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Posted on 9/27/23 at 5:28 pm to Big_Sur
Not a recession for him since people keep loading up their credit card debt at historic levels. Conveniently B of A issues and manages lots of credit cards.
Posted on 9/27/23 at 5:29 pm to Jack Daniel
It’s similar to the Obama economy. Very low to non-existent GDP growth, and low unemployment due to the fact that so many are sitting it out and not looking for work. Only this time, we have raging inflation. The purchasing power of the dollar has been crushed.
Posted on 9/27/23 at 5:30 pm to Big_Sur
quote:
“We won’t have a recession,” Moynihan said Wednesday at a lunch hosted by the Economic Club of New York, noting that consumer spending has softened since earlier this year but remains strong, and that Bank of America customer savings continue to be robust as well.
Kiss of death.
Posted on 9/27/23 at 5:32 pm to bad93ex
quote:
WTF, now we love big banks?
They also love giant corporations, endless wars, and Wall Street. The 180 they have done is great
Posted on 9/27/23 at 5:35 pm to Big_Sur
quote:
Fed Chair Jerome Powell saying in July that his staff had ditched the recession forecast it put in place earlier in the year.
Well in that case I’ll stop worrying, because they could never be wrong about something like this, or inflation being sticky and accelerating for three years.
Posted on 9/27/23 at 5:37 pm to Big_Sur
And all that consumer spending is being funded by what?
Debt.
People's behavior has remained largely unchanged and they're bridging the gap with consumer debt.
Debt.
People's behavior has remained largely unchanged and they're bridging the gap with consumer debt.
Posted on 9/27/23 at 5:37 pm to JohnnyKilroy
quote:
Or are you one of those people who thinks inflation dropping = prices lowering?
Stop taking the administrations talking points at face value. Inflation is simply going up less fast (over last years already inflated rates).
Posted on 9/27/23 at 5:39 pm to SloaneRanger
quote:
Very low to non-existent GDP growth, and low unemployment due to the fact that so many are sitting it out and not looking for work
I would be so curious to know the unemployment rate if it included able bodied people below retirement age who don’t work.
Posted on 9/27/23 at 5:41 pm to Chucktown_Badger
quote:
Inflation is simply going up less fast
Yes that’s what “inflation is going down” means
Posted on 9/27/23 at 5:43 pm to Chucktown_Badger
quote:also known as decreasing
going up less fast
This post was edited on 9/27/23 at 5:44 pm
Posted on 9/27/23 at 5:44 pm to Big_Sur
White liberal board
Posted on 9/27/23 at 5:45 pm to Big_Sur
Chance of not having a recession:
Posted on 9/27/23 at 5:47 pm to JohnnyKilroy
quote:
Yes that’s what “inflation is going down” means
If you take out a loan and I charge you 10% interest in year one, 18% interest in year two, and 24% interest in year three, you would tell me your interest rate is going down?
Another fun fact, most of the new green deal spending is happening over the coming years so that’ll be a great help on inflation.
This post was edited on 9/27/23 at 5:51 pm
Posted on 9/27/23 at 5:50 pm to Big_Sur
quote:
prediction spurred by continued strength in consumer spending
Just because everyone is charging more doesn't mean people are going to keep buying.
Posted on 9/27/23 at 5:50 pm to WestCoastAg
:goodboygif:
Posted on 9/27/23 at 5:51 pm to Chucktown_Badger
quote:
If you take out a loan and I charge you 10% interest in year one, 18% interest in year two, and 24% interest in year three, you would tell me your interest rate is going down
Oh wow
Posted on 9/27/23 at 5:52 pm to WestCoastAg
quote:
also known as decreasing
Not the same.
Posted on 9/27/23 at 6:01 pm to PhillyTiger90
quote:
Literally pissing on us and telling us it’s rain
Nope. Literally still doesn’t mean that.
Posted on 9/27/23 at 6:11 pm to Big_Sur
quote:
We won’t have a recession,
I guess he missed the last 2+ fricking years.
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