Yes, they were good years… 1980-2015. We laughed. We made money. ” Then the Clinton Years. Who is not older and better off (or at least older) than he was when the era began. Should we just stop there, happy to have had such a wonderful time together. The great communicator back in the day …. Today, US equities sit not far from their all-time high. And about 1,180% higher than it was 35 years ago. A man would be fool to question his happiness in marriage. Should we merely thank divine providence… or the profane feds… for our granite countertops, our rising stock market portfolios, our families, and our fortunes. Or maybe – just maybe – should we check the balance sheet. Unexpected discoveries are always possible when studying balance sheets closely…. Vanishing Capital The press was unanimous as to what happened on Wednesday: “U. S. Stocks Slip on Yellen’s Testimony. ” What was it about her testimony that caused investors to think that their stocks may be less valuable at 4 p. m. than they had been at 9 a. m. “Yellen hints at December rate hike. They know the fix is in. The value of a stock is no longer determined by honest commerce. Now, it is a feature of finance – specifically, the rate of interest the Fed pays commercial banks on their excess reserves. And this number – as tiny as it is at 0. 25% – can have a big effect. Set at the “wrong” level, and much of the capital value built up over the last 35 years could vanish – as much as $50 trillion worth, by our calculation. ” We referred to more than three decades of easy money… leading to a big increase in the world’s monetary base. In rough terms, it rose by an average of $500 billion a year every year for the last quarter of a century. Delta of Plenty Allan Sproul joined the Fed in 1920. He became the president of the powerful Federal Reserve Bank of New York in 1941… a post he held until 1956. And after leaving the Fed he became a director of Wells Fargo. “As gilt-edged securities [bonds], both public and private, rise in price under pressure of the abundant money supply [which pushes down bond yields],” he wrote in 1946, “funds flow ever-increasingly into lower-grade securities and into equities,... Allan Sproul, president of the New York Fed from. Source: Zero Hedge
The situation for American parents hasn't changed much since 1993, when President Bill Clinton signed into law the landmark Family and Medical Leave Act, which provides employees with 12 weeks of leave for the birth or adoption of a child. At the time
And even now, after 8 decades, after the story was told by giants – Galbraith, Keynes, Friedman, and Rothbard – each with his own point of view, it is still hard not to get lost in the details. Something happens in the markets, the feds react clumsily
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A compilation of all six books of Richard Grayson's diary entries: SUMMER IN BROOKLYN (1969-1975), AUTUMN IN BROOKLYN (1978), WINTER IN BROOKLYN (1971-72),SPRING IN BROOKLYN (1975), MORE SUMMER IN BROOKLYN (1976-79) and A YEAR IN ROCKAWAY (1980).
This downright creepy unwillingness to express any sympathy or sense of solidarity with the Russian people ought to clue us in to something we knew all along: that the whole “war on terrorism” gambit is as phony as a three-dollar bill. If US government ...
Even now – after eight decades and after the story was told by giants such as Galbraith, Keynes, Friedman, and Rothbard – it is still hard not to get lost in the details. Something happens in the markets… the feds react clumsily… it leads to unfore ...
Pacing his apartment, Harpham said he sent his father, Thomas Harpham, a critique of a sermon by non-denominational Christian pastor Bill Johnson ... is a photo of libertarian economist Murray Rothbard, along with the words ‘anti state,’ ‘anti ...
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Bill Rothbard, Actor: He Was a Quiet Man. Bill Rothbard is an actor, known for He Was a Quiet Man (2007) and Surviving in L.A. (2016).