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0 pointsZetice3y ago0 comments

Hmm, I suggest reading about some of the pre-fed crises to understand better why these modern problems are much better to have if given the choice…

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prottog3y ago

Which pre-Fed crises were worse than the Great Depression or the GFC?

ZeticeOP3y ago

https://www.investopedia.com/articles/economics/08/federal-r...

The obvious example is the panic of 1907, and if your argument is that today’s fed looks anything like 1929’s fed, that’s gonna be a tough road to hoe.

HDThoreaun3y ago

Literally the entire second half of the 19th century.

jrumbut3y ago

And this situation is similar. A bad thing happened, so we were going to feel some pain.

Instead of letting that lead to complete chaos we let it lead to some chaos and some inflation.

ZeticeOP3y ago

Exactly, and just to drive it home, I’m going to feel zero pain as a result of SVB imploding, Thanks to the fed.

I felt no pain in ‘08, in ‘20, also thanks to the fed. It was just news to me, abstract and happening to other people. That would not have been true without the fed.

jrumbut3y ago

I do wish we could get beyond the idea of "I don't like this system, get rid of it."

It's not realistic in a society this size to just chuck something like the Federal Reserve.

You'd think technologists of all people would understand that to get rid of a legacy system you need to make something so much better it becomes obsolete (or, at the very least, the embrace-extend-extinguish approach).

j / k navigate · click thread line to collapse

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prottog3y ago

Which pre-Fed crises were worse than the Great Depression or the GFC?

ZeticeOP3y ago

https://www.investopedia.com/articles/economics/08/federal-r...

The obvious example is the panic of 1907, and if your argument is that today’s fed looks anything like 1929’s fed, that’s gonna be a tough road to hoe.

HDThoreaun3y ago

Literally the entire second half of the 19th century.

jrumbut3y ago

And this situation is similar. A bad thing happened, so we were going to feel some pain.

Instead of letting that lead to complete chaos we let it lead to some chaos and some inflation.

ZeticeOP3y ago

Exactly, and just to drive it home, I’m going to feel zero pain as a result of SVB imploding, Thanks to the fed.

I felt no pain in ‘08, in ‘20, also thanks to the fed. It was just news to me, abstract and happening to other people. That would not have been true without the fed.

jrumbut3y ago

I do wish we could get beyond the idea of "I don't like this system, get rid of it."

It's not realistic in a society this size to just chuck something like the Federal Reserve.

j / k navigate · click thread line to collapse