Feds raise rates again.
I can’t remember the exact number but it was something like rates today compared to a year ago… if you took out a home loan today you’ll be paying $1,000 more a month on a $420,000 home mortgage than you would have a year ago.
"Vote blue, no matter who," right, guys?
Not sure if that makes you dumbasses for doing it to yourselves, or jackasses for doing it to the rest of us.
Trick question, you are clearly both.
^ "Vote red or where's your head."
FUCK JOE BIDEN, right in the ass with no spit
^ You had your chance, man. You cocked it up. Time for a different approach.
Gamma, I shall make a donation to Joe Biden in your honor.
^ A fool and his money are soon parted.
I am honored that you should prove your stupidity by throwing away your money. It proves me right. Again.
^^ that’s what I do when I’m at the strip club!
Federal government spending contributed to inflation, but economists put the impact at between <1 to 4 percentage points of the 8.5% inflation rate. All agree there are several other factors involved.
At the same time there were significant positive impacts on GDP and unemployment. As usual, right wing media keep a narrow focus on just the inflation and to pin it on one factor - Dem spending. But Dems haven't done a good job countering it. Neither party seems to have any real near-term solution. Tax cuts are not a prominent part of the Republican strategy this election cycle, but they are part of the Republican 2023 agenda. Only a fool would believe these tax cuts won't be inflationary.
Federal government spending contributed to inflation, but economists put the impact at between less than 1 to 4 percentage points of the 8.5% inflation rate. All agree there are several other factors involved.
At the same time there were significant positive impacts on GDP and unemployment. As usual, right wing media keep a narrow focus on just the inflation and to pin it on one factor - Dem spending. But Dems haven't done a good job countering it. Neither party seems to have any real near-term solution. Tax cuts are not a prominent part of the Republican strategy this election cycle, but they are part of the Republican 2023 agenda. Only a fool would believe these tax cuts won't be inflationary.
wld4assholes wants to use left-wing sources to argue that massive and wasteful government spending like Biden's infrastructure bill won't increase inflation, but cutting taxes to relieve pressure on the middle class will. He has less credibility than KJP.
Production slow downs due to covid shutdowns are a big contributor to inflation, China is still doing lockdowns. The global supply chain relies so much cheap Chinese labor that when it goes away companies struggle to keep prices stable. War in Ukraine is hurting oil and food prices too. Ukraine produces a lot of grain for the world and Russia produces a lot of oil.
US government spending definitely contributes to inflation but it isn't the 100% factor people think it is. Having said that I still think we're going to have to wait to pass the infrastructure bill. The labor market is too messed up and the US government creating more jobs now would be counter productive.
Biden is weak so Russia attacked Ukraine. The infrastructure bill has already passed and caused inflation to rise. Saudis cut oil because of Biden's incompetence. Russia is being propped up by an empowered Iran, due to Biden's feckless pursuit of more promises not to make nukes from a country where the truth is non-existent. Mr. Democracy Joe Biden should be pounding on Iran and supporting the protestors, but still has his nose too embedded in Muslim ass to do anything. Scratch a progressive and out leaps Josef Stalin.
If Republicans take control of Congress, they will have the power to cut government spending. That would go a long way toward controlling inflation.
Beyond that, it’s our messed up energy policy that is stoking higher prices for everything. I don’t think Congress can do much about that until there is a new occupant in the Whitehouse.
BitCoinHodler's post is an example of an intelligent and thoughtful post on the subject.
The post from gammanu is an example of a dishonest post. I clearly stated that government spending partly contributed to inflation. But he posts that I am saying it doesn't increase inflation. Is he really that much of an idiot that he doesn't think people notice his dishonesty?
All these bigots are disingenuous. Every single one of them
Keep blaming the other party for inflation. It’s a world wide issue and the world’s banks are increasing rates to cool it off. But please, focus your hate on the other guys and keep your blinders on to ignore the rest of the world.
Every country with inflation problems
The solution will be to
Which party is most likely to do this in the US ?
@BCH, Biden isn't off the hook for the supply shortages either. He needs to rescind the Jones Act that prohibits non-US carriers from transporting goods between US ports. Of course that would piss off his union buddies, but I think benefiting all of America would be worth it. As far as spending, it's compounded by the lying about it. Calling that bundle of Dem priorities and green energy giveaways an "Inflation Reduction Act" is a blatant lie. Thank you for being honest about the effects of spending on inflation.
By the way, it may be true that inflation is a global phenomenon. But it's on the Democrat-led American government to fight it in America. What are they doing to materially fight inflation? I can think of many things they're doing to make it worse and few they're doing to make it better. It says something that they're busy trying to spin it--I see articles from Dem media subsidiaries saying inflation and recession are "actually good for America."
Biden needs to rescind the Jones Act? Where did you go to law school?
This is much bigger than and has nothing to do with bigotry
@Jimmy, he could put his weight behind a repeal. Would be an easy win.
@BTE, like a lot of progressives, Icee cries "bigotry" when he doesn't have an argument. Never forget he's a pimping, pandering, woman-beating, woman-addicting, manipulating, thieving piece of shit who thinks that progressive politics give him a pass.
Better. As long as we understand it’s not a stroke of the presidential pen. The Jones Act has been around for 100 years and is based on protecting American shipping. It’s not just unions. It’s the shipping companies and they are big businesses in coastal states, as well as the states on the Great Lakes and up the Mississippi River. You might get some bipartisan support but you’ll get WAY more bipartisan opposition if you try to bring in competition for those American businesses. This one ain’t on Biden. Has any congressman even sponsored a repeal?
The Tax Cuts and Jobs act from trump passed in 2017. The act that lowered personal income tax brackets is set to expire in 2025, which means everyone will automatically see an increase of approximately 3% income tax rate in 2026. Any promises from either party regarding taxes needs to be put in context to this expiration of the Tax and Jobs act towards personal income tax. Anyway, hopefully the government can use that returned revenue to offset these higher liabilities going forward of debt payments and infrastructure needs. We shall see, but it would be prudent for every stripper and pl to maintain cash reserves to ride our volatility from political and economic waves. Political economical environments have always varied, not sure why everybody feels the need to whine and complain about them. It’s not like it helps, so the best way to dictate your future is to create it. Don’t waste your cash on stupid shit! Cull the stupid shit spending on your personal life, and the economical and political shit will occur no matter your beliefs. Just deal with it without all the noise is my suggestion.
The Democrat party is clearly the most ignorant and incompetent group ever to try to address economic issues in several generations. They have demonstrated repeatedly that they have no clue on micro or macro economic theories. They are and always have been a tax and spend party. Their financial incompetence is being compounded by an ever increasing propensity for dishonesty.
@Jimmy, Biden has approved a single waiver of the Jones Act but otherwise backed it and spoken out in support of it as a "Buy American" law. According to the WaPo, the unions (especially the AFL-CIO) are the big obstacle.
By the way, where's Paternity Leave Pete on all this?
Central banks globally have been accumulating gold reserves at a furious pace last seen 55 years ago when the U.S. dollar was still backed by gold. According to the World Gold Council (WGC), central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, with global demand for the precious metal back to pre-pandemic levels.
Raising interest rates lowers inflation but also hurts employment.
^ Wrong again. Biden took numerous steps to bring down the price of gas this year. The average price recently is about $3.76 per gallon, down about $1.25 since the June peak of over $5 per gallon.
You can thank Joe Biden for paying less at the pump today.
We have had an inflation problem since the eighties but people didn't realize it because it wasn't universal. Stock and property prices went up. The prices for tradable goods didn't go up because as they started to go up consumers substituted lower priced foreign goods for higher priced domestic goods. This worsened our annual trade deficit, which increased during this period. Consumers couldn't substitute lower priced goods in the case of non-tradable goods like personal services such as medical care and higher education and you saw big price increases in those areas.
Wages and cost of goods have risen in places like China so U.S. consumers can no longer as easily substitute lower priced foreign goods for higher priced domestic ones. The era of low inflation is over. Inflation was made much worse over the last few years because of government money printing but that has been going on to a certain extent for decades both when the Republicans and Democrats were in power. There is always a temptation for politicians to print money instead of raising taxes or cutting spending. It is easier to blame someone else for high inflation. Politicians always like to blame someone else for the problems they create.
"You can thank Joe Biden for paying less at the pump today."
LOL! That's some ninja-level spin.
The reference point isn't some arbitrary peak; it's the $2.379/gal when Biden took office. "We're not fucking your wallet as hard as we used to" isn't a winning line. And that's not even getting to how releasing oil intended for strategic_emergencies compromises our national security.
Layoffs are starting to come along with Lyft reporting to cut 5,000 jobs. Other smaller companies are starting to follow suit. Anything we see is a snapshot however likely to see this trend over the next year. Job openings are up and we will get another report on if new jobs were added at what rate tomorrow morning. If jobs moderate downward that spells hood news fir equities.
Tetra - the point was to address the dishonest post that Dems will not do anything to address inflation. Clearly, Biden made multiple efforts to bring down the price of gas.
^ The most dishonest poster in the history of TUSCL. The Inflation Reduction Act does nothing to address inflation, and is actually responsible for it continuing to grow.
Biden has done nothing to reduce inflation. Compromising our national security to withdraw fuel from the strategic reserve is not addressing inflation, it's addressing poor polling amongst dem candidates. He asked the Saudis for more after promising to turn them into a pariah state. The Saudis told him to fuck off and then drove it home by slowing production even more.
He's more concerned with diversity and wokeness in his cabinet, and installed a bunch of secretaries and advisors who do not know how or care to learn about fixing inflation and supply-chain crunches. This is pure Communism - where ideology outranks competence.
"Biedn made multiple efforts" - so we should give him a participation trophy? Grow up.
The democrat party long game is perpetual power in a society under their complete control. Every democrat candidate is dedicated to the ideal of wiping out opposing thought. They learned during the first Great Recession that created to never let a disaster go to waste. To expand their power, they need a new and greater disaster:
'“Investors should not assume they have ‘seen everything’” That was from executives at leading hedge fund Elliott Management, who warned that the world is heading towards the worst financial crisis since World War II.
In a letter sent to investors, and seen by the Financial Times, the Florida-headquartered firm told clients that they believe the global economy is in an “extremely challenging” situation which could lead to hyperinflation. Elliott did not respond to MarketWatch’s request for comment.
The firm, led by billionaire Paul Singer and Jonathan Pollock, told its clients that “investors should not assume they have ‘seen everything’” because they have been through the peaks and troughs of the 1987 crash, the dot-com boom and the 2008 global financial crisis and previous bear and bull markets.
They added that the “extraordinary” period of cheap money is coming to an end and has “made possible a set of outcomes that would be at or beyond the boundaries of the entire post-WWII period.”
The letter said the world is “on the path to hyperinflation”, which could lead to “global societal collapse and civil or international strife.”
They estimated that markets have not fallen enough yet and equity markets could drop more than 50% would be “normal,” adding that they couldn’t predict when that would happen. The S&P 500 SPX, -1.06% has dropped 19% from its peak at the beginning of the year.
Elliott executives warned clients that the idea that “‘we will not panic because we have seen this before’ does not comport with the current facts.”
They blamed central bank policymakers for the current global economic situation, saying they had been “dishonest” about the reason for high inflation. They said lawmakers had shirked responsibility by blaming it on supply chain disruption caused by the pandemic instead of loose monetary policy imposed two years ago during the COVID-19 peak.
The FT reported that the hedge fund is posting 6.4% returns so far this year and has only lost money for two years in its 45-year history.
Original article on MarketWatch: marketwatch.com
Democrats are enthusiastic believers in the Keynesian Modern Monetary Theory. This theory says deficits don’t matter. More government spending, on anything, stimulates the economy. It is always wise for government spending to grow.
MMT justifies graft and corruption. The money ends up in the pockets of their supporters, like Wall Street financiers. They believe more spending is beneficial and, if it happens to flow through their supporters, that’s a fortunate side benefit.
Well, the last 2 years have shown how wrong that theory was.
Gammu-that article is called "advertorial marketing," or advertisements that disguise themselves as news articles. The Elliot Management group is notorious for using doomsday prophecies to gain viewers then put in little tidbits to get them to become a customer. Look at the last paragraph from the article you listed its clearly an advertisement.
Elliot Group did something similar in April 2020, obviously their doomsday prediction was way off- benzinga.com
Inflation GROWTH has peaked. It is still growing bely more than the target amount but the worst is behind us.
Okay, BCH, I'm going to take financial advice from some liberal on a strip club website. LOL. Fool. I think I'll continue with my own research, thanks.
Gammanu is clearly a dishonest poster and he knows it, as does every other reader here. His latest remarks about Dems wanting to completely control society and wipe out opposing thought are particularly amusing but delusional.
In addition to Biden having helped bring down the price of gas, the IRA is another example of Democratic efforts to address inflation. The criticism from the right is partly justified, in that as a bill overall it is not all focused on inflation reduction. But elements of the bill do address inflation, such as the provisions impacting the price of drugs covered under Medicare. Since these provisions kick in in 2023, Republicans have a convenient window to attempt to discredit the bill before it's benefits become tangible.
First link is the UK. Just one country where shitty policies have fucked them over. They left the EU and fucked themselves even more.
Next two links are just tech megacorps. Yes they're screwed but it only really applies to those companies. The UK, Meta, & Meta suffering doesn't mean the world's economy is going to completely collapse. Even so, what does Joe Biden have any connection to those three making dumb decisions.
Next link is regarding diesel shortages which is from the war in Russia.
Next link is the world economic outlook which is very respectable, but if you actually read it they are expecting GDP growth of 2.6%. I dont think you actually read that one otherwise you wouldn't have linked it.
The mortgage rates going up is tied directly to trying to combat inflation.
"But elements of the bill do address inflation"
Speaking of dishonest, referring to the "inflation reduction act" as a bona fide attempt to address inflation, is a willing dupe. Most of that bill is more green giveaways. No serious economist believes it will decrease inflation.
BTW the Medicare component is already dissuading drug developers from testing in new indications (see Alnylam and Stargardt's Disease). How many more cures are we going to skip so Biden can have something to campaign on?
Meanwhile we've got $1T for the "infrastructure" bill which was mostly more green garbage and $0.5T in student loan bailouts.
Biden is, by any objective metric, highly inflationary.
Anyone with a mortgage purchased over a year ago will be less inclined to move into a new house with a new mortgage. The inflation data lags behind from 12-18 months on any reporting, so the fed recognized that shelter will take a long time to shine in the CPI data. Think anyone who signs a lease generally does so for 1 year commitment.it they never said anything with certainty. Again, they’re trying to save face for the slow reaction to inflation. Big deal. I can ride out the rate storm, but they’ll end up cutting rates by next year if a recession starts as many are predicting for 2023.
Anyhow, my take is that stocks are waiting for bad news on the economy which in turn means to buy because that signals the fed will make money cheaper for the anticipated rate cuts next year, and stocked are forward indicating looking ahead 18 months. Markets will continue to swing more wildly than the past, as will be the norm going forward with cycles becoming more frequent in nature. A steady hand wins the game.