US economy shrinks in second quarter, signaling unofficial start of recession The commerce department announced Thursday that gross domestic product (GDP) – a broad measure of the price of goods... Who's Online | Find Members | Private Messages
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Recession

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2 months ago - Thursday 7/28/22 - 11:27:26 AM EST (GMT-5)
US economy shrinks in second quarter, signaling unofficial start of recession

The commerce department announced Thursday that gross domestic product (GDP) – a broad measure of the price of goods and services – decreased at an annual rate of 0.9% in the second quarter after falling at an annual rate of 1.6% in the first three months.
The bad news will be a major blow for the Biden administration as it prepares for a tough midterm election season.

https://amp.theguardian.com/business/2022/jul/28/us-economy-gdp-second-quarter
2 months ago - Thursday 7/28/22 - 11:58:23 AM EST (GMT-5)
Just change the definition and there's no recession...

https://nypost.com/2022/07/27/white...

I guess the current administration is taking a page from Trump's playbook.
2 months ago - Thursday 7/28/22 - 12:52:15 PM EST (GMT-5)
Even the media is reluctant to call it a Recession.
2 months ago - Thursday 7/28/22 - 12:56:21 PM EST (GMT-5)
You can redefine it however you want, it still won’t change the fact that the economy is in trouble. People have less money to spend. Businesses will start to go bankrupt due to people spending less. People will lose their jobs. Banks will start to foreclose on properties. It will all start spiraling downwards. Unless someone who knows what he’s doing takes charge. We don’t have that right now.
2 months ago - Thursday 7/28/22 - 2:50:44 PM EST (GMT-5)
On Thursday 7/28/22 - 12:56:21 PM Noldor wrote:
It will all start spiraling downwards. Unless someone who knows what he’s doing takes charge. We don’t have that right now.


What do you suggest should be done?
2 months ago - Thursday 7/28/22 - 3:23:51 PM EST (GMT-5)
Cut regulations, cut taxes, cut spending, open up pipelines, make it easier for gas companies to produce, the usual stuff Republicans always push for
2 months ago - Thursday 7/28/22 - 5:30:43 PM EST (GMT-5)
On Thursday 7/28/22 - 12:56:21 PM Noldor wrote:
It will all start spiraling downwards. Unless someone who knows what he’s doing takes charge. We don’t have that right now.
On Thursday 7/28/22 - 2:50:44 PM Atia wrote:
What do you suggest should be done?


Vote Republican come November?
2 months ago - Thursday 7/28/22 - 6:57:56 PM EST (GMT-5)
On Thursday 7/28/22 - 12:52:15 PM Noldor wrote:
Even the media is reluctant to call it a Recession.


They did that with 2008, too because the recession started in 2007. They're reflectance to call it because when they do, the market crashes and then the media gets blamed instead of the stupid hucksters that over leveraged their resources. Plus, it's super questionable if a recession will even be allowed to happen. The reason The Fed dumped $5 tril in markets in 2020 probably didn't have anything to do with American investors.
2 months ago - Thursday 7/28/22 - 10:26:07 PM EST (GMT-5)

2 months ago - Friday 7/29/22 - 6:32:57 AM EST (GMT-5)
On Thursday 7/28/22 - 10:26:07 PM CowDung wrote:
[image]


That's what happens when a system runs it's course and doesn't get replaced, it just sort of sits there and rots because the concept is no longer valid.
2 months ago - Friday 7/29/22 - 9:35:24 AM EST (GMT-5)
On Thursday 7/28/22 - 10:26:07 PM CowDung wrote:
[image]
On Friday 7/29/22 - 6:32:57 AM Kepi wrote:
That's what happens when a system runs it's course and doesn't get replaced, it just sort of sits there and rots because the concept is no longer valid.


Are you saying that capitalism is no longer valid?
2 months ago - Friday 7/29/22 - 10:36:56 AM EST (GMT-5)
On Thursday 7/28/22 - 10:26:07 PM CowDung wrote:
[image]
On Friday 7/29/22 - 6:32:57 AM Kepi wrote:
That's what happens when a system runs it's course and doesn't get replaced, it just sort of sits there and rots because the concept is no longer valid.
On Friday 7/29/22 - 9:35:24 AM CowDung wrote:
Are you saying that capitalism is no longer valid?


No, I'm saying the results that we have achieved for the past 50 years have shown that capitalism is no longer valid. I mean a guy "invented" the pretty rock and got a free ride for life, and it's only gotten worse.
2 months ago - Friday 7/29/22 - 11:03:18 AM EST (GMT-5)
*pet rock. Might as well be the pretty rock.
2 months ago - Friday 7/29/22 - 1:28:10 PM EST (GMT-5)
Coming up with the Pet Rock idea is the American Dream!

This is such a beautiful country! Capitalism is King!
2 months ago - Friday 7/29/22 - 1:28:37 PM EST (GMT-5)
Dare I ask what economic system would be better?
2 months ago - Friday 7/29/22 - 2:07:56 PM EST (GMT-5)
On Friday 7/29/22 - 1:28:10 PM CowDung wrote:
Coming up with the Pet Rock idea is the American Dream! This is such a beautiful country! Capitalism is King!


No, the pet rock is the equivalent of an academic journal publishing an article with 100% jargon and no meaning. It's success is system invalidating.
2 months ago - Friday 7/29/22 - 2:19:47 PM EST (GMT-5)
On Friday 7/29/22 - 1:28:37 PM CowDung wrote:
Dare I ask what economic system would be better?


In it's current condition? Literally an system given the same resources would operate better. In the past 20 years we've seen an absolute cascade failure in the class system to the tune of everything except maybe Western Rome circa 200-475 AD, Europe circa 1425-1460, and whoever was at the forefront of mongol invasion during their expansion era, would get better results administratively if they'd had our same levels of technology. And how do we know that? Because they all had better odds of upwards economic mobility than we do now.
2 months ago - Friday 7/29/22 - 2:51:34 PM EST (GMT-5)
But The Golden Horde achieved upward mobility by laying waste to everything in their path. Kinda like hostile corporate fund managers.
2 months ago - Friday 7/29/22 - 4:43:10 PM EST (GMT-5)
On Friday 7/29/22 - 1:28:37 PM CowDung wrote:
Dare I ask what economic system would be better?


You can ask.

The answer: nothing
2 months ago - Friday 7/29/22 - 4:49:51 PM EST (GMT-5)
On Friday 7/29/22 - 2:51:34 PM Boredofu wrote:
But The Golden Horde achieved upward mobility by laying waste to everything in their path. Kinda like hostile corporate fund managers.


Sure, that's why I specified at the forefront. If you were outside of catapult range or behind the lines of the catapults, you were probably doing okay compared to your average American, and we're in a bad state by the numbers, but we're not so bad off that having plague infested corpses dropped on us wouldn't have a negative impact, if for no other reason than gravity is a bitch.
2 months ago - Saturday 7/30/22 - 7:07:32 AM EST (GMT-5)
On Friday 7/29/22 - 1:28:37 PM CowDung wrote:
Dare I ask what economic system would be better?
On Friday 7/29/22 - 4:43:10 PM Noldor wrote:
You can ask. The answer: nothing


You wouldn't even know. You still quote Adam Smith as the economic mastermind of all time.
2 months ago - Saturday 7/30/22 - 8:18:12 AM EST (GMT-5)
On Thursday 7/28/22 - 3:23:51 PM Noldor wrote:
Cut regulations, cut taxes, cut spending, open up pipelines, make it easier for gas companies to produce, the usual stuff Republicans always push for


So 2-3% of the population being wealthy is way too many, huh? You want what? Just Musk and Bezos to have all the money? Because that's been the effect of the past 40+ years of these dog poo policies.
2 months ago - Saturday 7/30/22 - 8:18:28 AM EST (GMT-5)
On Thursday 7/28/22 - 3:23:51 PM Noldor wrote:
Cut regulations, cut taxes, cut spending, open up pipelines, make it easier for gas companies to produce, the usual stuff Republicans always push for


Then you will probably be against the Inflation Reduction Act of 2022 like most of the Republican congress because the proposal includes a 15% corporate minimum tax.

Includes Investment in domestic energy production and manufacturing including solar, wind, and clean hydrogen projects to reduce dependence on oil/gas and reduce need for more oil drilling and gas companies to produce.

The proposal estimates it will reduce the federal deficit by over $300 billion over 10 years and along with other elements of the bill, is likely to reduce inflationary pressures.

It would also allow Medicare to negotiate for lower prescription drug prices which will save about $290 billion.
2 months ago - Saturday 7/30/22 - 8:36:07 AM EST (GMT-5)
My little brother told me that they recently got a positive net energy out of a fusion reactor recently…
2 months ago - Saturday 7/30/22 - 8:53:30 AM EST (GMT-5)
I guess it just produced more energy than was absorbed by the fuel. Still not net positive.

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