Discussion: The Economy, Fiscal Cliff, National Debt, And Other Financial Issues IV

[DJ Kornphlake]

 

[squeekness]

Not sure I believe this.

 

[MagnarTheGreat]

Fortune - Billionaire investor Barry Sternlicht says Jerome Powell and ‘his merry band of lunatics’ are destroying faith in capitalism and leading us toward ‘social unrest’

 

[Teelie]

I think capitalism destroyed faith in capitalism.

 

[MagnarTheGreat]

 

[Teelie]

And Republican response: Biden is doing a terrible job.

Biden still isn't my favorite president or even the best IMO but he's certainly done more (and had more credit given) than any Republican has.

 

[DJ Kornphlake]

 

[squeekness]

And Republican response: Biden is doing a terrible job.

Biden still isn't my favorite president or even the best IMO but he's certainly done more (and had more credit given) than any Republican has.

Yup. Overheard a phone call between my uncle and his friend where they said how Bidenbwas the worst President and should be thrown in jail. I kept thinking -- but for what crime? They want to impeach him, but when asked about over what, the things Republicans say aren't actual crimes, unlike Trump. I don't get it.

 

[MagnarTheGreat]

Jerome Powell saw last quarter’s GDP economic growth and said ‘not on my watch!’

https://www.cnbc.com/2022/11/02/fed...-to-the-highest-level-since-january-2008.html

 

[DJ Kornphlake]

 

[squeekness]

I agree with you, Max.

 

[MagnarTheGreat]

The Hill - Rising profits are driving inflation, UBS economist says

Corporations/OPEC+ sell their products all over the world, and so the world in which they are sold are seeing higher prices as their profits from global higher prices rise.

Heatmap - Economic Indicators By Country

Corporate profits have soared during the recovery from the global shutdowns caused by the coronavirus pandemic, with private sector giants from the energy sector to the financial sector posting huge gains. JPMorgan Chase & Co. pulled in a 30 percent profit margin in the third quarter.

“Companies have passed higher costs onto customers. But they have also taken advantage of circumstances to expand profit margins. The broadening of inflation beyond commodity prices is more profit margin expansion than wage cost pressures,” Donovan wrote.

Companies are trying to recoup their losses from 2020 and then some.

 

[MagnarTheGreat]

The less corporations there are the more control over price setting those few benefactors have.

Vox - What Congress could actually do about inflation
Economists say lawmakers could pass housing, health care, employment, and antitrust legislation to help Americans cope with rising prices.

 

[DJ Kornphlake]

 

[squeekness]

Great Greed is making the rest of us broke.

 

[MagnarTheGreat]

CNBC - Dow pops 1,100 points, S&P 500 jumps 5% in biggest rally in two years after light inflation report

 

[DJ Kornphlake]

 

[squeekness]

CNBC - Dow pops 1,100 points, S&P 500 jumps 5% in biggest rally in two years after light inflation report

My IRA is grateful.

 

[Herofan]

Do you consider US free trade with China to be overall a good thing, a wash or a negative?

Is it actually pretty obviously crazy to think that American workers and businesses can and should compete with workers making less than equivalent of $4 an hour or is it good if they mostly make different products or we do like having workers other than ourselves get low wages so we get low prices even though some of us lose jobs that we could have had if we had less competition and more protection?

 

[MagnarTheGreat]

Market Watch - Retail sales jump in October in sign of U.S. economic strength. Too much for the Fed?

 

[MagnarTheGreat]

USA Today - $9.12 billion spent in a day: New Black Friday online spending record set in 2022, [Adobe Analytics] report says

 

[MagnarTheGreat]

Jim Scutto, CNN: “New: US economy grew faster than expected in the third quarter. GDP rose by an annualized rate of 2.9% - revised up from the initial government reading in October showing 2.6% growth.”

 

[MagnarTheGreat]

Reuters - U.S. job growth strong in November; wages rise

 

[Lily Adler]

 

[Teelie]

If only politicians had spines and less corporate fealty...