The complaints of inflation are insane.

Sacrifice of the self for a collective cause for people who are just as or perhaps more selfish and are using you as a foot soldier for their benefit at the cost of your own personal benefit is one of the biggest sucker plays a person can ever make.

What a wonderful, uncluttered world view. Doctors, firemen, scientists, fishermen, policemen who sacrifice themselves for a collective cause, are all apparently suckers. Good that we have internet, where everyone has the chance to open their heart.
 
As Disney teaches: Stars don't shine, they burn.
 
What a wonderful, uncluttered world view. Doctors, firemen, scientists, fishermen, policemen who sacrifice themselves for a collective cause, are all apparently suckers. Good that we have internet, where everyone has the chance to open their heart.

Communism is a dead beat cause.

Also fishermen are doing it for the money, most doctors too. But fisherman certainly more. Scientists, well depends on the scientist. Not everyone here likes policemen, but I guess firemen are ok.
 
Another huge bank has failed, the First Republic Bank.

JP Morgan is the super largest bank in the USA that won't ever be allowed to fail by the US government.

If you wish to open an account there, Chase savings account currently pays 0.01% interest on their deposits :)


Deposits dropped 41% to $104.5 billion in the first three months of this year. They appeared to have fallen by another $12 billion by the time of JPMorgan's acquisition, based on the $92 billion deposit figure it cited.

In addition, First Republic sought to woo its wealthy clients with very cheap mortgages when interest rates were at rock-bottom, offering interest-only home loans in 2020 and 2021. This included an $11.2 million mortgage to a senior Goldman Sachs executive, per Bloomberg.

But as the 30-year fixed mortgage rate more than doubled in the space of a year, these mortgages became far less valuable to First Republic than when they were initially offered.

The combination of falling deposits and rising losses on its mortgage book doomed the regional lender. The parallels with SVB, where a large share of deposits was uninsured and losses linked to rising interest rates became untenable, were stark.

Another $13 billion into the furnace for the FDIC with First Republic Bank.
Roughly $20 billion loss on Silicon Valley Bank.
Around $2.5 billion loss on Signature Bank.

How much money is in the FDIC Deposit Insurance Fund war chest?


Looks like $125 billion with $8 billion per year in revenue.
It can afford more bank failures for now.
Still $90 billion sloshing around ready to save depositors under $250,000.
 
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Another huge bank has failed, the First Republic Bank.

JP Morgan is the super largest bank in the USA that won't ever be allowed to fail by the US government.

If you wish to open an account there, Chase savings account interest rate currently pays 0.01% on their deposits :)




Another $13 billion into the furnace for the FDIC.

That was quick, I was just reading an article earlier this morning saying they might be in trouble. I think the article was from Friday though.
 
Hollywood is still on strike.


The United Auto Workers are also starting to strike.
They want a 40% pay increase I think?

Anyway, targeted strikes to start.


Auto workers launched a historic series of strikes Friday morning against Ford, General Motors and Stellantis, making good on a threat to walk off the job if the “Big 3” failed to meet their demands.

Never before has the United Auto Workers union carried out a simultaneous work stoppage at all three automakers.
But rather than strike every plant involved in the labor dispute, the union called on workers to walk out at only certain facilities when their contracts expired at midnight.

In a Facebook Live announcement, the union’s president, Shawn Fain, said the first three struck facilities would be Ford’s Michigan Assembly Plant, in Wayne, Michigan; GM’s Wentzville Assembly plant, in Wentzville, Missouri; and Stellantis’ Toledo Assembly Complex, in Toledo, Ohio.
The strike at the Ford plant would only involve one department, Fain said.
Such a strategy could enable the union to disrupt production for the companies while keeping many members on the job and earning paychecks.
Fain said the unpredictable work stoppage may expand to other facilities over time if the union doesn’t continue to make headway in contract talks.
“The money is there. The cause is righteous. The world is watching,” Fain said. “This is our defining moment.”

Depending on how long it lasts and how wide it spreads, the strike could have major economic and political consequences.
Nearly 150,000 workers are employed under the three contracts, and many jobs at other employers, such as parts suppliers and dealerships, depend on production running smoothly at Ford, GM and Stellantis, which owns the Dodge and Jeep brands.
 
OPEC was cutting oil production a large amount starting in May.
Now it will be cutting a million barrels per day more.






The USA annual inflation rate for February 2023 was 6.0%


The USA annual inflation rate for March 2023 was 5.0%

The USA annual inflation rate for April 2023 was 4.9%

The USA annual inflation rate for May 2023 was 4.0%

The USA annual inflation rate for June 2023 was 3.0%

The USA annual inflation rate for July 2023 was 3.2%

The USA annual inflation rate for August 2023 was 3.7%


Credit cards are no longer 19% on average, but are now 22% annual interest on average.
At $1 trillion in total debt, that is about $3000 in credit card debt for every man, woman, and child in the USA.

Carrying balances on your cards can get very costly in the long run, especially right now.
The current average credit card APR is 24.37%, according to LendingTree data — the highest rate since the firm began tracking rates in 2019.

24% doesn't seem right to me?
The penalty APR for missing payments cranks it up to the legal maximum of 29.99% :hmm:
I can't imagine the average is at 24% now.


Student loan repayments for millions of Americans starts again in October about 2 weeks from now. :cry: :deal:
 
24% doesn't seem right to me?
The penalty APR for missing payments cranks it up to the legal maximum of 29.99% :hmm:
I can't imagine the average is at 24% now.

I wonder what they mean by average.

Are they weighting every card equally? Weighting by balance?

The former can be skewed if you have borrowers with low credit scores and multiple cards with low limits.
 
Communism is a dead beat cause.

Also fishermen are doing it for the money, most doctors too. But fisherman certainly more. Scientists, well depends on the scientist. Not everyone here likes policemen, but I guess firemen are ok.
In the US anyway, doctors are mainly doing it for the money and are glorified drug dealers. They killed loads of people during the OxyContin thing and basically nothing has been done about that.
 
Hollywood is still on strike.


The United Auto Workers are also starting to strike.
They want a 40% pay increase I think?

Anyway, targeted strikes to start.


The President has spoken about the auto strike.
Looks like he supports the workers.



Ford also appears to be betting big on electric vehicles.

A $9.2 billion loan to Ford’s electric vehicle division will go toward three battery manufacturing plants in the U.S., the Department of Energy announced Thursday, marking one of the largest grants to an automaker in recent history, which could help fuel Ford’s plan to manufacture 2 million electric vehicles by 2026.

That is a giant loan from 3 months ago!
Ford's market capitalization is only $50 billion.

Hopefully people buy the electric cars. :please:

Everyone is a critic.

 
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Back in the 2008 crash, somebody I worked with kept telling me to buy into Ford at $1 per share.
 
Remember when @Hygro kept saying it was all transitory and made this thread?

No look at where we are, strikes everywhere from Hollywood to the auto industry and almost a year ago the railroads. Proof that wages are not keeping place with the inflation which took place and therefore it's anything but transitory now.

It's stagflation folks, don't let the thread title here fool yah. In fact @Hygro I think it's time you change the title to "the stagflation" thread.
 
My main surprise in all this is the housing market.

When mortgage rates rose to 7%, everyone stopped selling their current home because they had a nice 3% rate locked in for decades.

Frozen in place, the low supply of homes means the price isn't going down like I thought it would with high rates.

Shows what I know. :blush:
 
Remember when @Hygro kept saying it was all transitory and made this thread?

No look at where we are, strikes everywhere from Hollywood to the auto industry and almost a year ago the railroads. Proof that wages are not keeping place with the inflation which took place and therefore it's anything but transitory now.

It's stagflation folks, don't let the thread title here fool yah. In fact @Hygro I think it's time you change the title to "the stagflation" thread.
Stagnation only comes into play when employment AND wages are flat. Neither of these are happening.

As for the strikes, it's attempt by workers to get more of the pie. In 2008 auto workers gave up their pensions and COLA in order to help keep auto makers afloat. Evidently, auto execs continued to get substantial raises, kept THEIR pensions and also saw their stock dividends increase. Basically the same for SAG.

The US for far too has depended on low-balling wages and benefits. It's time for the working class to get their share.
 
Higher wages tend to be inflationary since companies then raise prices to compensate. Company goals tend towards keeping or improving profits. Workers goals trend towards more benefits and higher wages. So, how does one increase wages/benefits for workers without increasing prices that company charge to maintain profits?
 
Remember when @Hygro kept saying it was all transitory and made this thread?

No look at where we are, strikes everywhere from Hollywood to the auto industry and almost a year ago the railroads. Proof that wages are not keeping place with the inflation which took place and therefore it's anything but transitory now.

It's stagflation folks, don't let the thread title here fool yah. In fact @Hygro I think it's time you change the title to "the stagflation" thread.
Looool inflation is down to like 3.5% and unemployment is at record lows. Stagflation is persistent high unemployment in the face of high or growing inflation.

So I reiterate, insane.
 
Remember when @Hygro kept saying it was all transitory and made this thread?

No look at where we are, strikes everywhere from Hollywood to the auto industry and almost a year ago the railroads. Proof that wages are not keeping place with the inflation which took place and therefore it's anything but transitory now.

It's stagflation folks, don't let the thread title here fool yah. In fact @Hygro I think it's time you change the title to "the stagflation" thread.
Strikes are completely normal, they aren't linked to issues of inflation.

Tthe strikes in Hollywood are about something else entirely. The issues there are not about the income being not good enough, but modern forms that old agreements did not include. Those being streaming and AI. The studios have made sure that no one can see the actual success of streaming, and writers and actors get basically nothing out of it, which means the studios rake in the cash and give nothing back. Actors get paid decently when a show gets shown on all levels of tv, yet they get about a few cents here and there for streaming.

With AI, the issue is that writers and actors want to make sure that studios can't just let AI write stuff, or take the likeness of actors and use it in any way they want.
 
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