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Could anyone have predicted?
Posted on 12/15/22 at 11:55 am
Posted on 12/15/22 at 11:55 am
How badly the economy would crash during Biden’s time in office? Honestly, I thought it would be Carter-esque…….but had no clue it could be this bad
7
Posted on 12/15/22 at 12:10 pm to Dirtyboro
Obama said “ 'Don't underestimate Joe's ability to frick things up'
Posted on 12/15/22 at 12:15 pm to Dirtyboro
IMO this is the most bizarre economy. Prices are skyrocketing on everything, but people are still buying like it's cheap. I've been waiting for the other shoe to drop for over a year. But they're still printing money like crazy. . . Including a 1.7T Omnibus bill they're working on. My $.02 is it'll be the devaluation of the dollar that we hit before they quit printing money.
Posted on 12/15/22 at 1:27 pm to Dirtyboro
quote:
How badly the economy would crash during Biden’s time in office?
Honestly, yes.
Posted on 12/15/22 at 1:37 pm to WhiskeyThrottle
quote:
IMO this is the most bizarre economy. Prices are skyrocketing on everything, but people are still buying like it's cheap. I've been waiting for the other shoe to drop for over a year.
Agree, it is very strange. It has to implode at some point. I can't decide if the average person doesn't know or doesn't care?
Posted on 12/15/22 at 1:57 pm to GEAUXT
quote:
Agree, it is very strange. It has to implode at some point. I can't decide if the average person doesn't know or doesn't care?
I think it's a little of the former and a ton of the latter. Ever since the end of April 2021, credit card debt has been rising with the current level acceleration having started around September 2021 and maintained since then. LINK, this seems to indicate people are trying to maintain their lifestyles in the face of continued high inflation. The problem is that inflation is still outpacing wages and that the Fed isn't going to pause/pivot on rate hikes until Unemployment starts going up.
We've seen ridiculously sticky low Unemployment, as long as that remains the case then the Fed is going to continue raising rates. The FedFund rate impacts the interest rates being charged on credit cards. My concern right now is that Unemployment doesn't start falling enough before credit card interest gets too high (meaning it could cause Unemployment to snowball into something worse due to lots of unemployed people suddenly defaulting on their cards).
Posted on 12/15/22 at 2:04 pm to WhiskeyThrottle
quote:
Prices are skyrocketing on everything, but people are still buying like it's cheap. I've been waiting for the other shoe to drop for over a year.
Retail Sales Biggest Drop in 11 Months
Posted on 12/15/22 at 2:05 pm to GEAUXT
I’ve seen some presentations lately that indicate personal savings is at an all time low, while credit card debt is at an all time high. I don’t know if people are so focused on keeping up w/ the jones or if there was an assumption current shite show would work it’s self out.
Bad situation and don’t see anything improving in the next couple of months
Bad situation and don’t see anything improving in the next couple of months
Posted on 12/15/22 at 2:31 pm to Dirtyboro
Not really predicting the future, but after we kicked the can down the road in 2008, it makes sense when you have an administration with such a fundamental misunderstanding of economics and no sound ideas to help soften the blow of a recession.
Posted on 12/15/22 at 2:42 pm to Dirtyboro
quote:
I’ve seen some presentations lately that indicate personal savings is at an all time low, while credit card debt is at an all time high.
Not quite. Personal Savings It might be an all-time low if adjusted for inflation, but I don't have the time to look into it.
However, if you change the scope to % change from 12 months ago, that change is frightening.
Credit card debt, however, is not just at an all-time high, it's skewing upward at a rate matched only by 2010 (and I have no idea why it jumped vertically so much in such a short period in 2010, my guess would be a change to how they figure it).
Posted on 12/15/22 at 2:50 pm to Dirtyboro
Yeah I kinda figured it would be bad when y’all elected a retarded pedophile as president but then stocks did alright last year
(Even if you didn’t “vote” for him, you supported him if you have money in vanguard or black rock stuff)
(Even if you didn’t “vote” for him, you supported him if you have money in vanguard or black rock stuff)
Posted on 12/15/22 at 3:34 pm to el Gaucho
It's not the president, it's the covid hangover plus some Ukraine war thrown in.
Inflation is rampant all over the world, we are about at an average inflation level compared with the rest of the world. All over the world governments locked down and stimulated and supply chains tightened and wages went up and energy prices went up after things went down in Ukraine.
It's bizarre because we've never experienced anything like global lockdowns and the reactions to it before, especially with modern economies and monetary policies.
Inflation is rampant all over the world, we are about at an average inflation level compared with the rest of the world. All over the world governments locked down and stimulated and supply chains tightened and wages went up and energy prices went up after things went down in Ukraine.
It's bizarre because we've never experienced anything like global lockdowns and the reactions to it before, especially with modern economies and monetary policies.
Posted on 12/16/22 at 8:36 am to Dirtyboro
Stolen elections have consequences
If anyone with a brain could look at Nancy, Joe and that bunch of crooks and vote for them God bless you but you are a damned idiot
If anyone with a brain could look at Nancy, Joe and that bunch of crooks and vote for them God bless you but you are a damned idiot
Posted on 12/16/22 at 8:48 am to Dirtyboro
quote:
Could anyone have predicted how bad the economy would crash?
Of course if you read between the lines of his slogan “Build Back Better.”
How can you “Build Back Better” without tearing it down first???
When this is exactly what your slogan states, how can people NOT see this as INTENTIONAL????
This post was edited on 12/16/22 at 8:52 am
Posted on 12/16/22 at 9:25 am to WhiskeyThrottle
quote:
IMO this is the most bizarre economy. Prices are skyrocketing on everything, but people are still buying like it's cheap. I've been waiting for the other shoe to drop for over a year.
IMO its 2 things.
1. COVID scared half the country so YOLO
2. Based on what I know about Gen Z their awareness of consequences is low
Posted on 12/17/22 at 9:27 pm to Bard
quote:
I have no idea why it jumped vertically so much in such a short period in 2010
Terrible economy = people living off their credick cards for basic living expenses.
Posted on 12/17/22 at 9:57 pm to WhiskeyThrottle
I’ve been through a few recessions and one super recession
I don’t see much impact on the consumer these days
I’ve been traveling around a bit lately and I see people eating at expensive restaurants and buying expensive stuff in the stores
I don’t see much impact on the consumer these days
I’ve been traveling around a bit lately and I see people eating at expensive restaurants and buying expensive stuff in the stores
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