Wash. town resurrects wooden money to aid economy

Decades after it created a similar program during the Great Depression, the city of Tenino, Washington is dipping into its emergency accounts to give people in need up to $300 per month in wooden currency to spend in town. (June 17)

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US unemployment drops to a still-high 13.3%

The U.S. unemployment rate fell unexpectedly in May to 13.3% — still on par with what the nation witnessed during the Great Depression — as states loosened their coronavirus lockdowns. (June 5)

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Should The US Follow Sweden’s Path To “Herd Immunity”?

Sweden gained global attention for taking a more relaxed approach to fighting the spread of the novel coronavirus. Its bars, restaurants, and gyms remained open in order to keep life as normal as possible. However, its death rate has been higher than many of its neighbors that employed lowdown measures. The US became a global hotspot for the pandemic despite using lockdowns. The unemployment rate is at the highest level since the Great Depression and many wonder if the US should have followed Sweden’s lead instead.

MORE CORONAVIRUS COVERAGE:
Why The Bronx Has Almost Double The Coronavirus Cases As Manhattan

What Hospitals Fighting The Coronavirus Look Like Around The World

What Happens After You Call 911 For The Coronavirus

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Should The US Follow Sweden’s Path To “Herd Immunity”?

Pandemic Wipes Out U.S. Jobs | Inside The Outbreak | Associated Press

After a month of coronavirus shutdowns, the U.S. jobs report for April announced a record-high unemployment rate and the highest since the Great Depression. AP Federal Reserve reporter Chris Rugaber and economics editor Fred Monyak discuss how 11 years of gains were wiped out in a month by the pandemic and what the road to recovery looks like.

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Jobless rate at 14.7%, highest since Depression

The U.S. unemployment rate hit 14.7% in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy. (May 8)

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World faces ‘worst economic fallout since Great Depression’: IMF’s Georgieva | AFP

“We anticipate the worst economic fallout since the Great Depression,” IMF chief Kristalina Georgieva says in a speech previewing next week’s spring meetings of the IMF and World Bank, as she warns that “global growth will turn sharply negative in 2020,” due to the global coronavirus pandemic. SOUNDBITE

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Echoes of Great Depression as jobless Australians queue for help | AFP

Large queues wait outside two Sydney welfare-support offices as unemployed workers and those affected by the coronavirus try to access the service. Centrelink, the government’s welfare-support office, was inundated by people both online and in-person across Sydney and Melbourne after mass closures of non-essential services were announced by the country’s prime minister on Sunday.

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Coronavirus is Bringing Long-Sought Social Safety Net Policies Into Reach

Progressive goals that long seemed like pipe dreams suddenly don’t look so far-fetched as the novel coronavirus ravages the economy.

Progressives have long fought for universal paid sick and family leave. Expanded unemployment insurance has been a top priority as well. And liberals have stewed over corporations buying back their own stock after getting government help. More recently, universal basic income — direct cash payments to all Americans — has become popular in some liberal circles.

Rep. Tim Ryan (D-Ohio), who ran for president last year, has advocated for many of these provisions. Last week, in response to the economic destruction wrought by the pandemic, he and Rep. Ro Khanna (D-Calif.) introduced legislation to give direct cash payments to Americans. Republicans are suddenly on board with — or at least open to — some of them.

We talked with him on Wednesday about how the coronavirus has changed politics, and parallels he sees with how America responded to the Great Depression.

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Today in History for March 4th

Highlights of this day in history: Franklin D. Roosevelt is sworn in as president and vows to lead America out of the Great Depression; President Ronald Reagan takes responsibility for the Iran-Contra affair; The AAA is founded. (March 4)

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Today in History for October 29th

Highlights of this day in history: ‘Black Tuesday’ on Wall St. as the Great Depression begins; Osama bin Laden admits ordering the Sept. 11th attacks; Suez crisis heats up Mideast; McKinley assassin executed; John Glenn returns to space. (Oct. 29)

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Today in History for March 4th

Highlights of this day in history: Franklin D. Roosevelt is sworn in as president and vows to lead America out of the Great Depression; President Ronald Reagan takes responsibility for the Iran-Contra affair; The AAA is founded. (March 4)

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Keiser Report: Tapering a Ponzi (E1322)

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In this episode of the Keiser Report, Max and Stacy discuss the ‘worst December since the Great Depression’ for financial markets. And as the Fed raises interest rates against the back drop of market decline, for how much longer can the taper the global ponzi? In the second half, Max interviews Mitch Feierstein of PlanetPonzi.com about why the Fed raised rates and how soon they will have to cut them once again. And will 2019 bring more quantitative easing as the market sell off continues?

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http://www.youtube.com/playlist?list=PLC3F29DDAA1BABFCF (E201-E400)
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http://www.youtube.com/playlist?list=PLPszygYHA9K1GpAv3ZKpNFoEvKaY2QFH_ (E601-E800)
https://www.youtube.com/playlist?list=PLPszygYHA9K19wt4CP0tUgzIxpJDiQDyl (E801-E1000)
https://www.youtube.com/playlist?list=PLPszygYHA9K302vF9LY8cZJ4_VJB8P347 (E1001 – E1200)
https://www.youtube.com/playlist?list=PLPszygYHA9K3PH1O090X7qlN2_fxziU5M (E1201 – Current)

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Today in History for October 29th

(29 Oct 2018) Highlights of this day in history: ‘Black Tuesday’ on Wall St. as the Great Depression begins; Osama bin Laden admits ordering the Sept. 11th attacks; Suez crisis heats up Mideast; McKinley assassin executed; John Glenn returns to space. (Oct. 29)

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Warren Buffet Calls Lehman Brothers Collapse An “Economic Pearl Harbor” (HBO)

When Lehman Brothers declared bankruptcy ten years ago on Friday, the question on everyone’s minds was simple: “Who’s next?”

If a pillar of Wall Street worth hundreds of billions of dollars just months before couldn’t be trusted with the public’s money, then nowhere was safe. Panicked investors rushed for the door, banks refused to lend to each other, and money market funds began to collapse.

“I describe it as an economic Pearl Harbor,” Warren Buffett, the legendary investor of Berkshire Hathaway, told VICE News. “It was something we hadn’t seen before. Even the 1929 panic was nothing like this. I mean, the system stopped.“

Buffett had a front row seat to the global crisis even before the Bush Administration took up the struggle. He had been approached by Lehman’s CEO Dick Fuld for emergency capital earlier in the summer, and after it failed, he found himself courted by other teetering investment banks desperate for capital. His $5 billion investment in Goldman Sachs saved the firm, and netted him billions.

He credits the Bush administration, led by Treasury Secretary Hank Paulson, with helping to prevent a second Great Depression. “When they realized the gravity of what was happening, we were having a run on the United States, maybe a run on the world, they stepped up,” Buffett said.

He’s not convinced, however, that the financial community’s takeaway from its brush with financial Armageddon will prevent future disaster. “Humans will continue to behave foolishly and sometimes en masse. And that doesn’t change. We get smarter but we don’t get wiser,” Buffett said.

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Today in History for March 4th

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Highlights of this day in history: Franklin D. Roosevelt is sworn in as president and vows to lead America out of the Great Depression; President Ronald Reagan takes responsibility for the Iran-Contra affair; The AAA is founded. (March 4)

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Ray Dalio turned his biggest professional failure into success

Business Insider Editor-in-Chief Henry Blodget spoke with investor Ray Dalio about turning failure into success. Following is a transcript of the video.

Henry Blodget: You had started Bridgewater. You’d had many years of being very successful. You had gotten very confident, and you’ve made this huge controversial bet that we were headed into the next Great Depression and then …

Ray Dalio: Right, the defaults came. Mexico defaulted in August of 1982. I thought, wow, we’re gonna go in this crisis, and everything’s gonna fall apart. That was the exact bottom of the stock market. I couldn’t have been more wrong. And it was painfully wrong because I had built the company until that point. We were a tight group, small group of people. I had to let everybody go. I was so broke, I had to borrow $4,000 from my dad. I had testified to Congress because they asked me to explain this. I had been on Wall Street Week. All of those mistakes, and it was very painful experience. And it turned out to be probably the best experience of my life because it changed my attitude about thinking. In other words, rather than thinking I’m right, I went to thinking how do I know I’m right? And it created this open-mindedness, to be able to then go, fine, the smartest people who disagreed with me, to see how they would think about things, to balance my bets better. It taught me a radical open-mindedness. It taught me what you’re referring to in the beginning of the book that I’m trying to convey, that the power of radical open-mindedness and an idea meritocracy is such a powerful thing.

Blodget: And you talk a lot about how this process of pain, and I can imagine it was just, again, a gut-wrenching experience of having to fire all of your friends. You have to rebuild from zero. You start going forward. You have to look in the mirror and say, hey, I was way too arrogant and confident. I have to effectively relearn. That’s not an easy thing to do.

Dalio: Right, I have a saying. Pain plus reflection equals progress, right. And I began to develop this knee-jerk reaction. If pain is a signal that something is wrong, that you did something, if you make those mistakes, and then to take that pain and to calm oneself down and think what would I have done differently in the future? So my instincts changed. I view those experiences now like solving puzzles that’ll give me gems. The puzzle is, what would I do differently in the future so I would get a better result? The gem is the principle that I would write down as I learned it, so literally by writing down the principle, when this one comes along, what do I do with it? Everything is another one of those. Like, we have a million of those. If you start to say, when one of those comes along, how should I better steer with it, and you write down that recipe. Those are the principles. So I found that exercise to be great, and I also found that I could turn those principles into algorithms. So let’s say our investment process, those criteria are built into literally algorithms and data can come in. So I found that process of encountering pain to produce reflection to produce better ways of doing it to produce principles and then carrying that forward to the decision-making has been invaluable and to do that with people who are gonna disagree with me and to know how to do that well. That’s been the key to success.

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