by AD ➕follow (1) 💰tip ignore
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It didn't help that there was no real job gains that lead up to the bubble due to speculation and globalization. And also it did not help having to deal with the glut of subprime mortgages.
Now the Federal Reserve is unable to deal with unemployment rate U6 because of the impacts of globalization, as well as automation.
I would call the word "indifference."
Those who needed to get rich, got rich.
Those who needed to be impoverished, got impoverished.
Those were needed to be fooled, were fooled.
Those were needed to be fooled, were fooled.
True. I think a lot got fooled into dumping stocks back in 2008 and 2009. I remember Cramer on CNBC saying to sell stocks. If you held on to the stocks, equity index funds, etc. then you did well as the market rose about 170% from early 2009 to end of 2013.
The "United States" became overconfident!? That is a nonsensical statement.
New Jersey, Oregon, Hawaii, all of the united states became overconfident.
It is always amazing when those in authority are shown to be quite ordinary and fallible people. A bit tragic to see that same ordinary fallible person unable to or unwilling to deal with reailty.
http://www.zerohedge.com/news/2014-03-04/bernanke-finally-reveals-one-word-why-financial-system-crashed