Was'nt trying to
undermine anything you said. I surely cant and wouldnt try to argue against book learned "economics".
What I do argue against is
I lay the blame for our current mess on our central bank (the Federal Reserve), which is not a product of free-market capitalism. It's a quasi-governmental institution that has a monopoly over the supply of money in this country. It has the (unlimited?) power to inflate our money which creates the conditions for economic booms and busts as a result of malinvestment and the subsequent correction of that malinvestment. You can't blame free-market capitalism for our current economic mess when it wouldn't have been possible without the malinvestment fueled by a quasi-governmental institution.
You may see your "depression" from the wallstreet, trading and investing side
The majority of Americans see their "depression" from the side of: job loss, savings account loss, nearly froze wages for the past 15 years, and what wage increases there have been were ate up
in excess of by health insurance increases, auto insurance increases, extreme increase in monthly gasoline costs, ditto home heating and property taxes being rated on the inflated costs of real estate. Then the effect on first time home buyers during that period I cant even speak for because I was lucky I got in during the early 90's. Had I not and kept renting I would have never been able to get into a home without falling for the credit scam they were running.
This is why I said "half truth", you have your truth and some of the rest of us have our truth. Many of you would have been too young to know of the rapid changes that took place during the 90's. But if you were responsible for bills during that period your jaw would have been on the floor every year as things rapidly went up in jumps of 25-50% and industrys, retirement accounts and jobs were flying out the country by the tens of thousands.
What does what we're "allowed" to earn have to do with the money supply?
My money supply is the amount of money the population has to spend, invest, squander... whatever. Seems to me this fuels the economy, "what money we are allowed" pertains to my above statement regarding wages being froze or not keeping up anywhere close to the many inflations I mentioned.
What does the "volume of substancial jobs"
Ditto, should be well enough explained above as well as anything else I have said about globalization and NAFTA. Thinking these job losses and wages kept low has not lended to this countries current problems is very
ignore--ant.
Sadly or for the better, depending on the angle of view, few of you remember the 60's when this country was financially stable and mostly self sufficient. We made what we consumed, one reasonable income could support a family, mortages were paid off in 20 years and we had a large middle class of proud hard working population. Better off people were just a few knotches above the rest of the population, not leaps and bounds. I'm not saying it was all sunny, we had Vietnam, racial issues, ect. But NONE of this recent crop of economics bullshit. We had a countrys population that was steadily pressed to compete with foreign labor in a country that had a much higher standard of living. This was a economic game played in the name of "free market" AKA
CAPITALISM
I have yet to meet one person regardless their employment statis as white collar or blue collar, in the past 30 years that did not speak of this day coming. We could see the writing on the wall way the fuck back, but no one with the power to do so did a damn thing about it. Nearly all the media, economic advisors and corporate and government leaders, just kept saying dont worry be happy, everythings gonna be all right.