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HomeUncategorized8/28 News Roundup and Open Thread
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LieparDestin

LieparDestin

Don midwest
Don midwest

MAGA — no MEGA

make the earth Greta again

polarbear4
polarbear4

?

Benny

orlbucfan

Hope all this adulation doesn’t go to her head. She’s only 16-17?

polarbear4
polarbear4

seems like she’s pretty centered. knowing she needs to “rest for a few days”? What I wouldn’t give to have known that when i was 16 when I needed it. lol

polarbear4
polarbear4

polarbear4
polarbear4

LieparDestin

The Hill panel totally heard only what they wanted to hear and didn’t listen to what was actually said

WindDancer13

Not only did they not listen, they showed an extreme lack of ability to think critically or understand implications. This is the same type of comment that was used against Bernie in 2015/16. In fact, Jose Ramos used a clip that was taken totally out of context (I Had seen the original interview that the clip came from prior to that debate) to suggest that Bernie supported the Nicaraguan authoritarian regime. HRC gleefully hopped on that, and Bernie was never given the chance to explain the context of the clip.

LieparDestin

probably a repeat

LieparDestin

WindDancer13

Random thought:

We are already in the midst of a recession. Albeit, it is currently a mild recession, and it is only for about the lower two-thirds of the economy’s population.. The most likely scenario is that it is going to get much worse. If we had a working government, the possibility of staving off the worst would be possible. This will not happen with the current administration whose policies are driving many of the problems (e.g., cutting access to food stamps will result in less buying, leading to even slower growth).

The indications are there to see even for those not in the stock market.

* Although, they are being masked. Unemployment stays really low, but how many people have fallen out of the job market and are not being counted. The issue with the gig jobs and people having to work more than one job is a clear indication that there is a problem. There are reports almost daily about people being laid off, yet the jobless rate overall does not seem to fluctuate.

* Home prices are going up because there is only a relatively small number of homes for sale. This produces an inflated pricing of existing homes in part because of a slower growth in new house building (which also results in fewer jobs). In my area which is not particularly wealthy, I have been watching for the last two years as home prices have steadily increased. The same type of houses that were selling for around $30,000 are now running over $50,000. Yes, I know the nationwide average home price is around $388,000, but I look at what I might be able to afford. Rents are also increasing, so more inflation.

*
Many people just grab what they need at the store and don’t see the changes that are happening in stock products that they buy. The number of items in many products have been reduced but are sold for the same price. An example of this would be a brand of chimichangas that went from 18 in a pack to 16 recently. The change is minimally noticeable, unless you were counting on the 18 to get you through the month. Many items have gone from 16 ounces to 12, particularity in frozen vegetables. Bottom line: Consumers are getting less for the same amount of money.

*
Consumer spending is flat. Much of what is touted as consumer confidence as predicted on consumer spending is actually a result of the above inflationary trends. Car sales over the last four years has been steadily dropping. People are shopping for cheapest price on products that are “good enough.” And many products are just disappearing from the shelves. Note: It took approximately 15 minutes of searching the shelves at a Walmart recently to finally figure out that they no longer carry the twist-tie bags I need. There were no alternatives for the specific, normally prolific, product (any brand) of the item I was looking for and no tags to show that the item was just out of stock.

* Retail sales and consumer discretionary spending (think travel and leisure) are sluggish at best. The number of workers in electronic and appliance stores has been steadily decreasing while the prices for the end products are increasing.

Conclusion: While the media would have us believe that the stock market is the best indicator of a recession, for the vast majority of us that isn’t the case. Because the inflation that is happening is slow and carefully concealed, this recession is invisible to the regular pundits giving reports about a healthy economy.

magsview

So much for the trickling down?

New recession warning: The rich aren’t spending

-A sudden pullback in spending among the wealthy could cascade down to the rest of the economy and create a further drag on growth.

-High-end real estate is having its worst year since the financial crisis.
Luxury retailers are struggling while discounters like Walmart and Target thrive.

-At this month’s massive Pebble Beach car auctions, the most expensive cars faltered on the block.

-In the first half of 2019, art auction sales were down for the first time in years.

Yet recent data suggest that the U.S. wealthy are beginning to shut their wallets. If their spending falls further, the broader economy could start to feel the pain. *The top 10% of earners account for nearly half of all consumer outlays

*That’s gross

WindDancer13

Why do I get the feeling that this article is designed to make us feel bad for the rich. Poor things, they have it so hard!

There is something wrong with this, but I cannot quite put my finger on it at the moment. It could be that the numbers are limited to certain items in a matrix. I will have to look around to find more info on where this (as far as I am concerned, bogus) claim.

The top 10% of earners account for nearly half of all consumer outlays

orlbucfan

There’s not that many US filthy rich. Their numbers are small, and so are the number of their purchases. That “nearly half” statement needs to be fact checked. T and R, jcb!!

WindDancer13

From what I have found so far (as the person, Zandi, who said this did not offer any evidence of this claim) is that to be in the top 10%, a person’s earnings would be $118,400, and they along with the other top earners account for 39% of the share of total wages.

This means that he is somewhat accurate, though rather misleading. In fact, this means that people making less to far less than $188,400 are doing the majority of consumer spending. Zandi does not support his “nearly half” with evidence either.

Source: How Much Income Puts You in the Top 1%, 5%, 10%?

For perspective, the average wage in the US is somewhere currently around $47,000/year.

magsview

Federal agents raid home of United Auto Workers union President Gary Jones

Jones’ home wasn’t the only target hit by federal agents Wednesday morning, according to the Detroit News. They also raided the California home of former UAW President Dennis Williams as well as the union’s training center, golf resort and conference center called Black Lake, the newspaper reported. The raids mark a major shift in the investigation from many former or retired union officials being targeted to active leaders.

Michael Grimes, a retired senior official with the union’s General Motors division, was charged earlier this month with wire fraud and money laundering for allegedly receiving $2 million in kickbacks from UAW vendors. He was charged in a criminal information, which indicates a guilty plea is expected at his next hearing sent for Sept. 4 in Ann Arbor.

https://www.cnbc.com/2019/08/28/fbi-agents-raid-home-of-uaw-union-president-gary-jones-dow-jones-reports.html

I’ve always been saddened by any corruption at the upper levels of unions. It gives unions a bad name and disillusions people.