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8 minutes ago, Pig Bellmont said:

The economy is crashing after 3 years of Trump and this asshole keeps posting about Obama. I’m not going to make it to November SoCiALisM!!!! 

Fify

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14 minutes ago, Longhorn_Fan68 said:

can I have anything of yours that's cool or valuable?


I'm hoping he has one of those fancy raptor trucks. One of those would be really cool. 

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2 hours ago, washparkhorn said:

Do you really want to go down that road . . . ?

Signed,

The Pitchforks™ 

Are the Pitchforks ever going to be effective or just talk a big game?

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Assuming we have a Trump/Biden general election, I would imagine most of us agree that neither one of them is going to hesitate to spread their legs for our corporate overlords so maybe let's call that a wash and try to put someone whose response to a major pandemic isn't going to be "Fuck it! Go to work bruh!" into the Oval Office.

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4 minutes ago, Continental Op said:

Assuming we have a Trump/Biden general election, I would imagine most of us agree that neither one of them is going to hesitate to spread their legs for our corporate overlords so maybe let's call that a wash and try to put someone whose response to a major pandemic isn't going to be "Fuck it! Go to work bruh!" into the Oval Office.

I feel like this is pretty much the goal of people turning to Biden.  Baby steps back to a decent human being as leader.  Then baby steps to making meaningful change.

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Posted (edited)
3 hours ago, washparkhorn said:

 

 

Is the "Biden wing" of the party Obama, who essentially rescued our country from the brink of economic disaster?

This isn't really a winning argument.

 

I'm not saying Obama did it perfectly. There was some cronyism and some undeserving recipients, and not enough restrictions on how money could be spent. But he did do it effectively. And we recovered all of the money that we loaned out to the banks, and a little bit more. It's like when trying to come up with an attack on Biden this person thought "let me figure out his biggest weakness and attack it", then did the exact opposite.

Edited by BradInATX

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Press briefing from the white house incoming.

Oh hey, the White House is considering a stimulus over the market plunge.  

Eagerly awaiting all the Tea Partiers who fucking lost their minds 10 years ago at this time to chime in.

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10 minutes ago, Hornius Emeritus said:

 

So you still have 386k?  That doesn't sound too bad.

I wish lol I just started it a few yes ago 

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24 minutes ago, Bogeywon said:

I wish lol I just started it a few yes ago 

UPRO is a bitch, isn't it?

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8 hours ago, 4th&Five said:

 

Hope Stanco isn’t in the 30% or so that may go bankrupt before prices recover.  

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6 minutes ago, ChiTownDoc said:

Hope Stanco isn’t in the 30% or so that may go bankrupt before prices recover.  

Not to worry. He plowed along for 20 years somehow not making any money in the oil business until trump came along. He can weather this.

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1 hour ago, Bogeywon said:

My 401k is down like 15k 

Seen better humblebrags on campus. 3/10.

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8 hours ago, MaybeACoordinator said:

Makes it easier to keep your truck one step ahead of the repo man. Duh. 

Speaking of trucks...about to be a lot of Ford Raptors available at a deep discount. 

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8 hours ago, Anastasis said:

I've always wanted one of them fancy boy expensive raptor trucks.  Should be a glut of them on craigslist fairly soon. 

damn you, anastasis!

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6 hours ago, GW Hayduke said:

Why is a Bernie bro posting WhAtAbOuT Obama twitter posts during the Trump Crash of 2020?

Because the devastating impact this kind of thing can have on working people is more important than owning Trump.

That's my guess.

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1 hour ago, bad_teammate said:

Because the devastating impact this kind of thing can have on working people is more important than owning Trump.

That's my guess.

It's a good thing this country views both capital and labor as being equally important.

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*bump*

Quote

The growth rate of real gross domestic product (GDP) is a key indicator of economic activity, but the official estimate is released with a delay. Our GDPNow forecasting model provides a "nowcast" of the official estimate prior to its release by estimating GDP growth using a methodology similar to the one used by the U.S. Bureau of Economic Analysis.

GDPNow is not an official forecast of the Atlanta Fed. Rather, it is best viewed as a running estimate of real GDP growth based on available data for the current measured quarter. There are no subjective adjustments made to GDPNow—the estimate is based solely on the mathematical results of the model. In particular, it does not capture the impact of COVID-19 beyond its impact on GDP source data and relevant economic reports that have already been released. It does not anticipate the impact of COVID-19 on forthcoming economic reports beyond the standard internal dynamics of the model.
...
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2020 is -42.8 percent on May 15, down from -34.9 percent on May 8. After this week's data releases from the U.S. Department of the Treasury's Bureau of the Fiscal Service, the U.S. Bureau of Labor Statistics, the Federal Reserve Board of Governors, and the U.S. Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from -33.9 percent and -62.8 percent, respectively, to -43.6 percent and -69.4 percent, respectively.
...

https://www.frbatlanta.org/cqer/research/gdpnow

ouch

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16 hours ago, bernorange said:

ouch

Like a cluster of EMP's to the economic system. We have used MMT for propping up the asset bubble - no sign of inflation (which is a good and a bad fact). Good - because there is capacity and MMT worked for the asset bubble (for the moment). That asset bubble requires some undergirding - quickly. The economy is like an assembly line. All were in motion; significant ones shut down. All need to be in working order as the economy ramps up. Including households. If the system is running close to normal, the asset bubble may not look so bublicious. 

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Quote

... As an analogy, the IMF or Chapter 11 bankruptcy is very good at dealing with a couple of countries or a couple of firms at a time. But just as the hospitals can’t handle all the Covid-19 patients showing up in the same week, neither can our bankruptcy system and neither can the international financial institutions.

So there are going to be phenomenal frictions coming out of this wave of bankruptcies, defaults. It’s probably going to be, at best, a U-shaped recovery. And I don’t know how long it’s going to take us to get back to the 2019 per capita GDP. I would say, looking at it now, five years would seem like a good outcome out of this.
...

https://www.bloomberg.com/news/features/2020-05-18/harvard-s-financial-crisis-experts-this-time-really-is-different?srnd=premium

^ Kenneth Rogoff

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Five years? Five fucking years for locking up the healthy for 3 months?

When you consider the fact that this EXPOSED some serious issues, it didn’t just create them....a long recovery makes sense. I think 5 years is long....but 2-3 seems likely.

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...
Since the coronavirus pandemic and lockdowns started in mid-March, some 35.5 million people have applied for jobless benefits through their states. Roughly 9.2 million have applied via a new federal program that has made self-employed workers and independent contractors such as writers or Uber drivers eligible for the first time ever.

The total: almost 45 million.
...

https://www.marketwatch.com/story/jobless-claims-jump-44-million-in-mid-may-as-applications-for-federal-benefits-surge-2020-05-21

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On 5/18/2020 at 9:23 AM, Brisketexan said:


When you consider the fact that this EXPOSED some serious issues, it didn’t just create them....a long recovery makes sense. I think 5 years is long....but 2-3 seems likely.

I think 5 years is short. Nearly every state currently run by Republicans is lying to their own citizens in an attempt to get people to go back to normal. When that results in spikes and more deaths, people who can will stay in on their own, regardless of whether their states officially lock things down again or not, and they won't trust their officials to let them know when things actually probably are safe for them to get back to normal. That means that a lot of people will probably end up basically self quarantining for substantially longer than they'll actually need to do so, depressing economic activity when things should be returning to normal. We're going to be feeling the effects of our shitty handling of this for years to come.

And that's not even considering what happens if Biden wins but the GOP keeps the Senate, in which case we'll see the GOP Senate go all out to sabotage any effort to spur economic recovery. Hell, even if the Dems win the Presidency and the Senate, they'll probably water down any recovery bills to try to get bipartisan support they'll never in a billion years get. 

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"The money was all appropriated for the top in the hopes that it would trickle down to the needy. Mr. Hoover was an engineer. He knew that water trickled down. Put it uphill and let it go and it will reach the dryest little spot. But he didn’t know that money trickled up. Give it to the people at the bottom and the people at the top will have it before night anyhow. But it will at least have passed through the poor fellow’s hands."  --- Will Rogers, 1932

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Posted (edited)

Hank Paulson presents the US case for the dollar’s dominance in the time of COVID-19. He suggests curbs on fiscal relief. Admits the Fed can print whatever we need if dollar remains the reserve currency. Lays out they are interlocked in battle against Chinese FinTech. Worth a read when pondering this market. Paulson knows how the market works. He shares a little. 
 

TLDR: China is not ready to overrun the Dollar’s dominance. Their holdings are harmless since they are payable in . . . dollars. 
 

https://www.foreignaffairs.com/articles/2020-05-19/future-dollar?utm_medium=newsletters&utm_source=twofa&utm_campaign=Chronicle of a Pandemic Foretold&utm_content=20200522&utm_term=FA This Week - 112017

Edited by washparkhorn

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