Main Causes of the Great Depression
- Thread starter myminitrading
- Start date
LOL, I put my money where my mouth is.
What is it you're buying tomorrow ? I love nothing better than to sell to bitches like you.
( But then again you're probably another want-to-be-a-trader who trolls every message board on the internet trying to find that one morsel of information to make you a real-trader)
Alright so the 1920 was more of a recession (cheesy site but gets to the point) but the Fed has the oppty here like the govt had in 1907 to muck things up like it did in the 1930's.
The Great Depression was a WORLDWIDE depression caused by a multiplicity of factors.
The Federal Reserve deserves some blame, for sure, but there was a lot that it could not do.
When I read fearmongers predicting a new "Great Depression" because of a few similarities between 1929 and now, as a professional historian (yes, some people here have real jobs and do ot spend their entire day staring at a quote screen), I just shake my head.
When I read that the Federal Reserve "caused" the Great Depression, I know that I am dealing with a right-wing hack who is too lazy to undertake a real study of the past.
The Federal Reserve deserves some blame, for sure, but there was a lot that it could not do.
When I read fearmongers predicting a new "Great Depression" because of a few similarities between 1929 and now, as a professional historian (yes, some people here have real jobs and do ot spend their entire day staring at a quote screen), I just shake my head.
When I read that the Federal Reserve "caused" the Great Depression, I know that I am dealing with a right-wing hack who is too lazy to undertake a real study of the past.
Looks like my last post made your asshole pucker a bit there crumpet. :eek:
Oh! It's no contest my dear swaggering "TRADER" you win.
(hmm I think we have FIRMLY established who puts their ego into their trading)
Shall I stroke ewe lil Ego some more?
No I'm not a "want-to-be-a-trader who trolls every message board on the internet trying to find that one morsel of information " , I'm just a paper trader.
... the article mention claims that the reduction in income taxes created the divide in wealth ...
ironically, income taxes we initially imposed in 1913, then steadily increased to 94% by 1945 for income over 200k.
http://en.wikipedia.org/wiki/Federal_income_tax
In 1913, however, the states ratified the Sixteenth Amendment to the United States Constitution, which made possible modern income taxes. That same year, the first Form 1040 appeared after Congress levied a 1% tax on net personal incomes above $3,000 with a 6% surtax on incomes of more than $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000) to finance World War I. In 1922 the top marginal tax rate was reduced to 58% and then to 25% in 1925 and eventually to 24% in 1929. In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased to 94% marginal tax rates on all income over $200,000 in 1945. Top marginal tax rates stayed near or above 90% until 1964 when the top marginal tax rate was lowered to 70%. The top marginal tax rate was lowered to 50% in 1982 and eventually to 28% in 1988. During World War II, Congress introduced payroll withholding and quarterly tax payments.
ironically, income taxes we initially imposed in 1913, then steadily increased to 94% by 1945 for income over 200k.
http://en.wikipedia.org/wiki/Federal_income_tax
In 1913, however, the states ratified the Sixteenth Amendment to the United States Constitution, which made possible modern income taxes. That same year, the first Form 1040 appeared after Congress levied a 1% tax on net personal incomes above $3,000 with a 6% surtax on incomes of more than $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000) to finance World War I. In 1922 the top marginal tax rate was reduced to 58% and then to 25% in 1925 and eventually to 24% in 1929. In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased to 94% marginal tax rates on all income over $200,000 in 1945. Top marginal tax rates stayed near or above 90% until 1964 when the top marginal tax rate was lowered to 70%. The top marginal tax rate was lowered to 50% in 1982 and eventually to 28% in 1988. During World War II, Congress introduced payroll withholding and quarterly tax payments.
Quote from hans37:
HOLY CRAP , let me one up you mr (liberal) professional historian .
At least I HAVE A JOB!!: (at Burger King)
I am a moderate. I just have little patience for warmed over conservative rhetoric.
Do you have anything of substance to offer here, or, like your "contribution" to the minimum wage debate, all you can deliver is an insult?