When charted events start with 1989, please remember that as the year Congress was finally forced by virtually all financial experts to adopt “FIRREA.” It was enacted to properly fund losses from the incredible damage caused by policies that generated the Great S&L Crisis that began in 1982 with a policy to let insolvent thrifts “borrow and lend their way out” of the impact of earlier inflation on the value of accumulated portfolios of low rate long term residential mortgages that had built up since the Great Depression.
While other excesses began to develop, US capitalism rose on the initial impact of “CMOs” (developed by homebuilders in 1985) and a capacity to overcome a bank monopoly on short-term commercial lending by allowing access to money market funds using “exemptions” from outdated SEC rules (created by a series of “no action letters starting in 1985).
Yes, the U.S. has been required to adjust as “holes” in the system are resolved (e.g., the 1987, 1998, 2000, 2008, 2020, 2022 and 2025 crises). Moreover, looming imbalances in distribution of wealth need to be addressed to balance our fiscal and monetary policies. However, it is certainly easier to address our needs after a 3,000% increase in our aggregate net US aggregate net worth.
I knew the system was rigged in favor of folks like me (an immigrant from Asia who came here as a foreign grad student and had a successful multi-decade corporate career), but this write-up with the numbers and charts was quite the eye-opener! Disparities in wealth and wealth-creation resources should one of our top priorities to address as a nation, partially bc we really don't want a French Revolution here, but much more so because it's the right thing to do by any moral standard.
The stock market never has been there for everyone to begin with because most folk do well just to pay their bills and,hang on till they retire.The baby boomers did well if they invested after college or technical trading because the country was rebuilding from the great world war.Things have change so much from that time of separate fountain's for black people and,get to the back of the bus to the amount of debt out fearless leaders have left the people to deal with now.Trump being the worst case.Just saying God Bless!
Well-stated, Rick.
When charted events start with 1989, please remember that as the year Congress was finally forced by virtually all financial experts to adopt “FIRREA.” It was enacted to properly fund losses from the incredible damage caused by policies that generated the Great S&L Crisis that began in 1982 with a policy to let insolvent thrifts “borrow and lend their way out” of the impact of earlier inflation on the value of accumulated portfolios of low rate long term residential mortgages that had built up since the Great Depression.
While other excesses began to develop, US capitalism rose on the initial impact of “CMOs” (developed by homebuilders in 1985) and a capacity to overcome a bank monopoly on short-term commercial lending by allowing access to money market funds using “exemptions” from outdated SEC rules (created by a series of “no action letters starting in 1985).
Yes, the U.S. has been required to adjust as “holes” in the system are resolved (e.g., the 1987, 1998, 2000, 2008, 2020, 2022 and 2025 crises). Moreover, looming imbalances in distribution of wealth need to be addressed to balance our fiscal and monetary policies. However, it is certainly easier to address our needs after a 3,000% increase in our aggregate net US aggregate net worth.
Recurring theme seems to be, we succeed in spite of ourselves.
I knew the system was rigged in favor of folks like me (an immigrant from Asia who came here as a foreign grad student and had a successful multi-decade corporate career), but this write-up with the numbers and charts was quite the eye-opener! Disparities in wealth and wealth-creation resources should one of our top priorities to address as a nation, partially bc we really don't want a French Revolution here, but much more so because it's the right thing to do by any moral standard.
The stock market never has been there for everyone to begin with because most folk do well just to pay their bills and,hang on till they retire.The baby boomers did well if they invested after college or technical trading because the country was rebuilding from the great world war.Things have change so much from that time of separate fountain's for black people and,get to the back of the bus to the amount of debt out fearless leaders have left the people to deal with now.Trump being the worst case.Just saying God Bless!