Economy Thread

[SackMan518]

Biden-omics. When you essentially shut down the American energy sector they don't care if you add more regulations and they're not going to lower prices due to this mystical concept called "supply and demand." Also, in another article I read recently an executive said they didn't foresee building any more refineries here due to all of the red tape. Again, do we really need to explain how incredibly stupid Biden is?

 

Biden Tweets Energy Policy – Lower Oil Prices and Increase Production, or He Will Raise Taxes and Increase Regulation

 

[Uncle Joe]

4 hours ago, SackMan518 said:

Biden-omics. When you essentially shut down the American energy sector they don't care if you add more regulations and they're not going to lower prices due to this mystical concept called "supply and demand." Also, in another article I read recently an executive said they didn't foresee building any more refineries here due to all of the red tape. Again, do we really need to explain how incredibly stupid Biden is?

 

Biden Tweets Energy Policy – Lower Oil Prices and Increase Production, or He Will Raise Taxes and Increase Regulation

 

The last time I paid $5/gal for diesel Obama was president.

So is big oil at fault and just waiting for Democrats to be residing at 1600 Pennsylvania Ave. ?

 

[SackMan518]

Just now, Uncle Joe said:

The last time I paid $5/gal for diesel Obama was president.

So is big oil at fault and just waiting for Democrats to be residing at 1600 Pennsylvania Ave. ?

 

 

Nah, it's their dopey policies that hike up energy every single time.

[Foxx]

On 10/27/2022 at 5:17 PM, Nouseforaname said:

This is also explains why the fed is softening their expected rate increases.

 

Yeah, not so much. Another 75 bps yesterday.

 

[Nouseforaname]

17 minutes ago, Foxx said:

 

Yeah, not so much. Another 75 bps yesterday.

 

The softening is for the future rate hikes not the current.  It was expected that they would hike 75.

 

 

[Foxx]

17 minutes ago, Nouseforaname said:

The softening is for the future rate hikes not the current.  It was expected that they would hike 75.

 

 

And if you listened to Powell's comments, there was no indication of softening. The softening you were alluding to was propagated by others who would like to see it, not actual policy makers.

[Nouseforaname]

1 minute ago, Foxx said:

And if you listened to Powell's comments, there was no indication of softening. The softening you were alluding to was propagated by others who would like to see it, not actual policy makers.

He said two things.  There’s still more to be done but rate hikes won’t necessarily be as aggressive because the indicators they are following are mostly lagging.

 

 

[Ann]

2 hours ago, Nouseforaname said:

He said two things.  There’s still more to be done but rate hikes won’t necessarily be as aggressive because the indicators they are following are mostly lagging.

 

 

 

He said they are using lagging indicators, they are going to continue to raise, and if they overshoot they have tools to deal with that. Market no likie.

 

 

 

[Foxx]

Druckenmiller is not amused.

 

[Foxx]

Unfathomable that this is happening just before the holidays when usually all your retail is gearing up for the yearly season event that makes their books black.

 

Laying off 10,000

 

How many here?

 

[Nouseforaname]

23 hours ago, Foxx said:

Unfathomable that this is happening just before the holidays when usually all your retail is gearing up for the yearly season event that makes their books black.

 

Laying off 10,000

 

How many here?

 

On Amazon’s last earnings call, they said that they would be making these kinds of cuts because they got way too big.  
 

Retail is up in October.  

[Ann]

30 minutes ago, Nouseforaname said:

On Amazon’s last earnings call, they said that they would be making these kinds of cuts because they got way too big.  
 

Retail is up in October.  

Yes, rising food and gas prices are always a good thing.  

The auto sales are up due to more supply? The vehicle we ordered back in the summer finally has a production number. I wonder if that counted? Or when we pick it up? Maybe those chip companies in the US finally helped? If so, an influx of new autos after two years of having to overbid on a vehicle (there was a $3K-$60K dealership premium on every vehicle we looked at this summer, Hubby was happy with "only" having to pat $3K over sticker) due to no supply, will definitely help the economic  numbers. 

As far as furniture, we are still waiting on the kitchen table and chairs and the living room sofas. Those were ordered this summer, too. 

</snip>

 

Retail sales rose 1.3% last month after being unchanged in September. Economists polled by Reuters had forecast sales rising 1.0%. Retail sales are mostly goods and are not adjusted for inflation. They increased 8.3% year-on-year in October.

 

</snip>
 

One-time tax refunds in California, which saw some households receiving as much as $1,050 in stimulus checks, likely helped to underpin sales. In addition, Amazon held a second Prime Day promotion in October.

 

The broad increase in sales last month was led by motor vehicles, with receipts at auto dealers rebounding 1.3%, reflecting significant improvements in supply. Furniture stores sales increased 1.1%.

 

Sales were also buoyed by higher gasoline prices, with receipts at service stations rising 4.1%.

 

</snip>

 

[Nouseforaname]

12 minutes ago, Ann said:

Yes, rising food and gas prices are always a good thing.  

The auto sales are up due to more supply? The vehicle we ordered back in the summer finally has a production number. I wonder if that counted? Or when we pick it up? Maybe those chip companies in the US finally helped? If so, an influx of new autos after two years of having to overbid on a vehicle (there was a $3K-$60K dealership premium on every vehicle we looked at this summer, Hubby was happy with "only" having to pat $3K over sticker) due to no supply, will definitely help the economic  numbers. 

As far as furniture, we are still waiting on the kitchen table and chairs and the living room sofas. Those were ordered this summer, too. 

</snip>

 

Retail sales rose 1.3% last month after being unchanged in September. Economists polled by Reuters had forecast sales rising 1.0%. Retail sales are mostly goods and are not adjusted for inflation. They increased 8.3% year-on-year in October.

 

</snip>
 

One-time tax refunds in California, which saw some households receiving as much as $1,050 in stimulus checks, likely helped to underpin sales. In addition, Amazon held a second Prime Day promotion in October.

 

The broad increase in sales last month was led by motor vehicles, with receipts at auto dealers rebounding 1.3%, reflecting significant improvements in supply. Furniture stores sales increased 1.1%.

 

Sales were also buoyed by higher gasoline prices, with receipts at service stations rising 4.1%.

 

</snip>

 

My point was that there hasn’t been a dramatic drop in spending because the labor market is still strong.  
 

Amazon cutting staff has more to do with how bloated they have become having expanded way too much.  Refusing dessert at the end of the meal doesn’t mean that I’m on a diet. (Yes terrible analogy I’m sorry)

[Ann]

Just now, Nouseforaname said:

My point was that there hasn’t been a dramatic drop in spending because the labor market is still strong.  
 

Amazon cutting staff has more to do with how bloated they have become having expanded way too much.  Refusing dessert at the end of the meal doesn’t mean that I’m on a diet. (Yes terrible analogy I’m sorry)

I am sure bloated and inefficient has something to do with it. 

 

 

[Nouseforaname]

38 minutes ago, Ann said:

I am sure bloated and inefficient has something to do with it. 

 

 

Funny my wife said the same thing about me.

[B-Man]

On 11/16/2022 at 11:06 AM, Nouseforaname said:

Funny my wife said the same thing about me.

 

 

[Foxx]

On 11/16/2022 at 10:24 AM, Nouseforaname said:

My point was that there hasn’t been a dramatic drop in spending because the labor market is still strong.  
 

Amazon cutting staff has more to do with how bloated they have become having expanded way too much.  Refusing dessert at the end of the meal doesn’t mean that I’m on a diet. (Yes terrible analogy I’m sorry)

Of course there hasn't been a dramatic decrease in spending...

 

[Nouseforaname]

15 hours ago, Foxx said:

Of course there hasn't been a dramatic decrease in spending...

 

People are addicted to spending. That doesn’t change when rates or prices go up.

 

 

[Ann]

Not a surprise:

 

US Homebuilding Tumbles to Two-Year Low Amid Soaring Mortgage Rates
 

U.S. homebuilding fell sharply in October, with single-family projects dropping to the lowest level in nearly 2-1/2 years, as the housing market buckles under the strain of surging mortgage rates, which are pricing out potential homeowners.

 

Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.425 million units last month, the Commerce Department reported on Thursday. Data for September was revised higher to a rate of 1.488 million units from the previously reported 1.439 million units.
 

Economists polled by Reuters had forecast starts sliding to a rate of 1.410 million units. Housing starts dropped 8.8% year-on-year in October.
 

Single-family housing starts, which account for the biggest share of homebuilding, tumbled 6.1% to a rate of 855,000 units, the lowest level since May 2020. Single-family homebuilding declined in all four regions.
 

</snip>

[Billsandhorns]

4 hours ago, Nouseforaname said:

People are addicted to spending. That doesn’t change when rates or prices go up.

 

 

Or maybe, people are using credit to make up being short in cash