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jdobbin

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http://www.msnbc.msn.com/id/26162435/

The federal budget deficit soared in July, pushed higher by economic stimulus payments and $15 billion in outlays to protect depositors at failed banks.

The Treasury Department reported that the deficit for July totaled $102.8 billion, nearly triple the $36.4 billion deficit recorded in July 2007.

The deficit outstripped the $97 billion gap that Wall Street economists had been expecting for July.

Spending continues to rise for the Feds.

It remains to be seen whether the stimulus package will keep the U.S. from slipping further into economic difficulties.

Edited by jdobbin
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http://www.msnbc.msn.com/id/26162435/

Spending continues to rise for the Feds.

I think that's the plan, drive the deficit and debt so high that spending for everything that doesn't have something to do with the military or security/enforcement is cut.

It remains to be seen whether the stimulus package will keep the U.S. from slipping further into economic difficulties.

There's nothing on Earth that can do that now, unless its a stimulus package for more military and security/enforcement spending.

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Inflation is rising fast.

http://www.msnbc.msn.com/id/26195964/

Consumer prices shot up in July at twice the expected rate, pushed higher by surging energy and food costs. The latest surge left inflation running at the fastest pace in 17 years.

The Labor Department reported Thursday that consumer prices rose by 0.8 percent last month, twice the 0.4 percent gain that economists had been expecting.

There are many analysts predicting a lot more pain.

I found this analyst in particular to be interesting.

http://www.theglobeandmail.com/servlet/sto...PStory/Business

"America is finished. We are going to destroy this country. Our economy is just going to unravel," he told me yesterday. "The question is how much money is the world going to lose before it writes us off?"

Apocalyptic forecasts are a dime a dozen these days, so why should anyone pay attention to Mr. Schiff? Because his past predictions have proved uncannily accurate.

Edited by jdobbin
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I think that's the plan, drive the deficit and debt so high that spending for everything that doesn't have something to do with the military or security/enforcement is cut.

Hey, I like that...Canada did the opposite when much closer to the abyss back in the '90s. Slash the military and health care too. Ouch!

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"America is finished. We are going to destroy this country. Our economy is just going to unravel," he told me yesterday. "The question is how much money is the world going to lose before it writes us off?"

Apocalyptic forecasts are a dime a dozen these days, so why should anyone pay attention to Mr. Schiff? Because his past predictions have proved uncannily accurate.

The economy may unravel but the country will not be destroyed. The economy is not the country or the people. Alot of them know what needs to be done to fix it. There will be short term pain for some and long term pain for those unable to change or who depend on government to change things for them.

If it happened to us Canada would be finished.

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I`ve read several times about the plan to put America in a bad way financially, and I`m sure that`s the plan for Canada, so the elite of the world can continue with their plan of the creation of the North American Union. What better person to do this to the US than GW Bush, who has a habit of spending and spending, even when he was governor. I hope Laura is looking after the family money!

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I`ve read several times about the plan to put America in a bad way financially, and I`m sure that`s the plan for Canada, so the elite of the world can continue with their plan of the creation of the North American Union. What better person to do this to the US than GW Bush, who has a habit of spending and spending, even when he was governor. I hope Laura is looking after the family money!

Have you considered connecting your toaster to your 25 mile aerial?

  • Haha 1
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Have you considered connecting your toaster to your 25 mile aerial?

There are none so blind as those who refuse to see.

:lol:

You ALWAYS trot out the "tinfoil" thing. Really it's getting tiring. *sigh*

How about refuting the ISSUE instead of attacking the poster. Unless of course, you don't have a leg to stand on and are angry about it. LOL

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Buffet's commentary today.

http://www.msnbc.msn.com/id/26330135/

Buffett said the economy is in a recession because most Americans aren’t doing as well today as they used to be. The technical definition of a recession most economists use is two consecutive quarters of negative growth in the nation’s gross domestic product.

Regarding the nation’s credit crunch, Buffett said he believes mortgage giants Fannie Mae and Freddie Mac are too big to fail, but that doesn’t mean that all the shareholder equity in those companies can’t be wiped out.

I think he is right that the pain looks to continue for a while.

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  • 12 years later...

The facts........ Interest rate below inflation are negative interest rates.....Government spending...I Don't think they can cut spending without a crisis to many interest groups that are difficult to take on....

What happens after negative interest rates...Money printing......Can the Fed stop printing money without a crisis.....I don't believe so there is no political will ( kinda like closing down the airports Before the virus spread)......

Conclusion We are in A depression that they are trying to prevent from happening.....By fake economics e.g. an errosion of standard of living over many years. 

All the money they have printed is working through the system now, Asset bubbles.......How it will settle is the million dollar question....I think eventually the printing of money won't work any longer....and we should reach that point soon....then the money will shift.....I don't think anyone can predict where the money will go with certainty....China is communist, Europe is a Basket case. There is No alternative but Gold and other rare things like land and maybe companies that produce things people need Innovative companies.

I think the stock market will be the first to correct. Because its the most Liquid (concerning assets)

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  • 1 year later...

I’ve heard from various sources that we are in for a correction.  Having an American administration that is driving up inflation and the interest rate at the same time…yikes.

The move of investments to a safe haven, is anyone else hearing this as well?

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  • 1 month later...

Well, about a month later and the situation is looking more dire.  Not much interest in this topic either, let’s see what happens when the bottom drops out…

 

Edit:  The DOW dropped 981 points on April 22.  That's 2.8% in a day.

Edited by sharkman
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  • 2 weeks later...

The DOW followed that up with two more major drops, including 939 points yesterday.  That’s the worst DOW event since 2008, when the US had to save its own banks and major car manufacturers.

The question is, what will happen on Monday/Tuesday?

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  • 2 weeks later...

The DOW’s tanking is really picking up steam now.  For all of May it’s been kind of scary for the most part.

As the DOW has traditionally been manipulated, so has the gold market, at least to some extent.  The analysts I follow have been saying to get investments out of the stock markets for at least a year.

The US dollar is ready to topple, an external event could send it crashing.  I think this summer will be one for the ages.  If you haven’t done anything to prepare by now, good luck.

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  • 2 weeks later...

10 days later, and we've reached a milestone of sorts.  The DOW is now down 8 weeks in a row.  Couple that with the Biden administration's war on domestic oil production, and his unofficial 'no border' policy in the south(well over 2 million have crossed into the US from Mexico and been given debit cards, iphones and bussed or flown to locations all over the country), and you have the worst job performance in US history.

Then there is the 40 billion the US government just voted to send to the Ukraine.  40 billion they will have to borrow to send, when their own country is starting to have all kinds of food shortages and now a new pandemic to contend with.  What kind of lunatic does this to his own country?

 

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sharkman I am going to try to seperate the politics from the financial, but I get its hard with diaper in chief down in the usa.

This week we see the start of a rally.  I think the chances are 80% this is only a bear market rally.  The USA is officially in a recession.  What also is interesting is the set up in the oil charts.  Fundamentally I don't think the oil prices now make any sense.  But the chart is indicating a very good chance for a break out on the oil prices.  THAT affects pretty much everything.  Cruise ships.  Airline stocks.  Even Amazon needs to use gas to ships its products.  It's hard to reconcile the fact that we are in a recession but oil prices keep surging. If anyone has figured this out let me know.

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Yes, things are definitely not typical.  An up week for the DOW, with an exclamation point.    I’ve heard that the US is in a recession too, and with food shortages possibly worsening, the summer looks tough.

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  • 2 weeks later...

So here on June 10, the DOW is currently down a bunch and has dropped below 32,000 points after a peak of 36,400 on January 5 2022.  That's a drop of over 4000 points, over 10%, in 5 months.  
Edit:  And it is down another 880 points today.

Edited by sharkman
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The DOW is now at 30364 at the end of trading on June 14.  They tried valiantly to push it into positive territory at the end of the session, but there is too much pessimism out there.

And no wonder, when the Fed is set to raise interest rates by a whopping .75 later this week.  Let’s go Brandon!

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What's going to happen to the US in the short term is not good.  I mean, Biden's policies are destroying America.  And Biden may be an idiot, but he's not stupid, so he knows he's hurting the US, the only question is what his motivation is.  But leading economic  nations are starting to realize they can do what they want to the US with no repercussions.  China is going to make a major oil deal with middle east countries, and this will knock over .30 off the worth of the US dollar.  It will only go downhill from there.

 

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  • 2 weeks later...

I heard a discussion about the US economy and I found nothing definitive, or perhaps I just don’t know where to look.

How many quarters of a shrinking economy did the US have under Covid?  And did they ever get to positive growth before shrinking again this year?

in other words, are they flirting with an official depression.  Anyone have any info on this?

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  • 2 weeks later...

So, 2 weeks later and mostly sideways performance out of the DOW, but definitely not strong performance.  Maybe a typical summer?

We’ll see what another interest rate increase does, later this week?  I’m still waiting for China to sign a major oil deal with the ME.  Then things will probably react in a big way.

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  • 2 months later...

I have continued following the stock markets and precious metals markets.  It’s been interesting to watch the DOW respond differently  from what it normally would with several interest rate increases in a year.  
Other significant factors such as Biden’s student loan pay off program seem on the surface to  have little effect.  The DOW is down from its high in January of about 36,400, however.

The following pieces of news do  add to the tale.  The Pope made an edict on August 24.  He instructed all Vatican entities to return all assets to the Vatican bank by September 30.  Before any such additions, the bank’s holdings amount to 5.6 billion.  
https://www.catholicnewsagency.com/amp/news/252093/pope-francis-instructs-vatican-entities-to-move-all-funds-to-vatican-bank-by-sept-30

Then you have many nations acquiring gold bullion at a furious rate.  Poland apparently reached its goal of 100 tons of gold this year after doing 126 tons previously.  All I can say is these are not the actions done in normal conditions.

An executive at FedEx came right out and said he predicts a global recession.  They withdrew their economic forecast as FedEx missed its earnings forecast and stocks dropped heavily.  
https://amp.cnn.com/cnn/2022/09/16/business/fedex-warning/index.html

 

Edited by sharkman
Grammar
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On 9/17/2022 at 1:13 PM, sharkman said:

 An executive at FedEx came right out and said he predicts a global recession.   

A recession already happened according to some but a MAJOR recession and depression would be catastrophic given the precarious income situation for a significant majority of the population.  IT's hard to foresee what could happen but a hard left turn is the first thing that comes to mind.... Nationalization, bread lines... the 1930s all over again :( 

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