--- title: "13 Mean Quotes By Michael Hudson" description: "13 Mean quotes by Michael Hudson. Plus more from Michael Hudson and more Mean sayings from other authors." image: "https://sms4smile.com/quotes/i/d02/michael-hudson-2134_customer_when-you-say-paying-the-banks-what-they_1852486.png" --- > [When you say "paying the banks," what they really mean is paying the bank bondholders. They are basically the One Percent.](https://sms4smile.com/quotes/michael-hudson/when-you-say-paying-the-banks-what-they-really-mean-is-paying-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/d02/michael-hudson-2134_customer_when-you-say-paying-the-banks-what-they_1852486.png) > [You're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has…](https://sms4smile.com/quotes/michael-hudson/you-re-having-government-spending-on-the-economy-being-cut-almost/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/dd6/michael-hudson-2134_banking_you-re-having-government-spending-on-the_898433.png) > [When Mr.Trump says he wants to help all Americans, he means he wants to help all Americans in the 1% by really…](https://sms4smile.com/quotes/michael-hudson/when-mr-trump-says-he-wants-to-help-all-americans-he-means-he-wants/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/f74/michael-hudson-2134_believe_when-mr-trump-says-he-wants-to-help-all_1182357.jpg) > [Wages for the ninety-nine percent have gone down, steadily, since 2008. They've gone down especially for the bottom twenty-five percent of the…](https://sms4smile.com/quotes/michael-hudson/wages-for-the-ninety-nine-percent-have-gone-down-steadily-since-2008/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/60c/michael-hudson-2134_blue_wages-for-the-ninety-nine-percent-have-g_2211349.jpg) > [To save the banks from making losses that would wipe out their net worth, you'll have to get rid of Social Security.…](https://sms4smile.com/quotes/michael-hudson/to-save-the-banks-from-making-losses-that-would-wipe-out-their-net/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/37b/michael-hudson-2134_abolish_to-save-the-banks-from-making-losses-tha_2490755.png) > [The only way people can repay the debt is by cutting their living standards very drastically. It means agreeing to shift their…](https://sms4smile.com/quotes/michael-hudson/the-only-way-people-can-repay-the-debt-is-by-cutting-their-living/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/38b/michael-hudson-2134_benefits_the-only-way-people-can-repay-the-debt-i_2999776.png) > [When they say inflation is bad, deflation is good, what they mean is, more money for us 1% is good; we're all…](https://sms4smile.com/quotes/michael-hudson/when-they-say-inflation-is-bad-deflation-is-good-what-they-mean-is/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/428/michael-hudson-2134_assets_when-they-say-inflation-is-bad-deflation_2524975.jpg) > [The establishment Trump talked about wasn’t really Wall Street. He said, “When Washington got rich.” Bernie Sanders would have said, “When Wall…](https://sms4smile.com/quotes/michael-hudson/the-establishment-trump-talked-about-wasn-t-really-wall-street-he/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/ac8/michael-hudson-2134_bernie-sanders_the-establishment-trump-talked-about-was_924812.jpg) > [So we are in for years of debt deflation. That means that people have to pay so much debt service for mortgages,…](https://sms4smile.com/quotes/michael-hudson/so-we-are-in-for-years-of-debt-deflation-that-means-that-people-have/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/fff/michael-hudson-2134_credit-card_so-we-are-in-for-years-of-debt-deflation_2587168.png) > [Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is…](https://sms4smile.com/quotes/michael-hudson/deflation-means-a-slowdown-of-income-growth-markets-shrink-new/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/fb2/michael-hudson-2134_capital-investment_deflation-means-a-slowdown-of-income-gro_44133.png) > [When there's deflation, it means that although most markets are shrinking and people have less to spend, the 1% that hold the…](https://sms4smile.com/quotes/michael-hudson/when-there-s-deflation-it-means-that-although-most-markets-are/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/a78/michael-hudson-2134_creditors_when-there-s-deflation-it-means-that-alt_787444.png) > [From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just by the…](https://sms4smile.com/quotes/michael-hudson/from-2008-to-2016-all-the-growth-in-the-american-economy-all-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/f85/michael-hudson-2134_able_from-2008-to-2016-all-the-growth-in-the_2144538.jpg) > [Now, suppose that a homeowner puts down only 3% of their own money or 3.5% for the FHA. That means if prices…](https://sms4smile.com/quotes/michael-hudson/now-suppose-that-a-homeowner-puts-down-only-3-of-their-own-money-or-3/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/78a/michael-hudson-2134_cheaper_now-suppose-that-a-homeowner-puts-down-o_2639692.png) ## Other authors on Mean ## More by Michael Hudson > [Europe is creating the flight of refugees that's tearing it apart politically, and leading rightwing nationalist parties to gain power to withdraw from the…](https://sms4smile.com/quotes/michael-hudson/europe-is-creating-the-flight-of-refugees-that-s-tearing-it-apart/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [This is not really currency that circulates. It's like the old joke about expensive vintage wine. Wine prices will go up and once in…](https://sms4smile.com/quotes/michael-hudson/this-is-not-really-currency-that-circulates-it-s-like-the-old-joke/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.](https://sms4smile.com/quotes/michael-hudson/nobody-prefers-to-earn-income-any-more-because-that-s-taxable-rich/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Nothing could be better for the economy than to get rid of fracking.](https://sms4smile.com/quotes/michael-hudson/nothing-could-be-better-for-the-economy-than-to-get-rid-of-fracking/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [If you end internet neutrality and permit mergers of the big information technology corporations, that's a form of rent seeking. It's part of today's…](https://sms4smile.com/quotes/michael-hudson/if-you-end-internet-neutrality-and-permit-mergers-of-the-big/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening…](https://sms4smile.com/quotes/michael-hudson/deflation-means-a-slowdown-of-income-growth-markets-shrink-new/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [What's bad for the frackers usually is good for the rest of the world.](https://sms4smile.com/quotes/michael-hudson/what-s-bad-for-the-frackers-usually-is-good-for-the-rest-of-the-world/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [You could say that the vote to withdraw from Europe is, it's really a vote of the British middle class, the working class, to…](https://sms4smile.com/quotes/michael-hudson/you-could-say-that-the-vote-to-withdraw-from-europe-is-it-s-really-a/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Actually, high housing prices don't help the economy. They raise the cost of living.](https://sms4smile.com/quotes/michael-hudson/actually-high-housing-prices-don-t-help-the-economy-they-raise-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [When economists speak of money, they neglect that all money and credit is debt. That is the essence of bookkeeping and accounting. There are…](https://sms4smile.com/quotes/michael-hudson/when-economists-speak-of-money-they-neglect-that-all-money-and-credit/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [The United States and Europe are in a state of debt deflation, where people and businesses have to pay banks instead of spending their…](https://sms4smile.com/quotes/michael-hudson/the-united-states-and-europe-are-in-a-state-of-debt-deflation-where/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top…](https://sms4smile.com/quotes/michael-hudson/on-the-flat-tax-the-more-you-compress-the-tax-rates-the-more-you/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Income is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit.…](https://sms4smile.com/quotes/michael-hudson/income-is-sucked-upward-to-the-creditors-who-then-foreclose-on-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Debtor countries may postpone the inevitable by borrowing from the IMF or U.S. Treasury to buy out bondholders. This saves the latter from taking…](https://sms4smile.com/quotes/michael-hudson/debtor-countries-may-postpone-the-inevitable-by-borrowing-from-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [No price is too high to pay to try to make the financial system go on a little bit longer. But ultimately it can't…](https://sms4smile.com/quotes/michael-hudson/no-price-is-too-high-to-pay-to-try-to-make-the-financial-system-go-on/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/mean/michael-hudson/#itemlist", "name": "13 Mean Quotes By Michael Hudson", "numberOfItems": 13, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "When you say \"paying the banks,\" what they really mean is paying the bank bondholders. They are basically the One Percent.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/when-you-say-paying-the-banks-what-they-really-mean-is-paying-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d02/michael-hudson-2134_customer_when-you-say-paying-the-banks-what-they_1852486.png", "contentUrl": "https://sms4smile.com/quotes/i/d02/michael-hudson-2134_customer_when-you-say-paying-the-banks-what-they_1852486.png", "url": "https://sms4smile.com/quotes/i/d02/michael-hudson-2134_customer_when-you-say-paying-the-banks-what-they_1852486.png", "width": 1080, "height": 1080, "caption": "“When you say \"paying the banks,\" what they really mean is paying the bank bondholders. They are basically…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "You're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has to come from borrowing from the banking system.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/you-re-having-government-spending-on-the-economy-being-cut-almost/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/dd6/michael-hudson-2134_banking_you-re-having-government-spending-on-the_898433.png", "contentUrl": "https://sms4smile.com/quotes/i/dd6/michael-hudson-2134_banking_you-re-having-government-spending-on-the_898433.png", "url": "https://sms4smile.com/quotes/i/dd6/michael-hudson-2134_banking_you-re-having-government-spending-on-the_898433.png", "width": 1080, "height": 1080, "caption": "“You're having government spending on the economy being cut almost everywhere. That means that the only…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "When Mr.Trump says he wants to help all Americans, he means he wants to help all Americans in the 1% by really letting Wall Street get a huge debt from the 99% of the Americans. It's just the opposite of what people believe.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/when-mr-trump-says-he-wants-to-help-all-americans-he-means-he-wants/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/f74/michael-hudson-2134_believe_when-mr-trump-says-he-wants-to-help-all_1182357.jpg", "contentUrl": "https://sms4smile.com/quotes/i/f74/michael-hudson-2134_believe_when-mr-trump-says-he-wants-to-help-all_1182357.jpg", "url": "https://sms4smile.com/quotes/i/f74/michael-hudson-2134_believe_when-mr-trump-says-he-wants-to-help-all_1182357.jpg", "width": 1080, "height": 1080, "caption": "“When Mr.Trump says he wants to help all Americans, he means he wants to help all Americans in the 1% by…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "Wages for the ninety-nine percent have gone down, steadily, since 2008. They've gone down especially for the bottom twenty-five percent of the population. This means that they've gone down especially for Blacks and Hispanics and other blue-collar workers. Their net worth has actually turned negative, and they don't have enough money to get by.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/wages-for-the-ninety-nine-percent-have-gone-down-steadily-since-2008/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/60c/michael-hudson-2134_blue_wages-for-the-ninety-nine-percent-have-g_2211349.jpg", "contentUrl": "https://sms4smile.com/quotes/i/60c/michael-hudson-2134_blue_wages-for-the-ninety-nine-percent-have-g_2211349.jpg", "url": "https://sms4smile.com/quotes/i/60c/michael-hudson-2134_blue_wages-for-the-ninety-nine-percent-have-g_2211349.jpg", "width": 1080, "height": 1080, "caption": "“Wages for the ninety-nine percent have gone down, steadily, since 2008. They've gone down especially for the…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "To save the banks from making losses that would wipe out their net worth, you'll have to get rid of Social Security. It means that you'll essentially have to abolish government and turn it over to the banking system to run, with an idea that the role of governments is to extract income from the economy to pay to the bondholders and the banks.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/to-save-the-banks-from-making-losses-that-would-wipe-out-their-net/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/37b/michael-hudson-2134_abolish_to-save-the-banks-from-making-losses-tha_2490755.png", "contentUrl": "https://sms4smile.com/quotes/i/37b/michael-hudson-2134_abolish_to-save-the-banks-from-making-losses-tha_2490755.png", "url": "https://sms4smile.com/quotes/i/37b/michael-hudson-2134_abolish_to-save-the-banks-from-making-losses-tha_2490755.png", "width": 1080, "height": 1080, "caption": "“To save the banks from making losses that would wipe out their net worth, you'll have to get rid of Social…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "The only way people can repay the debt is by cutting their living standards very drastically. It means agreeing to shift their pension plans from defined benefit plans - when you know what you're going to get - into just \"defined contribution plans,\" where you put money in, like into a roach motel, and you don't know what's coming out.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/the-only-way-people-can-repay-the-debt-is-by-cutting-their-living/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/38b/michael-hudson-2134_benefits_the-only-way-people-can-repay-the-debt-i_2999776.png", "contentUrl": "https://sms4smile.com/quotes/i/38b/michael-hudson-2134_benefits_the-only-way-people-can-repay-the-debt-i_2999776.png", "url": "https://sms4smile.com/quotes/i/38b/michael-hudson-2134_benefits_the-only-way-people-can-repay-the-debt-i_2999776.png", "width": 1080, "height": 1080, "caption": "“The only way people can repay the debt is by cutting their living standards very drastically. It means…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "When they say inflation is bad, deflation is good, what they mean is, more money for us 1% is good; we're all for asset price inflation, we're all for housing prices going up, and we're all for our stock and bonds prices going up. We're just against you workers getting more income.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/when-they-say-inflation-is-bad-deflation-is-good-what-they-mean-is/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/428/michael-hudson-2134_assets_when-they-say-inflation-is-bad-deflation_2524975.jpg", "contentUrl": "https://sms4smile.com/quotes/i/428/michael-hudson-2134_assets_when-they-say-inflation-is-bad-deflation_2524975.jpg", "url": "https://sms4smile.com/quotes/i/428/michael-hudson-2134_assets_when-they-say-inflation-is-bad-deflation_2524975.jpg", "width": 1080, "height": 1080, "caption": "“When they say inflation is bad, deflation is good, what they mean is, more money for us 1% is good; we're…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "The establishment Trump talked about wasn’t really Wall Street. He said, “When Washington got rich.” Bernie Sanders would have said, “When Wall Street got rich, the country didn’t.” So I think when Donald Trump says \"Washington,\" what he means is the government regulatory agencies.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/the-establishment-trump-talked-about-wasn-t-really-wall-street-he/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ac8/michael-hudson-2134_bernie-sanders_the-establishment-trump-talked-about-was_924812.jpg", "contentUrl": "https://sms4smile.com/quotes/i/ac8/michael-hudson-2134_bernie-sanders_the-establishment-trump-talked-about-was_924812.jpg", "url": "https://sms4smile.com/quotes/i/ac8/michael-hudson-2134_bernie-sanders_the-establishment-trump-talked-about-was_924812.jpg", "width": 1080, "height": 1080, "caption": "“The establishment Trump talked about wasn’t really Wall Street. He said, “When Washington got rich.” Bernie…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "So we are in for years of debt deflation. That means that people have to pay so much debt service for mortgages, credit cards, student loans, bank loans and other obligations that they have less to spend on goods and services. So markets shrink. New investment and employment fall off, and the economy is falls into a downward spiral.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/so-we-are-in-for-years-of-debt-deflation-that-means-that-people-have/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/fff/michael-hudson-2134_credit-card_so-we-are-in-for-years-of-debt-deflation_2587168.png", "contentUrl": "https://sms4smile.com/quotes/i/fff/michael-hudson-2134_credit-card_so-we-are-in-for-years-of-debt-deflation_2587168.png", "url": "https://sms4smile.com/quotes/i/fff/michael-hudson-2134_credit-card_so-we-are-in-for-years-of-debt-deflation_2587168.png", "width": 1080, "height": 1080, "caption": "“So we are in for years of debt deflation. That means that people have to pay so much debt service for…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/deflation-means-a-slowdown-of-income-growth-markets-shrink-new/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/fb2/michael-hudson-2134_capital-investment_deflation-means-a-slowdown-of-income-gro_44133.png", "contentUrl": "https://sms4smile.com/quotes/i/fb2/michael-hudson-2134_capital-investment_deflation-means-a-slowdown-of-income-gro_44133.png", "url": "https://sms4smile.com/quotes/i/fb2/michael-hudson-2134_capital-investment_deflation-means-a-slowdown-of-income-gro_44133.png", "width": 1080, "height": 1080, "caption": "“Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "When there's deflation, it means that although most markets are shrinking and people have less to spend, the 1% that hold the 99% in debt are getting all the growth in wealth and income. Deflation means that income is being transferred to the 1%, that is, to the creditors and property owners.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/when-there-s-deflation-it-means-that-although-most-markets-are/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a78/michael-hudson-2134_creditors_when-there-s-deflation-it-means-that-alt_787444.png", "contentUrl": "https://sms4smile.com/quotes/i/a78/michael-hudson-2134_creditors_when-there-s-deflation-it-means-that-alt_787444.png", "url": "https://sms4smile.com/quotes/i/a78/michael-hudson-2134_creditors_when-there-s-deflation-it-means-that-alt_787444.png", "width": 1080, "height": 1080, "caption": "“When there's deflation, it means that although most markets are shrinking and people have less to spend, the…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just by the wealthiest 5% of the population. So they got all the growth. 95% of the population didn't grow. If you can get a flat tax or other lower tax, as Trump is suggesting, then this richest 5% will be able to keep even more money. That means that the 95% will be even poorer than they were before, relative to the very top.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/from-2008-to-2016-all-the-growth-in-the-american-economy-all-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/f85/michael-hudson-2134_able_from-2008-to-2016-all-the-growth-in-the_2144538.jpg", "contentUrl": "https://sms4smile.com/quotes/i/f85/michael-hudson-2134_able_from-2008-to-2016-all-the-growth-in-the_2144538.jpg", "url": "https://sms4smile.com/quotes/i/f85/michael-hudson-2134_able_from-2008-to-2016-all-the-growth-in-the_2144538.jpg", "width": 1080, "height": 1080, "caption": "“From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 13, "item": { "@type": "Quotation", "text": "Now, suppose that a homeowner puts down only 3% of their own money or 3.5% for the FHA. That means if prices go down by only 3%, the house will be in negative equity and it would pay the homeowner just to walk away and say, \"The house now is worth less than the mortgage I owe. I think I'm just going to move out and buy a cheaper house.\" So it's very risky when you have only a 3% or 3.5% equity for the loan. The bank really isn't left with much cushion as collateral.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/now-suppose-that-a-homeowner-puts-down-only-3-of-their-own-money-or-3/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/78a/michael-hudson-2134_cheaper_now-suppose-that-a-homeowner-puts-down-o_2639692.png", "contentUrl": "https://sms4smile.com/quotes/i/78a/michael-hudson-2134_cheaper_now-suppose-that-a-homeowner-puts-down-o_2639692.png", "url": "https://sms4smile.com/quotes/i/78a/michael-hudson-2134_cheaper_now-suppose-that-a-homeowner-puts-down-o_2639692.png", "width": 1080, "height": 1080, "caption": "“Now, suppose that a homeowner puts down only 3% of their own money or 3.5% for the FHA. That means if prices…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/mean/michael-hudson/#webpage", "url": "https://sms4smile.com/quotes/about/mean/michael-hudson/", "name": "Mean Quotes by Michael Hudson", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/mean/michael-hudson/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/d02/michael-hudson-2134_customer_when-you-say-paying-the-banks-what-they_1852486.png" }, "description": "13 Mean quotes by Michael Hudson. Plus more from Michael Hudson and more Mean sayings from other authors.", "breadcrumb": { "@id": "https://sms4smile.com/quotes/about/mean/michael-hudson/#breadcrumb" } }, { "@type": "BreadcrumbList", "@id": "https://sms4smile.com/quotes/about/mean/michael-hudson/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Topics", "item": "https://sms4smile.com/quotes/categories/" }, { "@type": "ListItem", "position": 4, "name": "Mean", "item": "https://sms4smile.com/quotes/about/mean/" }, { "@type": "ListItem", "position": 5, "name": "Michael Hudson", "item": "https://sms4smile.com/quotes/about/mean/michael-hudson/" } ] }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```