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in nineteen ninety-nine udya named james glassman and economist kevin hasset
who works for the george w_ bush administration
wrote a book predicting and that the dow jones industrial average
would go to thirty six thousand
instead
we have a great recession as you guys all know the dow plummeted at the
economy plummeted
it was the worst financial downturn
since the great depression
and it went down to six thousand five hundred and forty seven so have a thirty
six thousand work out for it
not to go
stars not graded predictions
uh...
now he is writing in bloomberg you today
that quote
dallas thirty six thousand is achievable
as
as long as a slew of conservative policies or embraced
i can't meant
i can't i i can't deal with it anymore
but where do i begin
were alive again
the economy that we have right now we talk about this every day
house of cards and it's not my opinion that it's a house of cards
i can give you a trillion reasons why it is that i can give you more they're
showing a reason why it is out of card right
so first of all we have a student loan debt crisis is on the verge of
piling over and and becoming a off along crisis and throwing us into another
recession right
we got lost every morning which is going to be the same thing
just like what happening european braced austerity what happened effacing a
triple dip recession
uh... you have wealth inequality now that's one of these problems because
they say oh we had to sell recovery recovery recovery we're going to
remember doing better
will control the money what ninety three percent of the income gains in two
thousand and ten which was a recovery
went to the top one percent
today
on a hundred and twenty one percent of the income gains
went to the top one percent
you're probably thinking how's that possible more than a hundred percent
because the bottom ninety nine percent lost ground
so we got into more debt power wages contract more
and the top one percent made more money
that's not sustainable
when the middle class in the poor don't have any purchasing power
they can buy the guns they were created by the captains of industry so to speak
and in the economy's going to grind to a halt and by the way that doesn't even
bring up the fact that we have a tremendous debt
which we will eventually devalue the dollar that's inevitable if you know
anything about economics
and we have a course the directives market which is one point two kwai
drilling in dollars
in casino capitalist bets
one point two blood really in one thousand two hundred trillion that's
what that number is
if something goes wrong
even on an infant estimates
and analyze n_-word otto it anything goes wrong even a tiny level
you know there's a point seven percent contraction of that
you do the math was a point seven percent contraction of one thousand two
hundred trillion
to *** much
especially since that's more money didn't the whole world economy has
and then of course we still have the problem of wanton deregulation i mean
it's not like we learned our lesson from the economic downturn and we started
regulating the economy
no we did uh... dot frank which is uh... as weak as we can be
we still have been reinstated glass steagle
glass steagle was
his a law that was enacted
after the great depression which that you have to separate commercial banking
from investment banking
so in other words you know that means
you can't make ridiculous bets
with money is in a commercial break
because commercial banking supposed to be steady and solid and have
slow but sustainable growth
leading up to the great depression in leading up to the recession 'cause we
were killed glass steagle under clinton
what happened well
you end up merging investment banking commercial banks in the main ridiculous
bats
that ended up taking the economy
and we didn't even put that back in place we learn or less
there is only a million and one ways
which or economy right now is is teetering on the edge
and missing person who has been out there prediction
in nineteen ninety nine has the nerve to come out make another prediction
you know what do you get a crystal ball the yourself there nostra donna's
where i'm interested in what you have to say
you kinda destroyed your credibility with the first prediction when you were
all i don't know
thirty thousand points off