aristocrat Posted August 14, 2023 Share Posted August 14, 2023 https://x.com/paulg/status/1690952107250302976?s=46&t=WfwBbfFkRiZZWCMxTdpkOw 1 1 Link to comment Share on other sites More sharing options...
SoCal Deek Posted August 14, 2023 Share Posted August 14, 2023 55 minutes ago, aristocrat said: https://x.com/paulg/status/1690952107250302976?s=46&t=WfwBbfFkRiZZWCMxTdpkOw This has been my point for quite time now. On so many issues, the two traditional parties have almost completely flipped. 2 Link to comment Share on other sites More sharing options...
TSOL Posted August 14, 2023 Share Posted August 14, 2023 Man, wall street just can't catch a break lately 1 Link to comment Share on other sites More sharing options...
Tommy Callahan Posted August 22, 2023 Share Posted August 22, 2023 10 minutes ago, B-Man said: 500,000 jobs could disappear in dramatic revision of US government data: report. Last year, the US Bureau of Labor Statistics employment reports repeatedly shocked economists with larger-than-expected payroll gains that saw over 10 million job openings for 20 straight months — a record-breaking streak that ended in January and a key reason behind the Federal Reserve’s continued interest rate hikes. However, Daniel Silver, an economist at JPMorgan Chase, estimates that when the federal agency’s preliminary benchmark revision is released on Wednesday, it will be nearly half a million off from the level of total employment reported in the year through March, according to a report shared with The Post. If Silver is correct, that would mean there are 40,000 fewer jobs per month over the 12-month period ended in March than the BLS originally reported. https://nypost.com/2023/08/22/us-payroll-may-lose-500000-jobs-in-us-government-data-revision/ Bidenomics! Is there anything it can’t do? . Federal tax receipts point to a similar picture. https://fred.stlouisfed.org/series/W006RC1Q027SBEA Link to comment Share on other sites More sharing options...
Gregg Posted August 22, 2023 Share Posted August 22, 2023 14 minutes ago, B-Man said: 500,000 jobs could disappear in dramatic revision of US government data: report. Last year, the US Bureau of Labor Statistics employment reports repeatedly shocked economists with larger-than-expected payroll gains that saw over 10 million job openings for 20 straight months — a record-breaking streak that ended in January and a key reason behind the Federal Reserve’s continued interest rate hikes. However, Daniel Silver, an economist at JPMorgan Chase, estimates that when the federal agency’s preliminary benchmark revision is released on Wednesday, it will be nearly half a million off from the level of total employment reported in the year through March, according to a report shared with The Post. If Silver is correct, that would mean there are 40,000 fewer jobs per month over the 12-month period ended in March than the BLS originally reported. https://nypost.com/2023/08/22/us-payroll-may-lose-500000-jobs-in-us-government-data-revision/ Bidenomics! Is there anything it can’t do? . Yes, make America a great country for Americans. 1 Link to comment Share on other sites More sharing options...
ALF Posted August 22, 2023 Share Posted August 22, 2023 I thought there were still many millions of job openings Link to comment Share on other sites More sharing options...
TSOL Posted August 22, 2023 Share Posted August 22, 2023 3 minutes ago, ALF said: I thought there were still many millions of job openings There are millions of $16 dollar an hour jobs, yes Link to comment Share on other sites More sharing options...
ALF Posted August 22, 2023 Share Posted August 22, 2023 5 hours ago, TSOL said: There are millions of $16 dollar an hour jobs, yes Are you saying the US needs migrants ? 1 Link to comment Share on other sites More sharing options...
TSOL Posted August 23, 2023 Share Posted August 23, 2023 19 minutes ago, ALF said: Are you saying the US needs migrants ? No I am saying to US needs equality Link to comment Share on other sites More sharing options...
The Frankish Reich Posted August 23, 2023 Share Posted August 23, 2023 18 minutes ago, TSOL said: I am saying to US needs equality What does that mean? Link to comment Share on other sites More sharing options...
The Frankish Reich Posted August 23, 2023 Share Posted August 23, 2023 (edited) https://www.wsj.com/articles/return-of-high-interest-rates-central-banking-federal-reserve-u-s-economy-290da4d0?mod=hp_opin_pos_1 In one sense the rise in rates is healthy and long overdue. The Federal Reserve sat on the long end of the yield curve for years after the financial crisis. The goal was to stimulate growth, which didn’t work, but a side effect was to distort signals from the bond market. The Fed is now selling off its bond portfolio at a rate of $900 billion a year, and the market can better navigate its own way. It’s no tragedy if the bond market is sending truer economic signals. Higher rates force investors and businesses to screen potential investments more carefully. Non-economic choices, like cryptocurrency and many SPACs, go by the wayside. The result will be fewer investment duds and in the long run faster growth. Some market sages think faster growth now helps to explain the higher long-term rates, with the Atlanta Fed’s GDPNow estimate that third quarter GDP will be 5.8%. I'm glad to see the return of a more normal interest rate environment. Yes, high mortgage and credit card rates and auto loan rates hurt borrowers. But I've watched older Americans who've saved prudently get driven into investments that I consider too risky since they couldn't live with savings account returns of 0.1 percent. They can now supplement social security and (for those that have it) pension income with a decent return on savings. My mother is in this situation, and I just helped her ladder CDs and treasuries to ensure a good, steady 5 percent return - enough to maintain her standard of living without risking loss, which makes a lot of sense at her age. And as I approach retirement age I'm starting to do the same thing for myself. Income investing. What a quaint, old-fashioned notion. Edited August 23, 2023 by The Frankish Reich Link to comment Share on other sites More sharing options...
TSOL Posted August 23, 2023 Share Posted August 23, 2023 Just now, The Frankish Reich said: What does that mean? When they put put a jobs report that says 500,000 jobs have been created, and they are all minimum wage jobs, That's not cause for celebration in a society where the average home price is $350,000. And I he average car price is $48,000 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted August 23, 2023 Share Posted August 23, 2023 Just now, TSOL said: When they put put a jobs report that says 500,000 jobs have been created, and they are all minimum wage jobs, That's not cause for celebration in a society where the average home price is $350,000. And I he average car price is $48,000 The jobs created are certainly not all minimum wage jobs. Many that are minimum wage - or higher - go unfilled for long periods of time. Revision or not, we still have a surplus of job openings to available workers. Link to comment Share on other sites More sharing options...
TSOL Posted August 23, 2023 Share Posted August 23, 2023 5 minutes ago, The Frankish Reich said: The jobs created are certainly not all minimum wage jobs. Many that are minimum wage - or higher - go unfilled for long periods of time. Revision or not, we still have a surplus of job openings to available workers. Do you think the current state of our economy is balanced and equitable? 1 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted August 23, 2023 Share Posted August 23, 2023 Just now, TSOL said: Do you think the current state of our economy is balanced and equitable? I'm not sure what those terms mean. "Balanced and equitable" sounds vaguely ... redistributive? As in economic equity? Many economists have noted that we have moved toward much more of a winner-takes-all society. And yes, I agree that this, in a vacuum, is not a good thing. I find something disturbing and probably unsustainable in those stats that compare CEO compensation to average worker in the CEO's company's compensation. Bernie Sanders and Elizabeth Warren would tax the hell out of those big compensation packages (and accumulated wealth) and redistribute it. I'm skeptical that that would have the desired effect. I have mentioned that I think unions played an important role in the building of the American middle class and that this is one of the big changes in the last 4 decades or so -- the decline of unions. So that may play a part in evening things out a bit. Other than that, I have to admit I don't have any great ideas since the proposed cure (huge redistributive taxes, creation of massive tariff protections) is usually worse than the disease. Link to comment Share on other sites More sharing options...
TSOL Posted August 23, 2023 Share Posted August 23, 2023 10 minutes ago, The Frankish Reich said: I'm not sure what those terms mean. "Balanced and equitable" sounds vaguely ... redistributive? As in economic equity? Many economists have noted that we have moved toward much more of a winner-takes-all society. And yes, I agree that this, in a vacuum, is not a good thing. I find something disturbing and probably unsustainable in those stats that compare CEO compensation to average worker in the CEO's company's compensation. Bernie Sanders and Elizabeth Warren would tax the hell out of those big compensation packages (and accumulated wealth) and redistribute it. I'm skeptical that that would have the desired effect. I have mentioned that I think unions played an important role in the building of the American middle class and that this is one of the big changes in the last 4 decades or so -- the decline of unions. So that may play a part in evening things out a bit. Other than that, I have to admit I don't have any great ideas since the proposed cure (huge redistributive taxes, creation of massive tariff protections) is usually worse than the disease. I wholly support capitalism, and democracy. Sanders and Warren have alot of socialist principals and I oppose those principals Capitalism in a pure form is ideal but our country has gotten to a point of criminally corrupt capitalism, where the most wealthy write the laws to perpetuate their wealth at the expense of the rest of us. The forefathers knew what they were doing when they wrote the constitution, they wrote in safeguards against that, We have just lost the spirit and meaning behind it. 1 Link to comment Share on other sites More sharing options...
Irv Posted August 23, 2023 Share Posted August 23, 2023 Gas prices going towards $5/gallon....again! Interest rates out of this world. Food prices 2X what they were before Demented Joke Biden. What a mess. What a mess. 2 Link to comment Share on other sites More sharing options...
SoCal Deek Posted August 23, 2023 Share Posted August 23, 2023 2 hours ago, Irv said: Gas prices going towards $5/gallon....again! Interest rates out of this world. Food prices 2X what they were before Demented Joke Biden. What a mess. What a mess. We passed $5.00 per gallon a few weeks ago. We’re approaching $6.00 1 1 Link to comment Share on other sites More sharing options...
Big Blitz Posted August 23, 2023 Author Share Posted August 23, 2023 2 hours ago, Irv said: Gas prices going towards $5/gallon....again! Interest rates out of this world. Food prices 2X what they were before Demented Joke Biden. What a mess. What a mess. This is why Covid is coming to a blue state ***t hole near you very soon. Should last till about January 2025. 2 Link to comment Share on other sites More sharing options...
ALF Posted August 23, 2023 Share Posted August 23, 2023 Taxing excessive wealth not to redistribute but to re-enforce the safety net and start reducing the budget deficit. If that does not go over with the very rich it proves they are greedy and want the country to fail. 1 1 Link to comment Share on other sites More sharing options...
Tommy Callahan Posted August 23, 2023 Share Posted August 23, 2023 1 hour ago, ALF said: Taxing excessive wealth not to redistribute but to re-enforce the safety net and start reducing the budget deficit. If that does not go over with the very rich it proves they are greedy and want the country to fail. Excessive wealth sounds very debatable. Maybe cut the hair insane spending a little? 2 Link to comment Share on other sites More sharing options...
ALF Posted August 23, 2023 Share Posted August 23, 2023 6 minutes ago, Chris farley said: Excessive wealth sounds very debatable. Maybe cut the hair insane spending a little? How about removing most tax loopholes . You aren't required to pay the Social Security tax on any income beyond the Social Security wage base limit in 2023. Wonder why SS is in trouble ? Link to comment Share on other sites More sharing options...
Tommy Callahan Posted August 23, 2023 Share Posted August 23, 2023 Just now, ALF said: How about removing most tax loopholes . You aren't required to pay the Social Security tax on any income beyond the Social Security wage base limit in 2023. Wonder why SS is in trouble ? Because there is a cap on ss payments. Link to comment Share on other sites More sharing options...
All_Pro_Bills Posted August 23, 2023 Share Posted August 23, 2023 3 hours ago, ALF said: Taxing excessive wealth not to redistribute but to re-enforce the safety net and start reducing the budget deficit. If that does not go over with the very rich it proves they are greedy and want the country to fail. Perhaps if it was you or I that was provided additional income that could be used to pay down debt or cut our borrowing level it would make sense but if you give the government more funds in an effort to reduce the deficit they will instead just spend more money and not reduce the debt. 1 Link to comment Share on other sites More sharing options...
Tiberius Posted August 23, 2023 Share Posted August 23, 2023 Economic crisis? 🤣 2 Link to comment Share on other sites More sharing options...
Tommy Callahan Posted August 23, 2023 Share Posted August 23, 2023 Just now, Tiberius said: Economic crisis? 🤣 Do you even grasp the results of the dollar not being the reserve currency? What's going on with the Bricks? The bright spot is the history books will call this crap economy, Biden omics. 1 Link to comment Share on other sites More sharing options...
All_Pro_Bills Posted August 23, 2023 Share Posted August 23, 2023 (edited) 37 minutes ago, Chris farley said: Do you even grasp the results of the dollar not being the reserve currency? What's going on with the Bricks? The bright spot is the history books will call this crap economy, Biden omics. I think the long and short of it is the dollar reserve and trade settlement system has run its course and slowly, and then all at once, other countries are looking to, and migrating to, other systems of settlement and reserves. Like gold and other currencies. One reason cited for the urgency to utilize alternatives is the recent enthusiasm in Washington to use the dollar's reserve and trade settlement status as a policy tool of extortion via sanctions and asset seizures. The idea is get out of the dollar lest you someday piss off or disobey Washington and they steal your money because its in dollars (their money). Edited August 23, 2023 by All_Pro_Bills 1 1 Link to comment Share on other sites More sharing options...
Tommy Callahan Posted August 23, 2023 Share Posted August 23, 2023 2 minutes ago, All_Pro_Bills said: I think the long and short of it is the dollar reserve and trade settlement system has run its course and slowly, and then all at once, other countries are looking to, and migrating to, other systems of settlement and reserves. Like gold and other currencies. One reason cited for the urgency to utilize alternatives is the recent enthusiasm in Washington to use the dollar's reserve and trade settlement status as a policy tool of extortion via sanctions and asset seizures. No argument. just seems like its moving fast now. De-dollarization "Irreversible" - Putin Tells BRICS Summit In Remote Address | ZeroHedge https://www.lemonde.fr/en/economy/article/2023/08/22/the-brics-countries-aim-to-knock-the-dollar-off-its-throne_6102645_19.html https://www.bloomberg.com/news/articles/2023-08-22/brics-latest-reducing-dollar-reliance-tops-summit-agenda One reason cited for the urgency to utilize alternatives is the recent enthusiasm in Washington to use the dollar's reserve and trade settlement status as a policy tool of extortion via sanctions and asset seizures. The idea is get out of the dollar lest you someday piss off or disobey Washington and they steal your money because its in dollars (their money). no argument. but would add that's exactly how China has been gaining strategic assets around the world. one example would be Hambantota International Port Link to comment Share on other sites More sharing options...
SoCal Deek Posted August 23, 2023 Share Posted August 23, 2023 3 hours ago, ALF said: How about removing most tax loopholes . You aren't required to pay the Social Security tax on any income beyond the Social Security wage base limit in 2023. Wonder why SS is in trouble ? There are no tax loopholes. What you mean are parts of the tax code that benefit other people than yourself. But be careful, because I’d imagine there are parts of the code that benefit you and not others. 1 Link to comment Share on other sites More sharing options...
All_Pro_Bills Posted August 23, 2023 Share Posted August 23, 2023 (edited) 36 minutes ago, Chris farley said: No argument. just seems like its moving fast now. De-dollarization "Irreversible" - Putin Tells BRICS Summit In Remote Address | ZeroHedge https://www.lemonde.fr/en/economy/article/2023/08/22/the-brics-countries-aim-to-knock-the-dollar-off-its-throne_6102645_19.html https://www.bloomberg.com/news/articles/2023-08-22/brics-latest-reducing-dollar-reliance-tops-summit-agenda One reason cited for the urgency to utilize alternatives is the recent enthusiasm in Washington to use the dollar's reserve and trade settlement status as a policy tool of extortion via sanctions and asset seizures. The idea is get out of the dollar lest you someday piss off or disobey Washington and they steal your money because its in dollars (their money). no argument. but would add that's exactly how China has been gaining strategic assets around the world. one example would be Hambantota International Port That's true. China makes loans with onerous teams and then when the borrower can't pay, collects real assets in exchange. That's one reason I'm not really buying a lot of talk about the BRICS launching some gold backed currency. To be that it would have to be redeemable in gold. And China is not going to trade gold for paper. In our system we exchange paper IOU's for real goods and then the holder of those dollars is obligated to return those dollars in exchange for treasury bonds in a scheme so the government can spend more money. When you get down to it all the entire global system of finance is a huge racket. People that do no real work flip and transfer money all over the place, and "earn" a tremendous amount to support a very nice lifestyle while saddling the rest of the population with debt. if they default, the government bails out the fat cats. You or me make a bad investment and lose, its free market capitalism at work. Its a great system, for them. In the reincarnation of my next life I plan to come back as an investment banker! Edited August 23, 2023 by All_Pro_Bills 1 Link to comment Share on other sites More sharing options...
ALF Posted August 23, 2023 Share Posted August 23, 2023 25 minutes ago, SoCal Deek said: There are no tax loopholes. What you mean are parts of the tax code that benefit other people than yourself. But be careful, because I’d imagine there are parts of the code that benefit you and not others. You have Trump rolling on the floor laughing till he cries. 1 Link to comment Share on other sites More sharing options...
Tiberius Posted August 23, 2023 Share Posted August 23, 2023 How long will America put up with this low unemployment?? 🤣 1 Link to comment Share on other sites More sharing options...
Tommy Callahan Posted August 23, 2023 Share Posted August 23, 2023 8 minutes ago, Tiberius said: How long will America put up with this low unemployment?? 🤣 Lol, low unemployment. How long will we put up with our pay constantly being driven down by inflation. Link to comment Share on other sites More sharing options...
The Frankish Reich Posted August 23, 2023 Share Posted August 23, 2023 4 hours ago, Chris farley said: Excessive wealth sounds very debatable. Maybe cut the hair insane spending a little? See what I just did? I "liked" a comment you made! Link to comment Share on other sites More sharing options...
SoCal Deek Posted August 23, 2023 Share Posted August 23, 2023 38 minutes ago, ALF said: You have Trump rolling on the floor laughing till he cries. You do realize that Trump doesn’t write the tax code….right? 1 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted August 23, 2023 Share Posted August 23, 2023 15 minutes ago, SoCal Deek said: You do realize that Trump doesn’t write the tax code….right? You mean he doesn't write the tax code anymore. Because he was all-in on Paul Ryan's tax bill when Republicans held the House, the Senate, and the White House. So yeah, it's like how Biden didn't "write" the so-called Inflation Reduction Act. (The jury's still out on the Ryan-Trump legislation. Believe it or not, I believe it was more good than bad. But it needed to be countered with spending reductions. It wasn't, not even under Trump. And obviously exacerbated under Biden) 1 Link to comment Share on other sites More sharing options...
SoCal Deek Posted August 23, 2023 Share Posted August 23, 2023 Just now, The Frankish Reich said: You mean he doesn't write the tax code anymore. Because he was all-in on Paul Ryan's tax bill when Republicans held the House, the Senate, and the White House. So yeah, it's like how Biden didn't "write" the so-called Inflation Reduction Act. (The jury's still out on the Ryan-Trump legislation. Believe it or not, I believe it was more good than bad. But it needed to be countered with spending reductions. It wasn't, not even under Trump. And obviously exacerbated under Biden) So you agree! Congress writes the tax code. Glad we have that settled. Now…to the bigger question: Why does anyone care what anyone else pays in federal income tax? It has zero impact on your life. My tax rate is the highest in the nation and you don’t see me posting any of this pitchfork laced nonsense. 1 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted August 23, 2023 Share Posted August 23, 2023 3 minutes ago, SoCal Deek said: So you agree! Congress writes the tax code. Glad we have that settled So now more talking about the tax and spend provisions of the Inflation Reduction Act. Biden was just a cheerleader with a pen! 4 minutes ago, SoCal Deek said: Now…to the bigger question: Why does anyone care what anyone else pays in federal income tax? It has zero impact on your life. My tax rate is the highest in the nation and you don’t see me posting any of this pitchfork laced nonsense. I just said I thought Ryan-Trump was more good than bad. And that the "bad" had more to do with no related component reducing federal spending. Good for you on your tax bracket. Now please send that EV tax credit back to the Treasury. Link to comment Share on other sites More sharing options...
SoCal Deek Posted August 23, 2023 Share Posted August 23, 2023 Just now, The Frankish Reich said: So now more talking about the tax and spend provisions of the Inflation Reduction Act. Biden was just a cheerleader with a pen! I just said I thought Ryan-Trump was more good than bad. And that the "bad" had more to do with no related component reducing federal spending. Good for you on your tax bracket. Now please send that EV tax credit back to the Treasury. That’s correct. The President, no matter which party, doesn’t write the bill. He may set the tone, but like Nancy said “you have to read it to know what’s in it”. And I’m not attacking you Frank. But there are those on here that somehow think that their life will be improved or perfected if the top tax payers would just pay even more. It’s ridiculous! We’re swimming in debt. That isn’t caused by taxes. It’s because no matter how much this bloated government takes in, they somehow manage to spend even more. Year after year after year. 1 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted August 23, 2023 Share Posted August 23, 2023 1 minute ago, SoCal Deek said: That’s correct. The President, no matter which party, doesn’t write the bill. He may set the tone, but like Nancy said “you have to read it to know what’s in it”. And I’m not attacking you Frank. But there are those on here that somehow think that their life will be improved or perfected if the top tax payers would just pay even more. It’s ridiculous! We’re swimming in debt. That isn’t caused by taxes. It’s because no matter how much this bloated government takes in, they somehow manage to spend even more. Year after year after year. I agree. That's why (until the new Trump Tariff proposal) I hated Elizabeth Warren's idea of adding some kind of "wealth tax" to the income tax and the death tax. I thought that was the low point of of tax policy proposals from nominally legitimate candidates. But now we have a new winner! Link to comment Share on other sites More sharing options...
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