Biden creates an economic crisis--Unemployment, Inflation, risk of STAGLFATION increasing

[Big Blitz]

Home "correction" ......er crash....

 

 

The home price correction is spreading

 

Pressurized. That might be the best word to describe the current U.S. housing market. Record home price appreciation—up 43% during the pandemic—coupled with 6% mortgage rates are sidelining millions of potential homebuyers. The combination puts debt-to-income ratios for new buyers on par with levels hit during the peak of the housing bubble.

 

That affordability crunch has already pushed the U.S. housing market into a housing downturn. Home sales are tanking. Homebuilders are calling off projects. And real estate firms are turning to layoffs.

 

https://fortune.com/2022/09/20/home-price-correction-spreads-this-interactive-map-shows-if-your-local-housing-market-is-impacted/

 

 

 

Hope it was worth it

 

This is a decade plus disaster 

[Chef Jim]

10 hours ago, Big Blitz said:

Hope it was all worth it.

 

Special place in hell for the people that let China (still not held responsible and still locking people down) destroy the planet because Trump bad.

 

 

 

Economic catastrophe is coming.  

 

Of course this has to do with increasing rates.  The number one tool in the inflation beating toolbox is rate increases.  It's the price to pay to get inflation in check.   It's enemy #1 regarding our economy now and it has to be brought back to historical norms.   Home prices have already begun to drop due to these rate increases and I imagine you will see dramatic drops in home prices over the next 12 months or so.  And that is not a bad thing.  

[Big Blitz]

"Inflation behind us".......hahaha..........

 

.....party in charge of the purse and Flu Lockdown not to blame nope.......

 

 

 

Everything he says here is a lie.  I hope fighting the flu was worth it!

 

 

Powell Signals More Pain to Come With Rates Heading Higher

 

Federal Reserve Chair Jerome Powell vowed officials would crush inflation after they raised interest rates by 75 basis points for a third straight time and signaled even more aggressive hikes ahead than investors had expected.

 

“We have got to get inflation behind us. I wish there were a painless way to do that. There isn’t,” Powell told a press conference in Washington on Wednesday after officials lifted the target for the benchmark federal funds rate to a range of 3% to 3.25%. 

 

https://www.bloomberg.com/news/articles/2022-09-21/fed-delivers-third-straight-big-hike-sees-more-increases-ahead

 

 

 

Struggling to "contain" it.......lol its like Tyreek Hill!

 

 

 

 

Clowns on CNBC right now...

 

"I think you're seeing the word 'pain' a lot because yes for the "greater good" this is a necessary measure....."

 

 

Legit said this.  

 

Vote Blue everyone!!   We need more!!

Edited September 21, 2022 by Big Blitz

[Doc]

Crush...the economy, more like it.  And we're still a week-and-a-half away from OPEC cutting production.  Meanwhile we're criminally depleting our SPR to cover for an incompetent and corrupt Admin's disastrous policies because there's an election coming up.

[Big Blitz]

8 minutes ago, Doc said:

Crush...the economy, more like it.  And we're still a week-and-a-half away from OPEC cutting production.  Meanwhile we're criminally depleting our SPR to cover for an incompetent and corrupt Admin's disastrous policies because there's an election coming up.

 

 

Twitter is fake trending "BlueIn22" and "TrumpCrimeFamily" at number 1 and 2 right above FOMC

Edited September 21, 2022 by Big Blitz

[Big Blitz]

Time to stop saying "Inflation."

 

 

This IS THE ECONOMY.  Your self inflicted covid economy.

 

I'm honestly sick of hearing "Inflation."  

 

Like it's an entity that dag gone it just showed up outta nowhere and has decimated us - who knee?

 

They all knew.  They all knew what the fallout would be and didn't care because they knew enough of you - and most importantly every corporate and media entity - would fall for it all.

 

 

Let this sink in as you stare at your monthly budgets.  

[B-Man]

 

 

THE FED RAISES INTEREST RATES BY 0.75%;

The Propaganda Media Pretends It’s The Fed That’s Choking the Economy, Rather Than Biden’s Toxic Profligacy That Forced The Fed to Impose Higher Interest Rates.

 

 

The Fed raised interest rates by 0.75% again. This is the third time they’ve raised it by three quarters of a point.

 

The Dow fell 522 points by the close.

 

The Atlanta Fednow tracker for GDP projection has reduced its forecast for the third quarter to almost zero — 0.3%.

 

They’re trying to avoid the psychological shock of a full one point hike.

 

The media is offering headlines suggesting it’s the Fed who is “taking the economy off the side of a cliff.”

 

No, it was Joe Biden and the Democrat Congress who did that. They caused this runaway inflation. When you set a fire, the next thing that happens is that the fire department comes to put it out — and you can’t complain when they spray water everywhere and ruin all your furniture by soaking it.

 

But that’s how the media is playing it. It’s The Fed’s fault!

 

 

 

https://ace.mu.nu/archives/401054.php

 

 

 

[Big Blitz]

Home prices see biggest drop in 9 years, thanks to higher mortgage rates

 

Higher mortgage rates are throwing a bucket of ice-water on the super-heated housing market. Home prices in August were down about 6% from their peak in June, the biggest 2-month drop in prices in nearly a decade. The pace of home sales slowed for the 7th straight month.

 

"The housing market certainly reacts to the monetary policy change," says Lawrence Yun, the chief economist for the National Association of Realtors which just released the new existing home sales numbers.

 

https://www.npr.org/2022/09/21/1124272098/home-prices-see-biggest-drop-in-9-years-thanks-to-higher-mortgage-rates

 

 

 

 

 

 

Thanks higher mortgage rates...

 

This is no one's fault....it just is an unfortunate development for you and everyone that was hoping to sell around this time - or in the next decade. .

[Doc]

13 minutes ago, Big Blitz said:

Home prices see biggest drop in 9 years, thanks to higher mortgage rates

 

Higher mortgage rates are throwing a bucket of ice-water on the super-heated housing market. Home prices in August were down about 6% from their peak in June, the biggest 2-month drop in prices in nearly a decade. The pace of home sales slowed for the 7th straight month.

 

"The housing market certainly reacts to the monetary policy change," says Lawrence Yun, the chief economist for the National Association of Realtors which just released the new existing home sales numbers.

 

https://www.npr.org/2022/09/21/1124272098/home-prices-see-biggest-drop-in-9-years-thanks-to-higher-mortgage-rates

 

 

 

 

 

 

Thanks higher mortgage rates...

 

This is no one's fault....it just is an unfortunate development for you and everyone that was hoping to sell around this time - or in the next decade. .

 

Sure it is: it's Joke's fault.  That's what we hear when something bad happens under a Repub President.  Now the show is on the other foot.

[BillStime]

14 minutes ago, Doc said:

 

Sure it is: it's Joke's fault.  That's what we hear when something bad happens under a Repub President.  Now the show is on the other foot.

I wish Joe could do something about real estate prices in Boston - oh well. 

[B-Man]

 

[T master]

7 minutes ago, B-Man said:

 

 

It sounds like this isn't a guy that Biden would listen to he makes way to much sense but as we can see they just keep passing spending bill after spending bill & printing more money to help others and it just can't last !!

 

But that's what happens when you have the blind leading the blind just ask Tibs or BT they'll tell you how good they're doing .

[B-Man]

10 minutes ago, T master said:

 

It sounds like this isn't a guy that Biden would listen to he makes way to much sense but as we can see they just keep passing spending bill after spending bill & printing more money to help others and it just can't last !!

 

But that's what happens when you have the blind leading the blind just ask Tibs or BT they'll tell you how good they're doing .

 

 

True.

 

By the way BillStime's correct initials are not "BT",  but "B.S."

 

.

[BillStime]

15 minutes ago, B-Man said:

 

 

True.

 

By the way BillStime's correct initials are not "BT",  but "B.S."

 

.

 

Rent free... Bonnie.

 

lol

 

[B-Man]

 

[Big Blitz]

LFG!!!!!!

 

 

Dow hits 2022 low as markets sell off on recession fears

 

https://apnews.com/article/inflation-asia-sydney-hong-kong-d52eef9515eb638facfcfd75beeb0bce

[B-Man]

 

 

[B-Man]

 

 

ED MORRISSEY: Biden’s economic victory lap keeps getting interrupted by reality, or something.

 

It’s tough to tell which party is more clueless in this construct. Is it the White House and Joe Biden, who threw a “Mission Accomplished” celebration of the so-called Inflation Reduction Act on the same day as the CPI report that showed inflation still clocking in above 8%?

 

Or is it Politico, the news organization that wonders why people won’t let Biden have his victory lap while they struggle with five quarters of erosion in real disposable personal income?

 

 

Answer: Both.

 

 

 

https://hotair.com/ed-morrissey/2022/09/26/politico-bidens-economic-victory-lap-keeps-getting-interrupted-by-reality-or-something-n499000

 

 

[Doc]

A victory lap...for what?

[reddogblitz]

2 minutes ago, Doc said:

A victory lap...for what?

 

Cuz there's an election in 6 weeks.

[Doc]

32 minutes ago, reddogblitz said:

Cuz there's an election in 6 weeks.

 

There is.  But what are they running a victory lap over?  Merely signing a bill with a lying title?

[SoCal Deek]

I’m curious as to whether you’re all experiencing the steep recent rise in gas  prices in the rest of the country that we’re dealing with in California. While they trended down for a few weeks they’re now right back to the high point again, if not even higher. 

[B-Man]

 

S&P 500 notches new closing low for 2022, Dow falls into bear market.

 

 

https://www.cnbc.com/2022/09/25/stock-market-futures-open-to-close-news.html

 

 

 

.

[Albwan]

Used to pay 1.39 of a dozen eggs, the other day day paid 4.00

Extremely alarming. Not sure who is ok with food prices tripling.

[Chef Jim]

22 minutes ago, SoCal Deek said:

I’m curious as to whether you’re all experiencing the steep recent rise in gas  prices in the rest of the country that we’re dealing with in California. While they trended down for a few weeks they’re now right back to the high point again, if not even higher. 

According to the news it’s just us. 

[SoCal Deek]

39 minutes ago, Albwan said:

Used to pay 1.39 of a dozen eggs, the other day day paid 4.00

Extremely alarming. Not sure who is ok with food prices tripling.

Is there a chicken shortage? Did chickens unionize? Why has the cost of eggs skyrocketed? 

[Doc]

Trump something or other...

[aristocrat]

 

[Big Blitz]

The Branch Covidians did this...Biden is just one of them.  Send them all to the ash heap 

 

 

 

However, at least they want you to be able to abort your baby at 36 weeks

[Tiberius]

The Christian Nationalists, or whatever they are,  admitting they won't even do anything about the economy 

 

 

[Chef Jim]

Christian Nationals….the new boogeyman?  

[SoCal Deek]

24 minutes ago, Chef Jim said:

Christian Nationals….the new boogeyman?  

Isn't that a baseball team? 

[Big Blitz]

Nice job Covidiots!

 

 

 

Social Security Increase Will Be Eaten by Inflation

 

In the middle of next month, Social Security payments are likely to be increased by 8% a year or better. While this is the most significant increase in 40 years, the jump will be entirely eaten up by inflation. Recipients may be worse off than when the cost of living increases were about 2%, in line with the inflation rate up until this year.

 

https://247wallst.com/economy/2022/09/27/social-security-increase-will-be-eaten-by-inflation/

[Chef Jim]

1 hour ago, Big Blitz said:

Nice job Covidiots!

 

 

 

Social Security Increase Will Be Eaten by Inflation

 

In the middle of next month, Social Security payments are likely to be increased by 8% a year or better. While this is the most significant increase in 40 years, the jump will be entirely eaten up by inflation. Recipients may be worse off than when the cost of living increases were about 2%, in line with the inflation rate up until this year.

 

https://247wallst.com/economy/2022/09/27/social-security-increase-will-be-eaten-by-inflation/

What will inflation be in 2023? 

[Big Blitz]

31 minutes ago, Chef Jim said:

What will inflation be in 2023? 

 

 

As I've been saying for weeks....

 

We need to stop saying "Inflation" as if it's like Tyreek Hill and we need to figure out how to stop it.  

 

It's your economy now. 

 

This is a 10 plus year problem 

 

1.  We haven't hit the unemployment phase of this unfolding recession

 

2. We can't afford anything 

 

3. Housing hasn't impacted local budgets yet - that's coming

 

 

 

The solutions to this ***t show economy where we thought working from home for 18 plus months was a great idea requires immediate outside the box thinking

 

It's funny how money grows on trees for your government to spend - but propose policies like people that make under 100K pay ZERO in taxes then progressively increase from there and well nope we can't do that.  How will we ever fund the government we need to payoff your Gender Studies degree.  

Edited September 27, 2022 by Big Blitz

[RiotAct]

Family pack of 2-ply toilet paper (24 rolls), a pint of blueberries and an 8-pack of store brand cereal bars at Wegmans today = $27 and change.   Whoooo wheeee.

[BillsFanNC]

Also POTUS dementia from stage 4 to stage 5.

 

Such great news for our nation!

 

 

[Tiberius]

Trump, I mean Putin, is out there blowing up pipelines. Guess who will get blamed for the resulting higher prices? 

 

This POS will say it was Biden, not his buddy 

 

[B-Man]

 

 

BIDENFLATION: FedEx Announces Biggest Ever General Rate Increase.

 

“Effective January 2, 2023, FedEx Express, FedEx Ground, and FedEx Home Delivery rates will increase by an average of 6.9 percent,” the company said in a news release on Sept. 22. The general rate increase of 6.9 percent is the largest annual hike in the company’s history, according to FreightWaves.

 

In addition, the firm will raise FedEx Freight rates “by an average of 6.9–7.9 percent dependent on the customer’s transportation rate scale.” This is the first time in eight years that FedEx has raised freight rates by more than 4.9 percent.

 

According to the company’s latest rate list, the cost of overnight delivery for a one-pound envelope by 8 a.m. the next day will rise by 4.4 percent, to $68.04. The cost of two-day delivery by 10:30 a.m. will be $25.37, an increase of 7.9 percent.

 

The rate-hike decision was announced as part of the company’s fiscal 2023 first-quarter earnings report. FedEx’s net income for the three months ended Aug. 31 was at $875 million, a decline of more than 20 percent from the $1.1 billion in net income earned during the year-ago period.

 

During the earnings call, CEO Raj Subramaniam blamed rising prices for the poor performance.

 

 

 

https://www.theepochtimes.com/keeping-up-with-inflation-fedex-announces-biggest-ever-general-rate-increase_4755206.html

[B-Man]

 

 

Biden's game of inches: Real disposable personal income plunges in final Q2 GDP report -- and in Q1 too

 

FTA:

 

As bad as that looks, the year-on-year numbers for real DPI look far worse. In both the quarter-to-quarter and year-on-year real DPI numbers, American households have lost ground for five quarters in a row. Year-on-year, however, we lost 12.8% in Q1 and 5.5% in Q2.

 

This is what Joe Biden calls an “inch”:

 

Those numbers aren’t an “inch,” especially in the revised Q1 numbers. That -10.6% figure means that American households lost ten percent of their annualized buying power in a single quarter — and that followed three previous quarters of declines. The Q2 decline of -1.5% is a decline from that outcome, as all of these numbers compound.

 

https://hotair.com/ed-morrissey/2022/09/29/bidens-game-of-inches-real-disposable-personal-income-plunges-in-final-q2-gdp-report-and-in-q1-too-n499765

 

.