Wow it really does Rhyme. Looking at the key points they are so similar:
New inventions, mass marketing, factories turning out amazing products like radios, rayon, air conditioners, underarm deodorant…One of the most wondrous inventions of the age was consumer credit. Before 1920, the average worker couldn’t borrow money. By 1929, “buy now, pay later” had become a way of life.”
“Wall Street got the credit for this prosperity and Wall Street was dominated by just a small group of wealthy men. Rarely in the history of this nation had so much raw power been concentrated in the hands of a few businessmen…”
Change the above to the FANGs, driver-less cars etc and, of course cheap credit and Car loans and it is where we are now! The BOE has just warned the banks in the UK to reduce the lending on credit cards and bank loans which is reaching record highs.
What a mess. Maybe we see one last flush out in the gold price over the summer and then we are off.
Excellent and entertaining Bikoo99
Thanks
Why do I think it feels like that period all over again
During the 1930 crash gold/silver mining stocks were the preferred sector and made Homestake miner go higher while gold was fixed in gold standard.
Great stuff. History rhymes…
Wow it really does Rhyme. Looking at the key points they are so similar:
New inventions, mass marketing, factories turning out amazing products like radios, rayon, air conditioners, underarm deodorant…One of the most wondrous inventions of the age was consumer credit. Before 1920, the average worker couldn’t borrow money. By 1929, “buy now, pay later” had become a way of life.”
“Wall Street got the credit for this prosperity and Wall Street was dominated by just a small group of wealthy men. Rarely in the history of this nation had so much raw power been concentrated in the hands of a few businessmen…”
Change the above to the FANGs, driver-less cars etc and, of course cheap credit and Car loans and it is where we are now! The BOE has just warned the banks in the UK to reduce the lending on credit cards and bank loans which is reaching record highs.
What a mess. Maybe we see one last flush out in the gold price over the summer and then we are off.
Not to mention New President then :”Finally Poverty in this nation will be eliminated”.
2017 : Trump: “There will be so many winning that your head will spin”
What could go wrong!!!!
Lol so true!