We are a minority Turkish family living in holland, we all were born in holland except for my parents. Now get this.............. My father can barely read and write. He worked his whole life +-40 years at an airport. My mother works at a child daycare facility for over 30 years now ... just got fired because daycare shut down.... and also had a second part-time job as a cleaning lady for 8 years. She got her college diploma when she was 40....like almost 20 years ago.... My parents are richer than all of us !! They bought like 3 apartments which they rent-out, 1 big space which is now rented by a restaurant, and last summer they bought a summerhouse..... WTF!? We all have HUUUUUGE student loan debts ... I am for example scared to have 1 kid, how the hell did my parents raise 4? I make 2/3 of what my father makes at the airport and i a have a bachelors in financial controlling...not to forget this HUUUUUGE weight on my shoulder called student loan. Not just me but all of my 2 brothers and sister. A simple house here in suburbs cost 250.000-300.000 euro. My parents bought theirs for perhaps 60.000-80.000'ish euro (around 130.000-170.000 florin) somewhere in the end 1970's beginning of the 80's. Are we Screwed you think? I feel very screwed ... .. .
+Powbits Testpow SLM yes we are screwed i have a home and i have my own company and yes also i pay a lot off tax,i have also bought for 3 years a nice new home in Turkye and i am goint to Turkye with my wife in 4-5 years. Put no money in the bank but buy silver and gold as you now people from Turkye have a lot private gold.
This situation caused by an overgrown government that is not capable of creating wealth or providing for anyone but themselves has made housing to expensive , tuition too high and job opportunities too small . Scale down government and release the wealth they confiscate and release upon the citizens who actually created it and you will be able to follow your parents example .
+Powbits Testpow i lived in NL. its one of the better of places in the world belive me. here a 4 room flat costs 400k euros, aerage salary is hafled. and u cant cycle to work on a 50 euro bike...so u need to buy a car whch is 25k euros.
+Osmond Percy Accepting as inevitable a declining standard of living is not what your parents taught you I am assuming . They worked hard and were able to keep the wealth they created which allowed them to achieve so much from so little . This was once what we Americans called the American Dream and my Grandparents who came here from Italy many years ago were able to achieve is amazing . The dream is NOT dead only consumed by runaway government wealth confiscation and redistribution . I have some great Indonesian friends from Holland and their parents made the decision to esxcape this leftist persecution as well , but under Obama and Leftist leadership we are a quickly disintegrating like the Eurozone . We must fight the radicals and reclaim the dream . In Europe I see the pendulum swinging TOO FAR the other way where Right Wing Extremists are gaining strength due to the unpopularity of these economically crippling socialist policies and if you don't stand against these policies soon you may find everything your parents worked for consumed by war and violence like you see in the Middle East now .
WRONG --- Hartmann is the most clueless, amateur MORON I've ever heard. Conscious or not, he has an absurd "class" based agenda due to skewed thinking. The U.S. has done itself harm since at least 1971 when Nixon removed all chains on money creation, regardless of political "party". The parties are just misdirection for ignoramuses like Hartmann. And you have swallowed it, hook - line - and sinker. His beloved 80s were ravaged by rampant inflation, cutting a huge chunk out of living standards. This was a result of LBJ's 'Great Society' programs and the Vietnam War. .... Great Society. ANY NAME the govt attaches to something means the *opposite*. ALL administrations, both parties, proceeded to pile on the debt in order to "solve" problems and grow corrupt power. Every empire follows the same path. It's strange, but true. You FREAKIN LOW-INFORMATION SHEEP better wise up. The extraction game proceeds to this day and we're in the crack-up phase. I suggest you all get yer fingers out of yer belly buttons and study up on mises -- look it up on youtube. Also, Peter Schiff.
Agathon: It was with great pleasure that I read your reply to my comment from three months ago. Having carefully examined your YT favorites' file, and discovering that you like eagles and cats, Jerry Lee Lewis, and a 1940 Deanna Durbin movie (which I saw), I decided that you and I are from the same generation and have loads in common. Your music file was also to my liking. Also, most of what you wrote is true, so it is difficult to defend myself. Fortunately, I rather agree with you. My belly button is an "outy", but charming. Your comment has given me pleasure and enlightenment. Your loving, FREAKING LOW-INFORMATION SHEEP, Malcolm (Promise to study up and stop swallowing things "hook-line-and sinker".)
Agathon: Was that the big red pill or the little red pill? I'm pleased to meet someone who tries harder, and you're right about the (latent ?) fondling syndrome. Right idea, but wrong place. Close, though. Your ever-loving, trying to wise up, Malcolm (oh, define "kewl", cool?)
Malcolm MacLeod "kewl" is the correct pronunciation of "cool" ( a la Beavis & Butthead). The little red pill is Mises and Peter Schiff. The big red pill is what follows if you have a brain. Believe me.
an hour of this guy made me rethink my 8 year view that we need Ron Paul or Rand. they say everything I believe in but economic regulation seems completely necessary right now
The key thing to understand about economics is at the highest level, costs = revenues. Every person that pays out is balanced by someone who receives revenue and vice versa. Ron Paul lives in a made-up economic world where the way you increase revenues at the highest level is to start by decreasing costs, and his platform is based on seeking out these cost reductions. This is just another way of saying that Ron Paul is running on a platform of starting Great Depression II whether he realizes it or not.
...sadly he is speaking a message that most Americans do not want to hear - but should be listening too. At some point all this debt is going to come back and cause so much pain for the middle and lower classes...
First of all Thom is amazing and should run for president second ....I hate it when people talk about socialism but have no clue of what it is ....I lived in Yugoslavia and socialism does work if people don't get greedy and expect to have 3 houses and 5 cars.
Bank of America, Goldman Sachs, and HSBC have all issued their highest alerts for a big stock crash and economic downturn with the defaulted loans that blew up 2008. 2 1/2 months left in 2016.
tha specific time/year is irrelevent yo, tha crux of tha matter is that tha present established global arrangement of corporate-state hypercapitalism has been rapidly imploding over tha last century & is finally arriving at a distinct, definitive moment of self-destruction & absolute unsustainability. this shit been a long time coming :\
Thom Hartmann's theory is hard to follow. But if I understand it correctly, it goes something like this: "The huge asset bubble that has been created over the past 30-40 years is not caused by the Federal Reserve printing money. Instead, it is caused by the income tax being lowered for the wealthiest Americans. They used this extra money to gamble with various high-risk securities, and pushed for deregulation to allow them to do this, putting the entire economy in jeopardy". My problem with this theory is that it doesn't explain why "rich people" used this extra money to make highly speculative investments. Why didn't they just do more R & D to develop new products, build more factories, or open more stores? Hartmann doesn't explain this, and I don't believe it can be explained without admitting that Fed-induced artificially low interest rates and the moral hazard created by government bailouts are the real cause of both the 2008 crash and the next one that is coming in 2016 (or sometime soon).
What Thom begins to say at around 21:30 is brilliant. I think there's vast potential for yet another parallel to what we saw in the 60's-70's, in terms of social change, due to technology, especially social media. It's already begun.
Unfortunately however, Thom's hopes never materialized. Looking back now from 12/2021, Bernie Sanders was robbed of the Dem nomination 2X. In 2020, there was outright rigging of all the primaries on Super Tuesday, most of which showed discrepancies between the official vote totals and exit polling. And let's not forget the "Hilary vote counting app" in Iowa that Bernie supporters discovered was rigged against Bernie. This was even worse than the hatchet job that Hilary and the DNC did on Bernie in 2016. And in 2020, Bernie had a real grass roots movement, but where did it go ??? 2016 didn't bring a crash as Thom predicted but that's only because the Fake Money Printing Presses have been cranking relentlessly to keep the economy afloat. Now, post-pandemic, the economy is teetering on complete disaster, and when it comes I'm sure that we'll see great political and social change. But since America was unable to change course by election, I fear that a political and social revolution on the streets is just down the road. I pray that I am wrong.
Tim Long You're so lucky! I live in LA and I have to listen to Thom Hartmann on TuneIn. I listen to David Pakman on TuneIn also. Geez, you'd think the city of Los Angeles would have at least ONE progressive talk show.
Banter Board Most talk shows in new Mexico have wingnuts like Rush Limbaugh, etc., so don't feel like the lone ranger. However, the truth is out there!
+Tim Long Rush Limbaugh has been removed from a lot of radio stations, thank God. He is in the decline. I'm just afraid he will be replaced with someone even worse.
There are no easy solutions to the problems we're facing in economics, politics and society. The hole is deep and a large portion of the population refuses to believe that the hole even exists. It seems overwhelming. People just don't like to admit that they were mistaken. The fact that Capitalism is a failure is hard to accept when your whole belief system is built around it. How could everyone have thought that infinite growth was even possible in a finite world? We have to find new answers to the problems. We have to make sustainability our first priority. We need to get rid of the fairytales of religion. We need to embrace secular humanism and democratic socialism. None of this is going to happen overnight. It's going to be a long hard struggle with alot of pain. When we see that we're all in this together as humanity and stop buying into the artificial divisions that the monied elite use to keep us fighting amongst ourselves, it will get easier. Some of the comments here accuse liberals of having a bias against Republicans. I admit that I'm a registered Democrat. However, I'm not blind to that party's short comings. Plenty of Democrats have been bought and paid for, the same as the Republicans. (I often use the term "Teapublicans" to refer to that party, but I'm refraining from using it here) Many Progressives realize that we've been sold-out by both parties. It's just that the Republicans have been championing the elitist agenda more openly and consistently. History shows that progressive ideas have come from both sides. (Presidents Lincoln and Teddy Roosevelt come to mind) Since the demise of traditional conservatism in the 70's and the rise of Neoconservatism/Neoliberalism the open hostility from the Republican party has been much more strident. President Clinton absolutely sold-out the progressives who elected him, but he was so subtle about it that we reelected him and many people are still unaware of his complicency. President Obama hasn't been much better. He wasted 2 years when the Democrats controlled both Houses. We could have had a Canadian style single payer health care plan that covered everyone instead of the half-assed Act we ended up with. We could have used the bailout money to save people's homes and keep them from losing everything instead of just giving it to the banksters who's greedy malfeasance caused the economic crisis. We could have prosecuted these banksters and put them in prison instead of bringing them to Washington DC and putting them in charge of our recovery programs. Obama could have closed the tax loopholes for the richest elite, could have prevented corporations from moving assets and jobs to off shore tax havens and 3rd world factories and lots of other things that he didn't do. Again, we reelected him because he was subtle and because he was the lesser of 2 evils. I'd like to suggest that we stop calling each other names and stop acting out of the fears generated by the propaganda machines financed by Rupert Murdock and the Koch Brothers. That we have real debates on the real issues and come up with areas that common sense dictates can be compromised on. If we stop listening to the demagogues and try to come up with some new paradigms that we can agree on, keeping sustainability, social justice, and the common welfare in the forefront we might find the solutions we need.
Bravo, well said! But about Obama and I am no fan either. He did try and had a well planned out HC policy but he was sold out by someone that he trusted, the Insurance Corporations and the Republicans, at the last minute. Read "Deadly Spin" by Wendell Potter. He worked for Aetna wasn't a CEO, but high up there and quit his very high paying job and went before Congress and the media to expose the lies and games being played about the high cost of Healthcare. He really does lay it all out there. He could no longer stand the fact that he was helping to not only kill but destroy the lives of the people paying for Healthcare and not getting it. A very informative book and you will get so angry, reading it. It all is just another part of the game that the Elites play to rob of us of our hard earned dollars. Thank you for the work that you put into trying to be a true patriot by knowing what's going on in this country. Unlike the traitors, who don't and are a big part of our problem.
This guy Hartmann is spot on with what he is saying. Whether or not this crash actually happens I cant say but what has led us to this point is accurate.
If only this video was required watching for every person heading to vote in the 2016 presidential primaries! This is exactly the point being made by Bernie Sanders, yet it is being changed into a message about communism. Thank you, Mr. Hartmann.
Tried to run as an Independent and had people tell me they would like to sign my petition to be on the ballot but that list would get them in trouble. Honest.
Thom Hartmann is a genius. It's amazing how he connects the dots and always has the facts at his fingertips to back up his arguments. No matter how busy my schedule, I always try to listen to him. A great way to keep up with reality. How I wish people all over the world would listen to him.
I think he is sincere and cares about our country, but he's not a genius. He's a close minded partisan. For example, He claims Obama is a victim of those evil Republicans, but then claims Bush didn't have the Democrats against him in office? Are you serious? They wanted to lynch him on any issue because of Iraq (even though Harry Reid, Nancy Pelosi, etc were gung ho Iraq War supporters in the beginning). Hartmann also claims "Libertarians are just Republicans who want to smoke dope and get laid." What a caricatured, insensitive, and vulgar way to portray millions of uniquely different people, many of whom have thought far more deeply about how to solve our economic problems than he has. He talks about bringing us together, but this kind of rhetoric simply divides us. Has he ever read the sophisticated economic analyses on mises.org? All he does is throw out the old, tired left wing cliches like "the unions built the middle class." Nonsense. Unions may raise wages for their workers/members AT THE EXPENSE of other non-union workers. It's a zero sum game. Higher productivity caused by technological innovation and automation built the middle class. Without the Industrial Revolution, we'd still be as poor as we were when our country was founded. The IR caused a 3 fold increase in the standard of living from the mid to late 1800s before unionism ever became a factor in American business. If he's correct that unionism can simply create wealth out of thin air and raise the standard of living of an entire class of people, then why doesn't the AFL go over to Bangladesh and force higher wages? A middle class could be created out of nothing. The answer is because that society is too poor and the technology too primitive to support higher wages. The economy would just implode. Then even more people would be unemployed and poor than currently are. The answer is not unions, but Western style Capitalism which has brought 600 million Chinese peasants out of dire poverty over the last 30 years. Search for "Inequality, Consumption, and Happiness" on youtube if you want to see the true U.S. economic data since the 1970s and what it means. Also search for the award winning PBS special, "Heaven on Earth, The Rise and Fall of Socialism" to view the true history of Hartmann's socialist ideals in practice.
Marshall Duncan The Republicans have systematically, persistently and viciously blocked every measure Obama tried to introduce. Not just because he is a Democrat, but mainly because he is black. Not that I'm saying that Obama is such a great pres. Far from it -- in fact, the sob is pushing the world ever closer to the Armageddon. But he's brobably doing this to curry favour with the Republicans, most of whom, like their Israeli brethren, can't wait for Armageddon to happen, because then they will be raptured straight to paradise :-)
Russ Tul When anyone uses the term "THE REPUBLICANS" I know they're not serious and we're in for another propaganda fest. Which Republicans specifically are you referring to? That's the basis for a rational discussion. If you'd actually study Republicans as individuals you'd find a great variation in their beliefs. And to believe the Republicans base all their decisions on the race of a person is in sane. You don't see white Republicans voting against black Republicans simply because they're black, do you? No. They vote the same way because they agree on fundamental issues. You're just regurgitating century old Marxist saws.
Somalia is the most "succesful" libertarian state in the world:- apart from the military there is almost no government! You don't hear too many so called libertarians mentioning this fact.
Naitn K Yeah, because the NAZI's didn't make Germany suck, it was just a sucky place. "Hey, Jew. How are you?" "Not doing too good, the NAZI's are going to put me in the gas chamber." "Nah...it's not the NAZI'S fault. Germany is just a sucky place to live." Are you kidding me?
Macoutes: Yeah, and... your point? What does that have to do with my comment? You obviously don't understand. 1, my comment was toward the OP. 2, Germany was a good place to live that got fucked from WW1, then fucked by Hitler, then fucked by WW2. So how does it qualify as place that will suck to live in regardless of governance? It is a pretty nice place with good resources and infrastructure. There are a lot better ways I could attack my silly comment, but adding "some" to it kinda makes it open ended pseudo-science and easily defensible. A desert with zero resources and a pre-literate population will likely be a place that will suck to live in regardless of governance. The type of government can definitely cause problems, duh, no one was disagreeing with that. Look at de-regulated capitalism in the USA, allows the murders or millions of people around the world for the oligarchy.
Naitn K No..YOU obviously don't understand. Your comment was: " Some places will suck more to live in regardless of government type," where I pointed out that it isn't the 'place' that's 'sucky,' as it is government, regardless of location. Capitalism is "unregulated?" No, it's CORPORATIONS that are unregulated. But...as I mentioned my other comment, corporations are products of the State.
Thom Hartmann is the clearest political thinker on our side, except maybe for Bernie Sanders and Elizabeth Warren. Well done. Guys & Gals...NOW is the time for ACTION!!!!!
I am quite surprised that most people don't understand not only what he is saying but also who don't understand why all these things happen. Its been like this since the dawn of humanity (civilization or not). You'd think someone would have picked up on the fact that humans are still the same as before, we just have different tools at our disposal. That is why history repeats itself, because we haven't changed either. If you don't change the input, you will keep getting the same output.
How much for a six pack of beer? How bout a chainsaw? I will take your national healthcare and low cost colleges, but it is expensive to buy new thing down under. You do have Rodney Rude.
larrybeetree Yeah shit is expensive here, that is true. A six pack of beer was $10 10 years ago, now it's $18. But Im just going back to university to finnish my degree, and the government pays me $1200 a month to go, plus they pay the fees and I only have to pay them back if I earn over $50,000 per year. This truly gives everyone a chance to break out of poverty.
But obviously the social issue's that go along with poverty, don't make it a totally even playing field. If you grow up with your parents in and out of work, struggling to pay bills, drinking, doing drugs, going to rough schools, you are obviously gonna find it a lot tougher to succeed than, a kid that gets driving to school in a Porsche cayenne. But the chance is there in Australia for anyone to go to University, if you can get through a childhood of poverty without ending up with a drug habbit or in jail.
good for you to get degree. USA's form of capitalism is getting harsher by the day. A person should not lose there home due to medical bills, especially if one is covered. It happens in USA.
The nation has always had booms and bust and we seem to come out quite good. This is how the country stays efficient during bust less efficient companies or methods of producing goods done away with. The companies who survive have adapted more efficient methods. New innovations lead to the next wave of prosperity and better standard of living. The profit motive is what creates motivation to innovate and create something everyone wants and needs. If you start planning through government you will have a constant catastrophe.
Canada has excellent banking regulations and has never had a 'bust'. Can you imagine what it would live would be like for, not just our poor, but the poor of the world, if we didn't drive the economy in the ditch because of our lax banking laws?
trinityalper I think you need to check some facts Canadian banks needed support see here: www.cbc.ca/news/business/banks-got-114b-from-governments-during-recession-1.1145997 When the government is involved in setting interest rates low to promote people to buy a home it will not matter the regulation. You can also define it as manipulation. The more the government intervenes the more problems will arise. Central planning never works over long periods.
Raymond Groot Yes long term positive would be great but its not reality because its human nature some people are motivated some don't care. There is no system to make everyone care or be equal because people aren't equal. Don't look at the bust as a negative... as a person or a person with a family you just need to save during the good times. If you protect yourself by consuming less now to use it in the future you can take advantage of opportunities and at worst get by without hardship. Its actually this process in economics which leads to innovation and a better standard of living overtime.
Raymond Groot The bust is actually over investment and optimism which is natural but in most cases its unpreventable that is why it happens over and over. Like I said its not necessarily a bad thing :) I would add if government is involved by subsidizing or manipulating interest rates it can be worse which is what we are facing.
Raymond Groot Hey man if you got time I found an educational good video about how the economy works and cycles... dividendstockfish.blogspot.com/2014/02/ray-dalios-video-how-economic-machine.html
this is why they will not allow Bernie, his election (and possibly Trumps) will show us that even with a radical change at the top, there will be no change and this will lead to global revolt against the real enemy of humanity, of every atheist, real jew, hindu, muslim etc......Rothschild Zionism/Illuminati
Just wondered, has one here heard of Henry George the late great American economist? He came up with a solution to the boom bust economy back in the 1800's and his 'vision from heaven idea' will still work today.
luke spillane Way can't you open your mind to the fact is, the Chinese are growing so fast, because they are the lender and the interest they are getting by the days, they are investing them on their own people , over 500 million are out of poverty, in to middle class . Do you know what that means ? What goes up other go down , cause everyone is competing for the same things and the lender have the upper hand cause is using the interest money while the other is paying him and try to compete with him , this common sense and most of all how come you can compete with someone who happen to have more men power then you and makes everything you own . that means, you need him more then he need you No matter what kind of economy you may think of there are no way out of this . it's just a slow way down and down and down . one way out, it's nasty, have to be war , even this way China still could come on top .
manny mo I can actually see what you're trying to say but you're just accepting defeat. There's always an opportunity to change while we're here which is another way of saying 'where there's a will there's a way!
luke spillane How ? People for sure, will not accept a dollar in hour job , How you expect to compete with China , that first, Second, the debt is way to big , and China hold most of it , trillions and trillions , with that money china can build hundred cities like Dubai right now , This are fact , Yes you are right where their's a will there's a way and China have the will and they are finding the way, cause they are building and growing by the days, while countries in the so called west are liking their wonds and hoping some miracle will save them . Accepting fact .
***** That true , the Chines holed more US debt, then any other country, but they don't want to take the lead, right now, us they are building their country fast, the Chines are building while the US and others are surviving by more debt, for how long , that's the question .
Wow! Somebody help me out here. He said back in 1976 he was 25 years old when he got his first credit card, correct? So today in 2014 that would put him around 62 or 63 years of age, if I did the math right. This guy looks amazing for 63 years old. I want what he's been drinking! I though he was in his mid 30's.
Tony Jackso thom in good shape for his age. kentucky sentor mitch mcconnell are same age both in there early 60's. siriuisxm progress host thom hartmann is in alot better shape than mitch.
Paul Spittle it has been 30 yrs of right wing republican preisdents how have try this trickle down econmics. giving tax cuts to millionares and billionares hope it trickle down to middle class and working class. since regean that has been republicans econmics policy. Which have never work. under bush we had a recession in 2008/2009.
not saying econmy is good under obama last five yrs since obama got in in 2009. econmy is stable alot better than when obama got elect by me and majority of young americans in 18-34 age group. we are out of iraq. It is better than losing over 900,000 jobs a month. which is what econmy was doing in 2009.
Paul Spittle They work for millionares and billionares. It seems the republicans have fool alot low information people in southern states in south. People in south vote aganst there own interest everytime. As long as people keep voting aganst there own interest republican party will be around for ever.
All those WWII military who went to college on government money ended up in our society good for corporations like TI, GE, etc. We had great invention and ideas which was respected in the world. Now they don't trust us to not kill them for profit, etc.
who's booking them on news talk shows? how can they/we spread this knowledge if the establishment media shuns them/us? Answer: The Internet! Media of the future.
It took me this long to realize how Enron destroyed people ,including my dear father who was employed with them in the failing demise . He was deversifies enough to not be wiped out but witnessed a lot of his colleagues loss their home . He never worked again for a firm after the 40 Plus years in the industry , I think it left him dulled by the greed that Wall Street people consul the masses .I recently watched , “Enron , The smartest men in the room , in one collection of snips they had a hall in the Enron building full of employees for an investment type of group meeting , the company would ask employees in part of their employee pay to buy back stock further building the over evaluated company .In that video of that hall on the isle seat , I see my father and his groomed stark white hair , it gave me chills to know how he felt , broken with a quiet somber ness over the event .
As a conservative, I do not disagree with many points made by Mr. Hartmann. I agree we should have proper anti-trust laws. I agree that we should have proper regulations that protect the fairness of the marketplace. I agree that there is corruption between big business and government. Where I disagree is that he blames conservatives for most of the issues we face. I disagree with government redistribution, beit to educational grants or bailouts/subsidies to private companies. He only critiques government spending that is contrary to his progressive agenda. I am against the right-left sandbox mentality. Whether you believe conservatism is attempting turn citizens into serfs or socialism is attempting to citizens into Borg, there is not justification for either in a free society. I was a member of the tea party early on, while I agree with idea of less government and balanced budgets, the tea party did not provide solutions or address the true imbalances such as both overspending on defense and the big social welfares of SS/Medicare. IMO, we have serious problems with too much government in many areas and not enough government in a few. This author offers nothing that does not lead to the eventual collapse.
Less government = Less corruption. Do you really think that anti-trust laws as a whole work to prevent negative outcomes? While the intent might be valid, as a practical matter it puts control in the hands of a bureaucrat that can and will be used anti-competitively as well. Who has more power to influence those bureaucrats? An existing monopoly or a would be competitor? Do you think the outcomes that are dictated are more likely to be based on fairness or on whose interests are most served? We should be rolling back laws, not making new ones. Thinning down the number of government employees. Privatizing as many services as we can. The government is the biggest monopoly and it has no motive to be profitable, it's hard to sue, doesn't have real accountability (look at the hearings about healthcare.gov) and is continually encouraging irresponsibility. Do drugs, you'll always have health insurance, get pregnant, we'll pay for your abortion, quit your job, we have your back, buy a house, we'll guarantee the loan. Look at how people are seemingly angry at McDonald's for creating unhealthy people. How about we get as angry at the government for churning out entitled irresponsible people that want more and more for gracing us with their mere existence.
PolakFury . That's the 'conservative' model. Once you recognize that 'conservative' describes the powers and scope of the GOVERNMENT, as opposed to thinking it describes a left or right position of the VOTER. As a libertarian who advocates for conservative (aka; limited) government, for the most liberal (aka; generous) of individuals' authorities.
+Jason Mccormack Are you really that dumb. The Great Society got undone, and government is smaller than it's been since the forties. Don't take my word -- look it up.
Look. it. up. The federal government is the smallest it's been since after WWII. Taxes are as low as they've ever been. Corporate tax rates are one third of what they were in the 60's. Since Reagan, the US has been governed by your nutty agenda. Whose been running congress for the last 20 yrs? Remember Newt Gingrich and his buddy Bill Clinton gutting welfare?? You haven't got a clue.
+2Majesties you are a dangerous fool. highest number of americans on government assistance ever, lowest job participation rate since carter, 47 million on welfare; i think you are confused, the only part of government that is lowest since the 40s is the armed forces.
Thank you Thom,,History is the most important class in school. Renewable energy is depressed by big oil/gas,and their P machine is huge. I hope for a Sanders/Warren run in 2016.
Okay Thom. How about some reality. Let's see. You discuss inflation like it came from outer space. It came, in fact, from the Federal Reserve that you support printing money and stealing value from the cash holdings and current wages of average Americans. Also in the late 1970s health care costs began to sky rocket as a result of government intervention in healthcare (i.e. medicare and medicaid). When Thom says worker pay began to level off he means wages and salary excluding benefits. If you count benefits compensation to Americans continued to climb. American workers simply took their pay increases in the form of benefits since the liberals Thom supports were meddling in health care and causing those costs to go through the roof.
+Matthew Thomas WELL SAID, EXCELLENT! As Milton Friedman said, "Government is the problem", which the founding fathers knew, and which is why we're a Republic, a government of checks and balances, a necessary evil needed for the rule of law and to keep us together against our enemies, BUT a government closest to we the people, so politicians and the Democratic Party cannot force us to swallow their "fairness", "social justice" and "equality" snake oil.
What happened? I'll tell you. 1. Fed govt taking us off the Gold Standard. 2. Administrations both Dem and Rep tax and spend at an unsustainable rate. Let the next administration deal with it...
All we need to do is pass an alternate vote. Whether it be Singel transferable, rank vote, approval vote etc. Most others support majority winners versus plurality winners and also support the 3rd (or more) party. The middle ground then can be covered by third party instead of a throwaway vote.
I remember similar articles from the 70s or 80s to the ones he starts out with, in which the productivity of machines was discussed, and people were well aware that this might not trickle down to the average person. If you can take poeple out of the equassion, either with machines or offshore, how do they benefit from a productivity they didn't participate in. His father worked in a tool and die shop, running machines. Sure there were machines, constantly improving that increased worker productivity, but you needed a lot of physical and mental skill to run them. Today you can run cnc machines with much smaller crews of people, or even off bottled routines.
40:30 ff. Correction, not that it diminishes Thom's argument; it actually reinforces it. From FDR to 2008 there was one very dramatic banking crisis: The S&L crisis of 1988-90. It was caused by predation like all the other crises. This time it was Michael Milken at the center of the crime. While the S&L crisis pales in comparison to the 2008 financial crisis, it was such a big deal that I thought that another such banking meltdown would not occur in my life time. Well, I'm still here, and 2008 totally blind-sided me. Here again, we learned a lesson. But the question is, how long before we forget it - again. Thank you, Thom, for another fantastic talk.
This is a followup to the Crash of 2000 / 2004, etc I fail to understand how rejection of the profit motive advances human endeavors as we are a rewards-based species. At no time in human society have we willingly labored for an ideal without tangible benefits commensurate with our efforts. The erosion of civil values went hand in hand not with a rise in corporate profits but with the growth and power of the State. The essence of civil values is local decision- making - the antithesis of the authoritarian State.
In 1985 I received a Pell Grant to go to college and it was Ronald Reagan who helped us receive that money for tuition back then. The Republican party was very supportive of educational benefits for young people to go to college at that time.
When the income tax was first proposed in the 1910s it was promised that the top rate would never exceed 7%. By 1920 it was above 70%. So much for liberal promises. After World War I we had a depression that was just as deep as that of the Great Depression ten years later. Government did nothing about it except cut taxes and regulations. The depression went away on its own in eighteen months. Ten years later when the great depression started government tried to do something about it. They imposed tariffs, regulations, and taxes up to 90%. And the depression lasted from 1929 until 1946. Booms and busts are not caused by low tax rates or rich guys that don't care about losses. They are caused by the easy money policies of the Federal Reserve that blow up bubbles. You know Thom, possibly you should have stayed in college so that you would understand economics.
+Matthew Thomas - Robert Reich stayed n college and is an economist who has worked with both Republican and Democratic administrations, and he disagrees with you.
By his own admission, Thom Hartmann did not finish college yet I'm supposed to take his word that he knows what he's talking about? One simple example of his tunnel vision, he claimed that first-past-the-post voting can only lead to a two-party system. That's not true of Britain or Canada or any other Westminster-style democracy.
I don't know but I think Thom has a kind of sadness in his take on this and me, too. I'm almost in tears as it's asif something has died and we're being blamed for it by having played by the rules, as pensions were stolen no longer being paid and we Boomers didn't do it, we didn't cause this neoliberal crash. Boomers did not cause any of these situations yet we're being blamed for it, same as teachers and poor during the housing debacle by the banks as they allowed and even talked people into buying homes they knew weren't able to afford for very long, anyway. And this guy acting as if workers were spoiled and had things too easy, where did he get this nonsense that COnservatives bought into and Reagan purposely decided to go after unions workers and etc. Blaming us for protesting just as we should have over the war and citizens being screwed over business practices and so on. Now folks are afraid to stand up.
Quite possibly the worst title for a book in history. Thom, over the years I have learned to do the direct opposite of what you attempt to provide as financial advice. My 401k thanks you each and every day. Learn your strengths and stay away from guns and money and you will be fine.
This vid was 8 yrs ago, I was 35 (born in 1976) and had never made over $12k per year, with a 2 yr college education I still owe on. Now it's 2021, we've been dealing with a global pandemic and yet Corporations have continued to see record breaking profits. I'm now 45 and have never made over $25k per year. GenX has been especially hit hard and shut out. We've went into debt just to survive and or raise kids, medical costs through the roof, astronomically higher education costs and all for jobs that pay poorly with little to no benefits or protections. I cannot even imagine owning a home and struggling to keep any kind of roof over our heads. Living in the wilderness off of the land would almost be a step up. We're sick, poor and in debt. What American Dream?
Low wages undermine capitalism. The big problem with industrialists is that they don't realise that well off workers can afford the goods and services the industrialists provide, therefore it makes sense in macroeconomic terms to have a high wage, high productivity economy, but in microeconomic terms it more profitable for the industrialist to restrict wages. Thus low wages will cause economic stagnation.
Wages went up with productivity because there was not a huge drag from taxes and regulations. markets were open. There was lots of competition. Now, few crony corporations rule the most of economy.
Mr. Hartmann, I am sure you are aware of the Reese Committee Report that Mr. Norman Dodd generated with regards to the tax free foundations; Rockefeller, Carnegie, Ford. et al. Why did you choose to overlook this obvious precursor to the emergence of the various think tanks? Thank you for your attention.
Made it 10 min and can already see the meaning of this show. Does anyone correlate the fact that the years he talks about the free ride of unionization he remembers is the same demise of years up to today? How about the fact that it is the businesses that contribute money to improve working environment and technology that increases productivity? Companies have no control, in fact opposite from control of unions today. What worker contributes their pay to improve the technology of the company they work for? Instead Unions bankrupt companies in their very nearsighted idiotic 'contracts'. Why would you agree to bankrupt your own company when you want a long term job?? Well, because Americans have been taught not to plan and especially not think long term.
Although it seems rather complicated it is not, the capitalist system is about competition and maximizing profit so, in India and other parts of asia they can hire for 30 cents per hour. That is your competition, Solved.
Someone I know says, America started changing as Jewish Zionism came in through business. Which he says was also what Hitler reflected in his first experience in Vienna as he came back from Army. All that Hartmann states is when US was largely a Christian nation.
Simple answer.. Wages go up because of competation among companies for labor. Government particulary since Reagen have taken a holy alliance with corporate beuracracies that use government regulation to block out new competitors from entering the market. Company A and B have government blocking out any competitors from entering the market by "regulation" and "permits" and can continue increasing their profit margine cause the barrier entry is partly blocked by government and they dont have to worry about paying their employees more cause they dont gotta worry about the emoloyee getting a better elsewhere. Ludwig Von Mises talks about this in his book in detail...
He addresses derivatives but he doesn't address the cause of the 2008 crash. Honest historians know that the 2008 crash was a direct result of liberal legislation that forced banks to give mortgage loans to people who could never pay it back. If banks did not prove that they were giving loans to high risk people then the government would make the bank pay large fines. The underwriters at the banks were forced to approve bad loans on bad products (variable rate) without verifying the viability of the applicant. These loans were called NINJA loans (no income, no job, no assets). Once a mortgage loan was approved the originating bank sold the loan to other banks which again sold the loans to other banks. The bad loans were packaged with good loans and sold as a block with an A or A+ rating. These blocks became investment vehicles in the derivative market. After the interest rates changed the majority of the bad loans went into default. The large number of bad loans peppered throughout A and A+ investments made those investments worthless. The trillions of dollars of derivative bets made on these loans caused investment banks to go bankrupt. None of this would have happened if the liberals didn't force banks to make loans to poor people who would never qualify under traditional underwriting. No good deed goes unpunished. So there you have it... derivatives aren't wise and probably shouldn't be allowed but they weren't the cause of the crash.
On the other hand, the banks sold those bad loans as if they were good loans. (fraud) Then the banks shorted those loans because they knew they were junk. (more fraud) Not one of the bankers went to jail. Meanwhile. the bankers received bonuses and invested in political campaigns to cover their butts. That is why we have a banking system that fails.
Hey numbnuts- read "The Big Short" if you want to know how the banks got away with a worldwide fraud that almost collapsed the world economy. Or don't and keep on posting ignorant shit.
The American dream got lost because of the greed of the few. A company executive who makes 5 or 10 or 40 million a year---where do you think that money came from? It came from the great majority of the workers of the same company who are paid mere subsistence wages rather than sharing in the wealth of the company they helped to make a success. Until this changes---and it is basically a moral problem---there will be no hope for America ... until the deluge?
Sharing the resources is the only sane way out, sharing is not only divine but generates Trust, which is an important factor between countries, sharing also creates true Justice, for the resources belong to everyone. Share and Save the World.
I remember back in the early 1980's that most wealthy Americans lived a middle class life style. Those were millionaries who lived a middle class lifestyle. And there was still a middle class. My tuition in college was only $800.00 per semester. I recall most of the us lived a middle class lifestyle. We weren't as rich as the millionaries but we lived a middle class lifestyle. As a matter of fact, they said that the poorest Americans were the wealthiest poor in the world.
39:00 He apparently thinks he was the only business owner that had an intelligent account to advise reinvestment of some profits back in to the business. He also seems to mistakenly think gambling is equivalent to "Where can I get the best for my investment." While it's true, there is risk in loaning one's own hard earned money out to someone else so that they may benefit but its better than hording it or spending it all selfishly.
when Thom Hartman said libertarians want to legalize pot and get laid.. If pot should be illegal then the deceleration of independence isn't worth the hemp its written on....
Since 2009, GDP has gone up 8%, but the DJIA (supposedly a safe, conservative investment) has gone up 280%. Draw your own conclusions. Hartmann's prediction may be out a few months, but he understands the causes.
We need to stop thinking right versus left, because it divides us. Like Thom said there are commonalities between the Occupy movement and the Tea Party. We should be discussing how to peacefully progress through voluntarism and non-aggressive principles, versus state and corporate control.
I watched the whole thing... and wondered why I felt like I was being politically seduced by a closet communist.... then realized that during the Q & A session... Mr. Hartmann slithered out of the closet and confirmed my suspicion. For instance, Mr. Hartmann views the 60's as a wonderful experience... and that led to his great success marketing trendy tea flavors. What he (and his entire book) fails to recognize is that in 1964 in the USA, the "banksters" managed to have Congress remove real silver from our money and replace it with the same material used to make nuts, bolts, and washers. The effect of that showed up in 1971 (US dropping the gold standard). Consider looking at it this way -- when you had a "silver" quarter in your hands, you were holding 25 cents worth of silver in your hand (no debt) that's why his dad was able to pay off the mortgage. Today, the quarter you hold in your hand is 25 cents worth of debt. Still want to be a communist or seduced by one?
Akaash Saprathas Thank you for your comment. Let me say that I do not consider identifying communism in itself is not an insult. You're right communism is a political ideology framed around the "political ideology" whereby the "State" grants rights to the people instead of the people being vested with rights long before the creation of the State. What Mr. Hartmann seems to fail to recognize is that the USA was founded on specific principles that he wishes to ignore. His ignorance is an insult to your individual rights (if you are an American citizen). Even a cursory glance at the ills of many "States" in Europe should have shown Mr. Hartmann the fallacy of his political ideology and how it runs completely counter to his promoting his book on one hand and not willing to turn his profits over to the State on the other hand... He seems to want his cake and eat it too... yet expects everybody else to jump on the communist / socialist / collectivist bandwagon while he reaps all the profits from his readers' very poor understanding with respect to the most basic principles of the liberty and self-governing upon which the USA was founded. Mr. Hartmann is either a greedy, self-centered, and disingenuous liar or a very poorly informed socialist zealot. I tend the think he falls under the former rather than the latter. Then again, he might just be a combination of the two options.
Ok 37 minutes and he starts to say the first thing of substance in this very weak diatribe is about taxes. And hes pretending (or actually thinks) that owners/directors in the 20s and nowadays, don't have any incentives to reinvest money back into their business! He is actually stating that cutting the tax rate encouraged them to speculate with their money instead not caring where it went. But then he mentions two markets which are highly leveraged (housing and derivatives), and its leverage that was recognised as being the main causes of the unsustainable booms that happened then and now. But this also ignores the fact that the 20s had a lot of sustainable real growth. People were getting electric for the first time, products that consume electric, and cars etc!. None of that is speculative or leveraged, and if taxes hadn't been cut that growth wouldn't have been their. Also his version of the story has no explanation of why the 1920s seen instant growth from tax cuts, yet the 1980s had a 20 year delay before that boom happened. Maybe looking at those two leveraged areas he mentioned and considering the thing that affects leverage most (interest rates) would be a better approach, instead of pretending the more money businesses have = the worst for the economy. Lastly since 1970 we've seen a decline in the amount of companies that pay dividends from 70% to 20%. And practically all of the dotcom companies paid nothing!!! papers.ssrn.com/sol3/papers.cfm?abstract_id=203092
***** Not true. Reagan lowered taxes but tax deductions ran out. That would be the supposed raised taxes. Reagan wanted to add a amendment to the U.S. Constitution that a federal budget must be balanced.
***** True regan brought tax rate down to 69 percent. Then bill clintion brought tax rate down to 39 percent when clintion was preisdent in 90's tax rate was 39 percent. 13 yrs later tax rate is still 39 percent. The same tax rate as it was when bill clintion was our preisdent in 90's.
preisdent reagan never drop tax rate. Thr tax rate was at high 69 percent under reagan in his eight yrs in white house. preisdent clinton tax rate was 39 percent. That was my point. reagan raise taxes and it was high 69 percent.
Back in the late 1980's my father lost his job because the man who bought the company he worked for sold the company after consolidating the company with another company. My father wasn't wanted in the new company. And his employer made a profit.
The crash is going to come at some point, but to attach it to a year was a huge mistake. The closer we get to 2016, the more I believe it's going to come later and Hartmann is going to look silly.
i don't understand why hartmann is so keen on seeing destruction as a solution to a better future, is he saying he's going to be noah??? kill everything except for a selected few and start all over again???
Thom mentions Tax Exempt foundations and people trying to get control of the education system. So in that spirit i'll leave this here. Make of it what you will. Norman Dodd On Tax Exempt Foundations
38:04 Hmm..._"hire some new people"_....that sounds nice. _"expand your advertising & marketing"_, spend money into the economy? Hmm, that sounds like encouraging other businesses to grow. Newspapers, radio, TV stations, print shops for flyers, etc., etc. 38:21 Then the employees got to be in control of their own business!
What do you expect beside debt when Fed is generating worthless money out of debt. Huge government cannot get money unless there is a perpetual debt generation.
I worked at Enron BEFORE Lay did. It was called Internorth then. Ken Lay's problem like many conservatives is PRIDE. He could not admit to himself that he was a substandard executive. Almost everything he touched turned to shit and he began to sell off assets, bring in silent partners, kept the name on the sign to promote pride and then committed fraud when the rest of his schemes was not enough. He was the son of a Missouri dirt farmer and sometime preacher and was driven by...PRIDE. Today is Good Friday. Jesus said to humble yourself.
9 ปีที่แล้ว
He actually thinks his generation borrowed from our generation. He will be surprised as all the manipulation of money comes to an end. There is a reason why the colors on the coins are gold/silver look a like. Gold and silver is the only money there is. As soon as you link it to something that is 'as good as gold', there will be debasement of currency through manipulation of governments and central banks. To totally get rid of this link in the nixon act, meant that now governments and central banks could steal buying power from the people w/o even 1% that knew it was going on. Until recently, as through the manipulation, central banks have put themselves in the corner. They will run out of smart ways to debase the currency or the market fundamentals will catch them sooner. This is what 'bears' talk about with the endgame.
P.S. The CEO's of the failure banks that got their welfare checks, they got their bonuses for being gambling robbers of depositors money. Talking about under funded liabilities.
The lost generation? Can we not call it something else? Comparing our struggles to those that were sent to die in the trenches in WW1 is disrespectful.
$5,000 in 1900 would be 250 ounce of gold. At today's price that would be 250 x $1,400 or $350,000. So, those people were poor at 250 ounces of gold a year? I don't believe that average wage was $5,000 in 1900. The real number is FIVE HUNDRED DOLLARS. That means $35,000, which is about the same today as it was back in 1900 in gold coins.
We are a minority Turkish family living in holland, we all were born in holland except for my parents.
Now get this.............. My father can barely read and write. He worked his whole life +-40 years at an airport. My mother works at a child daycare facility for over 30 years now ... just got fired because daycare shut down.... and also had a second part-time job as a cleaning lady for 8 years. She got her college diploma when she was 40....like almost 20 years ago....
My parents are richer than all of us !! They bought like 3 apartments which they rent-out, 1 big space which is now rented by a restaurant, and last summer they bought a summerhouse..... WTF!?
We all have HUUUUUGE student loan debts ... I am for example scared to have 1 kid, how the hell did my parents raise 4?
I make 2/3 of what my father makes at the airport and i a have a bachelors in financial controlling...not to forget this HUUUUUGE weight on my shoulder called student loan. Not just me but all of my 2 brothers and sister.
A simple house here in suburbs cost 250.000-300.000 euro. My parents bought theirs for perhaps 60.000-80.000'ish euro (around 130.000-170.000 florin) somewhere in the end 1970's beginning of the 80's.
Are we Screwed you think? I feel very screwed ... .. .
+Powbits Testpow SLM yes we are screwed i have a home and i have my own company and yes also i pay a lot off tax,i have also bought for 3 years a nice new home in Turkye and i am goint to Turkye with my wife in 4-5 years.
Put no money in the bank but buy silver and gold as you now people from Turkye have a lot private gold.
+Powbits Testpow you are lucky, you only don't know it. you are one of those persons who is never satisfied
This situation caused by an overgrown government that is not capable of creating wealth or providing for anyone but themselves has made housing to expensive , tuition too high and job opportunities too small . Scale down government and release the wealth they confiscate and release upon the citizens who actually created it and you will be able to follow your parents example .
+Powbits Testpow i lived in NL. its one of the better of places in the world belive me. here a 4 room flat costs 400k euros, aerage salary is hafled. and u cant cycle to work on a 50 euro bike...so u need to buy a car whch is 25k euros.
+Osmond Percy Accepting as inevitable a declining standard of living is not what your parents taught you I am assuming . They worked hard and were able to keep the wealth they created which allowed them to achieve so much from so little . This was once what we Americans called the American Dream and my Grandparents who came here from Italy many years ago were able to achieve is amazing . The dream is NOT dead only consumed by runaway government wealth confiscation and redistribution . I have some great Indonesian friends from Holland and their parents made the decision to esxcape this leftist persecution as well , but under Obama and Leftist leadership we are a quickly disintegrating like the Eurozone . We must fight the radicals and reclaim the dream . In Europe I see the pendulum swinging TOO FAR the other way where Right Wing Extremists are gaining strength due to the unpopularity of these economically crippling socialist policies and if you don't stand against these policies soon you may find everything your parents worked for consumed by war and violence like you see in the Middle East now .
This should be required watching for every citizen who has graduated from high school. It
is a frank, existential necessity.
WRONG --- Hartmann is the most clueless, amateur MORON I've ever heard. Conscious or not, he has an absurd "class" based agenda due to skewed thinking. The U.S. has done itself harm since at least 1971 when Nixon removed all chains on money creation, regardless of political "party". The parties are just misdirection for ignoramuses like Hartmann. And you have swallowed it, hook - line - and sinker.
His beloved 80s were ravaged by rampant inflation, cutting a huge chunk out of living standards. This was a result of LBJ's 'Great Society' programs and the Vietnam War. .... Great Society. ANY NAME the govt attaches to something means the *opposite*.
ALL administrations, both parties, proceeded to pile on the debt in order to "solve" problems and grow corrupt power. Every empire follows the same path. It's strange, but true.
You FREAKIN LOW-INFORMATION SHEEP better wise up. The extraction game proceeds to this day and we're in the crack-up phase. I suggest you all get yer fingers out of yer belly buttons and study up on mises -- look it up on youtube. Also, Peter Schiff.
Agathon: It was with great pleasure that I read your reply to my comment from three months ago.
Having carefully examined your YT favorites' file, and discovering that you like eagles and cats, Jerry
Lee Lewis, and a 1940 Deanna Durbin movie (which I saw), I decided that you and I are from the same
generation and have loads in common. Your music file was also to my liking. Also, most of what you
wrote is true, so it is difficult to defend myself. Fortunately, I rather agree with you. My belly button is an "outy", but charming. Your comment has given me pleasure and enlightenment. Your loving, FREAKING
LOW-INFORMATION SHEEP, Malcolm (Promise to study up and stop swallowing things "hook-line-and
sinker".)
Agathon: Was that the big red pill or the little red pill? I'm pleased to meet someone who
tries harder, and you're right about the (latent ?) fondling syndrome. Right idea, but wrong
place. Close, though. Your ever-loving, trying to wise up, Malcolm (oh, define "kewl", cool?)
Malcolm MacLeod "kewl" is the correct pronunciation of "cool" ( a la Beavis & Butthead).
The little red pill is Mises and Peter Schiff. The big red pill is what follows if you have a brain. Believe me.
Great talk Thom, and great to see such an attentive audience.
Well done ya’all ✌️✊🏼👍🏼🌅
an hour of this guy made me rethink my 8 year view that we need Ron Paul or Rand. they say everything I believe in but economic regulation seems completely necessary right now
Ron Paul predicted 50% inflation and the collapse of the dollar.
The key thing to understand about economics is at the highest level, costs = revenues. Every person that pays out is balanced by someone who receives revenue and vice versa.
Ron Paul lives in a made-up economic world where the way you increase revenues at the highest level is to start by decreasing costs, and his platform is based on seeking out these cost reductions. This is just another way of saying that Ron Paul is running on a platform of starting Great Depression II whether he realizes it or not.
Al Gee ......Ross Perot warned us about the market crashing in 2008 way before during the campaign, yet, we still voted Bush in.
...sadly he is speaking a message that most Americans do not want to hear - but should be listening too. At some point all this debt is going to come back and cause so much pain for the middle and lower classes...
18:52
1952
Car: $1,850.
Gasoline: 29 cents/gal
House: $17,500
Bread: 16 cents/loaf
Milk: 94 cents/gal
Postage Stamp: 3 cents
Average Annual Salary: $4,700.
Minimum Wage: 75 cents per hour
2015
Car: $28,400.
Gasoline: $3.00/gal
House: $221,800.
Bread: $3.00/loaf
Milk: $3.50/gallon
Postage Stamp: 44 cents
Average Annual Salary: $40,711.
Minimum Wage: $8.00 per hour
Ratio
Car: 15x
Gasoline: 10x
House: 12x
Bread: 19x
Milk: 3x
Postage Stamp: 15x
Average Annual Salary: 8x
Minimum Wage: 11x
Absolutely brilliant talk on economics.
First of all Thom is amazing and should run for president
second ....I hate it when people talk about socialism but have no clue of what it is ....I lived in Yugoslavia and socialism does work if people don't get greedy and expect to have 3 houses and 5 cars.
Soon to appear Thom Hartmann, "The Crash of 2017"
Bank of America, Goldman Sachs, and HSBC have all issued their highest alerts for a big stock crash and economic downturn with the defaulted loans that blew up 2008. 2 1/2 months left in 2016.
tha specific time/year is irrelevent yo, tha crux of tha matter is that tha present established global arrangement of corporate-state hypercapitalism has been rapidly imploding over tha last century & is finally arriving at a distinct, definitive moment of self-destruction & absolute unsustainability. this shit been a long time coming :\
and traitor on Russia Today.
Needing an update next month: "The Crash of 2018"
Hahaha. Yes, there will be a sequel every year.
Thom Hartmann's theory is hard to follow. But if I understand it correctly, it goes something like this: "The huge asset bubble that has been created over the past 30-40 years is not caused by the Federal Reserve printing money. Instead, it is caused by the income tax being lowered for the wealthiest Americans. They used this extra money to gamble with various high-risk securities, and pushed for deregulation to allow them to do this, putting the entire economy in jeopardy".
My problem with this theory is that it doesn't explain why "rich people" used this extra money to make highly speculative investments. Why didn't they just do more R & D to develop new products, build more factories, or open more stores? Hartmann doesn't explain this, and I don't believe it can be explained without admitting that Fed-induced artificially low interest rates and the moral hazard created by government bailouts are the real cause of both the 2008 crash and the next one that is coming in 2016 (or sometime soon).
What Thom begins to say at around 21:30 is brilliant. I think there's vast potential for yet another parallel to what we saw in the 60's-70's, in terms of social change, due to technology, especially social media. It's already begun.
You may be interested in a documentary on thoughts of Noam Chomsky, Requiem for American Dream. Thank you for highlighting this point in the talk.
Unfortunately however, Thom's hopes never materialized. Looking back now from 12/2021, Bernie Sanders was robbed of the Dem nomination 2X. In 2020, there was outright rigging of all the primaries on Super Tuesday, most of which showed discrepancies between the official vote totals and exit polling. And let's not forget the "Hilary vote counting app" in Iowa that Bernie supporters discovered was rigged against Bernie. This was even worse than the hatchet job that Hilary and the DNC did on Bernie in 2016. And in 2020, Bernie had a real grass roots movement, but where did it go ??? 2016 didn't bring a crash as Thom predicted but that's only because the Fake Money Printing Presses have been cranking relentlessly to keep the economy afloat. Now, post-pandemic, the economy is teetering on complete disaster, and when it comes I'm sure that we'll see great political and social change. But since America was unable to change course by election, I fear that a political and social revolution on the streets is just down the road. I pray that I am wrong.
I remember this with nostalgia now. Days I could never get back.
Thom Hartmann is the smartest commentator I've ever heard! I listen to him on AM 1350 in New Mexico.
Tim Long
You're so lucky! I live in LA and I have to listen to Thom Hartmann on TuneIn. I listen to David Pakman on TuneIn also. Geez, you'd think the city of Los Angeles would have at least ONE progressive talk show.
Banter Board Most talk shows in new Mexico have wingnuts like Rush Limbaugh, etc., so don't feel like the lone ranger. However, the truth is out there!
+Tim Long
Rush Limbaugh has been removed from a lot of radio stations, thank God. He is in the decline. I'm just afraid he will be replaced with someone even worse.
There are no easy solutions to the problems we're facing in economics, politics and society. The hole is deep and a large portion of the population refuses to believe that the hole even exists. It seems overwhelming. People just don't like to admit that they were mistaken. The fact that Capitalism is a failure is hard to accept when your whole belief system is built around it. How could everyone have thought that infinite growth was even possible in a finite world? We have to find new answers to the problems. We have to make sustainability our first priority. We need to get rid of the fairytales of religion. We need to embrace secular humanism and democratic socialism. None of this is going to happen overnight. It's going to be a long hard struggle with alot of pain. When we see that we're all in this together as humanity and stop buying into the artificial divisions that the monied elite use to keep us fighting amongst ourselves, it will get easier. Some of the comments here accuse liberals of having a bias against Republicans. I admit that I'm a registered Democrat. However, I'm not blind to that party's short comings. Plenty of Democrats have been bought and paid for, the same as the Republicans. (I often use the term "Teapublicans" to refer to that party, but I'm refraining from using it here) Many Progressives realize that we've been sold-out by both parties. It's just that the Republicans have been championing the elitist agenda more openly and consistently. History shows that progressive ideas have come from both sides. (Presidents Lincoln and Teddy Roosevelt come to mind) Since the demise of traditional conservatism in the 70's and the rise of Neoconservatism/Neoliberalism the open hostility from the Republican party has been much more strident. President Clinton absolutely sold-out the progressives who elected him, but he was so subtle about it that we reelected him and many people are still unaware of his complicency. President Obama hasn't been much better. He wasted 2 years when the Democrats controlled both Houses. We could have had a Canadian style single payer health care plan that covered everyone instead of the half-assed Act we ended up with. We could have used the bailout money to save people's homes and keep them from losing everything instead of just giving it to the banksters who's greedy malfeasance caused the economic crisis. We could have prosecuted these banksters and put them in prison instead of bringing them to Washington DC and putting them in charge of our recovery programs. Obama could have closed the tax loopholes for the richest elite, could have prevented corporations from moving assets and jobs to off shore tax havens and 3rd world factories and lots of other things that he didn't do. Again, we reelected him because he was subtle and because he was the lesser of 2 evils. I'd like to suggest that we stop calling each other names and stop acting out of the fears generated by the propaganda machines financed by Rupert Murdock and the Koch Brothers. That we have real debates on the real issues and come up with areas that common sense dictates can be compromised on. If we stop listening to the demagogues and try to come up with some new paradigms that we can agree on, keeping sustainability, social justice, and the common welfare in the forefront we might find the solutions we need.
Bravo, well said! But about Obama and I am no fan either. He did try and had a well planned out HC policy but he was sold out by someone that he trusted, the Insurance Corporations and the Republicans, at the last minute. Read "Deadly Spin" by Wendell Potter. He worked for Aetna wasn't a CEO, but high up there and quit his very high paying job and went before Congress and the media to expose the lies and games being played about the high cost of Healthcare. He really does lay it all out there. He could no longer stand the fact that he was helping to not only kill but destroy the lives of the people paying for Healthcare and not getting it.
A very informative book and you will get so angry, reading it. It all is just another part of the game that the Elites play to rob of us of our hard earned dollars.
Thank you for the work that you put into trying to be a true patriot by knowing what's going on in this country. Unlike the traitors, who don't and are a big part of our problem.
This guy Hartmann is spot on with what he is saying. Whether or not this crash actually happens I cant say but what has led us to this point is accurate.
Just discovered Thom Hartman recently, and I am totally impressed by his knowledge and simple way of speaking.
If only this video was required watching for every person heading to vote in the 2016 presidential primaries! This is exactly the point being made by Bernie Sanders, yet it is being changed into a message about communism. Thank you, Mr. Hartmann.
Tried to run as an Independent and had people tell me they would like to sign my petition to be on the ballot but that list would get them in trouble. Honest.
I'm just starting to watch this...so why is this lecture called the Crash of 2016 when it was uploaded three years earlier?
It was a prediction that there would be a crash in 2016.
Something a bit different but still related happened instead. 🍊
Thom Hartmann is a genius. It's amazing how he connects the dots and always has the facts at his fingertips to back up his arguments. No matter how busy my schedule, I always try to listen to him. A great way to keep up with reality. How I wish people all over the world would listen to him.
I think he is sincere and cares about our country, but he's not a genius. He's a close minded partisan. For example, He claims Obama is a victim of those evil Republicans, but then claims Bush didn't have the Democrats against him in office? Are you serious? They wanted to lynch him on any issue because of Iraq (even though Harry Reid, Nancy Pelosi, etc were gung ho Iraq War supporters in the beginning).
Hartmann also claims "Libertarians are just Republicans who want to smoke dope and get laid." What a caricatured, insensitive, and vulgar way to portray millions of uniquely different people, many of whom have thought far more deeply about how to solve our economic problems than he has. He talks about bringing us together, but this kind of rhetoric simply divides us. Has he ever read the sophisticated economic analyses on mises.org?
All he does is throw out the old, tired left wing cliches like "the unions built the middle class." Nonsense. Unions may raise wages for their workers/members AT THE EXPENSE of other non-union workers. It's a zero sum game. Higher productivity caused by technological innovation and automation built the middle class. Without the Industrial Revolution, we'd still be as poor as we were when our country was founded. The IR caused a 3 fold increase in the standard of living from the mid to late 1800s before unionism ever became a factor in American business. If he's correct that unionism can simply create wealth out of thin air and raise the standard of living of an entire class of people, then why doesn't the AFL go over to Bangladesh and force higher wages? A middle class could be created out of nothing. The answer is because that society is too poor and the technology too primitive to support higher wages. The economy would just implode. Then even more people would be unemployed and poor than currently are. The answer is not unions, but Western style Capitalism which has brought 600 million Chinese peasants out of dire poverty over the last 30 years.
Search for "Inequality, Consumption, and Happiness" on youtube if you want to see the true U.S. economic data since the 1970s and what it means. Also search for the award winning PBS special, "Heaven on Earth, The Rise and Fall of Socialism" to view the true history of Hartmann's socialist ideals in practice.
Marshall Duncan The Republicans have systematically, persistently and viciously blocked every measure Obama tried to introduce. Not just because he is a Democrat, but mainly because he is black.
Not that I'm saying that Obama is such a great pres. Far from it -- in fact, the sob is pushing the world ever closer to the Armageddon. But he's brobably doing this to curry favour with the Republicans, most of whom, like their Israeli brethren, can't wait for Armageddon to happen, because then they will be raptured straight to paradise :-)
Russ Tul When anyone uses the term "THE REPUBLICANS" I know they're not serious and we're in for another propaganda fest. Which Republicans specifically are you referring to? That's the basis for a rational discussion. If you'd actually study Republicans as individuals you'd find a great variation in their beliefs. And to believe the Republicans base all their decisions on the race of a person is in sane. You don't see white Republicans voting against black Republicans simply because they're black, do you? No. They vote the same way because they agree on fundamental issues. You're just regurgitating century old Marxist saws.
Somalia is the most "succesful" libertarian state in the world:- apart from the military there is almost no government! You don't hear too many so called libertarians mentioning this fact.
somalilandpress.com/the-corruption-overburdened-government-of-somalia-46863
Some places will suck more to live in regardless of government type. Some ill thought examples: Russia or New Jersey.
Naitn K Yeah, because the NAZI's didn't make Germany suck, it was just a sucky place.
"Hey, Jew. How are you?"
"Not doing too good, the NAZI's are going to put me in the gas chamber."
"Nah...it's not the NAZI'S fault. Germany is just a sucky place to live."
Are you kidding me?
Macoutes: Yeah, and... your point? What does that have to do with my comment? You obviously don't understand. 1, my comment was toward the OP. 2, Germany was a good place to live that got fucked from WW1, then fucked by Hitler, then fucked by WW2. So how does it qualify as place that will suck to live in regardless of governance? It is a pretty nice place with good resources and infrastructure. There are a lot better ways I could attack my silly comment, but adding "some" to it kinda makes it open ended pseudo-science and easily defensible. A desert with zero resources and a pre-literate population will likely be a place that will suck to live in regardless of governance. The type of government can definitely cause problems, duh, no one was disagreeing with that. Look at de-regulated capitalism in the USA, allows the murders or millions of people around the world for the oligarchy.
Naitn K No..YOU obviously don't understand. Your comment was: " Some places will suck more to live in regardless of government type," where I pointed out that it isn't the 'place' that's 'sucky,' as it is government, regardless of location.
Capitalism is "unregulated?" No, it's CORPORATIONS that are unregulated. But...as I mentioned my other comment, corporations are products of the State.
Thom Hartmann is the clearest political thinker on our side, except maybe for Bernie Sanders and Elizabeth Warren. Well done. Guys & Gals...NOW is the time for ACTION!!!!!
I am quite surprised that most people don't understand not only what he is saying but also who don't understand why all these things happen.
Its been like this since the dawn of humanity (civilization or not). You'd think someone would have picked up on the fact that humans are still the same as before, we just have different tools at our disposal. That is why history repeats itself, because we haven't changed either.
If you don't change the input, you will keep getting the same output.
THIS HAS NOT AGED WELL
No not at all.
Our min wage in Australia is $18 an hour,and average is about $25. What is it in U.S?
Thats fucked hey, maybe if the elite had a little bit less, working people could afford to pay there mortgages.
How much for a six pack of beer? How bout a chainsaw? I will take your national healthcare and low cost colleges, but it is expensive to buy new thing down under. You do have Rodney Rude.
larrybeetree Yeah shit is expensive here, that is true. A six pack of beer was $10 10 years ago, now it's $18. But Im just going back to university to finnish my degree, and the government pays me $1200 a month to go, plus they pay the fees and I only have to pay them back if I earn over $50,000 per year. This truly gives everyone a chance to break out of poverty.
But obviously the social issue's that go along with poverty, don't make it a totally even playing field. If you grow up with your parents in and out of work, struggling to pay bills, drinking, doing drugs, going to rough schools, you are obviously gonna find it a lot tougher to succeed than, a kid that gets driving to school in a Porsche cayenne. But the chance is there in Australia for anyone to go to University, if you can get through a childhood of poverty without ending up with a drug habbit or in jail.
good for you to get degree. USA's form of capitalism is getting harsher by the day. A person should not lose there home due to medical bills, especially if one is covered. It happens in USA.
Gotta love Thom Hartmann...guy is a genius!
Great talk! Hartmann is right on!
The nation has always had booms and bust and we seem to come out quite good. This is how the country stays efficient during bust less efficient companies or methods of producing goods done away with. The companies who survive have adapted more efficient methods. New innovations lead to the next wave of prosperity and better standard of living. The profit motive is what creates motivation to innovate and create something everyone wants and needs. If you start planning through government you will have a constant catastrophe.
Canada has excellent banking regulations and has never had a 'bust'. Can you imagine what it would live would be like for, not just our poor, but the poor of the world, if we didn't drive the economy in the ditch because of our lax banking laws?
trinityalper I think you need to check some facts Canadian banks needed support see here: www.cbc.ca/news/business/banks-got-114b-from-governments-during-recession-1.1145997
When the government is involved in setting interest rates low to promote people to buy a home it will not matter the regulation. You can also define it as manipulation. The more the government intervenes the more problems will arise. Central planning never works over long periods.
Raymond Groot Yes long term positive would be great but its not reality because its human nature some people are motivated some don't care. There is no system to make everyone care or be equal because people aren't equal. Don't look at the bust as a negative... as a person or a person with a family you just need to save during the good times. If you protect yourself by consuming less now to use it in the future you can take advantage of opportunities and at worst get by without hardship. Its actually this process in economics which leads to innovation and a better standard of living overtime.
Raymond Groot The bust is actually over investment and optimism which is natural but in most cases its unpreventable that is why it happens over and over. Like I said its not necessarily a bad thing :) I would add if government is involved by subsidizing or manipulating interest rates it can be worse which is what we are facing.
Raymond Groot Hey man if you got time I found an educational good video about how the economy works and cycles... dividendstockfish.blogspot.com/2014/02/ray-dalios-video-how-economic-machine.html
Ty
crash of 2016 is actually a political crash in america. People are supporting Trump and Bernie.
this is why they will not allow Bernie, his election (and possibly Trumps) will show us that even with a radical change at the top, there will be no change and this will lead to global revolt against the real enemy of humanity, of every atheist, real jew, hindu, muslim etc......Rothschild Zionism/Illuminati
Just wondered, has one here heard of Henry George the late great American economist? He came up with a solution to the boom bust economy back in the 1800's and his 'vision from heaven idea' will still work today.
luke spillane
Never heard of him. Will check him out. Thanks!
luke spillane Way can't you open your mind to the fact is, the Chinese are growing so fast, because they are the lender and the interest they are getting by the days, they are investing them on their own people , over 500 million are out of poverty, in to middle class . Do you know what that means ? What goes up other go down , cause everyone is competing for the same things and the lender have the upper hand cause is using the interest money while the other is paying him and try to compete with him , this common sense and most of all how come you can compete with someone who happen to have more men power then you and makes everything you own . that means, you need him more then he need you No matter what kind of economy you may think of there are no way out of this . it's just a slow way down and down and down . one way out, it's nasty, have to be war , even this way China still could come on top .
manny mo I can actually see what you're trying to say but you're just accepting defeat. There's always an opportunity to change while we're here which is another way of saying 'where there's a will there's a way!
luke spillane How ? People for sure, will not accept a dollar in hour job , How you expect to compete with China , that first, Second, the debt is way to big , and China hold most of it , trillions and trillions , with that money china can build hundred cities like Dubai right now , This are fact , Yes you are right where their's a will there's a way and China have the will and they are finding the way, cause they are building and growing by the days, while countries in the so called west are liking their wonds and hoping some miracle will save them . Accepting fact .
***** That true , the Chines holed more US debt, then any other country, but they don't want to take the lead, right now, us they are building their country fast, the Chines are building while the US and others are surviving by more debt, for how long , that's the question .
Wow! Somebody help me out here.
He said back in 1976 he was 25 years old when he got his first credit card, correct?
So today in 2014 that would put him around 62 or 63 years of age, if I did the math right.
This guy looks amazing for 63 years old. I want what he's been drinking!
I though he was in his mid 30's.
Tony Jackso thom in good shape for his age. kentucky sentor mitch mcconnell are same age both in there early 60's. siriuisxm progress host thom hartmann is in alot better shape than mitch.
never said mid 30's yes this is poltical video about longtime libreal talker thom hartmann new book crash of 2016.
Paul Spittle it has been 30 yrs of right wing republican preisdents how have try this trickle down econmics. giving tax cuts to millionares and billionares hope it trickle down to middle class and working class. since regean that has been republicans econmics policy. Which have never work. under bush we had a recession in 2008/2009.
not saying econmy is good under obama last five yrs since obama got in in 2009. econmy is stable alot better than when obama got elect by me and majority of young americans in 18-34 age group. we are out of iraq. It is better than losing over 900,000 jobs a month. which is what econmy was doing in 2009.
Paul Spittle They work for millionares and billionares. It seems the republicans have fool alot low information people in southern states in south. People in south vote aganst there own interest everytime. As long as people keep voting aganst there own interest republican party will be around for ever.
All those WWII military who went to college on government money ended up in our society good for corporations like TI, GE, etc. We had great invention and ideas which was respected in the world. Now they don't trust us to not kill them for profit, etc.
Where are all the Occupy Wall Street people? This is actually decent information that should be helpful to them.
who's booking them on news talk shows? how can they/we spread this knowledge if the establishment media shuns them/us? Answer: The Internet! Media of the future.
It took me this long to realize how Enron destroyed people ,including my dear father who was employed with them in the failing demise . He was deversifies enough to not be wiped out but witnessed a lot of his colleagues loss their home . He never worked again for a firm after the 40
Plus years in the industry , I think it left him dulled by the greed that Wall Street people consul the masses .I recently watched , “Enron , The smartest men in the room , in one collection of snips they had a hall in the Enron building full of employees for an investment type of group meeting , the company would ask employees in part of their employee pay to buy back stock further building the over evaluated company .In that video of that hall on the isle seat , I see my father and his groomed stark white hair , it gave me chills to know how he felt , broken with a quiet somber ness over the event .
As a conservative, I do not disagree with many points made by Mr. Hartmann. I agree we should have proper anti-trust laws. I agree that we should have proper regulations that protect the fairness of the marketplace. I agree that there is corruption between big business and government.
Where I disagree is that he blames conservatives for most of the issues we face. I disagree with government redistribution, beit to educational grants or bailouts/subsidies to private companies. He only critiques government spending that is contrary to his progressive agenda. I am against the right-left sandbox mentality.
Whether you believe conservatism is attempting turn citizens into serfs or socialism is attempting to citizens into Borg, there is not justification for either in a free society.
I was a member of the tea party early on, while I agree with idea of less government and balanced budgets, the tea party did not provide solutions or address the true imbalances such as both overspending on defense and the big social welfares of SS/Medicare.
IMO, we have serious problems with too much government in many areas and not enough government in a few. This author offers nothing that does not lead to the eventual collapse.
Less government = Less corruption. Do you really think that anti-trust laws as a whole work to prevent negative outcomes? While the intent might be valid, as a practical matter it puts control in the hands of a bureaucrat that can and will be used anti-competitively as well. Who has more power to influence those bureaucrats? An existing monopoly or a would be competitor? Do you think the outcomes that are dictated are more likely to be based on fairness or on whose interests are most served?
We should be rolling back laws, not making new ones. Thinning down the number of government employees. Privatizing as many services as we can. The government is the biggest monopoly and it has no motive to be profitable, it's hard to sue, doesn't have real accountability (look at the hearings about healthcare.gov) and is continually encouraging irresponsibility. Do drugs, you'll always have health insurance, get pregnant, we'll pay for your abortion, quit your job, we have your back, buy a house, we'll guarantee the loan.
Look at how people are seemingly angry at McDonald's for creating unhealthy people. How about we get as angry at the government for churning out entitled irresponsible people that want more and more for gracing us with their mere existence.
PolakFury . That's the 'conservative' model. Once you recognize that 'conservative' describes the powers and scope of the GOVERNMENT, as opposed to thinking it describes a left or right position of the VOTER. As a libertarian who advocates for conservative (aka; limited) government, for the most liberal (aka; generous) of individuals' authorities.
Awesome. Definitely on my book bag playlist!!
what started the Change in 1966? It's easy Thom; "The Great Society" happened... Choice is taken away... Big Government keeps growing...
+Jason Mccormack - dwb.unl.edu/Teacher/NSF/C06/C06Links/www.altgreen.com.au/Chemicals/ddt.html
+Jason Mccormack yeah, screw this book. I ordered it by mistake. I meant to get real economics book, not some whiny progressive imposter
+Jason Mccormack Are you really that dumb. The Great Society got undone, and government is smaller than it's been since the forties. Don't take my word -- look it up.
Look. it. up. The federal government is the smallest it's been since after WWII. Taxes are as low as they've ever been. Corporate tax rates are one third of what they were in the 60's. Since Reagan, the US has been governed by your nutty agenda. Whose been running congress for the last 20 yrs? Remember Newt Gingrich and his buddy Bill Clinton gutting welfare?? You haven't got a clue.
+2Majesties you are a dangerous fool. highest number of americans on government assistance ever, lowest job participation rate since carter, 47 million on welfare; i think you are confused, the only part of government that is lowest since the 40s is the armed forces.
Thank you Thom,,History is the most important class in school. Renewable energy is depressed by big oil/gas,and their P machine is huge. I hope for a Sanders/Warren run in 2016.
Okay Thom. How about some reality. Let's see. You discuss inflation like it came from outer space. It came, in fact, from the Federal Reserve that you support printing money and stealing value from the cash holdings and current wages of average Americans. Also in the late 1970s health care costs began to sky rocket as a result of government intervention in healthcare (i.e. medicare and medicaid). When Thom says worker pay began to level off he means wages and salary excluding benefits. If you count benefits compensation to Americans continued to climb. American workers simply took their pay increases in the form of benefits since the liberals Thom supports were meddling in health care and causing those costs to go through the roof.
+Matthew Thomas WELL SAID, EXCELLENT! As Milton Friedman said, "Government is the problem", which the founding fathers knew, and which is why we're a Republic, a government of checks and balances, a necessary evil needed for the rule of law and to keep us together against our enemies, BUT a government closest to we the people, so politicians and the Democratic Party cannot force us to swallow their "fairness", "social justice" and "equality" snake oil.
Why is it in schools wee were taught about Dow-chemicals, but from my recollection, we were not taught about Monsanto.
Geez I was waiting to hear about the crash of 2016, and lost patience with this self important git.
No s***!
What happened? I'll tell you. 1. Fed govt taking us off the Gold Standard. 2. Administrations both Dem and Rep tax and spend at an unsustainable rate. Let the next administration deal with it...
41:03 First thing he said correct all night. It wasn't the system as much as it was a specific group of "predators".
I would like to know how many "I Owe You´s" the federal reserve has signed last 40 years. Is there a Federal Reserve left ?
All we need to do is pass an alternate vote. Whether it be Singel transferable, rank vote, approval vote etc. Most others support majority winners versus plurality winners and also support the 3rd (or more) party. The middle ground then can be covered by third party instead of a throwaway vote.
Oh, the Somalia argument. HOW FUCKING ORIGINAL.
just as original as comparing anything close to socialism to soviet union of north korea.
So you agree that the Somalia argument is stupid. That's something.
I remember similar articles from the 70s or 80s to the ones he starts out with, in which the productivity of machines was discussed, and people were well aware that this might not trickle down to the average person. If you can take poeple out of the equassion, either with machines or offshore, how do they benefit from a productivity they didn't participate in. His father worked in a tool and die shop, running machines. Sure there were machines, constantly improving that increased worker productivity, but you needed a lot of physical and mental skill to run them. Today you can run cnc machines with much smaller crews of people, or even off bottled routines.
40:30 ff. Correction, not that it diminishes Thom's argument; it actually reinforces it. From FDR to 2008 there was one very dramatic banking crisis: The S&L crisis of 1988-90. It was caused by predation like all the other crises. This time it was Michael Milken at the center of the crime. While the S&L crisis pales in comparison to the 2008 financial crisis, it was such a big deal that I thought that another such banking meltdown would not occur in my life time. Well, I'm still here, and 2008 totally blind-sided me. Here again, we learned a lesson. But the question is, how long before we forget it - again. Thank you, Thom, for another fantastic talk.
This guy was 25 years of age in 1976, I was born in 1979 - how the hell does he look so fresh. This guy eats his greens.
This is a followup to the Crash of 2000 / 2004, etc I fail to understand how rejection of the profit motive advances human endeavors as we are a rewards-based species. At no time in human society have we willingly labored for an ideal without tangible benefits commensurate with our efforts.
The erosion of civil values went hand in hand not with a rise in corporate profits but with the growth and power of the State. The essence of civil values is local decision- making - the antithesis of the authoritarian State.
In 1985 I received a Pell Grant to go to college and it was Ronald Reagan who helped us receive that money for tuition back then. The Republican party was very supportive of educational benefits for young people to go to college at that time.
At the time of writing, the crash was predicted to be in Sept 2015. It is now Oct 2015, no sign of a crash, just a correction in Aug 2015.
When the income tax was first proposed in the 1910s it was promised that the top rate would never exceed 7%. By 1920 it was above 70%. So much for liberal promises. After World War I we had a depression that was just as deep as that of the Great Depression ten years later. Government did nothing about it except cut taxes and regulations. The depression went away on its own in eighteen months.
Ten years later when the great depression started government tried to do something about it. They imposed tariffs, regulations, and taxes up to 90%. And the depression lasted from 1929 until 1946.
Booms and busts are not caused by low tax rates or rich guys that don't care about losses. They are caused by the easy money policies of the Federal Reserve that blow up bubbles.
You know Thom, possibly you should have stayed in college so that you would understand economics.
+Matthew Thomas - Robert Reich stayed n college and is an economist who has worked with both Republican and Democratic administrations, and he disagrees with you.
By his own admission, Thom Hartmann did not finish college yet I'm supposed to take his word that he knows what he's talking about? One simple example of his tunnel vision, he claimed that first-past-the-post voting can only lead to a two-party system. That's not true of Britain or Canada or any other Westminster-style democracy.
Well, we didn't crash in 2016. The world didn't end...
I don't know but I think Thom has a kind of sadness in his take on this and me, too. I'm almost in tears as it's asif something has died and we're being blamed for it by having played by the rules, as pensions were stolen no longer being paid and we Boomers didn't do it, we didn't cause this neoliberal crash. Boomers did not cause any of these situations yet we're being blamed for it, same as teachers and poor during the housing debacle by the banks as they allowed and even talked people into buying homes they knew weren't able to afford for very long, anyway. And this guy acting as if workers were spoiled and had things too easy, where did he get this nonsense that COnservatives bought into and Reagan purposely decided to go after unions workers and etc. Blaming us for protesting just as we should have over the war and citizens being screwed over business practices and so on. Now folks are afraid to stand up.
Great discussion. I wish video had English subtitles.
Actually the 'dark side of the moon' was a Gahan Wilson cartoon in Playboy, not a short story in Amazing
What happened to the crash of 2003, 2012, 2014?
7 years ago is 2015? I must be missing something.
Quite possibly the worst title for a book in history. Thom, over the years I have learned to do the direct opposite of what you attempt to provide as financial advice. My 401k thanks you each and every day. Learn your strengths and stay away from guns and money and you will be fine.
This vid was 8 yrs ago, I was 35 (born in 1976) and had never made over $12k per year, with a 2 yr college education I still owe on.
Now it's 2021, we've been dealing with a global pandemic and yet Corporations have continued to see record breaking profits. I'm now 45 and have never made over $25k per year.
GenX has been especially hit hard and shut out. We've went into debt just to survive and or raise kids, medical costs through the roof, astronomically higher education costs and all for jobs that pay poorly with little to no benefits or protections. I cannot even imagine owning a home and struggling to keep any kind of roof over our heads. Living in the wilderness off of the land would almost be a step up. We're sick, poor and in debt.
What American Dream?
Low wages undermine capitalism.
The big problem with industrialists is that they don't realise that well off workers can afford the goods and services the industrialists provide, therefore it makes sense in macroeconomic terms to have a high wage, high productivity economy, but in microeconomic terms it more profitable for the industrialist to restrict wages.
Thus low wages will cause economic stagnation.
How do you do all of this research and not become enraged.
I'm not saying that people don't derisive befits but your father was also a very skilled man.
5000 dollars income was pretty good for the cost of living in those days.
Thom is a wealth of easy education. Love that his overviews lead me down research tunnels.
Wages went up with productivity because there was not a huge drag from taxes and regulations. markets were open. There was lots of competition. Now, few crony corporations rule the most of economy.
Mr. Hartmann, I am sure you are aware of the Reese Committee Report that Mr. Norman Dodd generated with regards to the tax free foundations; Rockefeller, Carnegie, Ford. et al. Why did you choose to overlook this obvious precursor to the emergence of the various think tanks? Thank you for your attention.
Made it 10 min and can already see the meaning of this show. Does anyone correlate the fact that the years he talks about the free ride of unionization he remembers is the same demise of years up to today? How about the fact that it is the businesses that contribute money to improve working environment and technology that increases productivity? Companies have no control, in fact opposite from control of unions today. What worker contributes their pay to improve the technology of the company they work for? Instead Unions bankrupt companies in their very nearsighted idiotic 'contracts'. Why would you agree to bankrupt your own company when you want a long term job?? Well, because Americans have been taught not to plan and especially not think long term.
Although it seems rather complicated it is not, the capitalist system is about competition and maximizing profit so, in India and other parts of asia they can hire for 30 cents per hour. That is your competition, Solved.
Someone I know says, America started changing as Jewish Zionism came in through business. Which he says was also what Hitler reflected in his first experience in Vienna as he came back from Army. All that Hartmann states is when US was largely a Christian nation.
Simple answer.. Wages go up because of competation among companies for labor. Government particulary since Reagen have taken a holy alliance with corporate beuracracies that use government regulation to block out new competitors from entering the market. Company A and B have government blocking out any competitors from entering the market by "regulation" and "permits" and can continue increasing their profit margine cause the barrier entry is partly blocked by government and they dont have to worry about paying their employees more cause they dont gotta worry about the emoloyee getting a better elsewhere. Ludwig Von Mises talks about this in his book in detail...
He addresses derivatives but he doesn't address the cause of the 2008 crash. Honest historians know that the 2008 crash was a direct result of liberal legislation that forced banks to give mortgage loans to people who could never pay it back. If banks did not prove that they were giving loans to high risk people then the government would make the bank pay large fines. The underwriters at the banks were forced to approve bad loans on bad products (variable rate) without verifying the viability of the applicant. These loans were called NINJA loans (no income, no job, no assets). Once a mortgage loan was approved the originating bank sold the loan to other banks which again sold the loans to other banks. The bad loans were packaged with good loans and sold as a block with an A or A+ rating. These blocks became investment vehicles in the derivative market. After the interest rates changed the majority of the bad loans went into default. The large number of bad loans peppered throughout A and A+ investments made those investments worthless. The trillions of dollars of derivative bets made on these loans caused investment banks to go bankrupt. None of this would have happened if the liberals didn't force banks to make loans to poor people who would never qualify under traditional underwriting. No good deed goes unpunished. So there you have it... derivatives aren't wise and probably shouldn't be allowed but they weren't the cause of the crash.
On the other hand, the banks sold those bad loans as if they were good loans. (fraud) Then the banks shorted those loans because they knew they were junk. (more fraud) Not one of the bankers went to jail. Meanwhile. the bankers received bonuses and invested in political campaigns to cover their butts. That is why we have a banking system that fails.
Hey numbnuts- read "The Big Short" if you want to know how the banks got away with a worldwide fraud that almost collapsed the world economy. Or don't and keep on posting ignorant shit.
The American dream got lost because of the greed of the few. A company executive who makes 5 or 10 or 40 million a year---where do you think that money came from? It came from the great majority of the workers of the same company who are paid mere subsistence wages rather than sharing in the wealth of the company they helped to make a success. Until this changes---and it is basically a moral problem---there will be no hope for America ... until the deluge?
But the money stayed in town or city. Now it floats around the world after the workers work and not seen.
I believe Thom is correct,the future doesn't look rosy.
Sharing the resources is the only sane way out, sharing is not only divine but generates Trust, which is an important factor between countries, sharing also creates true Justice, for the resources belong to everyone. Share and Save the World.
I remember back in the early 1980's that most wealthy Americans lived a middle class life style. Those were millionaries who lived a middle class lifestyle. And there was still a middle class. My tuition in college was only $800.00 per semester. I recall most of the us lived a middle class lifestyle. We weren't as rich as the millionaries but we lived a middle class lifestyle. As a matter of fact, they said that the poorest Americans were the wealthiest poor in the world.
Oh I miss Politics and Prose so much!
39:00 He apparently thinks he was the only business owner that had an intelligent account to advise reinvestment of some profits back in to the business. He also seems to mistakenly think gambling is equivalent to "Where can I get the best for my investment." While it's true, there is risk in loaning one's own hard earned money out to someone else so that they may benefit but its better than hording it or spending it all selfishly.
when Thom Hartman said libertarians want to legalize pot and get laid.. If pot should be illegal then the deceleration of independence isn't worth the hemp its written on....
Since 2009, GDP has gone up 8%, but the DJIA (supposedly a safe, conservative investment) has gone up 280%. Draw your own conclusions. Hartmann's prediction may be out a few months, but he understands the causes.
We need to stop thinking right versus left, because it divides us. Like Thom said there are commonalities between the Occupy movement and the Tea Party. We should be discussing how to peacefully progress through voluntarism and non-aggressive principles, versus state and corporate control.
I watched the whole thing... and wondered why I felt like I was being politically seduced by a closet communist.... then realized that during the Q & A session... Mr. Hartmann slithered out of the closet and confirmed my suspicion. For instance, Mr. Hartmann views the 60's as a wonderful experience... and that led to his great success marketing trendy tea flavors. What he (and his entire book) fails to recognize is that in 1964 in the USA, the "banksters" managed to have Congress remove real silver from our money and replace it with the same material used to make nuts, bolts, and washers. The effect of that showed up in 1971 (US dropping the gold standard). Consider looking at it this way -- when you had a "silver" quarter in your hands, you were holding 25 cents worth of silver in your hand (no debt) that's why his dad was able to pay off the mortgage. Today, the quarter you hold in your hand is 25 cents worth of debt. Still want to be a communist or seduced by one?
+FLOYD DEWD
Communism isn't an insult, Floyd. It's a political ideology that those who can't understand feel the need to attack.
Akaash Saprathas
Thank you for your comment. Let me say that I do not consider identifying communism in itself is not an insult. You're right communism is a political ideology framed around the "political ideology" whereby the "State" grants rights to the people instead of the people being vested with rights long before the creation of the State.
What Mr. Hartmann seems to fail to recognize is that the USA was founded on specific principles that he wishes to ignore. His ignorance is an insult to your individual rights (if you are an American citizen).
Even a cursory glance at the ills of many "States" in Europe should have shown Mr. Hartmann the fallacy of his political ideology and how it runs completely counter to his promoting his book on one hand and not willing to turn his profits over to the State on the other hand...
He seems to want his cake and eat it too... yet expects everybody else to jump on the communist / socialist / collectivist bandwagon while he reaps all the profits from his readers' very poor understanding with respect to the most basic principles of the liberty and self-governing upon which the USA was founded.
Mr. Hartmann is either a greedy, self-centered, and disingenuous liar or a very poorly informed socialist zealot. I tend the think he falls under the former rather than the latter. Then again, he might just be a combination of the two options.
Most of the gain made by rich since 2000 is from multi-trillion dollar, tax payers funded, bailouts and QEs.
Ok 37 minutes and he starts to say the first thing of substance in this very weak diatribe is about taxes. And hes pretending (or actually thinks) that owners/directors in the 20s and nowadays, don't have any incentives to reinvest money back into their business! He is actually stating that cutting the tax rate encouraged them to speculate with their money instead not caring where it went. But then he mentions two markets which are highly leveraged (housing and derivatives), and its leverage that was recognised as being the main causes of the unsustainable booms that happened then and now. But this also ignores the fact that the 20s had a lot of sustainable real growth. People were getting electric for the first time, products that consume electric, and cars etc!. None of that is speculative or leveraged, and if taxes hadn't been cut that growth wouldn't have been their.
Also his version of the story has no explanation of why the 1920s seen instant growth from tax cuts, yet the 1980s had a 20 year delay before that boom happened. Maybe looking at those two leveraged areas he mentioned and considering the thing that affects leverage most (interest rates) would be a better approach, instead of pretending the more money businesses have = the worst for the economy.
Lastly since 1970 we've seen a decline in the amount of companies that pay dividends from 70% to 20%. And practically all of the dotcom companies paid nothing!!!
papers.ssrn.com/sol3/papers.cfm?abstract_id=203092
*****
Not true. Reagan lowered taxes but tax deductions ran out. That would be the supposed raised taxes. Reagan wanted to add a amendment to the U.S. Constitution that a federal budget must be balanced.
***** True regan brought tax rate down to 69 percent. Then bill clintion brought tax rate down to 39 percent when clintion was preisdent in 90's tax rate was 39 percent. 13 yrs later tax rate is still 39 percent. The same tax rate as it was when bill clintion was our preisdent in 90's.
Reagan and Clinton not Regan and Clintion...and I'm English.
preisdent reagan never drop tax rate. Thr tax rate was at high 69 percent under reagan in his eight yrs in white house. preisdent clinton tax rate was 39 percent. That was my point. reagan raise taxes and it was high 69 percent.
Back in the late 1980's my father lost his job because the man who bought the company he worked for sold the company after consolidating the company with another company. My father wasn't wanted in the new company. And his employer made a profit.
The crash is going to come at some point, but to attach it to a year was a huge mistake. The closer we get to 2016, the more I believe it's going to come later and Hartmann is going to look silly.
i don't understand why hartmann is so keen on seeing destruction as a solution to a better future, is he saying he's going to be noah??? kill everything except for a selected few and start all over again???
Thom mentions Tax Exempt foundations and people trying to get control of the education system. So in that spirit i'll leave this here. Make of it what you will.
Norman Dodd On Tax Exempt Foundations
So all the stuff he's blaming for economic woes are the making of government, so the solution is naturally more government.
Fuck government.
38:04 Hmm..._"hire some new people"_....that sounds nice. _"expand your advertising & marketing"_, spend money into the economy? Hmm, that sounds like encouraging other businesses to grow. Newspapers, radio, TV stations, print shops for flyers, etc., etc. 38:21 Then the employees got to be in control of their own business!
I'm guessing this was made about the 2008 economic crisis?
What do you expect beside debt when Fed is generating worthless money out of debt. Huge government cannot get money unless there is a perpetual debt generation.
I worked at Enron BEFORE Lay did. It was called Internorth then. Ken Lay's problem like many conservatives is PRIDE. He could not admit to himself that he was a substandard executive. Almost everything he touched turned to shit and he began to sell off assets, bring in silent partners, kept the name on the sign to promote pride and then committed fraud when the rest of his schemes was not enough. He was the son of a Missouri dirt farmer and sometime preacher and was driven by...PRIDE. Today is Good Friday. Jesus said to humble yourself.
He actually thinks his generation borrowed from our generation. He will be surprised as all the manipulation of money comes to an end. There is a reason why the colors on the coins are gold/silver look a like. Gold and silver is the only money there is. As soon as you link it to something that is 'as good as gold', there will be debasement of currency through manipulation of governments and central banks. To totally get rid of this link in the nixon act, meant that now governments and central banks could steal buying power from the people w/o even 1% that knew it was going on. Until recently, as through the manipulation, central banks have put themselves in the corner. They will run out of smart ways to debase the currency or the market fundamentals will catch them sooner. This is what 'bears' talk about with the endgame.
P.S. The CEO's of the failure banks that got their welfare checks, they got their bonuses for being gambling robbers of depositors money. Talking about under funded liabilities.
The lost generation? Can we not call it something else? Comparing our struggles to those that were sent to die in the trenches in WW1 is disrespectful.
$5,000 in 1900 would be 250 ounce of gold. At today's price that would be 250 x $1,400 or $350,000. So, those people were poor at 250 ounces of gold a year? I don't believe that average wage was $5,000 in 1900. The real number is FIVE HUNDRED DOLLARS. That means $35,000, which is about the same today as it was back in 1900 in gold coins.