Bush family és a Hitler közti kooperációt, vagy a Bush és a Szaudok közötti kiváló együttműködést.
Háziolvasmány:
Main Causes of the Great Depression
According to a study done by the Brookings Institute, in 1929 the top 0.1% of Americans had a combined income equal to the bottom 42%
1929-ben a felső 0,1% jövedelme egyenlő az alsó 42% jövedelmével.
Ma is errefelé haladunk. A Bush féle adóreform fele a felső 1% zsebében landolt, másik 49%-ot megkapta a felső 10%, és a plebs megkapta a maradék 1%-ot. A Bush hunta mondása az, hogy ha a gazdagok még gazdagabbak lesznek, akkor áldoznak a jólétre és teremtenek munkahelyeket. A gyakorlat azt mutatja, hogy a GDP szépen alakul, a munkahelyeket még statisztikailag is nehéz feltrubózni.
Andrew Mellon, Coolidge's Secretary of the Treasury, was the main force behind these and other tax cuts throughout the 1920's. In effect, he was able to lower federal taxes such that a man with a million-dollar annual income had his federal taxes reduced from $600,000 to $200,000. Even the Supreme Court played a role in expanding the gap between the socioeconomic classes. In the 1923 case Adkins v. Children's Hospital, the Supreme Court ruled minimum-wage legislation unconstitutional
1926-ban adócsökkentés a gazdagoknak. Az 1 milliós bruttó jövedelmű adóterheit lecsökkentették 600.000$-ról 200.000$-ra. 1923-ban a minimálbért alkotmányellenesnek mondta a Legfelsőbb Bíróság.
Three quarters of the U.S. population would spend essentially all of their yearly incomes to purchase consumer goods such as food, clothes, radios, and cars. These were the poor and middle class: families with incomes around, or usually less than, $2,500 a year. The bottom three quarters of the population had an aggregate income of less than 45% of the combined national income; the top 25% of the population took in more than 55% of the national income. While the wealthy too purchased consumer goods, a family earning $100,000 could not be expected to eat 40 times more than a family that only earned $2,500 a year, or buy 40 cars, 40 radios, or 40 houses.
Túltermelés az egyenlőtlen elosztás miatt. Ha a gazdagnak 40-szer akkora jövedelme van mint a szegénynek, akkor a gazdag nem fog 40-szer annyit enni mint a szegény és nem lesz 40 autója, 40 rádiója, stb. - azaz a pénz nem kerül vissza a gazdaságba.
One obvious solution to the problem of the vast majority of the population not having enough money to satisfy all their needs was to let those who wanted goods buy products on credit. The concept of buying now and paying later caught on quickly. By the end of the 1920's 60% of cars and 80% of radios were bought on installment credit16. Between 1925 and 1929 the total amount of outstanding installment credit more than doubled from $1.38 billion to around $3 billion
Hogy a szegény se maradjon ki a buliból - kitalálták a hitel-intézményt. A '20-as évek végére az autók 60%-át és a rádiók 80%-át hitelre vették, 1925 és 1929 között a kinnlevőségek 1,38 milliárd dollárról 3 milliárdra nőttek.
This strategy created artificial demand for products which people could not ordinarily afford. It put off the day of reckoning, but it made the downfall worse when it came. By telescoping the future into the present, when "the future" arrived, there was little to buy that hadn't already been bought. In addition, people could not longer use their regular wages to purchase whatever items they didn't have yet, because so much of the wages went to paying back past purchases.
Ez a hitelintézmény a "jövőt a jelenbe hozta", de sokkal keményebbé tette a kijózanodást.
Maldistribution of wealth within our nation was not limited to only socioeconomic classes, but to entire industries. In 1929 a mere 200 corporations controlled approximately half of all corporate wealth
1929-ben 200 cég kezében volt a gazdaság fele.
The fundamental problem with the automobile and radio industries was that they could not expand ad infinitum for the simple reason that people could and would buy only so many cars and radios. When the automotive and radio industries went down all their dependents, essentially all of American industry, fell. Because it had been ignored, agriculture, which was still a fairly large segment of the economy, was already in ruin when American industry fell.
A húzóágazat az autóipar és rádió. A növekedésnek azonban fizikai korlátai voltak/vannak.
Mass speculation went on throughout the late 1920's. In 1929 alone, a record volume of 1,124,800,410 shares were traded on the New York Stock Exchange. From early 1928 to September 1929 the Dow Jones Industrial Average rose from 191 to 381. This sort of profit was irresistible to investors. Company earnings became of little interest; as long as stock prices continued to rise huge profits could be made. One such example is RCA corporation, whose stock price leapt from 85 to 420 during 1928, even though it had not yet paid a single dividend. Even these returns of over 100% were no measure of the possibility for investors of the time. Through the miracle of buying stocks on margin, one could buy stocks without the money to purchase them. Buying stocks on margin functioned much the same way as buying a car on credit. Using the example of RCA, a Mr. John Doe could buy 1 share of the company by putting up $10 of his own, and borrowing $75 from his broker. If he sold the stock at $420 a year later he would have turned his original investment of just $10 into $341.25 ($420 minus the $75 and 5% interest owed to the broker). That makes a return of over 3400%! Investors' craze over the proposition of profits like this drove the market to absurdly high levels. By mid 1929 the total of outstanding brokers' loans was over $7 billion; in the next three months that number would reach $8.5 billion. Interest rates for brokers loans were reaching the sky, going as high as 20% in March 1929. The speculative boom in the stock market was based upon confidence. In the same way, the huge market crashes of 1929 were based on fear.
pilótajáték a tőzsdén.
Prices had been drifting downward since September 3, but generally people where optimistic. Speculators continued to flock to the market. Then, on Monday October 21 prices started to fall quickly. The volume was so great that the ticker fell behind. Investors became fearful. Knowing that prices were falling, but not by how much, they started selling quickly. This caused the collapse to happen faster. Prices stabilized a little on Tuesday and Wednesday, but then on Black Thursday, October 24, everything fell apart again. By this time most major investors had lost confidence in the market. Once enough investors had decided the boom was over, it was over. Partial recovery was achieved on Friday and Saturday when a group of leading bankers stepped in to try to stop the crash. But then on Monday the 28th prices started dropping again. By the end of the day the market had fallen 13%. The next day, Black Tuesday an unprecedented 16.4 million shares changed hands46. Stocks fell so much, that at many times during the day no buyers were available at any price.
Szeptember 3-tól lefelé mentek az árak, de volt még optimizmus. Október 21-e, hétfő. Hatalmas forgalom mellett zuhannak az árak. Rémület. Kedd, szerda - stabilizálódás jelei. Október 24-e, Fekete Csütörtök. Zuhanás. Itt már a nagybefektetők döntöttek úgy, hogy kiszállnak a buliból. Pénteken és Szombaton pár jóérzésű bankár látta a következményeket, és megpróbálták megállítani a dolgokat, de csak hatalmasat buktak. Hétfő újabb zuhanás, és jött a Fekete Kedd, amikorra már teljesen eltűntek a vásárlók a porondról.
This speculation and the resulting stock market crashes acted as a trigger to the already unstable U.S. economy. Due to the maldistribution of wealth, the economy of the 1920's was one very much dependent upon confidence. The market crashes undermined this confidence. The rich stopped spending on luxury items, and slowed investments. The middle-class and poor stopped buying things with installment credit for fear of loosing their jobs, and not being able to pay the interest. As a result industrial production fell by more than 9% between the market crashes in October and December 1929
összefoglalva: az 1929-1933-as válság főbb elemei:
- egyenlőtlen jövedelem elosztás,
- felhevült, instabil gazdaság,
- beindító esemény - tőzsdekrach
- a felső 0,1% kapzsisága és 4 évig tartó tétlenkedése, hogy kijavítsák az általuk elcseszett gazdaságot.
Mára lassan összejönnek a fenti feltételek. Beindító eseménynek megteszi az olajár-robbanás is, a tözsdekrach jön magától. A helyzet azonban sokkal rosszabb mint akkoriban, mert akkor volt bőven energia, nyersanyag, csak a gazdasági rendszer szorult egy kis finomhangolásra, manapság pedig teljesen át kell majd rendezzük az életről kialakult felfogásunkat.
