Freddie

make chaos. chuckle. yet be good when it matters.

[Handre @Handre]

The 1920-21 depression was the sharpest economic contraction in American history, yet you've probably never heard of it. Industrial production collapsed 32%. Unemployment spiked from 4% to 12% in twelve months. By every measure, this downturn dwarfed the initial shock of 1929.

President Warren Harding faced enormous pressure to "do something." Labor leaders demanded public works programs. Businessmen begged for bailouts and trade protection. Treasury Secretary Andrew Mellon advised Harding to slash government spending and let wages fall. Commerce Secretary Herbert Hoover (yes, that Hoover) pushed for massive federal intervention.

Harding chose Mellon. The federal budget dropped from $6.4 billion to $3.2 billion in two years. No stimulus packages. No bailouts. No alphabet soup of new agencies. Government employment fell 40%. When you let markets clear, they clear fast.

The recovery started in July 1921. By 1923, unemployment had dropped to 2.4% and industrial production reached new highs. The entire episode lasted eighteen months from peak to full recovery. Compare that to Japan's lost decade of intervention, or the European debt crisis that dragged on for years, or our own jobless recovery after 2008.

Most economics textbooks omit this episode because liquidating malinvestments and allowing price adjustments works exactly as free market theory predicts: a fact that destroys the Keynesian narrative that government must spend its way out of recessions. Politicians today claim they learned the lessons of the 1930s, but they studiously ignore the more important lesson of 1921.

[Freddie @FredSchmidt4]

@DaleHansonpdc @MarioNawfal If the problem doesn’t exist then why oppose the bill?

[Freddie @FredSchmidt4]

@JMRaasch You mean. The TrumPenade

[R.J. Lehmann @raylehmann]

A short thread on property taxes here in Florida. 

In 1995, the median home in St Pete was $100,000 and the total millage rate was 24.5 mills. After deducting the then-$25k homestead exemption, your assessment would be $75,000 and you'd pay $1,837.50 in property tax on that home

[Freddie @FredSchmidt4]

@mustyoshi @LinkedInLunat1c The price of homes is dictated by monthly payments.

So the true purchasing power of home buyers will shrink as access to acts as a product inflationary effect.

The net effect is banks profit and young families are still priced out of homes.

[Freddie @FredSchmidt4]

@joemic421 @RepNancyMace If that’s the case. What’s the harm in the legislation?

[Freddie @FredSchmidt4]

@MattWalshBlog Matt. You were right.

I was there thinking it be short and sweet. Twas wrong.

Yet no regrets. If Iran did this without a nuke- imagine what they’d be like with one.

[Christian Heiens 🏛 @ChristianHeiens]

The level of betrayal that has played out here is insane.

Normally, labor scarcity is how an economy heals itself. When workers become harder to find, employers have to raise wages to deal with it, and out of this market slowdown the seeds of a new boom would be sowed as young people have greater purchasing power to buy a home, get married, and have kids of their own.

But instead of allowing that correction to happen, America chose a different model. We’ve mass imported millions of replacements to suppress wages, blowing out asset prices in the process and leaving native Americans economically (and increasingly culturally and politically) dispossessed in their own country.

[The Vigilant Fox 🦊 @VigilantFox]

Tom Brady reveals the overlooked reason practice squad players never succeed in the NFL

It’s not a lack of talent.

Brady watched it happen for 20 years. The pattern was undeniable.

As soon as a practice squad player got promoted and had to perform under real pressure, they crumbled. It took years for Brady to understand why.

“There’s 53 guys on the active roster and there’s now 15 guys on the practice squad. So there’s 68 players. But those practice squad players are important because if anybody on the active roster gets hurt, they can get elevated to the squad.”

“These scout team receivers would come in and practice with the scout team and they do really well. And I’d be watching. I’m like, ‘Man, we got to get that guy. Let’s get him up on offense. He’s making a lot of plays.’”

“Then all of a sudden, we’re like, ‘Hey man, you’re doing really well. You got to come over here and deal with the pressure of succeeding now that you have expectation.’”

“And these guys are like, they weren’t prepared for it. So whatever we saw in practice against where there was not a lot of pressure, now when they’re put in a situation where there’s an expectation for performance, they’ve never had to personally deal with that and then they fail.”

“And then what I realized was a lot of guys on those practice squads, they don’t want to be elevated to the roster.”

“They’re very happy living this life where they could tell their family and friends, which I have no problem with that. But the reality is a lot of guys don’t want the pressure of dealing with top.”

Twenty years in the league and seven Super Bowl rings later, Brady learned that talent wasn’t the hardest thing to find.

It was people who actually wanted the pressure that comes with being great.

[Freddie @FredSchmidt4]

@LiminalCre8ive It’s not better than Loki. Yet it is very good.

[Freddie @FredSchmidt4]

@hicasamadim 72.

The first number squared then that number doubled.

[Race @multiplanet1]

Elon Musk cried on national television when his childhood heroes called him a fraud.

Neil Armstrong and Gene Cernan, the first and last men to walk on the moon, publicly testified against SpaceX. They said Musk was reckless. That private spaceflight was dangerous. That he was going to get people killed. They asked Congress to shut him down.

These were the men Musk grew up worshipping. The posters on his wall. The reason he built rockets in the first place. And they went on television and said he was a disgrace to space exploration.

In a 60 Minutes interview shortly after, Musk was asked about it. He started speaking and his voice broke. His eyes filled. He couldn't finish the sentence. The richest man in tech, the guy who argues with regulators and fires engineers mid-meeting, sat on camera and cried because his heroes rejected him.

He didn't stop building. He didn't change direction. He didn't even respond to them publicly. He just kept launching rockets until the rockets proved him right.

Armstrong never lived to see SpaceX land a booster. Cernan never saw Starship. The men who said it couldn't be done died before the man they doubted did it.

Most people need approval from the people they admire before they act. Musk got the opposite of approval and acted anyway. That's the gap. Not talent. Not money. The willingness to keep building while the people you love most tell you to stop.

[Amy Nixon @texasrunnerDFW]

44% of US homeowners are older than 60

She is effectively asking you to put 100% of the local county services tax burden on 56% of the people—people who are also still in the workforce paying income taxes, mortgages, and daycare tuition

This is horrible policy

[Freddie @FredSchmidt4]

@texasrunnerDFW @NancyMace Property taxes are good for younger generations- the ones who should be excepted first

[Freddie @FredSchmidt4]

@mcuban @PalmerLuckey Sounds like a Bill Boeing problem (and its eventual solution)

[Freddie @FredSchmidt4]

@texasrunnerDFW Ding ding ding.

[Freddie @FredSchmidt4]

Also. If your kid gets in school disciplinary action- parents can either choose to do out of school suspension or have to pay the school a disciplinary fee (schools are for teaching- not disciplining. Hence any disciplinary actions are additional expense born by the parent of the kid needing those actions)

[Freddie @FredSchmidt4]

@jenteach13 Reduce summer vacation to 2 weeks. Pay teachers more for working this longer school year.

Problem solved.

[Freddie @FredSchmidt4]

@justalexoki Transitions are risk taking activities.

Like all risk taking- a living organism needs to understand the reward for said endeavour before pursuing said transition.

A babies mind doesn’t know this. Hence why it’s primal fear of taking the risk flairs up

[Freddie @FredSchmidt4]

@junker_jo Option is more like. Let the person take unpaid time off and get a guaranteed choice of a job when they decide to return?