B-Man Posted March 2, 2023 Posted March 2, 2023 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/ 1
Big Blitz Posted March 2, 2023 Author Posted March 2, 2023 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. 1 1
Tiberius Posted March 6, 2023 Posted March 6, 2023 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 Posted March 6, 2023 Posted March 6, 2023 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 Posted March 6, 2023 Posted March 6, 2023 On 3/1/2023 at 10:47 AM, B-Man said: Yossi: verb/subject agreement is a beautiful thing. Try it!
RiotAct Posted March 9, 2023 Posted March 9, 2023 Hello? Anyone at the helm? Gonna have to keep working until age 79 at this rate. 1
Precision Posted March 9, 2023 Posted March 9, 2023 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. 1
B-Man Posted March 13, 2023 Posted March 13, 2023 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 1
BillsFanNC Posted March 13, 2023 Posted March 13, 2023 Republicans suck too. They aren't commies at least, but they have been known to support them. Either way, we're *****. 1 2
Joe Ferguson forever Posted March 13, 2023 Posted March 13, 2023 (edited) 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
BillStime Posted March 17, 2023 Posted March 17, 2023 43 minutes ago, B-Man said: whats your solution? you got one?
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