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The Federal Reserve created it. They have been creating money and pouring it into the economy for 2 years now....nearly $15 trillion (that they have reported).
And they knew inflation would happen...history my friend...70-80's inflation and Volcker.
Only inflation is rising quicker than they anticipated..shock and awe..right ?
Volcker ended up raising the prime rate to 21%. Unemployment skyrocketed for a while, 2 deep recessions and then...we recovered and stabilized.
What we have today may just be the beginning of an awful bumpy ride.
Our economy is now based mostly on asset inflation & speculation, so you could make a case that the Fed will be forced to print money forever to prevent another Great Depression. So many people are employed in the asset speculation business, that normalizing interest rates will mean economic collapse and a 20% unemployment rate. What are realtors, house flippers, day traders, and crypto hustlers going to do when real interest rates go above zero? Seek a job at the local factory? We gave away most of our value-creating industries to China and Mexico…
This isn't just Biden's fault, it's the entire swamp including a good chunk of the right and posters here who enable this behavior by cheerleading asset bubbles to inflate their own net worth. It's individual greed at work to benefit oneself in the short term while shooting oneself in the foot over the long term.
Stock pumptards are just as guilty as people who receive extended unemployment, stimulus checks, corporate bailouts, welfare, and excessive covid money going to states. I don't know if you've been paying attention but most states are flush with extra cash from Covid that they aren't required to pay back.
We literally have the biggest asset bubble in the history of this nation and people have just gotten used to it as the new normal. It makes the 2000 tech bubble look like nothing by comparison. Large corporations continue to buy up residential real estate while everyone looks the other way also. The country the boomers grew up in with affordable real estate and good paying jobs may not be the one today's youth inherit... so millennials used to pick on boomers for selling out this country... well what do you think is going on right now?
I agree. It isn't just boomers, it is Silent Generation and even Greatest Generation members that sold our country out as they were in power in the 1970's and 80's. We have let it happen. Michael Milken is an early boomer (46), Wall Street wonderboy but, you really think he was the only that used leveraged buyouts? T. Boone Pickins was one of the best at it and was a silent generation member (1929.) Saul Steinberg was a later Silent Generation (1939), he was the one that greenmailed Disney and threatened to sell off different aspects of the company. Carl Ichan similarly is a later Silent Generation (1936) and notiably bought up high debt companies and skinned them such as TWA.
The worst part is that Republicans and conservatives think that there is a swamp but do not realize that the swamp includes their own. The entire beltway is filled with swamp people. People laughed when I said that about Trump but what did Trump honestly do to help middle America. Answer that for me.
I don't like saying this because inflation is hurting most people, I think, but this might be a blessing in disguise if nothing changes between now and November 1. The mid-term elections are exactly 300 days from today (on November 8), and I think and hope that moderates will overwhelmingly be voting for Republicans this year unless things significantly improve. (And I am not just talking about inflation, either.)
So you want Americans to suffer because it helps your particular political persuasion? Unfortunately there are lots of people who think like you. And dems who wanted the economy to crash from the pandemic so it would hurt Trump.
I really am starting to believe America is toast. Most don't care about America just their political party or the other side losing. The tug of war will go on until the rope breaks.
So you want Americans to suffer because it helps your particular political persuasion? Unfortunately there are lots of people who think like you. And dems who wanted the economy to crash from the pandemic so it would hurt Trump.
I really am starting to believe America is toast. Most don't care about America just their political party or the other side losing. The tug of war will go on until the rope breaks.
Yeah. I only feared what Trump would do as President. I was hopeful to be wrong but I had a feeling I was right. Guess what, he didn't work out as president. Biden isn't doing much better, but a lot of it was purse strings left over by Trump. Not saying Biden is fixing things or even doing things right, but he has a lot of issues that were handed to him. Sadly Biden hasn't fully risen to occasion.
That said I agree. I think America is too divided today. It is too much my team rules and the other is evil. I am no less guilty, but I do call out Democrats when they do wrong and praise Republicans who put party over country. That said, I wish more from both parties did.
Yeah. I only feared what Trump would do as President. I was hopeful to be wrong but I had a feeling I was right. Guess what, he didn't work out as president. Biden isn't doing much better, but a lot of it was purse strings left over by Trump. Not saying Biden is fixing things or even doing things right, but he has a lot of issues that were handed to him. Sadly Biden hasn't fully risen to occasion.
That said I agree. I think America is too divided today. It is too much my team rules and the other is evil. I am no less guilty, but I do call out Democrats when they do wrong and praise Republicans who put country over party. That said, I wish more from both parties did.
Nope, I said Republicans put party over country and you're putting words in my mouth. And you shouldn't put words in people's mouths. First off, it is a bad habit in general and second off, on C-D when you change a quoted post, it can get your post modded. I have seen it happen many times.
They got that Mnuchin gift. Even those Brazilian bros. got 85 million.
IIRC, that first Covid bailout happened because Mnuchin wanted no oversight and the democrats said OK.
Well there's also the detail that we thought it would be a month tops and people would return to normal and we'd be well on our way to full employment by now. Right now, by unemployment numbers we are actually at full employment. Crazy huh?
I am on temporary Disability insurance to end very soon, my company has no place to put me in going back, there will be zero income like starting now.
Before I had surgery everything was planned going well, money in the bank and paying the mortgage down fast.
With the inflation it has zapped the 66% of wages I was getting in disability and killed us.
This had happened to a close friend of mine up north. They didn't have any light duty to take him back and he was still disabled and couldn't get unemployment. I remember him telling me his doctor told him to get a desk job. He was a truck driver for a lumber yard . As if one who worked blue collar is ready for a desk job where they hate to sit there all day in the same spot. Many people hate that and are not ready for that change and he had no experience at it. It was not him.
He went to a pain management specialist and his coworkers in the yard helped him tie down his straps on the flat bed in the beginning of going back. Too many Americans are forced to go back to work to eat when they are still really disabled to do so. I remember he had to pay out of pocket to go to the pain management guy . He eventually pushed himself so hard he became permanently disabled snapping both biceps and an unrepairable rotator cuff. Doctor told him he was one in a hundred he couldn't repair. Too damaged. They put him through hell, his company and doctors. This guy was po'd because his doctors told him they could fix him and they couldn't.
I hope you find a way to get food on the table. So many Americans don't even consider going on welfare but sometimes it has to be that way. I wouldn't take the road my friend did. He would not ask the government for a nickel if he thought he could work. He was an old timer in his late fifties when he finally couldn't do his job anymore. The pain management pills did a number on him and he had to wean his way off of them. It was not a pill to get hooked on , but he started to see things that wasn't there and it worked on him mentally.
I hope you realize that Americans who cannot physically work , wefare is there for those that truly need the help. That is why we pay our taxes. Many people from other countries who don't even pay a nickel can get food, shelter and medical care all on our dime. Don't hesitate thinking this safety net is not for you. It is there for hard working Americans.
It's worse then the Jimmy Carter reign. At least Carter had his wits about him and was cognizant.
I don't think Biden even knows what day it is.
Before Jimmy Carter, families needed one solid income to be solidly middle class.
After the 1970s and Jimmy Carter, families needed 2 incomes.
After Biden, families are going to need 3 or more incomes to be solidly middle class. High inflaiton insures that we will permanently lose buying power as fiat money loses its value. It won't be a massive loss, but a noticeable one. Many families will need 3 incomes going forward, after all of this shakes out.
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