tag:blogger.com,1999:blog-1674561724432497133.post611959787601419085..comments2023-06-13T04:53:25.935-05:00Comments on On the left in Victoria: The World ChangesUnknownnoreply@blogger.comBlogger5125tag:blogger.com,1999:blog-1674561724432497133.post-64223738626977370102011-11-28T08:42:21.700-06:002011-11-28T08:42:21.700-06:00Legion357
One of the many reasons I enjoy receivi...Legion357<br /><br />One of the many reasons I enjoy receiving comments from posters of your caliber, are the important points that you bring out.<br /><br />I had forgotten about the monopolies that certainly lead to the doom but I will add that we were in a world financial crisis back then, as we are today. We're in no position to start leveling tariffs because we need all the customers we can get. I like to negotiate from a position of power not desperation. The European leaders will meet with President Obama this week and many will say that we cannot afford to help them, in their time of crisis( a lot of it; Wall Street caused) but unless we do something, we're stuck with the Asian markets. <br /> <br />At least we can forget about bank runs or serious stock market crashes because we have the FDIC, who will close the banks to prevent wholesale withdrawals and the mechanism shut down the stock market from doing the same. We just can't seem to prevent the banks from gambling with aunt Martha's savings account.Mikehttps://www.blogger.com/profile/02668070524354374505noreply@blogger.comtag:blogger.com,1999:blog-1674561724432497133.post-3865973401972816802011-11-27T15:08:39.004-06:002011-11-27T15:08:39.004-06:00In a way 1929 was the same. A majority of capital ...In a way 1929 was the same. A majority of capital was held by a small percentage of the population, a lot of it just on paper. A majority of the consumers were in agriculture then, service and manufacturing jobs now.<br /><br /> One difference was the almost monopoly of shipping products held by the railroads then, A farmer had to pay what they charged if they wanted to sell their produce of livestock any distance away.<br /><br /> Then the drought occurred. The ranchers and farmers yield was cut or eliminated but they still owed the bank and dry good store money plus the farmers weren't shipping as many goods by rail or buying any new plows or other equipment manufactured in industrial areas.<br /><br /> So the local dry good merchants holding un collectable charge accounts tried to withdraw their money from the banks that where holding un collectable mortgages, except the money was loaned out or invested by the bank and wasn't available, thus the "bank runs". Ex: "Today, First Victoria has in excess of $1.7 billion in total assets.", does anyone actually think they have that much cash on hand?<br /><br /> Anyway, banks had to close, manufacturers had to lay off workers or close, the railroads and coal company s had to do the same and the stock market crashed taking all that "on paper" wealth with it.<br /><br /> Like you have said Mike, the demand for goods and services dried up and that trickled up, how about that for a slogan,all the way to Wall street.Legionhttps://www.blogger.com/profile/16943732661912414361noreply@blogger.comtag:blogger.com,1999:blog-1674561724432497133.post-22125913712247706812011-11-26T15:32:49.523-06:002011-11-26T15:32:49.523-06:00I can relate to that;I remember the day as if it w...I can relate to that;I remember the day as if it was yesterday.I told the lady how I calculated the return but she said the check is being processed as if the big machine has spoken....It took a little while to explain to my wife how this was a wash because all we are doing is returning the $250 we were overpaid in 2009 and all I lost was the 44 cents for the stamp.<br /><br />Times are different and we will neverr ssort out the blame game.We can go to public and read two or three versions of the 1929 Depression as to: the cause,the prolong effect, and what could have been done. Our recession will follow that same path...I just want to get on with the recovery,so we can have time to pay the blame game .Mikehttps://www.blogger.com/profile/02668070524354374505noreply@blogger.comtag:blogger.com,1999:blog-1674561724432497133.post-8476025370197941722011-11-26T14:58:06.501-06:002011-11-26T14:58:06.501-06:00Good points Mike.
America has a completely differ...Good points Mike.<br /> America has a completely different economy and way of life than it did in 1929. A large portion of America workers in 1929 worked on their own farms, provided almost all their own food and didn't have electric,phone or cable bills to pay, just a note at their local bank for their land or seeds to plant and a charge account at the local dry goods store.<br /><br /> Bad farming practices and a drought , the dust bowl, changed their way of life.<br /><br /> About the IRS, for the last 3 years I was informed my return was wrong. 2 of those years I had to pay a additional amount, under $20 both times and the other they sent me a check for overpayment... $3.59. lolLegionhttps://www.blogger.com/profile/16943732661912414361noreply@blogger.comtag:blogger.com,1999:blog-1674561724432497133.post-2631966777749428212011-11-26T13:26:09.248-06:002011-11-26T13:26:09.248-06:00The Internal Revenue reminds me of some posters; w...The Internal Revenue reminds me of some posters; we can tell 'em that they're wrong but they just won't listen...:-). I remember back in 2009 when I called the IRS and even wrote them a letter(which they ignored) telling them that they had sent me a $250 refund in error. The agent insisted that I had miscalculated my tax return. We cashed the check but today we got a letter informing me that I owed them $250..... It was over that schedule M, "Making Work Pay Credit" in 2009.Mikehttps://www.blogger.com/profile/02668070524354374505noreply@blogger.com