1/ I feel so disappointed seeing the somewhat preventable economic dumpster fire that is upon us now, figuring it's about to get much worse with unknown cascading effects
Corporations, pension funds, central banks and governments alike all just kept kicking the can down the road
Corporations, pension funds, central banks and governments alike all just kept kicking the can down the road
2/ Everyone kept acting like the party would never end. Rack up more dept. Leverage yourself up some more. "Let's lower the Fed's fund rate at THE PEAK of the biggest bull market in history, we won't ever need more firepower down the road".
3/ Pension funds were already insanely underfunded, needing > 7.4%/yr just to not become MORE underfunded. They're dead. Toast. Good luck Boomers.
4/ CEOs & Boards just did whatever they needed to hit that stock price target. As long as they get their options, who cares about the future? Investors weren't much better, preferring prices to move up quicker vs having any sort of buffer. "buybacks buybacks, screw cash reserves"
5/ The entire last few years of this crazy "only goes up" market resulted in no "real" economic expansion, just fiddling with numbers. Who needs to actually improve companies when you have #financialization? @EpsilonTheory nailed it epsilontheory.com/yeah-its-still…
6/ Every year that goes by, governments at all stages are just creating insane deficits that get bigger by the day.
"But MMT says that it doesn't matter, we just have to spend spend spend".
Our crazy policy is based entirely on spending and consumption, not savings
"But MMT says that it doesn't matter, we just have to spend spend spend".
Our crazy policy is based entirely on spending and consumption, not savings
7/ No one could see the #coronavirus coming, but common sense says that at some point the tides would shift. I'm really feeling for the small businesses out there who have little hope of pulling out of this financially.
8/ Our government *should* be in the position to be temporarily supporting the hourly workers, servers, etc who live paycheck to paycheck and can't currently do much better, but instead we're going to be splitting that by also bailing out huge companies without financial prudence
9/ The day of reckoning will unfortunately come where you can't fake-spend your way out of problems. I hope it's not here now, but if it's not, it will still come one day.
/fin
/fin
