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Nonsense. All productivity gains since the 1970s have gone to the top 1% in this country.
The average Joe is in the same place as he has been. The rest of the world has done quite well though.
"The quality goes in before the name goes on", at least as late as the 60's, but I don't know about the 90's.
TV by Zenith
"The quality goes in before the name goes on", at least as late as the 60's, but I don't know about the 90's.
Inflation decreased during that period because we outsourced all production to countries that produced those goods with slave wages.
During 2020, $2.7 trillion of mortgages were refinanced. In 2021 it was $2.8 trillion. The Federal Reserve has about $2.6 trillion of these, about 3% mortgages, on its books. The Fed funds rate is currently 4.25-4.5%. Some people think that these are the financial geniuses out to enslave the world.
The financial geniuses at SVB sold about $21 billion of the ones on its balance sheet causing the loss that caused them going BK.
That means there is about another $2.9 trillion of these mortgages on the balance sheets of other financial geniuses. Let's see..the rate differential between what people earn on their money markets (4.5%) and what the financial companies get from the mortgages is about a negative 1.5%. As more and more people move their funds from zero interest accounts to accounts paying market rates it is Death by a Thousand Cuts. The industry, as a whole, had earnings of about $280 billion last year.
Additional losses from bad loans is a w...
"Mortgages are a 30-year instrument, so inflation hits them hard. Mortgage markets push mortgage rates up because future incoming payments will be less valuable." - Homebuyer.com
Also notice the 30 year mortgage rate peaked at 8.5% in 2000 and then steadily or almost linearly decreased to 2.75% in 2021. From 2000 to 2021, inflation was relatively tame. I wonder if it was because of worker productivity and innovation.
And are we in an economic rut because of our work ethic of our core workers (from age 20 to 40) ?
Does it have to do with Woke such as companies hiring based on other factors ?
Hence, we are producing less for the same costs, therefore the unit costs have steadily increased as we become more Woke, more dysfunctional and less productive and innovative ?
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