{"id":3466,"date":"2014-12-23T12:22:55","date_gmt":"2014-12-23T17:22:55","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3466"},"modified":"2014-12-23T12:22:55","modified_gmt":"2014-12-23T17:22:55","slug":"the-greater-abomination-washingtons-lies-about-tarps-success-are-worse-than-the-original-bailouts-part-i-david-stockmans-contra-corner","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3466","title":{"rendered":"The Greater Abomination: Washington\u2019s Lies About TARP\u2019s \u201cSuccess\u201d Are Worse Than The Original Bailouts, Part I | David Stockman’s Contra Corner"},"content":{"rendered":"

The Greater Abomination: Washington\u2019s Lies About TARP\u2019s \u201cSuccess\u201d Are Worse Than The Original Bailouts, Part I | David Stockman’s Contra Corner<\/a>.<\/p>\n

The mainstream economics narrative is so far down the monetary rabbit hole that the blinding clarity of the\u00a0chart below has no chance whatsoever of seeing the light of day.\u00a0That\u2019s because it\u00a0dramatizes\u00a0the real truth\u00a0regarding all the Fed gibberish\u00a0about\u00a0\u201caccommodation\u201d and \u201cstimulus\u201d. Namely, that what lies\u00a0beneath its \u201cextraordinary measures\u201d, such as\u00a0ZIRP, QE, wealth effects and the rest of the litany,\u00a0is a\u00a0central banking regime that systematically\u00a0destroy savers. \u00a0Period.<\/p>\n

Just take the simple case of a worker who joined the labor force in 1969 at $100 per week or $5,200 annually,\u00a0and worked at the\u00a0average non-supervisory weekly\u00a0wage posted by the BLS every year\u00a0through 2009. By that point he or she would have\u00a0attained an ending wage of $600 per week or $31k annually, and a\u00a040-year average annual\u00a0income\u00a0of\u00a0about\u00a0$20k in nominal terms.\u00a0With a normal\u00a0load of payroll and state and local withholding, the latter would have\u00a0left about $15,000\u00a0per year on an after-tax basis.<\/p>\n

Upon retirement\u00a0this BLS tracking worker\u00a0could have possibly\u00a0accumulated\u00a0$100,000 in a savings nest egg\u2014-but only if he or\u00a0she had been completely atypical and set aside\u00a0an average of 17% of\u00a0after-tax income each and every year. Needless to say, that would have precluded nearly all everyday\u00a0\u201cluxuries\u201d such as\u00a0 a regular new car,\u00a0an occasional trip\u00a0to Disneyland, a bass boat for weekend fishing and most other like and similar modest\u00a0indulgences.\u00a0Instead,\u00a0deep\u00a0thrift\u00a0would have been the\u00a0omnipresent watchword of this household.<\/p>\n

<\/p>\n

<\/a><\/a>…click on the above link to read the rest of the article…<\/span><\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Greater Abomination: Washington\u2019s Lies About TARP\u2019s \u201cSuccess\u201d Are Worse Than The Original Bailouts, Part I | David Stockman’s Contra Corner. The mainstream economics narrative is so far down the monetary rabbit hole that the blinding clarity of the\u00a0chart below has no chance whatsoever of seeing the light of day.\u00a0That\u2019s because it\u00a0dramatizes\u00a0the real truth\u00a0regarding all […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2120,655,661,2119,865,1939],"class_list":["post-3466","post","type-post","status-publish","format-standard","hentry","category-economics","tag-david-stockman","tag-propaganda","tag-qe","tag-tarp","tag-washington","tag-zirp"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3466"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3466\/revisions"}],"predecessor-version":[{"id":3467,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3466\/revisions\/3467"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}