what year am I?
Feb. 1st, 2008 08:26 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
Hint #1-The past decade has seen vast economic expansion and record stock market figures predicated on the lending of money to people who may not be able to pay it back.
Hint #2-The system of lending has broken down due to unpaid debts
Hint #3-The US is facing an environmental crisis threatening the food supply due to irresponsible environmental practices
Hint #4-the current administration denies that either the financial or environmental problems are serious.
1930/2008
1-the highs of the 1920's were based on a process of buying on margin, a process of lending money to stock purchasers that they would pay back when the stock went up. The economic boom of the 2000's was based on a growth in home prices and equity fueled by sub-prime mortgages, money lent on the assumption of continued growth(in other words, banks would lend money to people who couldn't currently afford a mortgage based on the assumption that they would make more money later)
2-The crash of 1929 was based on the collapse of margin buying. The financial problems in the US today are based on the collapse of the sub-prime mortgage market.
3-In the 1930's the Dust Bowl of the American midwest destroyed significant portions of the arable land. The dust bowl was due to excessive farming of unsuitable land which weakened the top soil and allowed it to blow away. In the 2000's, global warming has destabilized world climatology, leading to super storms such as Katrina and harsh seasonal weather such as that in California and China right now.
4-The Hoover administration failed significantly to make changes to either the US economy or to farming practices, assuming things would right themselves given time. Bush's policy of economic stimulus and ignorance of the environment have led us to the same point.
Anyone care to guess where we're going?
Hint #2-The system of lending has broken down due to unpaid debts
Hint #3-The US is facing an environmental crisis threatening the food supply due to irresponsible environmental practices
Hint #4-the current administration denies that either the financial or environmental problems are serious.
1930/2008
1-the highs of the 1920's were based on a process of buying on margin, a process of lending money to stock purchasers that they would pay back when the stock went up. The economic boom of the 2000's was based on a growth in home prices and equity fueled by sub-prime mortgages, money lent on the assumption of continued growth(in other words, banks would lend money to people who couldn't currently afford a mortgage based on the assumption that they would make more money later)
2-The crash of 1929 was based on the collapse of margin buying. The financial problems in the US today are based on the collapse of the sub-prime mortgage market.
3-In the 1930's the Dust Bowl of the American midwest destroyed significant portions of the arable land. The dust bowl was due to excessive farming of unsuitable land which weakened the top soil and allowed it to blow away. In the 2000's, global warming has destabilized world climatology, leading to super storms such as Katrina and harsh seasonal weather such as that in California and China right now.
4-The Hoover administration failed significantly to make changes to either the US economy or to farming practices, assuming things would right themselves given time. Bush's policy of economic stimulus and ignorance of the environment have led us to the same point.
Anyone care to guess where we're going?
no subject
Date: 2008-02-04 05:37 pm (UTC)