Rolling US Economy Into The Shitbin Thread

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http://www.google.com/pfetch/dchart?s=DJI http://img237.imageshack.us/img237/5648/dollarohnopq6.png

here we go guys

El Tomboto, Thursday, 18 October 2007 23:44 (fourteen years ago) link

http://bigpicture.typepad.com/comments/2007/10/more-inflation.html

El Tomboto, Thursday, 18 October 2007 23:44 (fourteen years ago) link

personally I'm applying for a civil servant position ASAP

El Tomboto, Thursday, 18 October 2007 23:45 (fourteen years ago) link

Just FYI, during the 1930s depression, many civil servants were paid with vouchers rather than cash, because local governments were unable to collect property taxes and their receipts fell into the shitbin.

Aimless, Friday, 19 October 2007 00:12 (fourteen years ago) link

Economy's doing poorly enough as it stands, why do we deliberately want to roll it into the shitbin?

Abbott, Friday, 19 October 2007 00:14 (fourteen years ago) link

Because that way Hillary can rescue us all.

Dandy Don Weiner, Friday, 19 October 2007 00:17 (fourteen years ago) link

lol property taxes

El Tomboto, Friday, 19 October 2007 00:18 (fourteen years ago) link

shitbin's a great word, BTW.

Dandy Don Weiner, Friday, 19 October 2007 00:20 (fourteen years ago) link

you been loving my thread titles lately

El Tomboto, Friday, 19 October 2007 00:26 (fourteen years ago) link

i came to this country some time ago with little more than a crippling debt burden in GB Pounds and the shirt on my back. i used to have to send back $1,200 each month to pay off my UK debt, and now I'm sending back over $1,400 to cover the same amount of debt repayment. that's two and a half thousand dollars disappearing from my tiny disposable income every year, for no explicable reason. i *heart* the decline of the US economy.

Roberto Spiralli, Friday, 19 October 2007 00:27 (fourteen years ago) link

anyway why start this thread now because the bit where ritholtz points out that domino's pizza can't print new menus fast enough to keep up with inflation was pretty fucking amazing

I wish rasheed wallace was still around to show us the latest and greatest exploding bubble blogs

El Tomboto, Friday, 19 October 2007 00:28 (fourteen years ago) link

wow Roberto that was some shitty timing, that sucks

El Tomboto, Friday, 19 October 2007 00:29 (fourteen years ago) link

This was in the paper today:

Mortgage defaults

Hit an annual rate of 1.5 million in September. That compares with 900,000 last year from fewer than 800,000 in 2005. At the current rate, more than one million Americans will lose their homes to foreclosure, making this the worst housing recession since the Second World War.

Housing starts

Sank to a 14-year low of 1.19 million in September. Starts are a vital economic engine, creating jobs and growth as people stuff their homes with sofas and TVs. Starts peaked at 2.3 million in early 2006, and the decline will be a drag on the rest of the economy until the slide stops.

Mortgages

A quarter of the roughly 50 million U.S. home mortgages are subprime. That's seven times the number of high-risk mortgages there were in 2001. That means that many more marginal homeowners have mortgages, making it far more likely they'll wind up in default.

House prices

Fell 3.2 per cent in the second quarter. Prices are falling faster and more broadly than they have in decades, according to the closely watched Case-Shiller index.

http://www.theglobeandmail.com/servlet/story/LAC.20071018.IBUSECONOMY18/TPStory/Business

everything, Friday, 19 October 2007 00:29 (fourteen years ago) link

where the hell is rasheed anyway?

economic blogs I read (they're all fairly liberal):

http://calculatedrisk.blogspot.com/
http://angrybear.blogspot.com/
http://delong.typepad.com/sdj/
http://www.marginalrevolution.com/marginalrevolution/
http://bigpicture.typepad.com/
http://www.janegalt.net/

Dandy Don Weiner, Friday, 19 October 2007 00:37 (fourteen years ago) link

In regard to inflation, in the USA during the past three years inflation has been soaring - but almost entirely in the housing sector. The fact that people are encouraged to see their houses as investments rather than as expenses doesn't mean that skyrocketing housing costs weren't inflationary. They were.

As the bubble market bursts, I predict a recession with an extra added bonus of inflation running close to 10% - before the end of 2008. As it has for the past 30 years, the official CPI will understate the real inflation rate. It was rigged under Reagan so that government entitlement programs indexed to the CPI would not increase at the true pace of inflation.

If Bush continues to shovel shit on the dollar right up to the end of his term in January 2009, the inflation rate could hit 15%-20% by 2010.

Aimless, Friday, 19 October 2007 00:55 (fourteen years ago) link

There are some good economics articles put up here as well:
http://www.VoxEU.org

stet, Friday, 19 October 2007 01:02 (fourteen years ago) link

Which shit on the dollar are you referring to?

Dandy Don Weiner, Friday, 19 October 2007 01:02 (fourteen years ago) link

As the bubble market bursts, I predict a recession with an extra added bonus of inflation running close to 10% - before the end of 2008.

lol

aaaaaaaaaaaaaaaaaaaaaaaaaa, Friday, 19 October 2007 06:11 (fourteen years ago) link

this is why i live in canada!

J0rdan S., Friday, 19 October 2007 06:13 (fourteen years ago) link

oh wait.

J0rdan S., Friday, 19 October 2007 06:13 (fourteen years ago) link

Guys, this is a good time stay in academia right?

Catsupppppppppppppp dude 茄蕃, Friday, 19 October 2007 11:51 (fourteen years ago) link

It's a good time to learn a European language.

Nubbelverbrennung, Friday, 19 October 2007 13:33 (fourteen years ago) link

Prime shit examples:

When Bush was elected in 2000, the federal budget was in surplus and the national debt was being paid down. Had this state of affairs continued, as projected, it would have led both to lower interest rates and a strong dollar, together. Instead, Bush submitted a series of enormous tax cuts to the Republican-controlled Congress and lobbied them through. Immediately, the CBO's projected budget surpluses turned to projected deficits for the next decade.

Bush also initiated a war of choice, not necessity, in Iraq. This war has already cost well over $700 billion. Yet, Bush insisted on making his tax cuts permanent. Overall, the national debt has increased under Bush by about $2 trillion in seven years. This represents a difference of about $3 trillion of debt from what was projected at the start of his first term.

Because, due to Bush's tax cuts and other policies, the Federal government was in a far weaker position to stimulate the economy when the recession started after 9/11, almost the entire stimulus was delivered via lower interest rates. Because these rate cuts were artificial, and not based on a stronger dollar, this stimulus not only inflated the current housing bubble, but it also undercut the dollar even more than the ballooning national debt did.

Now the dollar is at an all-time low against the euro and the canadian dollar. However, the incomes of the top 10% of American households have increased at a good clip, while the lower 50% of households have seen a decrease in income after inflation. This is largely thanks to Bush's shitty policies. I expect more of the same mismanagement until he is gone.

Aimless, Saturday, 20 October 2007 18:36 (fourteen years ago) link

I agree with everything you've just said. You're predictions still seem a tad extreme on the downside though, if I may so.

aaaaaaaaaaaaaaaaaaaaaaaaaa, Saturday, 20 October 2007 18:50 (fourteen years ago) link

i wonder if income inequality will ever arrive as a political issue in this country. americans tend to not begrudge the rich - so it'll have to be more of a "for everyone's good" type of angle. no?

jhøshea, Saturday, 20 October 2007 18:54 (fourteen years ago) link

I remember the 1970s and early 80s quite well. Back then people couldn't belileve it, either. Bush has done a bangup job of recreating many of the same policy errors under Johnson and Nixon that led to raging stagflation back then, except the underlying economy is now weaker than it was in the 1970s and the oil shocks we are likely to get are not political, as when OPEC was formed, but structural.

Oil will exceed $100/barrel some time this winter. The ever-weakening dollar will lead to smaller profit margins and rising retail prices on all imported goods (which means almost everything we buy in the USA). Transport costs will rise with pil prices. Stock prices will erode along with profits. With so many savings tied up in stocks and home equity, consumer spending will be crunched, and personal debt and bancruptcies will rise like a tide. Businesses will retrench and unemployment will rise. No end in sight.

I hope I am wrong.

Aimless, Saturday, 20 October 2007 19:07 (fourteen years ago) link

Anyone want to join my modern-day James Gang? We shall ride across the lower Midwest, robbing and pillaging.

milo z, Saturday, 20 October 2007 19:09 (fourteen years ago) link

sounds fun

jhøshea, Saturday, 20 October 2007 19:13 (fourteen years ago) link

Sorry, I don't want to relocate. But this scheme sounds ripe for franchising.

Aimless, Saturday, 20 October 2007 19:14 (fourteen years ago) link

Oil will exceed $100/barrel some time this winter. The ever-weakening dollar will lead to smaller profit margins and rising retail prices on all imported goods (which means almost everything we buy in the USA). Transport costs will rise with pil prices. Stock prices will erode along with profits. With so many savings tied up in stocks and home equity, consumer spending will be crunched, and personal debt and bancruptcies will rise like a tide. Businesses will retrench and unemployment will rise. No end in sight.

I hope I am wrong.

-- Aimless, Saturday, 20 October 2007 19:07 (14 minutes ago) Link

The coming of $100/barrel oil is not Bush's fault. It's yours and mine and everyone else's for using too damned much energy. I agree Bush could and should have done a lot more with policy to encourage energy efficiency, but there's little he could have done to stop oil's eventual rise to that price level.

Hurting 2, Saturday, 20 October 2007 19:26 (fourteen years ago) link

Part of the pricing of oil represents the weakness of the dollar. This hurts the USA more than it does other countries. US citizens are paid in dollars and the US government collects revenue in dollars, so they are stuck. EU countries can use euros to buy increasingly cheap dollars, so they don't see the same rise in prices as we do. The weakness of the dollar is mainly Bush's fault.

Aimless, Saturday, 20 October 2007 19:31 (fourteen years ago) link

The US also uses way more oil than other countries.

Hurting 2, Saturday, 20 October 2007 19:33 (fourteen years ago) link

he could have done to stop oil's eventual rise to that price level.
Not starting a war in Iraq would definitely have helped here.

stet, Saturday, 20 October 2007 19:57 (fourteen years ago) link

arrgh, if that won't work then
http://calculatedrisk.blogspot.com/2007/10/imf-mortgage-reset-chart.html

El Tomboto, Monday, 22 October 2007 17:47 (fourteen years ago) link

tombot u r freakin me out

gff, Monday, 22 October 2007 17:50 (fourteen years ago) link

i hope my small apartment + modest savings plan + job in "information services" is enough to weather the shitstorm, if it comes. i got myself out of credit card debt a few months ago, at least

gff, Monday, 22 October 2007 17:53 (fourteen years ago) link

well if you can hold down a job and don't have to worry about an ARM reset you should be okay, it's the homeowner with kids and a subprime loan and two cars who ought to be shitting themselves

El Tomboto, Monday, 22 October 2007 17:58 (fourteen years ago) link

apart from some student loans and binging on credit cards over a few years, i'm kind of debt phobic.

which has actually made me lose out over the past several years, i realize, since i pay for EVERYTHING with a debit/check card... i could have just paid that balance on a credit card with some rewards scheme and has some air miles or something

gff, Monday, 22 October 2007 18:00 (fourteen years ago) link

rolling gff personal finances into the shitbin thread, ha

gff, Monday, 22 October 2007 18:01 (fourteen years ago) link

This will give you a boner Tombot

http://nymag.com/guides/money/2007/39952/

Dandy Don Weiner, Wednesday, 31 October 2007 11:30 (fourteen years ago) link

the economy increased by 3.9% this quarter! bull market forever, baby. economy's better than ever. golden age.

yet me and so many people I know are getting laid off next month. granted we're all in the writing/design field, but urhhhhh. gggg.

burt_stanton, Wednesday, 31 October 2007 14:58 (fourteen years ago) link

http://nymag.com/guides/money/2007/catastrophist071105_560.jpg
http://nymag.com/guides/money/2007/catastrophist071105_2_560.jpg

^^^ lol

most of that guy's scenario is not really news to regular bigpicture/CR readers I don't think. But #5, the "we don't pay attention" thing, yeah, well, evidently the awareness campaign is underway, but hell if the big players are paying attention.

He also leaves out the approaching demographic catastrophe as millions of inexperienced thirtysomethings and even some late-twenties kids are forced to move into arguably tougher jobs that the boomers have been holding for two decades. Beyond the social security and healthcare costs associated with mass retirement, I don't really know if this generation has the work ethic and definitely not the rolodex to just start filling in and not fuck up royally. too busy updating their linkedin pages.

El Tomboto, Wednesday, 31 October 2007 15:11 (fourteen years ago) link

can someone explain what "being upside down on your mortgage" means, in plain English?

Tracer Hand, Wednesday, 31 October 2007 16:14 (fourteen years ago) link

essentially, owing more than your home is worth.

Dandy Don Weiner, Wednesday, 31 October 2007 17:10 (fourteen years ago) link

also Tombot I'm not going to blame this generation as much as I blame their parents.

Dandy Don Weiner, Wednesday, 31 October 2007 17:11 (fourteen years ago) link

isn't that the way people buy homes? by paying for the privilege of a loan?

Tracer Hand, Wednesday, 31 October 2007 17:12 (fourteen years ago) link

When you enter into a contract with a bank for a mortgage, both you and the bank assume that the property value will not plummet. The bank doesn't want you to default any more than you want to default. But if for whatever reason you need to sell your home, and you can't get what you owe on it, then you will owe the difference to the bank. And the bank knows that when that happens, you probably will not have enough assets to cover the difference.

Predatory-type loans (which seems like a nebulous description to me) typically compound the problem because they have higher transaction rates (points, etc.)

Dandy Don Weiner, Wednesday, 31 October 2007 17:17 (fourteen years ago) link

oh certainly! well played baby boom letting healthcare slide for the 20 years you've owned the electorate

El Tomboto, Wednesday, 31 October 2007 17:18 (fourteen years ago) link

yeah Tracer it's also called "negative equity"

El Tomboto, Wednesday, 31 October 2007 17:19 (fourteen years ago) link

then I want a bailout for my beanie babies losses

Andy the Grasshopper, Tuesday, 14 June 2022 17:15 (one month ago) link

sure, but the venture capitalists were on it early, and they love a good ponzi scheme

in places all over the world, real stuff be happening (voodoo chili), Tuesday, 14 June 2022 17:19 (one month ago) link

I don't necessarily think it was intended as a pyramid scheme - there was some wide-eyed utopian naivete going on there. It just went in that direction, and the ones who cashed out early came out on top, while the hold-steady folks and late comers were left holding the bag

As has been pointed out previously, stocks have intrinsic value, gold/silver, pork bellies, whatever... even U.S. greenbacks - all have something backing them. Ethereum is just a shared delusion of value, there's nothing there but ether

Andy the Grasshopper, Tuesday, 14 June 2022 17:24 (one month ago) link

xp were they? I didn't get the impression that venture capitalists got into crypto that early, am I wrong?

longtime caller, first time listener (man alive), Tuesday, 14 June 2022 17:55 (one month ago) link

guess it depends what "early" is

longtime caller, first time listener (man alive), Tuesday, 14 June 2022 17:56 (one month ago) link

I'm kind of surprised there isn't also more news about the SPAC crash and burn. Another inevitable crash, perhaps even more inevitable than crypto, but still.

longtime caller, first time listener (man alive), Tuesday, 14 June 2022 17:57 (one month ago) link

My perception was that it started with libertarian techies getting all enthused and evangelistic over bitcoin and blockchain freeing the world from the tyranny of central banks and fiat money, then was latched onto by the "dark web" as a way of anonymizing payments for illegal activities.

When authorities cracked down hard on the dark web crypto languished for a time, then revived when a wave of admiring stories got planted in the media about crypto's promise and how small timers were striking it rich. That was probably the work of a few wealthy opportunists like Thiel, who saw it as a market they could dominate and exploit. So they did and it worked.

more difficult than I look (Aimless), Tuesday, 14 June 2022 18:08 (one month ago) link

stocks have intrinsic value, gold/silver, pork bellies, whatever...

The things you have listed are commodities, and are traded on a whole different exchange. (At one point I considered becoming a commodities broker, which was what my dad did, until he realized his bosses were scammers and ratted them out to the government and became a witness in a class action lawsuit brought by the clients they'd ripped off systematically for years. Anyway, every time I tried to study for the certification exam my retinas would detach out of sheer boredom, so I gave up. But trading commodities is slightly less driven by casino-esque bullshit than the stock market. I can't imagine it's much fun doing it these days, what with looming climate disasters and wars fucking up everyone's crops and distribution thereof...)

but also fuck you (unperson), Tuesday, 14 June 2022 18:26 (one month ago) link

The commodity futures market is even more tethered to reality than stocks because it's in large part used by people who are actually in those industries or related industries in order to mitigate price swings.

longtime caller, first time listener (man alive), Tuesday, 14 June 2022 18:39 (one month ago) link

also, a pork bellies contract literally means you agree to take delivery of a certain number of pork bellies, so it is literally tied to a tangible thing.

longtime caller, first time listener (man alive), Tuesday, 14 June 2022 18:40 (one month ago) link

contract literally means you agree to take delivery

Which is why, when the pandemic halted most global economic activity for about a month and every means of storing crude oil had been filled to capacity, oil futures entered negative values, where, if you had no place to put the oil you'd contracted for and were desperate to sell it, you had to pay the other party to take it off your hands!

more difficult than I look (Aimless), Tuesday, 14 June 2022 18:44 (one month ago) link

It got depressing in 2020 to start seeing "Buy Bitcoin" machines at truck stops in Rust Belt and Great Plains middle of nowheresville.

deep luminous trombone (Eazy), Tuesday, 14 June 2022 20:05 (one month ago) link

Manufacturing Recessions

papal hotwife (milo z), Wednesday, 15 June 2022 23:06 (one month ago) link

I was seeing some of those bitcoin ATMs a few years before 2020 and thought it was weird. Many of them would be convenience stores selling a lot of CBT and other assorted 'semi-regulated' chemicals besides tallboys and wraps.

But hey, Lot Lizards and weed dealers gets to be part of the new economy too.

The Artist formerly known as Earlnash, Thursday, 16 June 2022 00:55 (one month ago) link

Yeah, when darknet markets were booming Bitcoin ATMs were the best way to buy BTC anonymously but you had to pay a premium over Coinbase/etc. assuming you could even find one that was working.

papal hotwife (milo z), Thursday, 16 June 2022 01:04 (one month ago) link

three weeks pass...

An astonishing sentence: “Every $100 increase in median rent is associated with a 9 percent increase in the estimated homelessness rate, according to a 2020 report by the U.S. Government Accountability Office.” https://t.co/s6nffeyST8

— Brian Goldstone (@brian_goldstone) July 3, 2022

Legalize Suburban Benches (Raymond Cummings), Thursday, 7 July 2022 01:35 (one month ago) link

calling my broker

New filing for the "God Bless America ETF (YALL)" another addition to the anti-ESG wave. This one tracks US stocks but "screens out cos that have emphasized political activism, social agendas or make public statements about political hot button items unrelated to their business." pic.twitter.com/BMt96ZmuUv

— Eric Balchunas (@EricBalchunas) July 12, 2022

𝔠𝔞𝔢𝔨 (caek), Tuesday, 12 July 2022 18:18 (four weeks ago) link

ESG always struck me as bullshit anyway, xp

longtime caller, first time listener (man alive), Thursday, 14 July 2022 20:49 (three weeks ago) link

yeah, it kinda frankly is, at least most ESG ETFs I've ever looked at have included massive S&P500 corporations that are very questionable

Nhex, Thursday, 14 July 2022 21:09 (three weeks ago) link

this could be spicy https://www.freightwaves.com/news/americas-freight-railroads-are-incredibly-chaotic-right-now🕸


To address low staff, Berkshire Hathaway’s BNSF took one particularly unpopular approach. In February, BNSF began to penalize employees who took time off for fatigue, family emergencies or illness. Union officials said 700 rail crew left as a result of the policy. The $23.3 billion railroader nixed the policy in June.


A real life example of “The beatings will continue until morale improves”

Antifa Sandwich Artist (Boring, Maryland), Thursday, 14 July 2022 22:11 (three weeks ago) link

Last I heard the BNSF workers were still not allowed to strike by a judge, the article doesn't mention it but I guess the order was lifted?

papal hotwife (milo z), Thursday, 14 July 2022 23:13 (three weeks ago) link

President Joe Biden is being charged with appointing a “Presidential Emergency Board” to nail down a new contract. If he doesn’t do so by Monday, railroad crews could legally have their first nationwide strike since 1992.

mookieproof, Thursday, 14 July 2022 23:16 (three weeks ago) link

https://railfan.com/freight-rail-strike-looms-as-biden-mulls-emergency-board/

WASHINGTON — President Joe Biden established an emergency board on Friday to prevent a nationwide railroad strike on Monday.

The establishment of the board will prevent a strike for at least two months. During that time, the emergency board will come up with non-binding suggestions in hopes of helping the unions and the railroads find common ground. The two sides have been negotiating for three years and earlier this summer the National Mediation Board announced that talks had fallen apart.

𝔠𝔞𝔢𝔨 (caek), Friday, 15 July 2022 19:41 (three weeks ago) link

dumb economic question:
Will these Fed interest rate hikes affect my savings account interest rate? Because it's been shit.0% for years it seems like

Andy the Grasshopper, Wednesday, 27 July 2022 23:05 (two weeks ago) link

Oh good lord no

Antifa Sandwich Artist (Boring, Maryland), Wednesday, 27 July 2022 23:11 (two weeks ago) link

Interest rates on savings accounts do tend to go up with a fed hike, but you may need to shop around to get the highest rates. Highest I’ve seen recently is 1.4% to 1.5%. Today’s rate hike should push them up more.

Jeff, Wednesday, 27 July 2022 23:13 (two weeks ago) link

fwiw the best rates have gone from about 0.5 to 1.5% this year. still behind the fed rate, and well behind inflation.

𝔠𝔞𝔢𝔨 (caek), Wednesday, 27 July 2022 23:16 (two weeks ago) link

2%! https://www.lendingclub.com/personal-banking/savings

𝔠𝔞𝔢𝔨 (caek), Wednesday, 27 July 2022 23:17 (two weeks ago) link

yeah I should probably move that money somewhere but I don't think it's a good time to enter the market via a money market or something

Andy the Grasshopper, Wednesday, 27 July 2022 23:19 (two weeks ago) link

i wouldn't do lending club tbh. it's FDIC insured, but they seem like the kind of fintech firm where you might actually need that. point is you can do slightly better than shit%. shit and a bit%, and that will go up tomorrow/next week.

𝔠𝔞𝔢𝔨 (caek), Wednesday, 27 July 2022 23:29 (two weeks ago) link

I bonds are paying around 10%.

brownie, Thursday, 28 July 2022 01:23 (one week ago) link

xpost yeah, I Bonds are currently 9.62% which is not half bad

I already have a Treasury Direct account from buying some bonds back in the early oughts... I don't look very often but every time I check, the balance only goes up - which is more that I can say for my depressing 401(k)... maybe I'll drop a couple grand in there and forget about it for another decade

https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm

Andy the Grasshopper, Thursday, 28 July 2022 17:10 (one week ago) link

Wealthfront just raise the rate on my cash account to 2%. Thanks.

Jeff, Friday, 29 July 2022 19:11 (one week ago) link

do we have a stonks/wsb thread?

https://www.msn.com/en-us/money/markets/shares-of-a-chinese-tech-firm-are-up-more-than-15000-25-since-its-july-ipo-and-even-the-company-has-no-idea-why/ar-AA10enoq

this shitco ipo'd a couple weeks ago and is now one of the ten most valuable companies on planet earth by market cap.

𝔠𝔞𝔢𝔨 (caek), Tuesday, 2 August 2022 17:29 (one week ago) link

It's a safe bet that somebody is manipulating the shit out of that stock.

more difficult than I look (Aimless), Tuesday, 2 August 2022 19:50 (one week ago) link

interesting

𝔠𝔞𝔢𝔨 (caek), Tuesday, 2 August 2022 19:55 (one week ago) link

it's a meme stock that has a super low float...any attempt by the company to take advantage of the situation by selling a significant block into the demand would probably tank the stock price, unless they did something like an at the market offering like AMC did back when AMC was meme-y

, Tuesday, 2 August 2022 19:59 (one week ago) link

Market cap is not even that meaningful when less than 10% of a Company’s stock trades. This is basically a penny stock style pump and dump but on a larger scale, maybe using more sophisticated means of manipulation.

longtime caller, first time listener (man alive), Wednesday, 3 August 2022 18:38 (one week ago) link

Also it’s already way down

longtime caller, first time listener (man alive), Wednesday, 3 August 2022 18:39 (one week ago) link

There is no recession. In fact, there's apparently an insanely strong recovery. A thread:

Put that recession talk away, and change the subject. A vibecession ain't no recession:

July payrolls came in at a huge +528k, and unemployment is down to 3.5%.

A whap-bop-a-loopa-a-whap-bam-boo!

— Justin Wolfers (@JustinWolfers) August 5, 2022

but also fuck you (unperson), Friday, 5 August 2022 13:27 (five days ago) link

Oh shit, recession inflation! RIP Biden.

Josh in Chicago, Friday, 5 August 2022 14:07 (five days ago) link

Oh yeah? If the economy is so great how come I see “Help Wanted” signs everywhere?

Are U down with the BVM (Boring, Maryland), Friday, 5 August 2022 15:21 (five days ago) link

Jobs don't kill people, people kill jobs

Malevolent Arugula (Alfred, Lord Sotosyn), Friday, 5 August 2022 15:22 (five days ago) link

before

This is from Fox Business yesterday: Former Trump economic advisers Larry Kudlow and Kevin Hassett dismissed Wall Street expectations of a 250K jobs report for July, insisting in this recession it would be “closer to 100 … way on the downside.”

Numbers just came out: 528K. pic.twitter.com/CH511twjYr

— Eric Kleefeld (@EricKleefeld) August 5, 2022


Here’s ⁦@ABC⁩ NEWS …accidentally releasing a pre written jobs report story with “XYZ” filling in for the coming numbers.. read the text… it is Amazingly wrong. pic.twitter.com/mROXiGB9if

— Hal Sparks (@HalSparks) August 5, 2022

after

July’s job’s report defied expectations of an economic slowdown, will make it harder for the Fed to dial back the brisk pace of rate increases and suggests a period of “higher for longer” rates is becoming more likely https://t.co/Yc7ljPFWur

— Nick Timiraos (@NickTimiraos) August 5, 2022

𝔠𝔞𝔢𝔨 (caek), Friday, 5 August 2022 18:06 (five days ago) link

before: "there's a recession"
after: "there's not a recession but there's a democrat in the whitehouse so we better induce one"

𝔠𝔞𝔢𝔨 (caek), Friday, 5 August 2022 18:07 (five days ago) link

Note Biden labeled as "Biden":

my read of the current economic situation and why the corporate media reports strong job reports as bad news: pic.twitter.com/ilrK4D4wbo

— Michael Tae Sweeney (@mtsw) August 5, 2022

but also fuck you (unperson), Friday, 5 August 2022 18:27 (five days ago) link

I really do feel like the newspapers are in a cycle of "job growth is bad, unless there's not job growth, in which case lack of job growth is bad"

Guayaquil (eephus!), Saturday, 6 August 2022 02:18 (four days ago) link

As I learned long ago from H. L. Mencken, newspaper editors view their job in regard to any events having a political dimension as either to 'point with alarm' or 'view with satisfaction'. On the whole, I find that 'point with alarm' outpaces 'view with satisfaction' at about a 10:1 ratio.

more difficult than I look (Aimless), Saturday, 6 August 2022 03:36 (four days ago) link


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