both were over MSRP and the dealers wouldn't hear about negotiating. I'll just remember this when things flip and they suddenly need business. The dealer I bought my tractor from worked with me on price last year. So barring his prices aren't in the ballpark I'll buy stuff from him.
It’s a supply/demand rt now. New vehicles (trucks) have a chip shortage so used truck prices skyrocketed and even used cars because there are not enough trucks. It’s great if you’re selling a car but not a buyer’s market.
The car sales bubble is about to burst in the first quarter of 2022. Oversupply of new(er) vehicles is imminent, overvalued used vehicles will be dumped back into the market. Stricter lending criteria and increased interest rates are going to make it difficult for lower and middle income families to purchase, meanwhile higher income families will be less reluctant to spend on a new(er) vehicle. Bad time to be in the car business, huge losses predicted for 2022
JUST LIKE WHEN I WAS IN THE MILITARY 20 YEARS AGO.. THE AIR FORCE WAS GOING THROUGH RETENTION, AND COULDNT GET NEW RECRUITS FAST ENOUGH, SO THEY SWEETENED THE DEAL FOR NEW RECRUITS BY GIVING THEM SIGN ON BONUSES.. SOME RECRUITS MADE AS MUCH AS $60,000 JUST FOR SIGNING UP! IM LIKE, WTF?, I DIDNT GET ANY OF THAT SHIT WHEN I SIGNED UP!
Nothing has changed. I honestly see larger bonuses coming due to the lack of retirement pension. There isn't any incentive for talented NCOs and officers to stay long term. In turn they will have to increase base pay and/or bonuses.
that's me. i worked my ass off to pay off my house, none of my 3 kids needed college loans. im not in debt. the people that thought they were doing things right - i wonder where i went wrong
I'm a millenial, but I am doing the same thing. Paid off all my student loans, bought a car cash, have zero debt, low payments, etc. The problem is while I was doing a lot right, I got screwed via housing. Market exploded right as I was finishing a good savings to buy a home. Can't keep up now. That's life I guess.
Honestly, with the way things are heading I'm imagining alot of the younger generations are seriously contemplating "Going Galt". The last incentives to stay in a "free" society and attempt to achieve the American dream seems to me are being taken away.
Yeah, who cares what people did to take advantage of the situation. You literally have a paid off house and kids with no student debt. That is worth more than getting gov't assistance.
Many retirees too, even young people in their mid 40s retiring from the military after serving 20 to 25 years. Some with a bachelor's degree, even a master's but would not need to work because they have so much money in equity, savings, and steady pension. This is a new kind of equilibrium.
Most retired military retired as E7 like myself. At 21 years retired I’m only taking home $2000/month in pension. While in the military we don’t get paid much so majority of us really don’t have money invested or in savings. You are correct about the Bachelors or Masters degree, serving 20 years you better have a degree, only the lazy don’t have a degree after retirement. Only after I was retired that I am now able to invest because now I have money coming in for a new job on top of my retirement. Downside is I still have to work to build my second retirement.
Rofl pension, that is when a business is still running on. You're get the pension, if the business is dead. You're receive nothing in return. Pretty soon pension will be dead. It's not an investment retirement. 401k is an investment, I can invest as much I want.
Great info. Makes it tough to know what to do with a lump sum of cash/ excess savings. Stocks and Real Estate could crash. Inflation cut the value of your current savings in half. I am struggling to dump it in an ETF but don't see many other options.
Businesses are raising prices. But no they aren't paying workers any more in fact. Lots of unfilled jobs have had pay moved down under the guise of "entry level" so nobody touches those jobs because with mass inflation $9 an hour before taxes isn't much money
What type of jobs have you applied to? Pretty sure for the most part that sentiment is for low skill low pay jobs. Example my friends gfs friend worked part time at Dunkin and got laid off at the start. She made more than double her monthly income from drunk uncle Sam. You think she was ever going back to work with that arrangement?
3 out of 4 (75%) of scenarios suck IMO, or 50% chance things will really suck. Option one where people make more than inflation is not going to happen. US Gov will keep to the same failed ideas and print more money and we end up with USD = Zimbabwean dollar
I want to like this channel but I can't take you seriously when you imply wages have kept pace with inflation. It's absolutely not true. Wage stagnation is the problem here. Inflation since the 70's has been incredible yet wages for the majority of Americans remain too low. The chipotle reference in the video is particularly egregious. If the C suite is paid millions, paying the workers a few extra dollars per hour doesn't affect the bottom line. The C suite does.
I’m still subscribing to this guy but great point. Wages have not kept up with inflation. The issue as I think you point out is that it’s MANAGEMENT not necessarily the economy that’s keeping wages lower.
yeah jaspreet bringing up that the government spending is like a consumer with a credit card is not how that works. he should've done more research before bringing up that talking point. he's got expertise in a lot of financial areas but parrots conservatives in the ones he's not as familiar with.
I made all my mortgage payments like normal during the pandemic. Did I miss out? Was I being responsible? Or should I have taken that opportunity to enrich myself?
TQ Jaspreet... Your sharing is awesome... Inhave been listening to your podcast for many months now and I have learnt so much. Appreciate that you also always support your statements and numbers with facts and not just "blowing" hot air. Keep up the awesome work. Take care.
Honestly it’s not about what your boss makes. Your boss has schooling or perhaps a skill set you do not. Your worth what you put in. If you complaining about 15 an hour…your government didn’t fail you…you failed yourself.
@@michael1084 people complaining fail to see the basis of their failures. Worrying about what others have thinking they're entitled to the same. Start to worry about why YOU aren't management taking $10k-$40k bonus yearly (which aren't significant bonuses imo).
@@michael1084 The minimum wage isn't enough to pay rent and survive these days.The minimum wage should have been raised to $24 by now if it had kept up with inflation.Stop with this bootstraps stuff.The rich are slowly getting richer and richer every day meanwhile the cost of living keeps skyrocketing and now home ownership has become a pipe dream for Millenials and Gen Z.
@@michael1084 I was about to say the same thing. It blows my mind how many people feel entitled just because they don’t understand this simple concept. if your boss SACRIFICED and worked his ass off to earn a degree or learn a particular skill set, why should he suffer because your replaceable ass is just extending a hand. That’s not how it works. You bet your ass my pay better be higher than your average worker if I put myself through school, sacrificed personal relationships, vacations, fun activities (for 3-4 years )all for a better life. You’re compensated based on your skill set and knowledge. If being a dr was easy, everyone would be one. That is not to say some have it easier or harder. Everyone has their story, but don’t you dare look at someone who’s resume outshines yours and demand equality.
On the “consumer side of things”, 80% of Americans lived paycheque-to-paycheque before the pandemic. That statistic has only got worse. The economy on the Consumer side has been getting worse and worse for three decades.
80% of Americans don’t have most of the wealth though. If economy collapses then financial assets tumble, and that would make those not living from pay check to pay check lose a lot of relative wealth - have some sympathy for our millionaires who will lose everything.
The living paycheck to paycheck thing is the constant battle cry of the excuse makers. In any community there are families of 4 making $80k household income who would claim to be living paycheck to paycheck and there are families of 4 making $50k household income who would claim to be living paycheck to paycheck. If the family with $80k household income adjusted their lifestyle to be equal to the $50k household income they would be able to save $30k a year and no longer live paycheck to paycheck. They are living paycheck to paycheck because they do not have the discipline to control their spending.
@@swedish_sadhguru3854 Find and read Larry Winget's Books. One in particular: "You're broke because you want to be." Not a slam on you, the author just points out many human foibles and what can be done to correct them.
@@swedish_sadhguru3854 Thanks for the comment. On an individual basis it is a fair point that someone can have bad luck and it may knock them off track. My comment was meant from a general or theoretical perspective. I ask this as an honest question...are there single people living in your city making $50k a year? If you want to save $30k a year your goal should be to live like the people who make $50k a year do. It will mean more modest everything...apt., car, less eating out, fewer vacations. I'd love to see you saving a chunk of that $80k. I am not saying you do...but don't worry about impressing anyone. The wealthiest person that I know from my day to day life drives a 2003 Toyota Corolla. I wish you well.
You're not a fortune teller, but you sure are knowledge and wisdom genie! Much gratitude for sharing your knowledge with us in the real time. Wish I could be your personal friend!
Labor operates according to supply and demand. The supply is restricted, sickened or unwilling to return for their previous wages. Demand isn't entitlement. Either pay a wage worthwhile or do it yourself.
@@blueice3124 you think an unskilled starter job should pay a living wage? Then who will get those jobs? Higher starting wages price typical low income employees out of the job market. Also, why do people think they should get a living wage for a job a monkey could do? What is the point of making yourself better or learning new skills? Why would I do my job that is very hard compared to anything in the food service industry (I know, I’ve had a couple) if I could get a “ living wage doing dummy work? If you think you could just raise everyone’s wages, your too slow for this conversation.
@@aw-2130 I am a typical Republican that believes is economics. Not goofy leftist fairytales about everyone having their dream job and supporting a family on 25 hours a week. Goober.
Your Best Case is a pipe dream. We haven't seen wages in line or better than inflation since at least the 70s. The likely senerios are OK Case and Bad Case.
@@mneedes2 little do they know how much some of us actually make. People offer me jobs trying to “save” me but they have no clue that I make over 6 figs a year. Such is life :)
I like the new highlight feature, makes following you a bit easier as I often listen to you in the background and only glance at the television every 15 minutes or so. Hope to see more of the highlighting feature in the future 😊🙌
People are still wasting money for nothing. I went to Sonic Drive-in and all the stalls were full except one. I pulled in and looked at the prices, then backed up and left. Inflation has hit food prices but people are still buying, but I won't. Sometimes we all want to grab a fast food meal, but today you really can't afford to waste money on them because the prices have went up so much.
If millions of homes come on to the market at once, through foreclosures, I don't how that won't affect housing prices negatively. I'm very worried about this.
Wall Street investors would scoop them up for pennies on the dollar just like they did in 2009 and 2010. They bought homes cheap and made more Americans renters. The government likes to allow the housing market to get along on its own but real estate speculation and greed could quite possibly sink it. Not sure but it seems like the great recession is forgotten by many any a lot never learned their lesson from the time before.
It will be interesting. I used to go restaurants around 4x per week, but cant justify it at recent prices. I think I ordered from / went to restaurants 2x the last few months. Maybe I'm the odd one out, but the prices have definitely reduced my demand.
Well a lot of restaurants now a days are turning to machines and robots to replace that labor, which is working, slowly but working, in NY alone there are quite a few restaurants almost completely run with robots with only a few "human" employees lol, look for example flippy the robot or Spyce restaurant in Boston, Or Eatsa, even walmart you go and its like 2 or 3 human cashiers and the rest are self checkout lines lol. The same is happening for every industry, it is said that every job that makes 20 an hour or less will be replaced by a machine or AI.
@@nickdoyle-achievefinancial2464 I managed at a fast food taco spot in 08 an they showed us the breakdown of how it literally cost them 7 cents to make a taco that we sold for 69 cents in 08 that same place now sells those same tacos for 1.09 with zero changes they can an should have been paying more they just weren’t
This is the first time I've watched this channel and your video was very good. I loved the presentation of info and your eloquent speech. Very well rounded and down to earth. Fantastic job, you've earned a new subscriber.
Agreed. History will repeat, rhyme. It’s not going to be pretty. As Paul Volker once said, “it comes down to confidence at the end of the day.” Confidence is waning. Many/most don’t understand the historic, desperate measures that the Federal Reserve has taken since 2008 to keep economy afloat. These measures are no longer working well. But people are waking up from their deep slumber and realizing that money doesn’t grow on trees as the Federal Reserve would like you to believe. What we are left with is huge debt, accelerating inflation, and a relatively lazy workforce. It’s coming apart as we speak. Prepare as you see fit.
So... should I sell my home? I mean, I could move in with family for a year and then buy on the dip. We have been debating on selling after I had to quit my job due to my disability. So it isn't a get rich thing. We have been thinking if taking the $150k equity to pay off debts and put a down payment on a smaller home.
Whatever you do, before you do it, check out the rents in your town. If for whatever reason it doesn’t go well with family, you need to know whether not you can afford rents in your town. Rents have risen like crazy.
Are you 100% sure real estate prices will come down, though? Worst thing you can do is sell your home, and then see prices continue to rise. Then what?
The costs associated with selling and buying would cancel out the benefits of buying the dip unless its a 20% or more drop. Also you gotta take into account what the mortgage rates will be when you buy and how much of your monthly payment is currently going towards paying off the principal.
Good points! We are looking to buy a condo instead of a home. We have family in the area too that would put us up if this was what we decided to do. I am of the mind that it isn't worth it, but my wife, once she gets her teeth into an idea she is relentless.
Better analogy instead of Gucci bag, the gov bought a car on the "credit card" with the understanding that this car (used as a taxi) will maintain the current level of income until they can get back on their feet. Infrastructure is even more easy to understand. Gov buys equipment and upgrades on credit in order to generate greater returns in the future. It's inflammatory to say they bought a Gucci bag. That implies it had no use ie burning the money. The stimulus was not burned. It allowed people to continue to live until the virus craze calmed down and helped to maintain their own tax base.
Yup, this guy uses this type of title for months... Still repeating. Let me tell you, tomorrow will start snowing. No? The day after tomorrow will start snowing. No? Wait, the day after tomorrow and tomorrow will start snowing.
I think we may have outdone ourselves this time The Great Depression was caused by government intervention, above all a financial system controlled by America’s central bank, the Federal Reserve - and the interventionist policies of Hoover and FDR only made things worse During the 1920s, the U.S. stock market underwent rapid expansion, reaching its peak in August 1929 after a period of wild speculation during the roaring twenties. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value. Among the other causes of the stock market crash of 1929 were low wages, the proliferation of debt, a struggling agricultural sector and an excess of large bank loans that could not be liquidated The outbreak of the Great Depression in the fall of 1929 caused much economic hardship Most damaging was a breakdown in world trade, which caused the country's revenue to plummet. Despite its shrinking income, the government still had to make interest payments on a sizeable national debt and provide essential services to the public. Widespread unemployment during the 1930s exacerbated an already difficult situation by forcing the government to spend millions of dollars on various relief programs. Most, however, were ineffective. Dole rations, for example, were heavily policed and much too small to live on; land settlement also ended in failure. Despite overwhelming evidence to the contrary, from Hoover’s own beliefs to his actions as president to the observations of his contemporaries and modern historians, the myth of Herbert Hoover’s presidency as an example of laissez-faire persists. Of all the presidents up to and including him, Herbert Hoover was one of the most active interveners in the economy. But when the central bank pushes down interest rates by creating new money, the lower interest rate does not reflect an increase in genuine savings by the public. It is artificially low -. The result is unsustainable boom. The increased business activity is using up resources while at the same time people start consuming more thanks to cheaper consumer credit and a lower return on saving Eventually prices and interest rates start to rise, and entrepreneurs find that they cannot profitably complete the projects they started. The unsustainable boom leads inevitably to a bust. The Federal Reserve during the late 1920s held interest rates artificially low, helping spark a boom - notably in the stock market, which saw prices rise by 50 percent in 1928 and 27 percent in the first 10 months of 1929. Starting in August of 1929, the Fed tried to cool what it saw as an overheated stock market by tightening credit. The boom came to an end on October 29. Magnifying the Bust When the government sparks an inflationary boom, the boom has to end eventually. One way it can end is that the government can try to keep it going, ever-more rapidly expanding the money supply until price inflation wipes out the value of the currency, as happened in Germany during the 1920s
If the ones working there are only making $11, they should apply at the other restaurants nearby to take advantage of the higher wages (assuming they're dead set on staying in a restaurant)
Consumers are putting the brakes on paying these higher prices ,for the first time people are saying no to Airbnb ,cutting back on higher priced food and just no to even buying at home depot to improve their homes.
Basically the government is taxing Americans who are working and giving it to Americans, who is refusing to work because they are making more sitting at home😂 Ooof
What is hilarious in a sad way is that the "non-essential" workers that got sent home and received unemployment were receiving more money from the FPUC portion of the unemployment benefits than a large contingent of essential workers were making working. 600 dollars per week on top of regular unemployment, or 2400 per week plus 60% of their working income. For comparison, full time retail workers who aren't management in my area earn around $2400 per month at the high end, part time employees half of that. Had I gotten temporarily laid off from my retail job, I would've made more money and not had to deal with customers.
@@dondp7500 - hey, I do fine for myself, but I don't have/want any kids, don't have any health problems or other personal catastrophy, nor did I come from an especially underprivileged background.
,Lack of trading discipline is the primary reason for trading losses, it is estimated that nearly 80-85% of intradery traders end up losing money in the crypto platform, experiencing loss is part of the game but that doesn't mean you should give up,,
@Higgins Moore I've seen different recommendations about this Gianna Gayhardt on some other crypto currency videos here on RU-vid, she must be very exceptional for people to talk this good about her even on this platform as well.
@@billgarrett2062 < Yeah, She's totally amazing!!... I also started trading with Mrs Gianna, though am also into real estate, but I have to say, she's the best at what she does.
I choose option 3. Give us 8 years of struggle for the correction. Also, the Fed needs to return to its original mandate and stop lending money to the government, and raising the debt ceiling everytime it approaches needs to be stopped.
Jaspreet, thanks for your show, you are a great explainer. Your views on economics seem largely based on principles taught as canon in business schools, which are broadly accepted by the general population as well. However, many new ideas have been applied, somewhat experimentally and also out of desperation, since 2008. We are in the middle of such an experiment. Regarding inflation specifically, the current economic situation is fairly unique. Massive quantities of money were redirected from some sectors to others overnight, causing dramatic inflation in the benefiting sectors. Now massive quantities are re-re-directed back to their normal use, overtaxing the slow ramp-up of supply. Going from raw inputs to end-user products takes time. We will not know the stable state of affairs until affairs stabilize, which will be many months from now. I think some of current inflation is due to supply chain order padding, a sort of "advance hoarding." Many of these orders will be cancelled or reduced as availability and prices stabilize.
In the recent months, I have never seen such a mess, the economy, housing, and inflation. Our politicians need to come up with a plan quickly before it's too late.
Well, if the Republicans had actually done something when they first learned about coronavirus, we wouldn't be in this mess. China had coronavirus resolved in their country in a few months. And here we are almost two years later and we're still struggling to resolve the problem.
@@zzzcocopepe From now going forward what is the plan? Nobody is wanting to work, housing and health insurance is not affordable, and the cost of everything is going up month by month. What is the plan going forward?
@@zzzcocopepe the government doing something about the virus is what got us into this mess. All the government should have done was give us the facts and let us make decisions for ourselves. They gutted the economy and turned into dictators under the guise of “public safety”. Some dangerous people just learned the constitution can be walked over as long as it’s in “public interest.”
@@zzzcocopepe Trump tried to ban all travel to and from China early on but liberals called him xenophobic for it lol. And China treated people like animals and even killed some of them to normalize again. Educate yourself.
This was incredibly simplistic.. If you don't understand why the cost of lumber went up, just say 'inflation'.. If you don't understand why the cost of food went up, just say 'inflation'.. It's not wrong, inflation is when the price rises, but it is not the reason these prices rose..
“The new hire is going to be paid more than me” then go to another place that’s hiring for a pay raise….force the market for salary up in your field…..
