Wall Street scooped up a third of Texas single family homes sold last year

Re:Wall Street scooped up a third of Texas single family hom... by orangepurple on Tuesday June 13, 2023 @12:13AM (#36305199)

Look at the amount of money that Wall Street has access to since 2020 began and it should tell you everything you need to understand what caused this. Your dollar is suddenly worthless.

https://fred.stlouisfed.org/series/M1SL

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Re:Wall Street scooped up a third of Texas single family hom... by Jcowell on Tuesday June 13, 2023 @12:57AM (#36305561)

WTF happened? how did they get access to so much?

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Re:Wall Street scooped up a third of Texas single family hom... by orangepurple on Wednesday June 14, 2023 @03:06PM (#36330952)

The federal reserve divorced the dollar from the gold standard in the 1970s.

It can issue as many dollars as it wants at will. There is nothing to stop it except the destruction of the global economy if it becomes too reckless. See Zimbabwe Hyperinflation to see what happens when the central bank becomes unhinged. My friend still has a 100 trillion dollar note on his fridge from that period.

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Re:Wall Street scooped up a third of Texas single family hom... by statop on Tuesday June 13, 2023 @01:19AM (#36305770)

"In May 2020, the Federal Reserve changed the official formula for calculating the M1 money supply.

Prior to May 2020, M1 included currency in circulation, demand deposits at commercial banks, and other checkable deposits.

After May 2020, the definition was expanded to include other liquid deposits, including savings accounts. This change was accompanied by a sharp spike in the reported value of the M1 money supply."

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Re:Wall Street scooped up a third of Texas single family hom... by orangepurple on Tuesday June 13, 2023 @12:04PM (#36312245)

How convenient to change the definition at the same time that a tectonic shift in monetary policy occurs

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