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Posts posted by washparkhorn
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2/10 inversion steepens.
US consumers relying more on credit cards with steepening interest rates.
Target shoppers becoming Walmart shoppers.
Gridlock prevents deployment of fiscal stabilizers.
2023 recession looking like a hard landing.
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Upset of the year by Marie Gluesenkamp Perez. She won because she talked about real issues. Her opponent was tinfoil hat wearing MAGAt. Well done.
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Good PPI news.
Also good news for Fed’s demand destruction plan was household debt rising in the face of high interest rates. Households are running out of money and racking up credit card debt. From the Bloomberg:
US household debt climbed at the fastest annual pace since 2008 in the third quarter, with credit-card balances surging even as the interest rates that lenders charge to consumers hit a multi-decade high.
Households added $351 billion in overall debt last quarter, taking the total to $16.5 trillion, according to data released by the Federal Reserve Bank of New York on Tuesday. That’s an increase of 8.3% from a year earlier, the most since a 9.1% jump in the first quarter of 2008. The debt figures aren’t adjusted for inflation.
Happy days are here again - JPow.
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bad news - Russian missiles land in Poland killing 2. Article 5 risk for NATO/economy.
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On 11/14/2022 at 7:33 AM, Dbeasy said:
A question for economics experts. Why isn’t the government looking to use additional taxes to slow down inflation?
The question is a good one because it recognizes the fiscal tools for combating inflation are far more precise than the Fed’s interest rate hikes, which create massive collateral damage.
That said, there is no political appetite to use those precision fiscal tools. And since the Fed has a mandate to combat inflation, the politicos gladly defer to the Fed to do the dirty work.
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Beto brought out crowds, but not votes. DFW and Houston turnout was dismal. Some of that is Biden (who was largely neutral in most states aside from Texas and Florida where he was an anchor for Dems).
Dems in Texas need a candidate to get out the vote to have a chance at replacing the embarrassingly awful Ted Cruz in 2024. If Biden is at the top of the 2014 ticket, no need to waste Dem money on Texas.
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16 hours ago, TonyTexas said:
Why would that be? It explicitly says the backdoor was set up to fool the auditors. It’s not like Enron where Arthur Anderson and the attorneys signed off on the shenanigans.
https://worldnewsera.com/news/finance/stock-market/ftx-collapse-puts-its-auditors-in-the-spotlight/
QuoteFTX’s claims to have audited financials left numerous questions unanswered, said Jeffrey Johanns, a former PwC partner who teaches auditing at the University of Texas at Austin, particularly in light of revelations about the complexity of its organisational structure.
“If there was some form of assurance by an accounting firm, what type of assurance was it, how extensive was it and how many entities were covered?” said Johanns. “Especially if there are intercompany transactions, it would be a tough thing to audit.”
Prager Metis, which has more than 100 partners and 600 staff across 24 offices worldwide, says its clients include private and public companies in industries ranging from hospitality to manufacturing.
A report in August by the Public Company Accounting Oversight Board, regulator of the US audit profession, said its inspectors found deficiencies in all four of the public company audits carried out by Prager Metis that they looked at. The firm told the PCAOB it was working to fix the issues.
The group has a digital assets practice it says provides services to crypto exchanges, issuers of non-fungible tokens and crypto hedge funds, among other clients. It has also sought to offer advice to businesses setting up operations in the immersive virtual worlds known as the metaverse.
“There is a tremendous need for financial expertise and resources in the evolving digital world,” chief executive Glenn Friedman said in January, when Prager Metis opened a “headquarters” on the metaverse platform Decentraland. The firm is sponsoring an event at a music festival on the platform this weekend.
In a now-deleted June website post, which showed Prager Metis and FTX staff at a Yankees baseball game, the firm said it was “proud to support FTX US” and was “looking forward to our next adventure together”.
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Thank goodness for the youths . . .
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The job is not done. Re-elect Warnock and give Sinema an ambassadorship.
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RIP - one of his last political posts:
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49 minutes ago, cactusflinthead said:
He's no firearm Jesus.
Masters: Hold my 4Loko bruh . . .
someone alert the pizza huts
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from @Firemans4Horn link above.
If true, the “external auditors” will need to contact their E&O carriers, while preparing their backdoors for no lube at all.
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Thanksgiving with MAGA
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Ms. Wood feeling the mojo
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2021 - Is inflation finally back in the conversation?
in 6th Street Journal
Posted
Sticky wicket: weaker USD brings higher import prices to the import-dependent US consumer.