Irv Posted June 10, 2022 Share Posted June 10, 2022 13 minutes ago, Delete_Account said: I highlighted two points of contention in your post: 1. It’s not that they don’t care, “they” being the Biden administration and Democrats in Congress. They are simply constrained by what their corporate donors allow them to do. And in the case of many like Biden, at this point in their lives they are also probably too entrenched in neoliberal philosophy to explore aggressive alternative actions. I do have a tinfoil hat theory for you, however: the Democrats see a harrowingly unlikely path to victory over the next two years, so their plan is to make Biden/Harris the scapegoats and elevate someone more salable like Gavin Newsom during the 2024 presidential primaries. Hey, it would work on me! I hate Newsom, but I’d still vote for him over the rebranded trickle-down economics nonsense that the GOP always peddles as their economic panacea. 2. Even if the Keystone Pipeline System was fully functional at this very moment, it would only put a VERY modest dent on overall gas prices. This very modest dent doesn’t come close to justifying all the environmental damage that it would eventually create. Further exploitation of the Athabasca tar sands should not be encouraged in any way. And what about the Indigenous groups that the pipeline construction affects? And what about that whole climate change thing? The boreal forests of Western Canada are way too important for combating MMGW. The Keystone Pipeline System would mostly help Canada, anyway, but not the U.S. in terms of jobs. I would advise Western Canadians to find other ways to grow their economy. Since the inflation topic is by far the most important one in politics today, FWIW here’s my little contribution to PPP: What I think Biden should generally be doing to ameliorate the problem: 1. Issue a series of executive orders that expedite supply chain networks, especially at shipping port bottlenecks. 2. Publicly articulate a clear short-term and long-term national energy plan so that fossil fuel companies can better anticipate demand and moderate their releases of supply, thereby stabilizing some of the inflationary pressures (much of which is still a consequence of fossil fuel supply shocks). 3. Provide any sort of Keynesian-esque demand-side relief to working-class families (tax relief, energy credits, etc…just do something for them, please…). What is or what has been (mostly) out of Biden’s control: 1. Anthropogenic global warming constraints on public policy (note to anyone who still thinks it’s a myth: please reply to me with a published post-July 1988 scientific research paper that either refutes the observed warming altogether or explains it with any mechanism other than atmospheric carbon dioxide ppm…a published scientific research paper, please; not a link to some random fella’s website…). 2. Fossil fuel oligarchic control of government since the 1970’s energy crisis (they are chiefly responsible for our country’s relatively pathetic state of renewable energy research/development at this present moment in time). 3. Enormous global supply chain disruptions due to COVID-19 and its subsequent variants. 4. General supply chain weaknesses on the U.S. side that were exposed by the pandemic and that were, in large part, due to decades of outsourcing of domestic manufacturing jobs. 5. Putin’s invasion of Ukraine that has affected much of the fossil fuel energy and wheat/grain food markets. 6. The world economic market for fossil fuels that sets the supply, the demand, and thus our prices of oil and gas independent of U.S. political decisions. 7. The privatized status of the U.S. fossil fuel industry, which means that these companies are largely free to sell domestic supply wherever they want in the world, make use of drilling permits however they want, and thereby drive domestic energy supply/demand/costs (to some extent) to their own financial advantage and not necessarily for any greater societal good. 8. The cumulative effects of American imperialism since the advent of the Cold War that have limited import/export options on the international energy markets. Whoops. I nodded off there for a minute😴. What a mess. 1 Link to comment Share on other sites More sharing options...
ALF Posted June 10, 2022 Share Posted June 10, 2022 Still, oil companies could use their excess profits to expand their production, and they aren’t. Instead Exxon, Chevron, BP, and Shell spent more than $44 billion on stock buybacks and dividends in 2021. https://fortune.com/2022/06/08/why-are-gas-prices-so-high-is-joe-biden-to-blame/ Planning, designing, permitting and building a new medium-sized refinery is a 5-7 year process with costs ranging from $7-10 billion, not including land acquisition. US oil companies exporting oil and less refining capacity today is a big problem. Does the US still export oil? In 2021, the United States exported about 8.63 million b/d of petroleum to 176 countries and 4 U.S. territories. Crude oil exports of about 2.98 million b/d accounted for 35% of total U.S. gross petroleum exports in 2021. https://www.eia.gov/tools/faqs/faq.php?id=727&t=6 Link to comment Share on other sites More sharing options...
leh-nerd skin-erd Posted June 10, 2022 Share Posted June 10, 2022 11 minutes ago, ALF said: Still, oil companies could use their excess profits to expand their production, and they aren’t. Instead Exxon, Chevron, BP, and Shell spent more than $44 billion on stock buybacks and dividends in 2021. https://fortune.com/2022/06/08/why-are-gas-prices-so-high-is-joe-biden-to-blame/ Planning, designing, permitting and building a new medium-sized refinery is a 5-7 year process with costs ranging from $7-10 billion, not including land acquisition. US oil companies exporting oil and less refining capacity today is a big problem. Does the US still export oil? In 2021, the United States exported about 8.63 million b/d of petroleum to 176 countries and 4 U.S. territories. Crude oil exports of about 2.98 million b/d accounted for 35% of total U.S. gross petroleum exports in 2021. https://www.eia.gov/tools/faqs/faq.php?id=727&t=6 Hmm. I can’t vouch for the veracity of this list, but it seems reasonable enough to believe that among the top 10 stock positions owned by members, Exxon is #9. 10 Most Popular Stocks Owned by Congress in 2021 Here's what Congress is currently invested in: OrganizationTotal InvestorsMinimum InvestmentMaximum Investment Apple Inc79$9,654,688$38,853,590 Microsoft Corp66$6,777,342$23,462,249 Bank of America59$2,146,215$5,659,133 Walt Disney Co52$2,124,962$8,104,907 AT&T Inc49$1,222,407$2,821,355 Pfizer Inc47$2,630,444$8,206,395 Johnson & Johnson47$2,545,111$4,688,062 General Electric47$647,604$1,390,563 Exxon Mobil45$6,688,238$23,178,183 Alphabet Inc45$2,656,348$6,543,273 There are a few interesting items of note in this list: Pfizer has climbed back into the top 10, at the #6 spot, with almost 50 Congress members holding the stock Link to comment Share on other sites More sharing options...
PetermansRedemption Posted June 10, 2022 Share Posted June 10, 2022 Inflation numbers still coming in way too hot. Get ready for more pain. 1 Link to comment Share on other sites More sharing options...
B-Man Posted June 10, 2022 Share Posted June 10, 2022 The reaction of the vast majority of Americans . 1 2 Link to comment Share on other sites More sharing options...
Big Blitz Posted June 10, 2022 Author Share Posted June 10, 2022 Consumer sentiment plunges to record low in June, UMich survey: https://on.mktw.net/3mB0tJH Link to comment Share on other sites More sharing options...
LeGOATski Posted June 10, 2022 Share Posted June 10, 2022 $96 for 17 gallons... yeesh. And that was the cheapest station in my vicinity. 1 Link to comment Share on other sites More sharing options...
dpberr Posted June 10, 2022 Share Posted June 10, 2022 In PA, they are holding hearings on inflation - to what end, I have no idea. Harrisburg is good at talking. The doing part they aren't good at. PA residents have seen their real earnings decrease -3.8% year over year, and that was with a 2% raise baked in to it. If you assume the percent of PA living paycheck to paycheck like the national average - now 64%, up from 61% in 2021 - that's significant financial stress. 1 Link to comment Share on other sites More sharing options...
PetermansRedemption Posted June 10, 2022 Share Posted June 10, 2022 (edited) 29 minutes ago, LeGOATski said: $96 for 17 gallons... yeesh. And that was the cheapest station in my vicinity. I can’t even fill my vehicle anymore. At least not at any gas station I’ve been to. It’s 26 gallons and well over $100. Takes two transactions if I want to actually fill it. I usually just give up after the first $100. Edited June 10, 2022 by PetermansRedemption 1 Link to comment Share on other sites More sharing options...
BillsFanNC Posted June 11, 2022 Share Posted June 11, 2022 3 Link to comment Share on other sites More sharing options...
B-Man Posted June 11, 2022 Share Posted June 11, 2022 WHY THE RED WAVE IS BUILDING By John Hindraker My wife filled up her gas tank this morning and took this picture: I filled up this afternoon and took this one: So we spent $248.71 on gasoline today. We are fortunate: we can still afford to eat dinner, and we aren’t canceling our trip to New Hampshire next week for my college reunion. Most Americans are not so lucky. And most Americans also understand that the Democratic Party is doing this to us on purpose, to advance its perverted political agenda. https://www.powerlineblog.com/archives/2022/06/why-the-red-wave-is-building.php Link to comment Share on other sites More sharing options...
Big Blitz Posted June 11, 2022 Author Share Posted June 11, 2022 Over $5 a gallon national average! And of course per the NY Times - it's Putin's fault and a return to more travel "post" (lol) covid. 1 Link to comment Share on other sites More sharing options...
Orlando Tim Posted June 11, 2022 Share Posted June 11, 2022 On 6/10/2022 at 10:55 AM, PetermansRedemption said: I can’t even fill my vehicle anymore. At least not at any gas station I’ve been to. It’s 26 gallons and well over $100. Takes two transactions if I want to actually fill it. I usually just give up after the first $100. Well clearly you are to blame for having a tank that can handle 26 gallons, just go electric. Link to comment Share on other sites More sharing options...
RiotAct Posted June 11, 2022 Share Posted June 11, 2022 who cares that middle-class families can barely afford essentials anymore… there was an INSURRECTION!!!!!!! Link to comment Share on other sites More sharing options...
Orlando Tim Posted June 11, 2022 Share Posted June 11, 2022 4 hours ago, Big Blitz said: Over $5 a gallon national average! And of course per the NY Times - it's Putin's fault and a return to more travel "post" (lol) covid. Actually was just looking at apartments in my area and $2200 gets you a 1 bedroom, if you want the 1200 sq ft 2 bedroom with views of Disney fireworks it is $3800 a month. The 3 bedroom apartments were under $2400 2 years ago. Link to comment Share on other sites More sharing options...
Irv Posted June 12, 2022 Share Posted June 12, 2022 What a mess. Link to comment Share on other sites More sharing options...
ALF Posted June 12, 2022 Share Posted June 12, 2022 comment on article for gas prices The_Broken_Toaster_Review I just got a full tank of gas for $22. Granted it was for my lawnmower,but i’m trying to stay positive. 1 Link to comment Share on other sites More sharing options...
BillsFanNC Posted June 12, 2022 Share Posted June 12, 2022 Biden, or more accurately, his handlers, told Americans that this was exactly the plan. 81 million votes! Link to comment Share on other sites More sharing options...
SoCal Deek Posted June 12, 2022 Share Posted June 12, 2022 2 minutes ago, ALF said: comment on article for gas prices The_Broken_Toaster_Review I just got a full tank of gas for $22. Granted it was for my lawnmower,but i’m trying to stay positive. In a year from now you won’t be allowed to have a gas powered lawnmower. 😳 1 1 Link to comment Share on other sites More sharing options...
BillsFanNC Posted June 12, 2022 Share Posted June 12, 2022 2 1 1 Link to comment Share on other sites More sharing options...
B-Man Posted June 13, 2022 Share Posted June 13, 2022 2 Link to comment Share on other sites More sharing options...
Big Blitz Posted June 13, 2022 Author Share Posted June 13, 2022 14 hours ago, DRsGhost said: Biden, or more accurately, his handlers, told Americans that this was exactly the plan. 81 million votes! This should be on a loop all fall. 1 Link to comment Share on other sites More sharing options...
Big Blitz Posted June 13, 2022 Author Share Posted June 13, 2022 We're not even close to the worst of this When employment starts to crater - for real this time not because we shutdown the world for a flu that's now.....gone? Link to comment Share on other sites More sharing options...
Doc Brown Posted June 13, 2022 Share Posted June 13, 2022 5 minutes ago, Big Blitz said: We're not even close to the worst of this When employment starts to crater - for real this time not because we shutdown the world for a flu that's now.....gone? Early death if they ate all that much in one meal. Also, rookie mistake ordering two orders of fries from five guys when one easily feeds two. 1 Link to comment Share on other sites More sharing options...
ALF Posted June 13, 2022 Share Posted June 13, 2022 Oil prices slide on Beijing Covid warning, inflation concerns Oil dropped Monday as a flare-up in Covid-19 cases in Beijing dented hopes of a Chinese demand rebound, while worries about more interest rate hikes to control rampant inflation added further pressure. Beijing’s most populous district Chaoyang announced three rounds of mass testing to quell a “ferocious” Covid-19 outbreak that emerged last week. Mass testing would take place until Wednesday. https://www.cnbc.com/2022/06/13/oil-markets-covid-in-china-inflation.html Where to post here or covid thread 🤔 Link to comment Share on other sites More sharing options...
B-Man Posted June 13, 2022 Share Posted June 13, 2022 Link to comment Share on other sites More sharing options...
Big Blitz Posted June 13, 2022 Author Share Posted June 13, 2022 Dow down 20% since January officially a Bear Market U.S. stocks opened in bear market territory on Monday, a 20 percent decline from their peak in January, a sign of growing pessimism about the outlook for the economy. Markets around the world tumbled, as higher-than-expected inflation and lower-than-expected economic growth upend the outlook for interest rates and corporate profits. Stocks in Asia and Europe fell, investors dumped government bonds, oil prices slipped and cryptocurrencies crashed. https://www.nytimes.com/2022/06/13/business/stocks-bonds-crypto.html?smid=url-share I can't wait for the continuation of the January 6th hearings. Are we going to call any witnesses that believed the government's actions of 2020 were in itself a coup and would lead to a complete global economic meltdown, devastating lives and their kids lives? No? Well man. Good thing no more mean Tweets. 1 Link to comment Share on other sites More sharing options...
SoCal Deek Posted June 13, 2022 Share Posted June 13, 2022 1 hour ago, Big Blitz said: Dow down 20% since January officially a Bear Market U.S. stocks opened in bear market territory on Monday, a 20 percent decline from their peak in January, a sign of growing pessimism about the outlook for the economy. Markets around the world tumbled, as higher-than-expected inflation and lower-than-expected economic growth upend the outlook for interest rates and corporate profits. Stocks in Asia and Europe fell, investors dumped government bonds, oil prices slipped and cryptocurrencies crashed. https://www.nytimes.com/2022/06/13/business/stocks-bonds-crypto.html?smid=url-share I can't wait for the continuation of the January 6th hearings. Are we going to call any witnesses that believed the government's actions of 2020 were in itself a coup and would lead to a complete global economic meltdown, devastating lives and their kids lives? No? Well man. Good thing no more mean Tweets. Are we done crushing Putin yet? 1 1 Link to comment Share on other sites More sharing options...
Jauronimo Posted June 13, 2022 Share Posted June 13, 2022 On 6/11/2022 at 2:42 PM, RiotAct said: who cares that middle-class families can barely afford essentials anymore… there was an INSURRECTION!!!!!!! You are allowed to care about both and assign blame where it is deserved. Link to comment Share on other sites More sharing options...
The Frankish Reich Posted June 13, 2022 Share Posted June 13, 2022 13 hours ago, Big Blitz said: We're not even close to the worst of this When employment starts to crater - for real this time not because we shutdown the world for a flu that's now.....gone? Quick addition from the Five Guys “nutritional” information — each meal on this ticket was about 2150 calories. That’s right in line with what’s recommended for a FULL DAY of eating. So 21 bucks to stuff your face for a day. Sounds like a deal to me. Link to comment Share on other sites More sharing options...
Irv Posted June 13, 2022 Share Posted June 13, 2022 4 hours ago, B-Man said: Honestly. Why aren't those doorknobs in DC doing a fraud investigation on who is actually running the country absent a coherent President. Joke Biden. What a mess. 1 Link to comment Share on other sites More sharing options...
All_Pro_Bills Posted June 13, 2022 Share Posted June 13, 2022 13 minutes ago, Jauronimo said: You are allowed to care about both and assign blame where it is deserved. Larry Summers, a guy I assigned a lot of credibility to in the past regarding economic issues and opinions, stated this yesterday. On a Sunday in a CNN interview he said, "I think the banana Republicans who are saying that what happened on January 6 was nothing are undermining the basic credibility of our country’s institutions.” “And that, in turn, feeds through for inflation. Because if you can’t trust the country’s government, why should you trust its money?” So inflation is not only Putin's fault its the fault of the "insurrection". if the situation wasn't so serious it would be just comical. But given reality its also sad. An insurrection, I might add, where for the first time in the history of mankind a group of people attempted to overthrow a sitting government, a government with the most powerful military, intelligence and security forces in the history of the world, without any weapons while some of the defenders of the Capitol, the seat of power, opened the doors and welcomed them into the building. Then after occupying the building without much resistance they suddenly all just left. WTF kind of an insurrection is it when they just give up and quit for no explicable reason? I can't comprehend how anyone thinks this event was any risk to the continuation of our form of government or the republic. But Larry is right about one thing. We shouldn't trust the government. 1 1 Link to comment Share on other sites More sharing options...
Irv Posted June 13, 2022 Share Posted June 13, 2022 On 6/11/2022 at 4:00 PM, Buffalo Timmy said: Actually was just looking at apartments in my area and $2200 gets you a 1 bedroom, if you want the 1200 sq ft 2 bedroom with views of Disney fireworks it is $3800 a month. The 3 bedroom apartments were under $2400 2 years ago. This is just Landlords trying to survive after the eviction moratoriums ordered by Joke Biden and his dopey buddies. What a mess. Link to comment Share on other sites More sharing options...
All_Pro_Bills Posted June 13, 2022 Share Posted June 13, 2022 More great news in the oil markets. https://oilprice.com/Latest-Energy-News/World-News/Libya-Loses-11-Million-Bpd-As-It-Shuts-Down-Nearly-All-Its-Oil-Fields.html Who was it again that destabilized Libya, deposed and killed Qaddafi, and plunged the country into a lawless mess? Hint: He's enjoying the good life at a Martha's Vineyard estate purchased for about $20M in an area he and other climate "experts" are predicting will be underwater in a few years because of global warming and rising sea levels. Why would a smart guy like former President Obama drop $20 million on a piece of real estate that he believes is going to be underwater in a few years unless of course he's lying? Link to comment Share on other sites More sharing options...
Chef Jim Posted June 13, 2022 Share Posted June 13, 2022 15 hours ago, B-Man said: Are those sale prices? 😏 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted June 13, 2022 Share Posted June 13, 2022 37 minutes ago, Irv said: This is just Landlords trying to survive after the eviction moratoriums ordered by Joke Biden and his dopey buddies. What a mess. You mean the eviction moratorium signed into law by TRUMP as part of the CARES act in May 2020? And extended by TRUMP’s CDC in September 2020? (I’ll grant you subsequent Biden admin extensions, but really - Trump started it and continued it) Link to comment Share on other sites More sharing options...
Irv Posted June 13, 2022 Share Posted June 13, 2022 (edited) 47 minutes ago, The Frankish Reich said: You mean the eviction moratorium signed into law by TRUMP as part of the CARES act in May 2020? And extended by TRUMP’s CDC in September 2020? (I’ll grant you subsequent Biden admin extensions, but really - Trump started it and continued it) And it was necessary at the time. Unfortunately, Joke Biden kept giving your money away to deadbeats long after it was necessary. Nice to see my 401K became a 001K today. I'll be working until I'm 100. Sad thing is, it's going to get worse until this ass clown and his buddies are voted out. Could you imagine how much worse it would be now had it not been for Manchin? What a mess. Edited June 13, 2022 by Irv Link to comment Share on other sites More sharing options...
Big Blitz Posted June 13, 2022 Author Share Posted June 13, 2022 Dow down 900 points. Bear Market confirmed. Well done Covidiots. Well done! 2 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted June 13, 2022 Share Posted June 13, 2022 (edited) 14 minutes ago, Big Blitz said: Dow down 900 points. Bear Market confirmed. Well done Covidiots. Well done! So I guess the extraordinary market interventions that the political branches and the Federal Reserve took over the last 27 months had nothing to do with the remarkable gains in the market? The gains that are now being washed away by a return to reality? I should know. I moved a bunch of money out of the markets when COVID hit based on the rational expectation that a pandemic would launch the world into recession. Government interventions - truly extraordinary ones like propping up the junk bond market that I stupidly didn’t anticipate - delayed that by 2 years, but I missed out on a lot of the run-up. Just like I’m missing out on the thrill of the decline right now. TINSTAAFL Edited June 13, 2022 by The Frankish Reich Link to comment Share on other sites More sharing options...
PetermansRedemption Posted June 13, 2022 Share Posted June 13, 2022 13 minutes ago, Big Blitz said: Dow down 900 points. Bear Market confirmed. Well done Covidiots. Well done! Will Biden still tout the “Fastest growing economy in the world” 1 Link to comment Share on other sites More sharing options...
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