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  • #91
    In NY, the environmentalist are trying to enact a two year moratorium on coin mining. Apparently mining takes a lot of electricity and they don't like the impact of generating it all.
    "For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6

    "Theology can be an intellectual entertainment." Metropolitan Anthony Bloom

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    • #92
      Originally posted by Thoughtful Monk View Post
      In NY, the environmentalist are trying to enact a two year moratorium on coin mining. Apparently mining takes a lot of electricity and they don't like the impact of generating it all.
      What are they gonna do when everyone switches over to electric vehicles like they also want? I guess electricity isn't "green" enough for environmentalists.

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      • #93
        Interesting...the Chinese central bank cut their rate. Doubt anyone will follow suit. Market supposed to bounce back a little today but I suspect it will be a "dead cat": bounce.
        "For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6

        "Theology can be an intellectual entertainment." Metropolitan Anthony Bloom

        Comment


        • #94
          - Nasdaq (officially) in a bear market.
          - S&P (officially) entered a bear market today, but then managed to barely eke it's way out of it towards the end.
          - DOW not yet (officially) in a bear market but has reached it's longest losing streak in almost a 100 years.

          And yet the Fed has barely started. No balance sheet run-off yet. Just .75 basis point interest rate hike so far. That's it.
          "What am I doing here?" -- Joe Biden 2021

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          • #95
            Thanks Biden.

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            • #96
              Originally posted by Sparko View Post
              Thanks Biden.
              To be perfectly honest with you, inflation probably would have been worse under Trump. At the very least, it would have been about the same. Not only was Trump perfectly fine with free money to everyone, and advocated for it, but he was the one who berated Powell the most for tightening in 2018, which is the reason I actually think Powell reversed course in 2019. I mean Trump was ruthless, even threatening to fire Powell. Trump didn't just berate Powell when he stopped QE, but even advocated for negative interest rates. Trump wouldn't have tolerated how the markets are responding and what Powell is doing now.
              "What am I doing here?" -- Joe Biden 2021

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              • #97
                Originally posted by Sparko View Post
                Thanks Biden.
                I have to agree with seanD in that I'm not sure what would have been different if Trump had been reelected. I don't recall too many discussions about what would happen when the economy restarted. We're now in territory not many people planned for.

                That being said, I think it's more likely that Trump would have been more responsive to the changing circumstances than Biden. Trump didn't strike me as into social change as Biden's agenda is. For example, not that would have made a huge difference, but the Keystone pipeline won't have been cancelled. There would have been a different response than Biden's. Biden just seems to be caught up in an agenda (don't waste a crisis to push through social change) that doesn't fit the circumstances and what he's doing is not helping.
                "For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6

                "Theology can be an intellectual entertainment." Metropolitan Anthony Bloom

                Comment


                • #98
                  Originally posted by Thoughtful Monk View Post

                  I have to agree with seanD in that I'm not sure what would have been different if Trump had been reelected. I don't recall too many discussions about what would happen when the economy restarted. We're now in territory not many people planned for.

                  That being said, I think it's more likely that Trump would have been more responsive to the changing circumstances than Biden. Trump didn't strike me as into social change as Biden's agenda is. For example, not that would have made a huge difference, but the Keystone pipeline won't have been cancelled. There would have been a different response than Biden's. Biden just seems to be caught up in an agenda (don't waste a crisis to push through social change) that doesn't fit the circumstances and what he's doing is not helping.
                  Biden is definitely exacerbating the problem with the gas prices, but I honestly couldn't say for sure where to draw the line between how much influence inflation (money printing) is having on gas prices and Biden's anti-oil agenda. It's certainly not helping, that's for sure. As we all know, commodity prices across the board are through the roof and prices are rising on everything. Though I have a sneaky suspicion that when stagflation sets in, some prices will actually fall, particularly on discretionary items. Food and gas prices may stay elevated.
                  "What am I doing here?" -- Joe Biden 2021

                  Comment


                  • #99
                    Originally posted by seanD View Post

                    Biden is definitely exacerbating the problem with the gas prices, but I honestly couldn't say for sure where to draw the line between how much influence inflation (money printing) is having on gas prices and Biden's anti-oil agenda. It's certainly not helping, that's for sure. As we all know, commodity prices across the board are through the roof and prices are rising on everything. Though I have a sneaky suspicion that when stagflation sets in, some prices will actually fall, particularly on discretionary items. Food and gas prices may stay elevated.
                    Discretionary items will certainly take a hit. Increasing numbers of people struggling to keep a roof over their heads and food on the table won't be spending up big on new TVs, or take-away, or trips. There will also be an uptick in union membership and disruption if wages are pegged.
                    1Cor 15:34 εκνηψατε δικαιως και μη αμαρτανετε αγνωσιαν γαρ θεου τινες εχουσιν προς εντροπην υμιν λεγω
                    "It's bigger inside" might work for a TARDIS - it doesn't work for a bronze sea.

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                    • Originally posted by tabibito View Post
                      Discretionary items will certainly take a hit. Increasing numbers of people struggling to keep a roof over their heads and food on the table won't be spending up big on new TVs, or take-away, or trips. There will also be an uptick in union membership and disruption if wages are pegged.
                      In addition to discretionary items, the hospitality and tourist industries are going to take a hit. A friend told me about his brother who was going to take a month-long RV trip. When he figured the gas would be $2,000 for the trip, he changed his plans.

                      I personally just put $1,200 into maintenance on my older car. With care, I should be able to get another 3 to 4 years out of it. Hopefully by then, interest rates and used car prices will be down - at least a little.

                      Next item I'm watching for, unemployment to start moving up. As consumers slow spending, layoffs will come.
                      "For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6

                      "Theology can be an intellectual entertainment." Metropolitan Anthony Bloom

                      Comment


                      • Originally posted by Thoughtful Monk View Post

                        In addition to discretionary items, the hospitality and tourist industries are going to take a hit. A friend told me about his brother who was going to take a month-long RV trip. When he figured the gas would be $2,000 for the trip, he changed his plans.

                        I personally just put $1,200 into maintenance on my older car. With care, I should be able to get another 3 to 4 years out of it. Hopefully by then, interest rates and used car prices will be down - at least a little.

                        Next item I'm watching for, unemployment to start moving up. As consumers slow spending, layoffs will come.
                        The usual pattern. About four to six months in, we should start to hear screams about the unreasonable demands by rapacious unions creating inflation and unemployment.
                        1Cor 15:34 εκνηψατε δικαιως και μη αμαρτανετε αγνωσιαν γαρ θεου τινες εχουσιν προς εντροπην υμιν λεγω
                        "It's bigger inside" might work for a TARDIS - it doesn't work for a bronze sea.

                        Comment


                        • Just saw an article claiming the Fed will raise rates 0.50% in both June and July. If that comes to pass, that would be a total hike of 1.75%. Not great for everyone and will certainly contribute the red wave. On the other hand, this is probably better than hyperinflation.
                          "For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6

                          "Theology can be an intellectual entertainment." Metropolitan Anthony Bloom

                          Comment


                          • Originally posted by seanD View Post

                            To be perfectly honest with you, inflation probably would have been worse under Trump. At the very least, it would have been about the same. Not only was Trump perfectly fine with free money to everyone, and advocated for it, but he was the one who berated Powell the most for tightening in 2018, which is the reason I actually think Powell reversed course in 2019. I mean Trump was ruthless, even threatening to fire Powell. Trump didn't just berate Powell when he stopped QE, but even advocated for negative interest rates. Trump wouldn't have tolerated how the markets are responding and what Powell is doing now.
                            But Trump would have gotten the economy running again and stopped all the COVID nonsense we have had over the last year and a half. He would have kept fuel costs down and US oil production up. The supply chain issues would never have happened. All that would serve to counteract the inflation and shortages we see now. And I don't think Trump would have done extra "incentive" payments to Americans.

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