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

[leh-nerd skin-erd]

15 hours ago, Jauronimo said:

The numbers have everything to do with it when people keep parroting talking points about how he put a moratorium on drilling as if that explains a doubling in gasoline prices.

 

It could also be because of global supply and demand.  That happens to be the largest determinant of the price of oil and gas and distillates.  Production doesn't just turn on and off based on spot prices.  Oil companies survived the shale boom and bust, weathered the storm of Covid, and they're sticking with their long-term plans to reign in spending and return earnings to shareholders.  This isn't new.  This has been the mandate of Wall Street and investors after watching the industry spend like drunken sailors on new acreage to the point where spot prices turned negative and ports were packed with full tankers paying obscene day rates in hopes that oil prices might get above $30 per barrel.  

 

I was on the phone with a multi-billion dollar energy infra fund the other day.  They are harvesting the rest of their legacy investments and looking toward renewables.  Their words "we realized in 2017, which was earlier than most, that legacy energy is dead".  Take from that what you will.

I’m not sure what your point is here, politically speaking. 
 

Virtually everything that crosses the desk if a president is the result of an incredibly complicated and complex intersection of economics, finance, political intrigue, power brokering, culture and other descriptor you want to put in there.  

If fairness and decency were the standard in politics, maybe everyone would take a short break, dive into all the factors that might impact today’s price at the pump, have a rational conversation about the geo-political framework, big oil, and who’s gotten wealthy as a king being a politician in the right place at the right time where energy is concerned. 
 

Sadly, fairness and decency are not on the menu here.  Exhibit I:

 

Is it really fair that the totality of Houch Dean’s political career was defined by 90 seconds of sounding like the crazy prepped neighbor down the street who purifies his own urine and was voted most likely to take on a SWAT team? Not really, though it’s up there with the funniest 90 seconds on the internet.   

 

Exhibit II:

 

 

 

Now, was Joe Biden really just trying to explain all the intricacies of the R plan for banking regulation by invoking the most painful and horrific time of our nation’s history? Does that help the narrative, the concept that R leaders want to put people back in chains?  
 

Exhibit III:  “PUTIN’S PRICE HIKE”

 

I’ll spare you the numerous clips that include the president and his advisers using their current catch phrase to alleviate American concerns about pain at the pump.  
 

At the end of the day, he’s been part of a political faction that has declared war on the legacy energy sector, and worked tirelessly to destroy it and the jobs/livelihoods of those who work in it or benefit indirectly from it. That’s no secret, and as one of the most powerful people on the planet, his words and actions matter. 
 

Given that the price of energy is the result of many, many complicated and intersecting issues, it seems completely unreasonable to suggest that Biden’s words, actions as a Senator, VP and president have zero to do with conditions we face today.    Frankly, even if he is simply the poor stooge in the captains seat at the wrong place and time, such is life.  
 

 

 

 

 

[Jauronimo]

3 minutes ago, leh-nerd skin-erd said:

I’m not sure what your point is here, politically speaking. 
 

Virtually everything that crosses the desk if a president is the result of an incredibly complicated and complex intersection of economics, finance, political intrigue, power brokering, culture and other descriptor you want to put in there.  

If fairness and decency were the standard in politics, maybe everyone would take a short break, dive into all the factors that might impact today’s price at the pump, have a rational conversation about the geo-political framework, big oil, and who’s gotten wealthy as a king being a politician in the right place at the right time where energy is concerned. 
 

Sadly, fairness and decency are not on the menu here.  Exhibit I:

 

Is it really fair that the totality of Houch Dean’s political career was defined by 90 seconds of sounding like the crazy prepped neighbor down the street who purifies his own urine and was voted most likely to take on a SWAT team? Not really, though it’s up there with the funniest 90 seconds on the internet.   

 

Exhibit II:

 

 

 

Now, was Joe Biden really just trying to explain all the intricacies of the R plan for banking regulation by invoking the most painful and horrific time of our nation’s history? Does that help the narrative, the concept that R leaders want to put people back in chains?  
 

Exhibit III:  “PUTIN’S PRICE HIKE”

 

I’ll spare you the numerous clips that include the president and his advisers using their current catch phrase to alleviate American concerns about pain at the pump.  
 

At the end of the day, he’s been part of a political faction that has declared war on the legacy energy sector, and worked tirelessly to destroy it and the jobs/livelihoods of those who work in it or benefit indirectly from it. That’s no secret, and as one of the most powerful people on the planet, his words and actions matter. 
 

Given that the price of energy is the result of many, many complicated and intersecting issues, it seems completely unreasonable to suggest that Biden’s words, actions as a Senator, VP and president have zero to do with conditions we face today.    Frankly, even if he is simply the poor stooge in the captains seat at the wrong place and time, such is life.  
 

 

 

 

 

The point is that discussion of energy prices that go no further than Biden are asinine.  This point isn't political, its really a matter of fact.   I have never claimed that Biden has zero effect on energy prices or the economy.   I live in the energy capital of the world, by the way.  The industry is doing just fine. 

 

If you guys want to ignore the major determinants of energy prices just to take cheap shots at political opponents while patting each other on the back, have at it. 

[leh-nerd skin-erd]

35 minutes ago, Jauronimo said:

The point is that discussion of energy prices that go no further than Biden are asinine.  This point isn't political, its really a matter of fact.   I have never claimed that Biden has zero effect on energy prices or the economy.   I live in the energy capital of the world, by the way.  The industry is doing just fine. 

 

If you guys want to ignore the major determinants of energy prices just to take cheap shots at political opponents while patting each other on the back, have at it. 

I acknowledged your point in my post, Jauronimo.  I’ll summarize again just to be clear:  “It’s complicated and goes beyond the current occupant in the White House”.  We agree, not sure how you missed that. 
 

Since this is a political board, I responded from the political perspective.  I indicated that, too.  It seems we agree that Biden, his admin and those past have, or had the ability to impact what’s happening today in a way that would have been a net positive for the American consumer.  I don’t see the harm in stating that. 
 

I don’t live in the energy capital of the world like you do.  It’s entirely possible and quite probable that I’m not all read into the happenings in the energy field beyond some tactical investments here and there.  I do live in Albany, though, which if not the Politically-Motivated-BS Capital of the world, it’s top 2 in the country.  Seems to me that when talking candidly about all the elements of the current crisis, it’s silly, petty and in poor form to suggest that including Biden’s role as part of the conversation is a “cheap shot” or that any “patting on the back” necessarily ensues.  If Biden’s policies, words and actions come back to bite him at the ballot box—and I certainly hope they do—point your finger in the right direction. 
 

Thanks for stopping by.  No sarcasm intended (now, anyway), you seem to be a very informed guy and I take what you have said for consideration. I appreciate it. 
 

 

 

[B-Man]

 

 

QUESTION ASKED AND ANSWERED:

 

 

● Shot: What does a Biden presidency mean for the world?

—Headline, the Financial Times, January 19th, 2021.

https://www.ft.com/content/75592d75-61ec-43f2-b435-c760db86394a

 

 

● Chaser:   An age of real wealth destruction.

—Headline, the Financial Times, yesterday.

https://www.ft.com/content/118ebb57-072e-455a-81bd-fb42a95b7a91?shareType=nongift

 

 

 

 

 

 

 

[PetermansRedemption]

Another beautiful day for the bear market. How are those 401k’s looking? 

[SoCal Deek]

This has now gotten beyond silly.....WHAT A MESS! 

Can we please get some people who actually know what the heck they're doing to run this country? 

[All_Pro_Bills]

3 minutes ago, SoCal Deek said:

This has now gotten beyond silly.....WHAT A MESS! 

Can we please get some people who actually know what the heck they're doing to run this country? 

On top of it all the Abbott baby formula plant at Sturgis Michigan was knocked out of commission by flooding caused by major thunderstorms just 9 days after restarting production of baby formula.  Baby's just can't catch a break here.

 

So far the administrations response is to blame Putin for the storms and to enlist the support of all able-bodied menstruating "men" to produce enough breast milk to replace the plant capacity that's currently offline.  To the administration's astonishment no milk has been produced through their program to date.  MIA VP Harris has been assigned to investigate although her whereabouts are unknown and to date nobody has been able to identify the location of her hiding spot.  The suspicion of administration activists is that racism and white privilege are at work here.   

 

Truth is the first paragraph is real and the second paragraph is "fake news".  But given how completely disconnected from reality these delusional idiots are, tell me honestly it doesn't sound like something they'd do? 

[Doc]

10 minutes ago, All_Pro_Bills said:

On top of it all the Abbott baby formula plant at Sturgis Michigan was knocked out of commission by flooding caused by major thunderstorms just 9 days after restarting production of baby formula.  Baby's just can't catch a break here.

 

So far the administrations response is to blame Putin for the storms and to enlist the support of all able-bodied menstruating "men" to produce enough breast milk to replace the plant capacity that's currently offline.  To the administration's astonishment no milk has been produced through their program to date.  MIA VP Harris has been assigned to investigate although her whereabouts are unknown and to date nobody has been able to identify the location of her hiding spot.  The suspicion of administration activists is that racism and white privilege are at work here.   

 

Truth is the first paragraph is real and the second paragraph is "fake news".  But given how completely disconnected from reality these delusional idiots are, tell me honestly it doesn't sound like something they'd do? 

 

Was there a pipe bomb discovered nearby?

[Big Blitz]

Wooooooooooooooo hoooooooooooooooo!!!

 

 

LGB!!

[Precision]

MSM turning hard on Joey now.  

 

All of Joe Biden's stock market gains have evaporated

 

Stock market's fall has wiped out $3 trillion in retirement savings this year

 

Love this one.

Fox’s Doocy needles White House on stock market drop: ‘President Biden once bragged about the stock market’

[Doc]

And it's still all someone else's fault. 

[All_Pro_Bills]

16 hours ago, Doc said:

 

Was there a pipe bomb discovered nearby?

The only bomb here is a fake President sitting in a fake Oval Office and an administration in way over their heads destroying the world's largest economy. 

[SoCal Deek]

4 minutes ago, All_Pro_Bills said:

The only bomb here is a fake President sitting in a fake Oval Office and an administration in way over their heads destroying the world's largest economy. 

I’ve yet to figure that one out. The taxpayers pay for a perfectly good Oval Office and yet the Biden Administration decided to go to IKEA and make up another, less oval, one. Is the real one being painted? 

Edited June 17, 2022 by SoCal Deek

[All_Pro_Bills]

4 minutes ago, SoCal Deek said:

I’ve yet to figure that one out. The taxpayers pay for a perfectly good Oval Office and yet the Biden Administration decided to go to IKEA and make up another, less oval, one. Is the real one being painted? 

I think its because the White House Oval Office is occupied by the real President.  How much longer does this guy last?  By November we'll all look back at today and reminisce how good it was back then.  

[Doc]

47 minutes ago, All_Pro_Bills said:

I think its because the White House Oval Office is occupied by the real President.  How much longer does this guy last?  By November we'll all look back at today and reminisce how good it was back then.  

 

So basically like a Brian Williams.

[Irv]

1 hour ago, SoCal Deek said:

I’ve yet to figure that one out. The taxpayers pay for a perfectly good Oval Office and yet the Biden Administration decided to go to IKEA and make up another, less oval, one. Is the real one being painted? 

Demented Joke Biden needed a full screen teleprompter to misread from.  What a mess.  

18 hours ago, PetermansRedemption said:

Another beautiful day for the bear market. How are those 401k’s looking? 

My 401k became a 101k this week thanks to Demented Joke Biden and his buddies.  What a mess.  

[All_Pro_Bills]

1 hour ago, Irv said:

My 401k became a 101k this week thanks to Demented Joke Biden and his buddies.  What a mess.  

Joe and his cast of idiots have either intentionally or just through incompetence and stupidity done almost everything possible to make matters worse.  November could see the biggest swing in the House ever.  Not to mentions State and local election impacts.  Stick a fork in Joe already.  He's well done at just 1 1/2 years of the 4 year term.  The scary thing is how bad it is already the thought of the VP taking over is even more frightening.  It will be a mess making a bigger mess.    

 

Today's Option Expiration of some $3.4T in bets could provide the fuel for a decent short squeeze rally this afternoon.  Then a holiday Monday.  But longer term we're doomed.  I don't think these clowns at the Fed have the intent or the desire to tank the economy, tank the stock markets, and tank the debt markets and the US government just to fight an inflation problem they mostly created.  Also, watch as the dollar sucks the life out of emerging market plays, Euro, Yen.  Not a lot of people are paying attention but Japan is totally broken and is sinking fast.  With Europe close behind.  And the US in the on-deck circle.    

[ComradeKayAdams]

On 6/15/2022 at 7:39 PM, All_Pro_Bills said:

If you check US DOE EIA stats you'll find daily domestic production average is down 8 percent from the 2020 inauguration week vs. the latest reported week of June 2022.  Companies are not investing as much in new capacity.  Why do that when governments tell you that your industry is being phased out by their decree?  Why not let the market decide that?  No, climate activists decide.  Because the science is settled.  One things about science is its never settled as new and sometimes contradictory and sometimes supportive information and discoveries happen by researchers and scientists   The industry, through the API, has responded to Biden's threats with a letter outlining 10 specific things the administration can do right now to assist the industry.  Doubtful they'll do any of them.  Biden is set to go begging the Saudi's for more production.  Why the same level of green house gas emissions produced by consumption of Saudi oil is somehow different if its produced through use of domestic oil production must be one of those "settled science" mysteries. 

 

So you want the free market to dictate our energy policy? What are your thoughts on fossil fuel subsidies, going back to the days of the 1950’s Federal Highway Act? And who pays for the negative externalities in your free market system?

 

So you don’t want to listen to climate activists? Do you think it is remotely reasonable or responsible to ignore over half a century’s worth of climate science research canon on the off chance that future discoveries could, in theory, come along and prove anthropogenic global warming to be wrong?

 

Why did you ignore my post in the “How much did you pay for gas and groceries today?” thread (page 15, Friday, June 10)? I do not like it when people ignore me. It makes me feel sad. << Insert Commie Kay sad face >>

 

On 6/16/2022 at 8:34 AM, SoCal Deek said:

I hear an awful lot about oil companies making record profits but a deeper dive into that generalized statement is most definitely required. Oil companies don’t make oil. They refine it into other products, like gasoline. So I’m guessing that their profit margin hasn’t changed all that much. But when the price they pay to buy crude oil goes up, their total profit does as well. The same is true for almost every industry. Again, I don’t know this for a fact, but I’d hesitate to make the blanket statements Biden likes to make. And…if Exxon makes even a 10% profit, how much impact does that really have on your price at the pump? Answer….50 cents…maximum! 

 

Um…oil and gas company profit margins ARE noticeably higher now than they were at any point in the years preceding the pandemic! Yes, I’m referring to the percentages and not the net dollars. Look it up for yourself. One can call it “price gouging”, or one can call it “businesses doing what good businesses do for their shareholders through share buybacks and dividends, in response to pandemic-related losses.” Either way, it’s a non-trivial component of the inflation.

 

It’s by no means the entire explanation of inflation, of course. I covered the multifaceted topic of inflation in the “How much did you pay for gas and groceries today?” thread (page 15, Friday, June 10). Did you read it? Oh, that’s right…you didn’t. Because you instead chose to be an irreverent d!ckhead to me. The summary, when reading between my lines, was that right-wingers have no coherent message on inflation beyond the predictable partisan whining of “Biden = high gas prices, Trump/GOP = low gas prices.”

 

The one consistent right-wing talking point, I suppose, is that Biden needs to allow more drilling permits so to increase the supply. “Drill, baby, drill” in Alaska, Gulf of Mexico, national parks, backyards, etc… But what is the mechanism that will ensure the oil companies drill in these new places when they already own plenty of property on which they still have yet to drill? Or the mechanism that ensures these companies sell the new additional supply domestically and not on the international market? Are right-wingers warming up to the idea of nationalizing the energy industry?? Hmmm…

 

I’m not sure what else the GOP is proposing? Some of them may agree with the Federal Reserve raising interest rates, even though that’s going to ensure a recession and hit the working class hard. The libertarian wing of the GOP has long been clamoring for a contraction of the money supply. I assume emergency fossil fuel windfall taxes are off the GOP negotiating table because that would be socialism and socialism is evil??

 

Did I type too much again with this post?? Awww…poor baby. I should have been more sensitive to your pathetically short attention span and notoriously subpar reading comprehension. My sincere apologies, SoCal D!ck.

 

[leh-nerd skin-erd]

4 minutes ago, Delete_Account said:

 

So you want the free market to dictate our energy policy? What are your thoughts on fossil fuel subsidies, going back to the days of the 1950’s Federal Highway Act? And who pays for the negative externalities in your free market system?

 

So you don’t want to listen to climate activists? Do you think it is remotely reasonable or responsible to ignore over half a century’s worth of climate science research canon on the off chance that future discoveries could, in theory, come along and prove anthropogenic global warming to be wrong?

 

Why did you ignore my post in the “How much did you pay for gas and groceries today?” thread (page 15, Friday, June 10)? I do not like it when people ignore me. It makes me feel sad. << Insert Commie Kay sad face >>

 

 

Um…oil and gas company profit margins ARE noticeably higher now than they were at any point in the years preceding the pandemic! Yes, I’m referring to the percentages and not the net dollars. Look it up for yourself. One can call it “price gouging”, or one can call it “businesses doing what good businesses do for their shareholders through share buybacks and dividends, in response to pandemic-related losses.” Either way, it’s a non-trivial component of the inflation.

 

It’s by no means the entire explanation of inflation, of course. I covered the multifaceted topic of inflation in the “How much did you pay for gas and groceries today?” thread (page 15, Friday, June 10). Did you read it? Oh, that’s right…you didn’t. Because you instead chose to be an irreverent d!ckhead to me. The summary, when reading between my lines, was that right-wingers have no coherent message on inflation beyond the predictable partisan whining of “Biden = high gas prices, Trump/GOP = low gas prices.”

 

The one consistent right-wing talking point, I suppose, is that Biden needs to allow more drilling permits so to increase the supply. “Drill, baby, drill” in Alaska, Gulf of Mexico, national parks, backyards, etc… But what is the mechanism that will ensure the oil companies drill in these new places when they already own plenty of property on which they still have yet to drill? Or the mechanism that ensures these companies sell the new additional supply domestically and not on the international market? Are right-wingers warming up to the idea of nationalizing the energy industry?? Hmmm…

 

I’m not sure what else the GOP is proposing? Some of them may agree with the Federal Reserve raising interest rates, even though that’s going to ensure a recession and hit the working class hard. The libertarian wing of the GOP has long been clamoring for a contraction of the money supply. I assume emergency fossil fuel windfall taxes are off the GOP negotiating table because that would be socialism and socialism is evil??

 

Did I type too much again with this post?? Awww…poor baby. I should have been more sensitive to your pathetically short attention span and notoriously subpar reading comprehension. My sincere apologies, SoCal D!ck.

 

I heard somewhere that  @SoCal Deek drives a fully tricked out Ford F450, leather seats, and when not redesigning the So Cal landscape with buildings that are environmentally chaotic and displace the  community of San Diego snapping turtle that call the area home, he eats BLT sammies while listening to conservative talk radio with the sunroof open, windows rolled down and AC on max.  

 

Now all this.  

 

I miss the days when Friday was Funday.  

 

[Albwan]

BWHAHAHAHAHAHAHAHAHAHAHA