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User Info 2016: What Was And a Preview of 2017; entered at 2016-12-26 11:55:36
Posts: 1954
Registered: 2009-04-07 Southern California
As always, my first read.

Question: Why does economic history seem to repeat?

Answer: "Not one person under the age of 50 has any business or political memory of the world before the declining bond market rate paradigm established itself in the 1980s. Not one person folks -- because they were all either children or not yet born at that time. None have ever run a business, invested a nickel or made public policy during that time. Since executives tend not to actually become executives before they're in their 40s and 50s, and the same is generally true for politicians, this means that essentially nobody with either political or business power has ever lived through or made policy in an environment where rates were not generally declining over time.

All the people who have done it and thus know how said environment constrains your actions are dead."

As well over a longer time-line, very few people who were aware of the Roaring 20's and the Great Depression are alive, since to be so they would have to be over 100 years old.

2016-12-26 11:55:36