The title song for my first album is "Billion Dollar Pill." It was written during the Great Recession after the housing bubble popped. I knew that it would only be a matter of time until it would all become true again. We are in such a time right now.
With the stock market hitting new highs again, Bitcoin hitting new highs, and housing prices also soaring, tens of millions of Americans are waiting hours in lines to get a box of food, begging for unemployment benefits and eviction relief because they have lost their jobs. COVID is blamed for many of these problems, as well as the lockdowns which were instituted to stop the spread of the coronavirus.
The government and the Federal Reserve injected trillions in stimulus into the economy to try and mitigate the suffering of so many Americans, who are mostly those at the bottom of the economic ladder. After many months, the government is poised to unleash more stimulus including a $600 payment instead of the $1200 payment many people received from the CARES act. President Trump is refusing to sign it, saying he wants $2000 payments to individuals. Many of the people who have lost their jobs and are about to lose their unemployment are also facing eviction as the eviction moratorium will soon expire and they are months behind in paying their rent.
It's important to remember that the government and the Federal Reserve always find somebody or something to blame for their failures. Wall Street was just bailed out for the fourth time in 33 years. The crash in the first quarter of 2020 led to the fastest "recovery" in history which pushed the markets to new highs again. In 1987, 1991 (Dot-com crash), 2007 (housing crash) and now 2021 (COVID crash) bubbles created by the government and the Federal Reserve crashed leading to massive bailouts of banks and Wall Street. All of this is evidence of a basic instability in our markets. And since Fed bailouts are designed to inflate asset prices so that the banks don't all collapse, people who own assets like real estate and stocks have become very rich from the repeated bailouts while those who live paycheck to paycheck and don't own assets have become relatively poorer, literally living in a depression while rich asset holders enjoy their easy wealth.
We have lots of socialism in our country, it's just mostly benefits the rich. When they start to lose money, the Fed and the government have their back and they get taken care of, over and over again.
Please listen to my song and share it with your friends. Here's some of the lyric.
Right now when times are tough
Not everyone has got it rough
Billionaires don't need to pawn their jewels
When banks and politicians make all the rules
Those who ran the ship aground
Now have a tighter grip around
The handle of the rudder
On this ship of fools.