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re: Bank of America: “We won’t have a recession"
Posted on 9/28/23 at 12:13 am to upgrayedd
Posted on 9/28/23 at 12:13 am to upgrayedd
quote:I was staying at the Ritz in London when that Lehman failed.
Lehman Brothers is fine!
I told Mrs Füt that if all the other dominoes fall*, we are simply going to stay in the Ritz until we’re physically evicted.
Like riding the Titanic down.
*i.e. the global economic meltdown
0
Posted on 9/28/23 at 12:18 am to FreddieMac
quote:
Haha shortest bull market in history! A historic president!
Was only seven companies for the most part.
That's what is really ridiculous about this current market. The S&P equal weighted is only up about 3% for the year iirc.
Posted on 9/28/23 at 1:06 am to kywildcatfanone
Just re-define it, like a vaccine. It is what you want it to be.
Posted on 9/28/23 at 1:09 am to FLTech
quote:
Nobody knows what the frick the economy is going to do.
No, but we do. Restrict energy production, increase regulation, bend the market for things like African slave cars (EVs), we all know where that will end up, and it's not on accident.
Posted on 9/28/23 at 7:06 am to Bunk Moreland
quote:
Nothing adds up here
Exactly. This economy is filled with volatility in almost every measure. So much inefficiency in all markets, I don’t know how anyone could make a bold claim like this.
I’m many ways we are in uncharted territory economically.
The head of an enormous bank claiming we won’t have a recession simply because of “consumer spending” is like a meteorologist saying it’s not going to rain because he doesn’t see any clouds.
Posted on 9/28/23 at 7:11 am to Big_Sur
There are a couple of items of note - despite what the fed sets, the 10 year keeps setting highs.
The paired with record level debt is a problem. The US is at a point where the money printing press can’t keep pace with the interest in the debt.
Debt always comes calling despite what MMT teaches. And when it comes calling in a higher rate environment, it can get ugly very quickly.
The paired with record level debt is a problem. The US is at a point where the money printing press can’t keep pace with the interest in the debt.
Debt always comes calling despite what MMT teaches. And when it comes calling in a higher rate environment, it can get ugly very quickly.
Posted on 9/28/23 at 7:15 am to JohnnyKilroy
quote:
Inflation is unquestionably coming down as of late
How out of touch can one poster be. You cite all these red herring statistics that are garbage in/garbage out leftist talking points.
Posted on 9/28/23 at 7:22 am to upgrayedd
quote:I'm still holding so I can use the loss when I need it.
Lehman Brothers is fine! They're not going anywhere and they're as solid as the rock of Gibraltar!
Posted on 9/28/23 at 7:27 am to Big_Sur
That you Karine Jean-Pierre?
This post was edited on 9/28/23 at 7:28 am
Posted on 9/28/23 at 7:53 am to Suntiger
Credit card delinquencies are way up. 7.2% for Q2. That’s not people charging stuff for the miles and then paying it off. That’s people who can’t pay for stuff anymore, buying it anyway, and then not being able to make the minimum payment.
The resumption of student loan repayment will be like gasoline on an already hot fire. Not much more room for credit, so they’ll either take that to the brink or stop buying stuff.
The resumption of student loan repayment will be like gasoline on an already hot fire. Not much more room for credit, so they’ll either take that to the brink or stop buying stuff.
Posted on 9/28/23 at 8:08 am to Tomatocantender
quote:
How out of touch can one poster be. You cite all these red herring statistics that are garbage in/garbage out leftist talking points.
You think prices are rising at the same rate they were last year?
Posted on 9/28/23 at 8:13 am to Suntiger
quote:
Reports are that people under 30 are living at home with their parents in much greater multitudes now. That gives them more disposable income and they are fueling the economy.
Debt is increasing, but I think that’s more a product of inflation hitting people living in the margins and everyone using credit cards now for rewards instead of cash, checks, etc.
1. Spending by young people with out their own families or homes are propping up economy with spending
2. Everyone else is simply trading 1% discounts for 20% interest
These are not signs of a diverse, healthy economy.
I’m not sure why so many focus on “recession” when that has proven to be a pretty arbitrary measure. We are already living in an abnormal economy with active fed and government intervention. We should focus on how much the economy is changing rather than waiting on some percentage. Healthy economies are efficient and predictable. We are not there.
Posted on 9/28/23 at 8:36 am to JohnnyKilroy
quote:
You think prices are rising at the same rate they were last year?
Prices are higher than they were last year. And as you already noted, they are higher than the target.
You are basically trying to convince people that everything is ok because a fire is spreading less quickly than it was, but those people are still just staring at a fire that is still growing.
Posted on 9/28/23 at 8:37 am to JohnnyKilroy
The problem with that is it's like compound interest it's 4% inflation this year on goods that inflated 8% last year and 10% the year before.
Posted on 9/28/23 at 8:59 am to OceanMan
quote:
Prices are higher than they were last year.
No one denies that.
quote:
You are basically trying to convince people that everything is ok
Wrong. I'm simply saying that inflation is lessening, which it unquestionably is vs last year. I have no idea if "everything's ok". But the trend on inflation has been positive in 2023.
People suck reagan and voekler's dick over how they tackled carter's inflation. Prices went up every single year of Reagan's 8 year administration.
Posted on 9/28/23 at 9:00 am to JohnnyKilroy
quote:
You think prices are rising at the same rate they were last year?
I’m paying more for many important items than I did last year and even during covid.
In the last few years, they blamed “supply chain” issues. Now they don’t have that excuse and the cost of everything is still increasing at an alarming rate. That boils down to increased production, transportation, and regulation costs being passed down to the consumer.
Posted on 9/28/23 at 9:07 am to The Pirate King
quote:
I’m paying more for many important items than I did last year and even during covid.
That's not what I asked. You do that every year. There's probably only been once or twice in your entire life you didn't pay more for important items than you did the year before.
Posted on 9/28/23 at 9:09 am to JohnnyKilroy
The GROWTH of inflation is lessening. But inflation is still growing. Which is perfectly fine with the Fed because in their ideal world inflation should grow 2% every year, despite there being no evidence that inflation leads to growth.
Posted on 9/28/23 at 9:10 am to AUin02
quote:
The GROWTH of inflation is lessening. But inflation is still growing.
You don't understand what inflation means then.
Inflation is a measure of growth. It's a rate.
Posted on 9/28/23 at 9:34 am to JohnnyKilroy
quote:
Wrong. I'm simply saying that inflation is lessening, which it unquestionably is vs last year. I have no idea if "everything's ok". But the trend on inflation has been positive in 2023.
Retards think inflation dropping means prices dropping.
That would be disinflation.
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