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hardnox
Advisor

the social mood

Leaving farming aside, as the cyclical boom has now mostly worn off as it always does. But to observe generally, after being a bit giddy when all the money started to flood in, farmers generally found lots of other things to be unhappy about.

 

A friend deals with the owners and CEOs of a large number of middle sized firms- mostly 50-500 employees. He says that for most the period since the 2009 recovery has been by far the most profitable of their careers. Demand returned modestly,  they'd already cut costs to the bone and were slow to rehire and invest, there was little wage pressure from the people left doing more work and interest costs were negligible. A great recipe for raking in bucks.

 

But my friend tells me that they are almost universally an unhappy and nervous lot. First, he says that the sudden and unexpected total collapse of demand and credit availability in 2008 shook them deeply. And secondly, they just feel unappreciated for their huge contributions to society, if not darn right victimized.

 

Human nature, and sounds plenty familiar.

2 Replies
BA Deere
Honored Advisor

Re: the social mood

There never was a "recovery" if you want to be honest about it.  ZIRPs and "30 hour work weeks" and a GDP that`s 80% service based has covered up alot.

hardnox
Advisor

Re: the social mood

True. Almost no wage growth since Bill Clinton left office.

 

That's worthy of some in depth exploration which ain't happenin' here.

 

So it makes a nice, and factual, little political claim.