Sam Zell: This is the Weimar Republic

[@JohnDaniels]

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." - Thomas Jefferson

[@theoriginalDAL357]

In other words, they need to be kept on a VERY short leash. But that would take having moral, honorable leaders and regulators, something in frightfully short supply.

[@jawedz]

This quote, if ever accurate, is from the time of gold standards when the growth of money was restricted by the amount of gold that could be mined, not the growth of the economy. In other words both you and Jefferson are clueless about modern macro economics.

[@theoriginalDAL357]

@@jawedz Right on!

[@bsutton2084]

@@jawedz you don't have to more gold for a gold standard, you just have to revalue printed currency to real money so the gold isn't just all claimed at an exchange window like what happened to the US in 1971. we have rigged the system for decades to keep the dollar valued higher than it should have been, but the revaluation of real assets to the dollar will still happen. as it right now, the value of a dollar only buys about 2% of what it did in 1913 when the federal reserve was established.

[@JohnDaniels]

@@jawedz Tell that to all the homeless people, maybe you're feeding off this Ponzi banking system, the only one who is clueless is you

[@gregmijjares3725]

Sam made a very astute observation , we are the NEW Weimar Republic !

[@mp5284]

Black pill: we live in The Weimar Republic. White pill: we live in pre revolution times

[@jamesalec1321]

The three largest owners of SVB are: Vanguard, BlackRock, and State Street. These companies will be protected, at the expense of the American people.

[@lonestarluck3497]

Of course they will be. When both Biden and Harris named their top economic advisors in 2020 and both were people previously with Blackrock, it was pretty clear that the transfer of wealth to the elites from all the rest of us peons would escalate for at least the next 4 years.

[@grzesiekniemogecipowiedzie7142]

See how ETF works

[@rs72098]

Not necessarily, we could see a serious populous uprising. A new political party may not be so easy on the banks.

[@andrewmclaughlin2701]

I don't know if the Internet is telling the truth:) but I read the Virgin Islands was suing SVB for the Epstein holdings and that is why the Feds took it over so quick...another item on the Interwebs was Gavin Newsom has a lot of money that will fund his 2024 campaign in SVB...and another was the forced ownership of bonds since the FED could not sell our bonds abroad...supposedly a big chunk of the world politic is tired of USA foreign policy and have set our debt up against us by no longer purchasing our bonds...good times

[@uturniaphobic]

they say they're only going to bail out the depositors. so stockholders are out of luck...at least that is what they say.

[@paxundpeace9970]

In 2006, the Blackstone Group announced the purchase of Equity Office (owned by EGI owned by Zell himself!)for $36 billion,[13] which was the largest leveraged buyout in history at the time. Blackstone then sold many of the portfolio's properties for record amounts.

[@ptturboe5792]

Yep. Super smart timing.

[@michaelmoran8755]

Infeasible to a pure capitalist like Sam. What if he put his money towards lobbying for mom and pop and clean energy instead of just profiting off trend. He’s a nice sick human

[@angelaj8958]

RIP Sam, thanks for always being a voice of reason.

[@nikkion2140]

Mr Zell is absolutely right. Non-carbon economy is not practical within short time frame!

[@liliya_aseeva]

He even cannot say what he really thinks about it, it's obvious.

[@deborahcurtis1385]

Having California crippled by floods, and massive snowfalls and the Colorado River not improving significantly regardless. Not that's not practical. No wonder he defends fossil fuels, the guy is a fossil himself.

[@Rainy_Day12234]

@@liliya_aseeva he’s scared of the backlash if he calls it bullshit

[@liliya_aseeva]

@@Rainy_Day12234 yes yes yes yes yes! All the twitter mobs will be enraged. Hopefully they will be purged from the "renewed Twitter" soon.

[@boulderghost4457]

@@liliya_aseeva lol, the “renewed” Twitter is OWNED by the King of renewable transition, Elon Musk. Ask Ford how fast EVs snuck up on them. If I want to know about markets and banks, I’ll listen to Zell. Otherwise he knows f all about renewables or what is CURRENTLY happening. Just saying. 😊

[@jacqueslucas8616]

The inflation reduction act 😂😂😂😂. He says it with a straight face!

[@dishboy14]

Just spend more to fix inflation. Oh wait.... 🙃

[@AL-he2jt]

It is worse than fiction. No words can explain this.

[@jvz28az]

He’s exactly right. It started 15 years ago. Printing money is not an answer to the problem…it is the problem

[@jakethomas1829]

"we're always looking for quick simple answers" Welcome to the Soaring 20's, history repeating.

[@fhowland]

He’s absolutely right about everything. Incompetent Fed and greedy government wasteful spending has put us into an incredibly precarious position

[@conservativelibertarian]

What about the capitalists?

[@lambertois11]

Hey Fred you are a lousy looser troll !

[@Rnankn]

Public budgets support citizens in a precarious position. If markets fail, blame markets.

[@sang3Eta]

@@conservativelibertarian their are bailouts in capitalism. Bitcoin is capitalism. Bailouts for the corporate elites on the backs of the working class via currency dilution is Marxism.

[@jeffreycheng5984]

Read The Secrets Of The Federal Reserve by Eustace Mullins and The Creature From Jekyll Island by G. Edward Griffin.

[@CrispimSoares]

Fantastic interview, brilliant mind even at age 81. R.I.P.

[@rolfehorne1624]

We went through this in Canada in the late 70s and early 80s. Ultimately no one would purchase Federal debt issues. The result: Canada had to offer 18.75% to finance public debt.

[@Adnancorner]

Canada is bankrupt country.

[@etcot8220]

He is totally spot on, there’s no squeeze at all at the moment. Gonna take a long long time to correct the influx we had during covid.

[@lindaanderson3698]

We the people let Pimco have such a rediculous deal before and now they want to walk away from resposibilities, disgusting.

[@kabatake]

Sam is the man. He has a prescient analysis of the current economic conditions

[@mgb5170]

It's an opinion not really an analysis

[@libertysprings2244]

True. Student loan payments are still paused after 3 years. Congress doesn't want to do anything but spend spend spend so we are going to need to personally plan for continuing inflation.

[@azmike1]

Zell is laughing because he will be dead when this goes down.

[@JohnDaniels]

Easy money is a great thing for investors, they can go gobble it up for next to nothing and then buy up all the assets and drive the prices up, a giant speculative everything bubble brought to you by the Federal reserve and your federal government.

[@australiasfirstmate1556]

I was thinking about the Weimar Republic yesterday and heard it is on this Bloomberg newscast .........NOW! I told my wife about 1920s Post WW1 Germany and how people needed boxes of Deuschmarks to buy a loaf of bread because inflation was beyond insane..........

[@suzannethepatriot8049]

I lost my favorite job of all time due to this man. I worked for REVCO DS corporate headquarters when Zell sold his controlling shares to CVS. I think he is correct in what he says. I am holding a grudge because I have never had such an enjoyable job since. 🙁

[@HughJass-313]

Revco! Wow haven't heard that name in 2-3 decades

[@glorgau]

So, just another disgruntled ex-employee? ;-)

[@deborahcurtis1385]

He is a mean looking guy. But on the other hand business is business. It's not a charity and he's just doing business. You and I are just roadkill.

[@suzannethepatriot8049]

@@HughJass-313 Yes! I was in my early 20’s!!! Now I am a middle aged woman. Sad how fast time flys!

[@suzannethepatriot8049]

@@deborahcurtis1385 yes! We little people are always the “roadkill”

[@treavey1]

yes, i've been calling us "the new weimar republic" for the last several years

[@aerohk]

Will we have a national socialist government emerge soon?

[@DoseofTruth]

Me? Since 2008 I did an actors' monolgue on the coming chaos

[@rs72098]

So is the rest of the world. Weimer Republic doesn't mean much if all the countries next door to you are essentially in the same position.

[@1lthrnk]

The fed hasn’t done its job in over a century since Wilson was president we have believed that we should be able to spend more than we take in we just give an I owe you loan putting us in debt to other countries. The largest owner of our debt is our allie Japan and China own a significant amount of our debt. All the other countries could call for payment of the debt and destroy our economy worse than it is now.

[@billhollywood3809]

What scares me is this guy is saying what he thinks by giving his honest opinion I hope that Americans can do this 10 years from today.

[@saundramcguckian7596]

100%

[@eljefe5858]

The end of current monetary system

[@LarsonFamilyFarm-LLC]

Wow great interview...enjoyed it and his answers...they were spot on.

[@tommay7735]

Zell. Way to realistic and toooo much common sense!

[@id10t98]

He's a typical right winger that kicked the ladder down once he got on top. For the last 14 years he's lived off the largesse of 0% interest rates and he's whining about the Fed, a typical hypocrite.

[@tommay7735]

@@id10t98 as the Biden administration bails-out SVB liberal Multimillionaire s/billionaire s under the guise of small regional banks. More failed regulations? That will punish that black single mother in Georgia whose regional bank can't give her a loan! Not that with Biden inflation forcing higher interest rates she could afford payments! But as long as liberal hypocrite Multimillionaire s in silicon valley are made whole, so they can contribute $$$ to Democratic's that is what is important. Not fooling anyone!

[@id10t98]

@@tommay7735 Maybe Trump and RepubliQans shouldnt have repealed the banking regulations to allow this to happen. Just a thought.

[@tommay7735]

@@id10t98 bipartisan, 17 Democratic S voted for it also! Plus, blame everyone else for the destruction of the economy by Biden and democratic Congress. Free giveaways to buy votes. Biden inflation did this! Where was the Democratic SF Fed?

[@id10t98]

@@tommay7735 The USA economy is doing just fine. If corporate Amerika would give out more raises to bring pay into the 21st century, the economy would be doing even better. There has NOT been a raise in the minimum wage since 2009. Name me one CEO on Wall Street that's gone 14 years without a raise, I'll make the popcorn...

[@excellentsmithers6417]

You better believe it. When the ship goes down you better be ready.

[@freestylefranc2653]

Legendary interview!

[@tonyj59]

Wow! This is eye opening 👁‍🗨 interview...

[@suggadeg]

This guy is dead on. We should all be expecting a 25% decrease in our standard of living. Our government has put us all in a horrible position, and it’s way past just being a possibility. We are going to lose reserve status of the dollar.

[@cromcccxvi3787]

No- the public did by electing only politicians that are totally owned by current financial system whose only goal is to sustain their control, not a single independent who isn't owned by GOP or The Democrats

[@peadora]

The key is that 25% extra living standard should not be there in the first place. Easy money, over spending, debt. This is the fault of the Fed and the over spending government. Also the fault of the over spending public, gone is the age when people value hard working and saving up for the future.

[@themusicisalligot91]

When the people allow this shit to go on for decades eventually you gotta take responsibility. They've been raping and pillaging us for well over a century now after they instituted the fed and we've gone insolvent several times since then. In the 30s, the 70s and 2008. Well now we can't just print up 5 trillion to save all the banks again because inflation. But guess what? They're gonna do it anyways. They're gonna bail out all these same fucks like last time and everyone will accept it until they're out of home and food and can't provide for their families.

[@suggadeg]

@@peadora “I’d rather go to bed without supper than wake up in the morning in debt.” - Ben Franklin

[@d33763]

US is nothing like the Weimar Republic. The Weimar Republic was experiencing rampant inflation, social and political polarization, very high national debt, and a mad man that keeps stoking white nationalism and xenophobia to gain votes and public support to capture the country's highest public office. The US is nothing like that!!

[@michael4999]

Guys like this created the economy that we have then blame the government, that they own, for the problems when the workers are getting too much money. Fucking amazing!

[@bobjinessr7957]

This guy sounds like Oscar the grouch

[@glennnielsen8054]

Mr. Zell you are spot on. But there is no alternativ to the US Dollar in my opinion, but the US should not play with fire.

[@djayjp]

The Euro. Nearly the same size economy and Europe is bigger if you include non EU states.

[@WPaKFamily]

@@djayjp LMAO

[@bradkaral1188]

@@djayjp The European economy is circling the drain. Not until any war is over, supply chains are improved, and most of all, energy supplies are restored will it be a good idea to invest in Europe. Also, their political "leaders" are atrocious.

[@djayjp]

@@bradkaral1188 Ever heard of buy low? With the US you're buying high, relatively speaking.

[@dawnfire82]

@@djayjp ...the Euro is worth more than the dollar.

[@Larryake]

The cost of allowing climate to change at current rates (i.e. increasing costs from storm damages) is far more expensive than cost of speeding up electrification.

[@paxundpeace9970]

Like how he is screwing over the poor. It is a market that has not been lost on some of the country’s richest and most high-profile investors. Sam Zell’s Equity LifeStyle Properties (ELS) is the largest mobile home park owner in America, with controlling interests in nearly 140,000 parks. In 2014, ELS made $777m in revenue, helping boost Zell’s near-$5bn fortune.

[@id10t98]

exactly. he's been a po s for decades, taking all the free money he could for the last 14 years and is now complaining about getting it.

[@frenchonion4595]

@@id10t98 Yep he's worried its all going to come crashing down losing his fortune thats all

[@rs72098]

He's never going to enjoy all that wealth. He's also too greedy to give any of it back to the poor. He could give his mobile home park renters a price cut, but again he's just too greedy and will hoard money to his death bed along with all the executives.

[@farzana6676]

​@@rs72098 He's not a commie. He never claimed to be a commie

[@Bobafe77a]

" We cannot sustain a carbon controlled economy, for obvious reasons....". Thank you , Sam. It's great to hear a big investor speaking the truth.

[@MrDavidknigge]

If we build out reliable nuclear power for electricity, we can continue to rely on carbon for centuries, if not longer.

[@dkvikingkd233]

@@MrDavidknigge agree!

[@Bobafe77a]

@@MrDavidknigge Too right!! But I thought he was saying we cannot sustain an economy where we control carbon output, and replace it with renewable energy. That's how I interpreted it.

[@end-game2030]

He said it straight. The prices have not changed for the buyers to even take intrest. The can is being kicked down the road beyond everyones belief. What is the order plan for us all this time?

[@bloodmuffin123]

He's right both in morality and fiscal policy.

[@bc2578]

Of course, but he obviously won't mention that the same ethnic group was behind both, given that it's his own tribe.....

[@bloodmuffin123]

@@bc2578 I was thinking the exact same thing.

[@thehungergames8918]

Excellent analysis 🏆

[@johndelamontaigne7711]

I think MORE regulations on banks is a good idea. If Dodd Frank hadn't been gutted by the Trump admin. SVB most likely would not have happened. The Federal government should not bail these banks out!

[@rrickarr]

The Fed is not the only problem. The Banks were doing what they were doing and you cannot blame that on the Fed. Please remember to mention Donald Trump who deregulated everything and Larry Kudlow who was far too incompetent to have a cabinet position.

[@robbehr8806]

Possibly, California can convert to electric cars as long as they have very high energy efficiency. That means e-bikes and galf carts all traveling on city streets with 25 MPH speed limits and highways with 35 MPH limits.

[@andrewmclaughlin2701]

I'm down with that as long as I can drink beer while driving.

[@CommoManCrypto]

Ok, let's talk about unfeasibility and planning in the economy. So please educate me: In how many wars where the survival of the country was at stake was long-term economic feasibility (given then existing models) ever considered or "planned for" in the choices that were actually made because they were the only thing that could work at the time and maintain the country's survival? I understand the role of perspective about whether we are/should be in survival mode or "Recovery" mode. But if the perspective is Survival Mode, what weight does long-term future feasibility warrant?

[@arnabbhattacharya6579]

Zell for president !

[@Economivision]

This guy, as smart as he may be, is barely alive here and probably hasn’t been awake the last 3 years. The fed did wrong, but this was before Powell. The real problem was fiscal policy and stimulus bills that required him to purchase assets off the bank balance sheets. Congress is to blame.

[@vincentconti-jb3hd]

Where did you come from? Are you AI?? Just sayin' because your comment is intelligent and thoughtful......

[@paxundpeace9970]

We had a few major issues in the passed years or decades. In the 70s and 80s inflation and interest rates were high to high. But they didn't solve the problem of rising energy prices of the time. Now we are in a similar situation FED is raising to fast after they had been to careful for the most of 2021. On the other hand applying the Taylor rule. RATES SHOULD HAVE BEEN LIKE -5% FROM 2008 UNTIL 2011 AND THEN -2.5% TILL 2013/14.

[@frenchonion4595]

@@vincentconti-jb3hd It's Chat GTP4

[@frenchonion4595]

It's both, the stimulus checks for sure but the fed controls interest rates. Having it a near 0% for a decade tends to create a lot of leverage from all the borrowing.

[@Economivision]

@@frenchonion4595 yeah. I’ll accept that

[@UltimateBargains]

"Mr. Owner, if you can be flexible on payment terms, then I can offer full value." "Mr. Owner, which is more important to you: How *MUCH* money you get or *WHEN* you get your money?" If the seller demands *both* price *and* terms, then that's a "take it or leave it" proposition. Always be willing to walk away. Do not waste your precious time by chasing dead-end deals.

[@Willopo100]

This guy is ruthless

[@wealthintruth6227]

Thx Same for pointing out WeimArica

[@UltimateBargains]

Never take "no" from someone who isn't authorized to say "yes", especially a realtor. "Mr. Owner, if you can be flexible on payment terms, then I can offer full value." "Mr. Owner, which is more important to you: How *MUCH* money you get or *WHEN* you get your money?" Creative financing solves huge problems for both buyer and seller.

[@UltimateBargains]

As a cash flow investor, real estate price doesn't concern me as much as sensible payment terms. _"Mr. Owner, if you can be flexible on _*_payment terms,_*_ then I can offer full value."_ _"Mr. Owner, which is more important to you: How _*_MUCH_*_ money you get or _*_WHEN_*_ you get your money?"_ *_"Want to sell your property for 10% more than the asking price? You can when you sell it to me!"_*

[@zubinwarden7888]

Don’t worry it’s all by design by the BIS and the federal reserve for rolling out the new dystopian system of CBDC’’s 😂

[@sang3Eta]

WEF Agenda 2030 "You will own nothing, and be happy."

[@id10t98]

Stop. Get some help. You'll feel better.

[@carlwide6594]

He's right. It's not news.

[@zubinwarden7888]

Never said it was breaking news

[@MCorpReview]

High rates bad for his property portfolio. Sausages in Weimar tastes terrific. 😊n they only cost 12m Deutschmarks

[@jnucleo]

This isn't the Weimar Republic. This is the aftermath. We already had our Reichstag event 22 years ago. We're in full fascist mode now.

[@googlesmostwantedfrog147]

Lmao ,your dispensary got the good shit

[@ishyr]

Agree with direction but when he had the chance to say what he would do he basically said nothing.... No actionable solutions. Basically Americans need to get used to larger taxes & higher interest rates & later retirement. It's the only way to get the budget under control. But it's misleading to blame this on any single party or leader... It's on us, if Americans don't want to tighten spending & live more frugally now for the benefit of future generations, why should we blame the leaders we elect? After all they are just implementing what makes their constituents are asking for.... COVID taught us we can live within our means... But we need to do that over 20 years instead of 1 year....

[@FlamesOfThought]

I'm in Gold, Silver & Energy. Staying away from USD/FIAT and non-Commodity stocks

[@jillybe1873]

Sell your energy and buy pharma

[@dan_taninecz_geopol]

When we lose the dollar as a refuge we have bigger problems than a 25% reduction in standard of living. This would only happen with massive systemic disruption.

[@nadiasullivan6214]

When Sam said 'Biden' administration, the subtitles said 'Bush'! That was 100% deliberate. Once again demonstrating the bias of Bloomberg

[@twc9000]

Renewables is a misnomer. The windmills and solar panels used to convert wind and sunshine to electricity are not renewable. They are very energy intensive to produce, inefficient to operate, and only have a 15-30 year lifespan.

[@monkswhiskers3354]

People should listen to the wise old folks, they’ve been through many cycles and seen it all before.

[@truepersona6804]

The first DOMINO to fall and many to follow. The SOFT LANDING has begun.

[@danmahoney8577]

Sam is right

[@R9dyhQ.RDPD99yF0gDmSZqC]

Risk free rates should be above inflation for the intended period.

[@l.ls.8890]

Its gonna happen as the people around the globe notice how anemic the former almighty dollar is not what it use to be and could buy.

[@Victor-herman1971]

if only there was a bank in cyberspace that didn't depend on fractional reserves or corruptible human beings, protected by the laws of thermodynamics.

[@sang3Eta]

Bitcoin.

[@MegaZeta]

Literally nothing is protected by the laws of thermodynamics, that is their definition

[@Rnankn]

It’s interesting that BTC gains value relative to USD when us banks become insolvent. And when monetary authorities inject liquidity it will see more gains in USD terms.

[@10-YearPlan]

Democracy and long term realism don't go hand in hand.

[@jlee4039]

Wow, that 180 from inflation to debt made my head spin! I was nodding along about the Fed's failure to control inflation, and then... what? It's Joe Biden's fault? These are smart people, and they know that the two issues (inflation vs. government debt) are two very different issues, but they are assuming the viewers are too stupid to notice. I guess Joe Biden's proposal to tax unearned wealth has got them freaked out!!! And just FYI, the biggest jumps in debt-to-GDP ratio in US history happened in... (any guesses?).. 2020 (a whopping 25%!) under Trump, followed closely by 2001 (19%!), the first year under George W Bush! In Biden's first year? The debt-to-GDP ratio actually DROPPED from 135% to 123%. So... if this is indeed Weimar, Mr. Zell, you're most definitely the one plotting in the Burgerbraukeller!

[@fhowland]

🤡

[@modo203]

The country’s FCKED while esteemed clowns such as yourself are still giving that demented warmonger in the White House the lip service. Keep sucking on it 🍼🐒🍆

[@vincentconti-jb3hd]

Sehr gut!!!!! And ditto on that!

[@paxundpeace9970]

Can't agree more, with your statement. Goverment spending is a core component of the US economy. Large Shipyards often have the US coastguard or navy as the biggest costumer. On the other hand we could save some money for example New York is spending 3 times as much money of Police then on Fire and EMS combined. While most officers are standing on the sidewalk doing nothing.

[@paxundpeace9970]

Sehr gut.

[@garyr4889]

Exactly. That’s why I’ve walked away. Put your debt where the sun don’t shine.

[@user-lk3oo5uq4z]

Interested as to why Zell did not mention Nuclear.

[@ovidiudraghici9941]

Time, effort, and commitment...

[@mal7344]

Coming Close To The End Of Freedom For All

[@googlesmostwantedfrog147]

Not for Bitcoiners

[@paxundpeace9970]

Zell company fleeing into bankruptcy January 2008, Zell bought a controlling share in the Tribune Company, owner of the Chicago Tribune, among other newspapers. His decision to put Randy Michaels in charge was one of several moves that were sharply criticized by the employees. Besides creating a hostile workplace,[23] Michaels laid off several employees while giving large bonuses to the executives. Less than a year after Zell bought the company, it tipped into bankruptcy, listing $7.6 billion in assets against a debt of $13 billion, making it the largest bankruptcy in the history of the American media industry. More than 4,200 people have lost jobs since the purchase, while resources for the Tribune newspapers and television stations have been slashed."[23]

[@dawnfire82]

...so?

[@chrisr326]

@@dawnfire82 yeah, and his point is..?

[@joshua1462]

The Tribune and the Sun Times for that matter, turned into leftist provincial minded rags that nobody wanted to read. That is why they fail to be profitable. They still cannot maintain any readership because of the moronic topics they cover along with the sophomoric writing that the columnists spit out. They editorialize rather than report.

[@rokyericksonroks]

Tribune was a sinking ship. Michaels put out the call to man the lifeboats!

[@cfpup]

Zell sold Brookfield some of the properties in that portfolio. The lesson is buy what Sam buys when Sam buys.

[@scrambaba]

Zell is a wise man. He sees the reality of the need for transition out of carbon, and sees that it isn’t happening yet. I disagree that we have 35 years to make it happen. Fact is, we are heating very rapidly. Without immediate absolute cuts in emissions we may see temperatures rising by 3 degrees, which will make today’s drought flooding and extreme conditions look like a picnic.

[@hansclemmensen1557]

Time is the only thing this planet do not have to reduce cabon. Our children and grandchildren allso needs a planet to live on.

[@CommoManCrypto]

ok, it will take time and effort. Who's in charge of addressing the reality of imminent collapse in the global ecosystem (and that's the "nice" version), let alone the collapse of survivability for human beings on this planet, especially given current global population levels?

[@Rnankn]

The public/private balance is unsustainable. If the private sector is unwilling to preserve the market economy through major rebalancing, the market economy will have to be restructured. This is a simple fact borne out by history.

[@Seanpfree]

We are split in to 2 camps. Those that had the wherewithal to buy homes before 2022 and those that will never own their first home.

[@Chris-xv7wd]

Outstanding observation.

[@conservativelibertarian]

That's capitalism. Get back to work!

[@vincentconti-jb3hd]

I do not believe it is quite that defined.. I never in my life had a mortgage below 7.5 percent.... I once had a 14.5!!!! I paid that baby off pronto! Settle for a smaller home...move to a different area!! If a person could live without anything that did not exist before 1970.....that would be the cure for most!!!!

[@paxundpeace9970]

@@vincentconti-jb3hd House prices are now 4 to 7 times the combined household wage. Back then land was far cheaper then now. We had back 210 Million people in the US now 335 million. Most of them your children or grandchildren.

[@vincentconti-jb3hd]

@Gaye Lorde Schadenfreude is strong within you!!!

[@frederickbroniak8832]

RIP Mr. Zell

[@zztop8592]

They should have raised interest rates sooner than they did, inflation got out of control before they raised rates!

[@1voluntaryist]

How do we fix the economy? First, eliminate the coercion, i.e., the initiation of violence, threats (laws) starting in economics. A free market allows everyone to "run the economy", by using capitalism. This is how the USA went from 95% agricultural backwater in the 1700s to the world's industrial leader in a century. This was unforeseen because nothing like it happened before. Why? No society had been as capitalistic. All had been centrally controlled by an elite ruling class. The govt. can't over tax/over spend, disrupting/destroying the economy if it can't tax at all, e.g., if its funding is voluntary. Govt. would automatically shrink back to affordable size if it had to be civil, non-violent, and moral, like the populace. Why should we have a ruling class? It's immoral, irrational, unsustainable socially. Our ancestors fought a war to get freedom and we threw it away. We allowed all the political abuse they escaped to return. Why? We weren't vigilant. We let the authoritarians back into power.

[@FrankTheTank14507]

Throw out the tenants not paying rent. Empty apartments=lower rent for those who actually pay the rent. Democrats caused housing costs to skyrocket.

[@fmcsound3609]

Money should be free but finite. Do the math, damn it’s simple but the smart ones would rather oppress instead of elevate those around them.

[@LaddDentalGroup]

It seems like we are trying to enact our own “Great Leap Forward”….

[@bronson6779]

All by Design. ..

[@lambertois11]

The real issue is the American public wants social benefits, wants a huge army, but the American does not want to fund these expenses with taxes. All the other developed countries have a value-added tax to fund the social benefits. Canada has a federal goods and services taxes. Americans you have to realize that you cannot have your cake and eat it ! In Canada we prefer to say: You cannot have your butter and the money to buy your butter!

[@schnozberry2]

Disappointed that this Canadian euphemism has no maple syrup

[@lambertois11]

@@schnozberry2 This is the only argument you find out in your bag of arguments !!!

[@henrythegreatamerican8136]

No... the real issue is this: You can't solve poverty until you get asset prices under control. And you can't get asset prices under control until you properly regulate the Federal Reserve and the "greed" of the financial industry who are manipulating the money supply to transfer as many assets into the hands of elites as possible. And then they charge us a lot of money to use the assets they bought. And the government goes into debt to help average americans pay for the assets (housing, food, medical, college, etc...) controlled by these elites. Properly limit the FEDERAL RESERVE and how assets are managed on a macro economic level and everything else will fall into place. And no, this is not communism. Without proper rules you can't have a functioning financial system. Just letting these criminals do what they want in the name of capitalism is absurd

[@dawnfire82]

Fantastic. Then the US should withdraw from NATO (defend yourselves, for a change), expel the UN (we're done hosting it), and cut all foreign aid (tens of millions in Africa are alive only because of US money, but oh well). I'm on board.

[@igglybiggly6951]

Yea but we're still better than Canada and your puppet Trudeau

[@philipstallwood9813]

It took alot of time to get to the crisis we have now. Where were the experts and administrative leaders who allowed this to occur and manufactured this crisis.

[@wealthintruth6227]

Brics nations, along with the Saudi s want out of the US dollar.... Rocky roads ahead

[@googlesmostwantedfrog147]

Right now they have no alternative But that wont last forever

[@lesliegweir]

We don't have 25 to 35 years to negotiate whether climate change happens or not, it is happening now!

[@likemy]

why is powell getting blamed for this? He tried hiking interest rates (albeit slowly) during the good times. People should be directing their ire toward Yellen, who kept negative real rates for unjustifiably long after the recovery.

[@poodleinadoodle3270]

I would have a question for Mr. Zell: Why did you do nothing for the planet in the last 40 years? You didn't know that we were polluting the planet to death? No one knew in US? There was no scientist intelligent enough to realize this?

[@ceasarwright7567]

He knows as much as you did. What did you do ?

[@poodleinadoodle3270]

@@ceasarwright7567 fsc certification for the paper products i manufacture, ecolabel products, electric car, solar panels...

[@poodleinadoodle3270]

@@ceasarwright7567 oh and I planted and maintained a load of trees.

[@ceasarwright7567]

@@poodleinadoodle3270 esshhh that Horrible ...Huge negative impact. How dare you ! Shame on you.

[@belen3732]

Interesting, where was this guy when inflation was creeping up during the Trump Administration?

[@DadInFastForward]

200 years to hit 1 trillion in debt; and 43 years to grow it to 31 trillion plus 186 trillion off the books debt. thats a LOT of inflation, debt, and monopoly digits

[@alexanderclaylavin]

I didn't realize that the Weimar Republic was the world's largest economy and issued the world's reserve currency.

[@Hypertrophy1971]

underrated comment.

[@simplesimon4957]

Could you fix it?

[@leenickshramko1100]

Someone needs to correct the closed captioning. It is woefully wrong in almost every statement.

[@jeffreycheng5984]

Read The Secrets Of The Federal Reserve by Eustace Mullins and The Creature From Jekyll Island by G. Edward Griffin.

[@hayro252]

As the saying goes: "Weimar Problems require Weimar Solutions"

[@lukethompson5558]

Think about this. 600k people bought a house last month, at insane prices for a 6-7% mortgage rate environment. This is 0.17% of the population. As long a 0.17% of people can afford a house at these levels, they will. Prices will stay high and continue to fuel inflation in the rental market (which leads to higher wage demands and an inflation spiral). The future of our economy is in the hands of the actions of that 0.17%. The only way to fix this is to BREAK the housing market by breaking the assumption that housing is the most solid investment you can make, and there is never a 3yr period where housing goes down in price, because as long as you have 0.17% of people who believe that, prices will stay high, and inflation will spiral over the next 5 years, maybe 10

[@empemitheos]

Zam Zell is a real estate billionaire lawn-gnome-leprechaun !

[@rokyericksonroks]

You’re saying it, I dunno, like it’s a bad thing or something.

[@empemitheos]

@@rokyericksonroks I want his pot of gold

[@RichardSKLim]

It's time to take the bitter medicine, or the economy will never heal.