U.S. Economy and its Mess

[rareboy]

^ I think it is safe to say that TS has entered meme stock territory. I can't think that even the most hard core Trumpists would be pouring in more money after bad trying to average down and what is really telling is that there is likely a big drop off as middle east and oligarchs funnelling money to Trump through this scam also are likely running for the exits as his star continues to fall.

 

[rareboy]

Fortunately, the states have not been able to suppress the minimum wage...but it is absurd that while politicians in Washington vote themselves increases...they resist acting on the federal minimum wage.
It helpes put the lie to the myth of 'eceptionalism' unless that term is supposed to mean failing state.

https://money.com/federal-minimum-wage-vs-ground-beef-cost/

 

[KaraBulut]

Just a reminder of Trump's economic genius:

 

[Riverrick]

 

[KaraBulut]

More gloom and doom:

https://thehill.com/opinion/finance/5814974-middle-class-decline-permanent-crisis/

America is heading for a recession — and it may be the worst yet

A recession is coming — not the manicured kind economists dress up in euphemism, but a real one, the kind that redefines the word retroactively. Niall Ferguson has been mapping the terrain: geopolitical shocks, energy disruption, inflation that won’t be reasoned with. History, he notes, does not reward economies caught in that particular combination. It never has.

But this one carries something extra, something structural.

 

[cityboy-stl]

^^ Some of us have been warning of this for years, but no one would listen and believe it.

 

[KaraBulut]

Escalator going down, going down, going down
Everybody going down, going down, going down


Going up, going down, going down, going down
Everybody going up going down going up

 

[rareboy]

^^ Some of us have been warning of this for years, but no one would listen and believe it.

Totally.

And TrumpCo., the arrogant and soulless fuckers that they are are stripping out everything they can before bankrupting the middle class again.

For months I have been waiting for it.

And of course, the billionaires will become trillionaires overnight because they will just move in and buy assets for pennies on the dollar.

 

[KaraBulut]

This report is a good example of what happens when we elect know-nothings.

China produces about 1,000 new ships per year. The US produces about 3 ships per year.

Trump signed an executive order instructing the US government to come up with a plan to get ship-building restarted in the US- for both commercial and military use.

But Trump also put tariffs on steel. Currently, the steel needed to build ships comes from China.

Stephen Miller's little adventure in deporting foreigners and sabotaging worker visas also means that some of the skilled and manual labor needed to build ships can't be brought to the US. One of the biggest shipbuilders in the US is a South Korean company. ICE caused a major incident with the South Korean government last year when they raided a South Korean owned battery plant and took the Korean employees away in chains and shackles, which angered the Korean government.

Prepare for your palm to be on your face.

 

[Riverrick]

The markets just opened. The Dow is up 1325 points. I guess because of the supposed 2 week ceasefire and the supposed opening of the Strait of Hormuz. I don't understand the investor optimism today.

Of course, even with that the Dow is at 47943 points, below where it was before the war started.

 

[KaraBulut]

The markets just opened. The Dow is up 1325 points. I guess because of the supposed 2 week ceasefire and the supposed opening of the Strait of Hormuz. I don't understand the investor optimism today.

Of course, even with that the Dow is at 47943 points, below where it was before the war started.

The short-sellers and the buy-low-sell-high crowd are jumping on things quickly.

If powerful people weren't profiting, there would be a bigger uproar.