The Trump Economy

[Deranged Rhino]

 

[Tiberius]

[Chef Jim]

I love all the finger pointing but not one person here and very few "leaders" stepping up and saying what they would do or have done differently.  

[Chef Jim]

@Buftex Ok give us your take on what you'd have done differently and what any of our so-called leaders on both sides of the aisle have said they would do differently.  

[Buftex]

 

 

https://www.businessinsider.com/coronavirus-germany-reopening-low-deaths-testing-lockdown-2020-5?fbclid=IwAR0g4zxPPek9uxIpOKwbTRcTgH9lcC07B0OI10UYC38m6T_5xT1-8kwq3vQ

Edited May 19, 2020 by Buftex

[RochesterRob]

1 hour ago, Tiberius said:

  Did not work anytime you posted HH previously and today is no different.  For anybody who really got up in arms over him they are probably long departed from this world.  

[Tiberius]

19 hours ago, Deranged Rhino said:

 

Loosening air pollution standards won't fix this: The Congressional Budget Office on Tuesday released its economic projections for the remainder of 2020 and for 2021. “CBO estimates that real (inflation-adjusted) gross domestic product (GDP) will contract by 11 percent in the second quarter of this year, which is equivalent to a decline of 38 percent at an annual rate. In the second quarter, the number of people employed will be almost 26 million lower than the number in the fourth quarter of 2019.”

[B-Man]

 

 

KRUISER’S MORNING BRIEF: Finally Some Good News—Trump Is About to Flood the Economy With Deregulation. 

 

“This president has a been a breath of fresh air when it comes to regulations, gleefully chucking away hundreds of pages of them at a time. It’s really nice to see Republicans learning how to play the ‘never let a crisis go to waste’ game for once, but focusing the effort on something that’s actually good for the country, like a sweeping effort to wipe out business-crushing regulations.”

 

 

We can’t afford luxury regulations in a Wuhan Virus economy.

 

 

 

 

[3rdnlng]

1 hour ago, Tiberius said:

Loosening air pollution standards won't fix this: The Congressional Budget Office on Tuesday released its economic projections for the remainder of 2020 and for 2021. “CBO estimates that real (inflation-adjusted) gross domestic product (GDP) will contract by 11 percent in the second quarter of this year, which is equivalent to a decline of 38 percent at an annual rate. In the second quarter, the number of people employed will be almost 26 million lower than the number in the fourth quarter of 2019.”

 

"BREAKING: President Trump signs executive order "instructing federal agencies to use any and all authority to waive, suspend and eliminate unnecessary regulations that impede economic recovery."

 

"Loosening air pollution standards won't fix this:"

 

So, you're saying that pollution standards are unnecessary regulations? That's some turn-around. We conservatives want strong pollution standards not like you so called progressives. Think of the children.

 

 

[Buffalo_Gal]

He promised it the other day, he signed:
 

 

[Chef Jim]

 

3 hours ago, Tiberius said:

Loosening air pollution standards won't fix this: 

 

But allowing mail in voting and cannabis business to use the banking system will?  The tool strikes again.  

[plenzmd1]

 

1 hour ago, Chef Jim said:

 

 

But allowing mail in voting and cannabis business to use the banking system will?  The tool strikes again.  

well, i do find it hard to reconcile how an essential business cannot access the banking system.. 

[Chef Jim]

51 minutes ago, plenzmd1 said:

 

well, i do find it hard to reconcile how an essential business cannot access the banking system.. 

 

It’s not an essential business when you can grow their product in your backyard. 

[BillStime]

Nothing to cheer about here...

 

Jobless claims: Another 2.438 million Americans file for unemployment benefits

 

Do you think these ~40 million unemployed Americans are better off today than they were four years ago?

 

Nope

[Chef Jim]

BEST 

PANDEMIC 

EVER!!

 

 

[Taro T]

Will be interesting to see what happens to unemployment numbers over the next month as states open back up.  My wife's company (which was designated as essential but lost a ton of business during the shutdown) has begun ramping back up in states that are opening.  They're going from ~25% staffed back up to full staffing in the next couple of weeks.  That will help the numbers & they aren't the only ones.

 

The concern is how many small businesses / restaurants won't be able to reopen & how many jobs won't come back because of that.  Eventually others will take their place, but that will be a slow process & those that are out will likely never be remade whole again.

[GG]

5 hours ago, BillStime said:

Nothing to cheer about here...

 

Jobless claims: Another 2.438 million Americans file for unemployment benefits

 

Do you think these ~40 million unemployed Americans are better off today than they were four years ago?

 

Nope

 

Which party supports extending the lockdowns despite evidence that they should be ending ASAP?   Why do you actively support a party that is sending people to an earlier grave?

[keepthefaith]

5 hours ago, BillStime said:

Nothing to cheer about here...

 

Jobless claims: Another 2.438 million Americans file for unemployment benefits

 

Do you think these ~40 million unemployed Americans are better off today than they were four years ago?

 

Nope

 

They probably aren't and most are probably really pissed at their Governors for being forced away from their jobs. 

[Buffalo_Gal]

2 minutes ago, keepthefaith said:

 

They probably aren't and most are probably really pissed at their Governors for being forced away from their jobs. 

Or not letting them get back to their jobs for .... how much longer?

 

[BillStime]

29 minutes ago, keepthefaith said:

 

They probably aren't and most are probably really pissed at their Governors for being forced away from their jobs. 

Nice try but Trump is the one who opposes extending the $600 boost in weekly unemployment benefits as jobless levels reach record highs

[Tiberius]

“The worst is behind us,” declared Herbert Hoover in 1930. Two years later, Franklin Roosevelt won the presidency by an 18-point margin, capturing 42 states.

[BillStime]

28 minutes ago, Buffalo_Gal said:

Or not letting them get back to their jobs for .... how much longer?

 

If only Trump took leadership - bold leadership - when his intelligence told him in November about the virus.

 

Or maybe we would have been more prepared had Trump not absolutely destroyed our pandemic preparedness and infrastructure the past three years.

 

Bold leadership requires foresight - and Trump comes up empty on all fronts.

 

Gotta love Trumps economy lol

 

 

[keepthefaith]

1 minute ago, BillStime said:

Nice try but Trump is the one who opposes extending the $600 boost in weekly unemployment benefits as jobless levels reach record highs

 

Unemployment is funded at the state level and by businesses within states so let the states based on their own policies and their own situations decide to extend it or not.  The Federal government extended a benefit for a while, at some point the states have to deal with it themselves. 

[GG]

3 minutes ago, BillStime said:

Nice try but Trump is the one who opposes extending the $600 boost in weekly unemployment benefits as jobless levels reach record highs

 

Let me get this straight, in one post you complain that unemployment is too high, and then complain that there aren't enough unemployment benefits?

 

Have you been called a partisan idiot today yet?

[BillStime]

1 hour ago, GG said:

 

Let me get this straight, in one post you complain that unemployment is too high, and then complain that there aren't enough unemployment benefits?

 

Have you been called a partisan idiot today yet?

keep up gee gee

[B-Man]

 

 

 

[Tiberius]

6 minutes ago, B-Man said:

 

 

 

Yup, not like were are all connected in the same economy or anything. Stupid cartoon. Just really stupid. 

 

But that ignorance is good! 

[Tiberius]

Just remember Nancy Pelosi is a communist/Leninist Communists and we should not allow her to save the economy! 

 

Americans stopped paying mortgages in record numbers in April

Record unemployment caused by the coronavirus pandemic led to the largest one-month increase in mortgage delinquencies ever recorded. The number of borrowers who stopped paying their home loans spiked by 1.6 million last month, according to Black Knight, a real estate data and analytics company.

Not even during the Great Recession did delinquencies rise this fast.

The national delinquency rate soared to 6.45 percent in April, up from 3.06 percent in March and three times the previous single-month record set in 2008. The 3.6 million borrowers now past due on their payments are the most since 2015.

The states that had the biggest increases in delinquent mortgages include Nevada (5.2 percent increase), New Jersey (5.1 percent) and New York (4.9 percent). Miami (7.2 percent), Las Vegas (6.2 percent) and New York City (5.4 percent) topped the metropolitan areas.

Read more here.

[Tiberius]

Evictions loom for many renters as state bans end

Tenants nationwide are facing the possibility of getting kicked out of their homes as officials lift bans on evictions intended to protect renters amid the mounting economic fallout from the coronavirus pandemic.

Even with tens of millions of people out of work and the United States recording job losses not seen since the Great Depression, major metropolitan areas are allowing eviction restrictions to expire, threatening tenants who have been unable to pay rent because of reduced income or job loss on account of the public health emergency.

In Houston, eviction hearings resumed last week after the Texas Supreme Court lifted the state’s moratorium, as Houston Public Media reported. Renters could start getting forced out of their homes and businesses as early as May 26.

Evictions are also looming over renters in Kansas City, Mo., where proceedings are set to resume at the beginning of June. Tenants are rallying to persuade officials to extend protections that were put in place along with the city’s stay-at-home order.

“After this pandemic hit, both of my main jobs ended. And to be honest, I’m quite scared,” Ashley Johnson of the organization KC Tenants told KMBC last week. “I’m scared for my children and I.”

In Florida, the Tampa Bay Times reported that hundreds of eviction cases are awaiting action in Florida courts, having piled up during Gov. Ron DeSantis’s stay. It’s unclear what will happen to the pending cases when the order expires June 2.

Further complicating the process for renters and homeowners is the patchwork of policies that differ from county to county and state to state and include the eviction moratorium granted under the Cares Act, which prevents evictions of tenants in federal rental housing or those with federally backed mortgages for missing payments.

[Chef Jim]

BEST

PANDEMIC

EVER!!!!!

[B-Man]

Stock roared Tuesday coming off the holiday weekend,The Dow Jones industrial average shot up nearly 600 points Tuesday, about 2.5 percent, on the heels of its 3.3 percent gain last week.

 

The New York Stock Exchange on Tuesday reopened its floor, allowing traders back on under restrictions that include temperature checks, social distancing, masks and Plexiglas barriers. The pandemic forced it to shift to all-electronic trades on March 23.

 

European markets swelled on Tuesday. The French CAC was up 1.24 percent, Britain’s FTSE 100 was up 1 percent and the German Dax gained .87 percent in mid-day trading. Asian markets boomed overnight, seeming ignoring rising tensions between the U.S. and China over a crackdown on pro-democracy activists in Hong Kong and China’s role in the coronavirus pandemic. Japan’s Nikkei up 2.5 percent, the Shanghai Composite up 1 percent and Hong Kong’s Hang Seng Index a robust 1.9 percent.

 

(Excerpt) Read more at washingtonpost.com ...

 

 

 

[plenzmd1]

On 5/22/2020 at 11:06 AM, Tiberius said:

Just remember Nancy Pelosi is a communist/Leninist Communists and we should not allow her to save the economy! 

 

Americans stopped paying mortgages in record numbers in April

 

BofA CEO on Squawk Box..said some really interesting thing

 

1) for checking accounts that had less than $5K ..average balance is up close to 40%. Indicating stimulus checks not spent, lots of fuel to add to consumer spending when we fully reopen.

 

2) Mortgage forbearance is dropping , not expanding. Almost 45% of people who asked for payment delays on either  credit card or mortgage payments went ahead and made payments anyway.

 

He makes the very real point that he is not sure that can continue if Unemployment insurance runs out before jobs come back..but interesting numbers none the less

[Tiberius]

4 minutes ago, plenzmd1 said:

BofA CEO on Squawk Box..said some really interesting thing

 

1) for checking accounts that had less than $5K ..average balance is up close to 40%. Indicating stimulus checks not spent, lots of fuel to add to consumer spending when we fully reopen.

 

2) Mortgage forbearance is dropping , not expanding. Almost 45% of people who asked for payment delays on either  credit card or mortgage payments went ahead and made payments anyway.

 

He makes the very real point that he is not sure that can continue if Unemployment insurance runs out before jobs come back..but interesting numbers none the less

I like that point about pent up consumer spending, that happened after WW2 when people had all this cash and no way to spend it. At that time it caused inflation because the saved income was spent on scarce consumer goods. We don’t have a scarcity of goods now, so that will help make a quick turn around, hopefully. 

 

But the government will have to do to do another round of stimulus to smooth over the transition, IMO. 

 

See this? https://www.mediaite.com/tv/cnbc-segment-explodes-as-andrew-ross-sorkin-accuses-joe-kernen-of-being-in-the-tank-for-trump-during-crisis-100000-people-died/

[plenzmd1]

5 minutes ago, Tiberius said:

I like that point about pent up consumer spending, that happened after WW2 when people had all this cash and no way to spend it. At that time it caused inflation because the saved income was spent on scarce consumer goods. We don’t have a scarcity of goods now, so that will help make a quick turn around, hopefully. 

 

But the government will have to do to do another round of stimulus to smooth over the transition, IMO. 

 

See this? https://www.mediaite.com/tv/cnbc-segment-explodes-as-andrew-ross-sorkin-accuses-joe-kernen-of-being-in-the-tank-for-trump-during-crisis-100000-people-died/

watched it. live! ..why i like those guys, not afraid to give opinions and question/challenge guests as well. 

 

Andrew was a total douche to a guest earlier in the morning..but Joe can be just the same....entertaining stuff, learn a lot from their guests for sure

[BillStime]

Who doesn’t love the Trump economy?
 

100,000 Americans died 

40 MILLION UNEMPLOYED

 

 

[RochesterRob]

1 hour ago, plenzmd1 said:

BofA CEO on Squawk Box..said some really interesting thing

 

1) for checking accounts that had less than $5K ..average balance is up close to 40%. Indicating stimulus checks not spent, lots of fuel to add to consumer spending when we fully reopen.

 

2) Mortgage forbearance is dropping , not expanding. Almost 45% of people who asked for payment delays on either  credit card or mortgage payments went ahead and made payments anyway.

 

He makes the very real point that he is not sure that can continue if Unemployment insurance runs out before jobs come back..but interesting numbers none the less

   It's only now to where we would expect to see financial strain in most households.  I would guess that most middle class families can find a way to ride out 30-60 days even if it requires some pain like selling the Harley.  Given the unemployment numbers I would guess that the strain will be very apparent by late summer.  Nice to hear from a business leader but they can put a spin on just like a politician.  Seldom are you going to hear a tone of panic as that is bad for business.

 

  I could see checking accounts rise 40 percent in the short term due to gas expense saved (my wife commutes close to 50 miles one way per day), day care not needed due to parents being home, make a sandwich versus dropping several dollars for lunch eating out.   

Edited May 28, 2020 by RochesterRob

[plenzmd1]

15 minutes ago, RochesterRob said:

   It's only now to where we would expect to see financial strain in most households.  I would guess that most middle class families can find a way to ride out 30-60 days even if it requires some pain like selling the Harley.  Given the unemployment numbers I would guess that the strain will be very apparent by late summer.  Nice to hear from a business leader but they can put a spin on just like a politician.  Seldom are you going to hear a tone of panic as that is bad for business.

 

  I could see checking accounts rise 40 percent in the short term due to gas expense saved (my wife commutes close to 50 miles one way per day), day care not needed due to parents being home, make a sandwich versus dropping several dollars for lunch eating out.   

Good points, but at least the business leaders have to answer to real numbers every 3 months, unlike the idiots on both sides of the aisle today.

 

And great point on the checking account balances..and my guess is that WFH does impact that way..and that money might fuel pent up consumer demand as we open.

 

Anecdotally, 2020 doing its thing seems to me and friends as well. So far during this shutdown i have

 

1) repaired an air handling unit to tune to $600

2) Needed to buy new grill..$700

3) Needed to repair irrigation system to tune of $500

4) had a car die, so bought new car

5) rejoined club as full golf member, cause what the hell else was i gunna do

 

And seems like all my friends have had similiar things happen..Gods way of forcing us that spend i guess!

Edited May 28, 2020 by plenzmd1

[Tiberius]

He’s no King Midas 

 

 

Quote

Stocks closed lower on Thursday, erasing solid gains from earlier in the day, after President Donald Trump said he would be giving a news conference Friday regarding China.

https://www.cnbc.com/2020/05/27/us-stock-futures-flat-after-reopen-rally-puts-dow-back-above-25000.html

[Buffalo_Gal]

 

[Buffalo_Gal]

I have no idea where to put this...
 

JPMorgan, Barclays settle Mexican bond rigging litigation
 

</snip>
 

JPMorgan Chase & Co and Barclays Plc will pay $20.7 million to resolve investors’ claims they conspired to rig the Mexican government bond market, the first of nine banks in the proposed class-action litigation to settle.
 

In a Monday night filing with the U.S. District Court in Manhattan, lawyers for the investors said the “ice breaker” settlements could be a catalyst for settlements with the other bank defendants.
 

These defendants include affiliates of Banco Santander, Bank of America, BBVA, Citigroup, Deutsche Bank, HSBC and UBS.
 

</snip>