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

[JDHillFan]

5 minutes ago, Gene Frenkle said:

Hey @B-Man, what does Tucker say about it?

Absolutely KILLER response! Some of your very best work. Kudos!!

[Gene Frenkle]

32 minutes ago, JDHillFan said:

Absolutely KILLER response! Some of your very best work. Kudos!!

 

He's a mindless idiot who can't even tell when he's being lied to and manipulated. Why should anyone take what he says seriously?

 

Ridicule is the only weapon which can be used against unintelligible propositions. Ideas must be distinct before reason can act upon them.

[JDHillFan]

3 minutes ago, Gene Frenkle said:

 

He's a mindless idiot who can't even tell when he's being lied to and manipulated. Why should anyone take what he says seriously?

 

Ridicule is the only weapon which can be used against unintelligible propositions. Ideas must be distinct before reason can act upon them.

That’s a lot of explanation. Might as well just take some pride in the original response. It was that good!

[Gene Frenkle]

12 minutes ago, JDHillFan said:

That’s a lot of explanation. Might as well just take some pride in the original response. It was that good!

 

It's quote Thomas Jefferson, more relevant today than ever.

[JDHillFan]

1 minute ago, Gene Frenkle said:

 

It's quote Thomas Jefferson, more relevant today than ever.

It seems as though you are struggling. The post from you that you are unwilling to accept a compliment on said:

 

“Hey @B-Man, what does Tucker say about it?”

 

Just because I find it to be the perfect combination of insight and wit doesn’t make it Jeffersonian. Just take the W and move on. 

[B-Man]

 

Biden sets yet another record

JAZZ SHAW 

 

 American household debt has reached a level not seen since the beginning of the arrival of the Obama administration in 2008. The average American household is now carrying more than $142,000 in debt, adding up to a whopping $17 trillion across the country. And this is creating a threatening situation for American families, particularly when (not if) we enter the next period of recession. 

 

U.S. household debt jumped to the highest level since the 2008 financial crisis last year as mortgages surged amid high inflation and rising interest rates, according to a new analysis published by WalletHub.

 

The findings show that household debt – which increased by $320 billion in the final three months of 2022 – hit a 15-year-high of $17 trillion. On average, a typical household owed a total of $142,680 at the end of the year.

 

“We’re not quite to the breaking point, but U.S. households can’t afford to take on too much more debt, especially if the economy takes a turn for the worse,” said Jill Gonzalez, a WalletHub analyst. “People should be thinking about how to shed debt and get in shape for a recession, not assuming a bit more debt will make no difference.”

 

If the economy is supposedly undergoing a robust recovery after the pandemic, as White House officials continue to insist, how are people falling this far behind?

 

One big piece of the puzzle is seen in mortgage debt. That rose by $290 billion last year. The average household owes more than $100,000 on their mortgage.

 

Credit card debt set another all-time record as well.  The total balance on people’s credit cards climbed by $61 billion to $986 billion. That figure is almost $50 billion higher than the previous record that was set just before the pandemic began. People began saving money and paying down their card balances during the pandemic, but that trend has now reversed. This is happening at the worst possible time because the other record that was set was an increase in the average annual percentage rate being charged by credit card companies to 19.14%, the highest figure seen since 1991.

 

https://hotair.com/jazz-shaw/2023/02/22/biden-sets-yet-another-record-but-n532445

 

 

[JaCrispy]

6 hours ago, Gene Frenkle said:

 

It's quote Thomas Jefferson, more relevant today than ever.

Jefferson knew Tucker Carlson? 🤔

[RiotAct]

https://www.cnbc.com/2023/02/23/401k-retirement-savings-account-balances-sank-in-2022-fidelity-says.html

 

Build.  Back.  Better.

[cle23]

On 2/22/2023 at 7:08 PM, B-Man said:

 

Biden sets yet another record

JAZZ SHAW 

 

 American household debt has reached a level not seen since the beginning of the arrival of the Obama administration in 2008. The average American household is now carrying more than $142,000 in debt, adding up to a whopping $17 trillion across the country. And this is creating a threatening situation for American families, particularly when (not if) we enter the next period of recession. 

 

U.S. household debt jumped to the highest level since the 2008 financial crisis last year as mortgages surged amid high inflation and rising interest rates, according to a new analysis published by WalletHub.

 

The findings show that household debt – which increased by $320 billion in the final three months of 2022 – hit a 15-year-high of $17 trillion. On average, a typical household owed a total of $142,680 at the end of the year.

 

“We’re not quite to the breaking point, but U.S. households can’t afford to take on too much more debt, especially if the economy takes a turn for the worse,” said Jill Gonzalez, a WalletHub analyst. “People should be thinking about how to shed debt and get in shape for a recession, not assuming a bit more debt will make no difference.”

 

If the economy is supposedly undergoing a robust recovery after the pandemic, as White House officials continue to insist, how are people falling this far behind?

 

One big piece of the puzzle is seen in mortgage debt. That rose by $290 billion last year. The average household owes more than $100,000 on their mortgage.

 

Credit card debt set another all-time record as well.  The total balance on people’s credit cards climbed by $61 billion to $986 billion. That figure is almost $50 billion higher than the previous record that was set just before the pandemic began. People began saving money and paying down their card balances during the pandemic, but that trend has now reversed. This is happening at the worst possible time because the other record that was set was an increase in the average annual percentage rate being charged by credit card companies to 19.14%, the highest figure seen since 1991.

 

https://hotair.com/jazz-shaw/2023/02/22/biden-sets-yet-another-record-but-n532445

 

 

 

With interest rates at record lows, tons of people bought new(er) houses.  More than during typical years.  So of course mortgage debt rose.  That's just common sense.  

 

Not saying everything is rainbows and sunshine because it's not, and inflation IS  a major problem.  Where exactly did all the "free" money come from?

[B-Man]

 

[RiotAct]

21 minutes ago, B-Man said:

 

but… we’re RESPECTED again, ***** it!

[B-Man]

 

 

OLD AND BUSTED: Biden: Inflation Is Coming Down.

 

 

The New Hotness? The Fed’s favorite inflation measure skyrockets as markets realize rate hikes are far from over.

 

 

https://www.washingtonexaminer.com/opinion/the-feds-favorite-inflation-measure-skyrockets-as-markets-realize-rate-hikes-are-far-from-over

 

 

 

 

 

 

.

[JDHillFan]

Just now, B-Man said:

 

 

OLD AND BUSTED: Biden: Inflation Is Coming Down.

 

 

The New Hotness? The Fed’s favorite inflation measure skyrockets as markets realize rate hikes are far from over.

 

 

https://www.washingtonexaminer.com/opinion/the-feds-favorite-inflation-measure-skyrockets-as-markets-realize-rate-hikes-are-far-from-over

 

 

 

 

 

 

.

Yeah but everyone has more to spend because of the great job Brandon did lowering energy costs. I’m sure I heard that from a high ranking cabinet member earlier this week. 

[B-Man]

 

 

 

Bidenflation: Biden Just Got Some Really Bad News

BY MATT MARGOLIS

 

 

 

Joe Biden has been claiming that inflation is going down. For example, earlier this month, after the release of the January CPI report, he insisted, “Inflation in America is continuing to come down, which is good news for families and businesses across the country.”

 

Well, he was wrong. Despite predictions that inflation was going away, prices surged in January, according to the personal consumption expenditure (PCE) price index, which jumped 0.6% in January over the previous month. December’s monthly inflation rate was also revised upward from 0.1% to 0.2%. December’s year-to-year inflation increase was also revised up from 5% to 5.3%.

 

 

“Economists had expected a much milder increase,” . “The median forecast was for a 0.4 percent price increase month-to-month and a 4.9 percent increase for the year.”

 

Quote

Compared with a year ago, prices for goods are up 4.7 percent and prices for services have risen 5.7 percent. Food prices have soared, rising 11.1 percent, and energy prices increased 9.6 percent.

 

These new numbers tell us that inflation has accelerated, not slowed down, and that economists “have been underestimating the strength of inflationary pressures in the economy.”

 

https://pjmedia.com/news-and-politics/matt-margolis/2023/02/24/bidenflation-biden-just-got-some-really-bad-news-n1673467

[B-Man]

 

 

Jeez Joe,

 

 

 

[Tommy Callahan]

1 hour ago, B-Man said:

 

 

Jeez Joe,

 

 

 

the comments on that thread are epic.

 

81 million votes. SMH

 

[\GoBillsInDallas/]

 

[B-Man]

 

 

 

[B-Man]

 

 

BIPARTISANSHIP !

 

Democrats join House Republicans to require inflation assessments on Biden Executive Orders

 

https://www.foxnews.com/politics/dozens-dems-join-gop-rein-bidens-far-left-inflationary-executive-orders

 

 

.

 

(Nancy would never had allowed that)

[JDHillFan]

Let’s not panic here. The Dow was up FIVE POINTS today. Go Brandon go!

[B-Man]

 

 

Biden comms director’s economic gaslighting collides with reality (again)

 

Again with this gaslighting?

As the saying goes, politicians can lie about a lot of things but not about how much money people have.

However, the Biden White House keeps trying.

 

 

FACT: Electricity is up 11.9%,

fuel oil is up 27.7%,

and natural gas is up 26.7% over last year.

Also, gas costs $1/gal more than when Biden took office.

 

 

https://twitchy.com/dougp-3137/2023/03/01/biden-comms-directors-economic-gaslighting-collides-with-reality-again/

[Big Blitz]

Media doing everything it can to not talk about the economy with the kind of zeal they would be if an R were in the WH.  
 

Lead stories everyday are about Ukraine, Trump - 

 

Right now on PMSNBC:

 

 

The CPAC Crackup

 

What is not yet clear is whether this is a divorce — or merely a trial separation.

 

https://www.msnbc.com/opinion/msnbc-opinion/cpac-starts-today-trump-kari-lake-desantis-missing-rcna72895

 

 

 

Trump v DeSantis nonsense not remotely in the public’s interest.

[B-Man]

 

 

 

 

[Irv]

What a mess.  Demented Biden

 

 

[Doc]

11 hours ago, B-Man said:

 

 

 

 

Even stronger for China...

[Tiberius]

President Biden has embarked upon the most ambitious use of federal economic power in several decades as he seeks to reshape major U.S. industries for long-term prosperity while pressing businesses to deliver immediate benefits for consumers by lowering prices today.

Biden’s twin-barreled economic offensive faces numerous hurdles but has sparked billions of dollars of private-sector investment and changed entrenched corporate practices.

Audi and Eli Lilly last week became the latest companies to respond to Washington’s carrot-and-stick approach, as the German carmaker said it “probably” would boost its U.S. output in response to the administration’s electric-vehicle subsidies and the pharmaceutical giant bent to the president’s calls to slash the price of insulin.

Eli Lilly to slash insulin prices by 70 percent

 

Biden is spending federal cash on several audacious goals, including reversing the erosion of high-technology manufacturing, accelerating the transition to a clean-energy economy and repairing the nation’s rotting infrastructure. At times, he has stretched the powers given to him by Congress in pursuit of unrelated social policies. And where he lacks legislative authority, the president has jawboned corporate executives to cut drug prices, airline fees and the cost of internet access.

Biden’s rejection of long-standing orthodoxy on the state’s proper economic role marks the end of an era in which Washington habitually bowed to the market — and is a gamble on an interventionist approach that in the past has delivered economic wins as well as government waste.

“This is a big moment,” said Harvard University professor Jeffry Frieden, the author of “Global Capitalism.” “This is a substantial shift in policy, and it’s going to be important to national economic growth for the foreseeable future.”

 

https://www.washingtonpost.com/us-policy/2023/03/06/biden-industrial-policy-business-government/

[B-Man]

 

 

 

BIDENOMICS: 

 

Housing affordability hits historic low.

 

 

Fewer than a quarter of homes listed for sale nationwide qualified as affordable for the typical U.S. household, according to a new report shared exclusively with The Hill.

 

The report, released Friday by real estate brokerage Redfin, found that the number of affordable listings in 2022 fell by more than half from the previous year — the largest annual drop on the company’s record dating back to 2013.

 

Redfin analyzed home listings in the nation’s 100 most populous metros, marking a listing as affordable if its estimated monthly mortgage payment did not exceed 30 percent of the local county’s median income.

 

“Housing affordability is at the lowest level in history, which is widening the wealth gap—especially between generations,” said Redfin deputy chief economist Taylor Marr.

 

“Many millennials were able to buy homes before or during the pandemic homebuying boom, but many others were priced out of homeownership and forced to keep renting,” Marr added.

 

https://thehill.com/business/3881539-housing-affordability-hits-historic-low/

 

 

.

[The Frankish Reich]

On 3/1/2023 at 10:47 AM, B-Man said:

 

 

 

Yossi: verb/subject agreement is a beautiful thing. Try it!

[RiotAct]

Hello?  Anyone at the helm?

 

Gonna have to keep working until age 79 at this rate.

[Precision]

Unemployment is going north of 7%.  Transcripts of Powell/Kennedy exchange 2 days ago linked, highlight below.

 

https://www.mediaite.com/politics/youre-trying-to-put-people-out-of-work-senator-kennedy-corners-fed-chair-who-says-hes-trying-to-cool-the-economy/

 

Kennedy cited data suggesting that “if history is right,” the unemployment rate would have to rise to seven percent in order to get inflation down to 4.4%.

“That’s what the record would say,” agreed Powell.

The senator further posited that for the Fed to get to its target rate of 2.2% inflation, unemployment would have to rise to north of 10%. However, Powell disputed this.

[B-Man]

 

 

[B-Man]

 

 

 

                                             

 

 

 

 

.

[Gene Frenkle]

You are such a simp.

[B-Man]

 

 

 

[B-Man]

 

 

The Biden Economy Is Falling Apart, Everything, Everywhere, All at Once

BY STEPHEN GREEN 

 

The Biden Economy — hailed Monday morning by Presidentish Joe Biden as “strong” — seems like it’s falling apart, everything, everywhere all at once.

 

NYSE halted trading of Charles Schwab, whose shares fell by more than 20%, and even a few Etsy sellers have been impacted by the fallout of Silicon Valley Bank’s (SVB) collapse.

 

Schwab’s fall was the firm’s “most ever on an intraday-basis,” even as company execs assured investors in a press release that “Schwab’s long-standing reputation as a safe port in a storm remains intact.”

 

Overall, trading of shares in over 30 banks was halted on Wall Street Monday morning, as the entire sector suddenly looks like a risk investors aren’t willing to take.

 

Almost everything banking was down, down, down in pre-market trades, which MarketWatch described as “panic-like activity.”

 

“Among some of those that have already been halted at least twice,” MarketWatch reported, “shares of Western Alliance Bancorp WAL, -51.05% plummeted 78.2%, Regions Financial Corp. RF, -5.33% sank 15.6%, First Republic Bank FRC, -64.05% plunged 65.5%, Comerica Inc. CMA, -21.24% tumbled 39.4% and PacWest Bancorp. PACW, -25.18% took a 47.7% dive.”

 

Signature Bank, “a key financial institution for the cryptocurrency industry,” according to the New York Post, was shut down on Sunday over “similar systemic risk” to SVB.

 

SVB and Signature are the second- and third-largest bank failures in U.S. history, respectively, with combined assets in excess of $300 billion. Depositors will be made whole, even deposits greater than the $250,000 covered by FDIC insurance. “Federal Reserve also said it is creating a new Bank Term Funding Program aimed at safeguarding institutions affected by the market instability of the SVB failure,” according to CNBC.

 

Investment holdings at SVB, however, are wiped out. “When the risk didn’t pay off, investors lose their money. That’s how capitalism works,” Biden said in his national address on Monday.

 

That’s what happened with Lehman Brothers, too, in 2008, before bigger faults were discovered and Washington went into Bailout All the Things Mode. This new crisis might just be getting started.

 

What went wrong? In a word: Inflation. In a few more words: The higher interest rates needed to combat inflation smashed the cheap-money expectations that SVB’s bond portfolios required. Other sectors of the economy that have become addicted to historically low interest rates include high-tech, particularly startup firms, and the housing market.

 

“I would be surprised if there weren’t other things that break. Maybe not directly related to the problems of SVB, but to some degree we’re already seeing breakage in terms of things like weakness in the housing market, other areas that are clearly in recession in the economy, even if we’re not in an overall recession,” warned Schwab’s chief investment strategist, Liz Ann Sonders, on Monday.

 

It’s been one helluva morning, and that’s just in the banking sector. Looks like it’s time to haul out the Chart of Doom that surfaced on the internet back in 2008.

 

More at :https://pjmedia.com/vodkapundit/2023/03/13/the-biden-economy-is-falling-apart-everything-everywhere-all-at-once-n1677787

[BillsFanNC]

Republicans suck too.  They aren't commies at least, but they have been known to support them.

 

Either way, we're *****.

 

 

[Joe Ferguson forever]

5 hours ago, B-Man said:

It’s been one helluva morning, and that’s just in the banking sector. Looks like it’s time to haul out the Chart of Doom that surfaced on the internet back in 2008.

 

More at :https://pjmedia.com/vodkapundit/2023/03/13/the-biden-economy-is-falling-apart-everything-everywhere-all-at-once-n1677787

Fear and panic...you guys are cheering for this.  And crypto is and will always be nuts.  The name itself gives it away:  

crypto-

combining form

prefix: crypto-

concealed; secret.

"cryptogram"

Edited March 13, 2023 by redtail hawk

[B-Man]

 

 

 

                 

 

 

 

 

 

[B-Man]

 

[BillStime]

43 minutes ago, B-Man said:

 

whats your solution?

 

you got one?