Whats going on in the World

Roccus7 said:
Economy teetering on the edge, no matter how you cut it.
Click to expand...
The reality is that the economy is VERY STRONG.....creating a high demand for low supply....which leads to inflation.

When the economy craters as we saw in 2020 prices crater also....remember negative price on OIL futures? They would pay you to take it?

I'll take the strong economy with inflation...thank you very much
I'll take the strong market with inflation also...inflation up 6%....investments up 38%

FED today will comment on rates

hang in there LC :)
 
Interesting insight from the inside

The ‘experts’ want to say we can do things like open the ports 24/7, and this problem will be over in a couple weeks. They are blowing smoke, and they know it. Getting a container out of the port, as slow and aggravating as it is, is really the easy part, if you can find a truck and chassis to haul it. But every truck driver in America can’t operate 24/7, even if the government suspends Hours Of Service Regulations (federal regulations determining how many hours a week we can work/drive), we still need to sleep sometime.
There are also restrictions on which trucks can go into a port. They have to be approved, have RFID tags, port registered, and the drivers have to have at least a TWIC card (Transportation Worker Identification Credential from the federal Transportation Security Administration). Some ports have additional requirements. As I have already said, most trucking companies won’t touch shipping containers with a 100 foot pole.
What we have is a system with a limited amount of trucks and qualified drivers, many of whom are already working 14 hours a day (legally, the maximum they can), and now the supposed fix is to have them work 24 hours a day, every day, and not stop until the backlog is cleared. It’s not going to happen. It is not physically possible. There is no “cavalry” coming. No trucking companies are going to pay to register their trucks to haul containers for something that is supposedly so “short term,” because these same companies can get higher rate loads outside the ports. There is no extra capacity to be had, and it makes NO difference anyway, because If you can’t get a container unloaded at a warehouse, having drivers work 24/7/365 solves nothing.

What it will truly take to fix this problem is to run EVERYTHING 24/7: ports (both coastal and domestic),trucks, and warehouses. We need tens of thousands more chassis, and a much greater capacity in trucking.

I’m A Twenty Year Truck Driver, I Will Tell You Why America’s “Shipping Crisis” Will Not End

I have a simple question for every ‘expert’ who thinks they understand the root causes of the shipping crisis:
medium.com medium.com
 
movetheboat said:
The reality is that the economy is VERY STRONG.....creating a high demand for low supply....which leads to inflation.

When the economy craters as we saw in 2020 prices crater also....remember negative price on OIL futures? They would pay you to take it?

I'll take the strong economy with inflation...thank you very much
I'll take the strong market with inflation also...inflation up 6%....investments up 38%

FED today will comment on rates

hang in there LC :)
Click to expand...
I will be fine!! Thanks for your concern.
 
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www.yahoo.com

Wokeness has destroyed Democrats' hope of connecting with voters in 2022 | Opinion

America feels like it’s off the rails under these people who promised to put it back on.
www.yahoo.com www.yahoo.com

America has given up on Biden in less than a year. Nobody I know thinks he’s up for a reelection campaign, and some political people I respect greatly think he may not be up for an entire four-year term. His TV appearances are nearly always net negatives, and we see clearly now how beneficial it was for him to run his stay-in-the-basement strategy last year.

But what comes next? Vice President Kamala Harris? She’s in worse shape! In the same USA Today survey, Harris sits at 28% approval versus 51% disapproval. Dick Cheney never went below 30%, and he shot a guy in the face!

Everything Harris touches turns to, um, something bad. Immigration? Disaster. Voting rights legislation? Stuck. Make a video for kids about space? Yikes.

As I write this she’s overseas and I’m already teaching my kids basic French in preparation for the coming invasion and quick surrender.
 

he Economist: The Long-Term Outlook For The US Economy​

Wed, 11/10/2021 - 6:28pm
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M. RAY PERRYMAN | THE ECONOMIST
Wednesday, November 10, 2021
The Perryman Group’s most recent long-term forecast for the US economy calls for notable expansion. Things have improved significantly since the worst of the pandemic, but previous activity levels have not yet been reached. The upward trend should continue (though business cycles are inevitable).
Over the next few years, lingering effects of the pandemic and efforts to slow its spread will impact progress. For example, labor shortages are currently being exacerbated by COVID-related issues including fear of catching the virus, reluctance to comply with vaccine mandates, or related problems such as a lack of available childcare. While some positions will be filled as COVID-19 effects diminish, long-term demographic trends are also a factor. The US population is aging, and the retirement of the baby boom generation will leave a significant gap. Moreover, low birthrates will further reduce the pool of available workers over time. A variety of responses will be needed to deal with the situation, including technology investments and automation as well as sensible immigration policy.
Another challenge the economy is facing due to COVID-19 is ongoing supply chain problems. Although some progress is being made, as indicated by recent trade statistics, time will be required for full resolution.
Massive federal spending bills may also affect competitiveness and, hence, growth in the national economy. While there are clearly legitimate social problems which have long been neglected and underfunded and need to be addressed, the bill under consideration remains large and expensive, particularly in light of long-term trends in deficit financing and the necessary stimulus outlays during the pandemic. Moreover, funding strategies to purportedly (but not actually) pay for the programs would likely facilitate negative dynamic responses throughout the economy. Dealing with climate change is also essential, but strategies must recognize and accommodate the reality of alternative energy capacity constraints and the need to reduce emissions from essential fossil fuels.
Even with these difficulties, the outlook for expansion in the decades to come is positive. The Perryman Group’s most recent long-term projections indicate that over the 2020 to 2045 period, real gross product will likely expand from an estimated $18.4 trillion to $38.1 trillion, a 2.95% compound annual rate of growth. Employment is forecast to rise by 1.67% per year on average over the period, leading to the creation of 73.3 million net new jobs and total employment of 216.3 million by 2045. While the effects of the pandemic and its aftermath will persist over the coming years, the worst of the economic downturn appears to have passed. Despite the daunting challenges which must be addressed, the US economy is expected to continue to recover and see significant growth over an extended forecast horizon. Stay safe.
 
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Signs of resurgent US economy send stocks to new peaks

Wall Street stocks are pushing ever further into uncharted territory as new data and corporate financials show that the economy and corporate America are still rebounding from the depths of the coronavirus crisis. The S&P 500 has generated returns including dividends of 27 per cent so far this year as the blue-chip index has set record highs on more than 60 trading days, according to Goldman Sachs data. Last week alone, US markets rallied 2 per cent, the best performance since June. Companies beaten down during the pandemic such as airlines, cruise operators and casinos advanced after Pfizer’s announcement on Friday that its antiviral pill successfully reduced hospitalisation rates stemming from Covid-19 by 90 per cent. Evidence that the US economy is pulling itself out of the pandemic-induced downturn further bolstered sentiment, with the latest monthly jobs report showing a pick-up in job growth across nearly all sectors after several months of more lacklustre gains. More than 500,000 positions were created in October, and the unemployment rate fell to 4.6 per cent in a move that exceeded economists’ expectations. The $1.2tn infrastructure spending bill passed late on Friday by the US House of Representatives could provide yet further fuel to the world’s biggest economy.
 
wader said:
www.yahoo.com

Wokeness has destroyed Democrats' hope of connecting with voters in 2022 | Opinion

America feels like it’s off the rails under these people who promised to put it back on.
www.yahoo.com www.yahoo.com

America has given up on Biden in less than a year. Nobody I know thinks he’s up for a reelection campaign, and some political people I respect greatly think he may not be up for an entire four-year term. His TV appearances are nearly always net negatives, and we see clearly now how beneficial it was for him to run his stay-in-the-basement strategy last year.

But what comes next? Vice President Kamala Harris? She’s in worse shape! In the same USA Today survey, Harris sits at 28% approval versus 51% disapproval. Dick Cheney never went below 30%, and he shot a guy in the face!

Everything Harris touches turns to, um, something bad. Immigration? Disaster. Voting rights legislation? Stuck. Make a video for kids about space? Yikes.

As I write this she’s overseas and I’m already teaching my kids basic French in preparation for the coming invasion and quick surrender.
Click to expand...
Less than a year!! Cannot come fast enough.
 
WHAT CAUSED THE PRICE SPIKES?

Much of it is the flipside of very good news. Slammed by COVID-19, the U.S. economy collapsed in the spring of 2020 as lockdowns took effect, businesses closed or cut hours and consumers stayed home as a health precaution. Employers slashed 22 million jobs. Economic output plunged at a record-shattering 31% annual rate in last year’s April-June quarter.

Everyone braced for more misery. Companies cut investment. Restocking was put off. And a brutal recession ensued.

Yet instead of sinking into a prolonged downturn, the economy staged an unexpectedly rousing recovery, fueled by massive government spending and a bevy of emergency moves by the Fed. By spring, the rollout of vaccines had emboldened consumers to return to restaurants, bars and shops.

Suddenly, businesses had to scramble to meet demand. They couldn’t hire fast enough to plug job openings — a near record 10.4 million in August — or buy enough supplies to fill customer orders. As business roared back, ports and freight yards couldn’t handle the traffic. Global supply chains became snarled.

Costs rose. And companies found that they could pass along those higher costs in the form of higher prices to consumers, many of whom had managed to sock away a ton of savings during the pandemic.

“A sizeable chunk of the inflation we’re seeing is the inevitable result of coming out of the pandemic,” said Furman, now an economist at the Harvard Kennedy School.

Furman suggested, though, that misguided policy played a role, too. Policymakers were so intent on staving off an economic collapse that they “systematically underestimated inflation,” he said.

“They poured kerosene on the fire.”
A flood of government spending — including President Joe Biden’s $1.9 trillion coronavirus relief package, with its $1,400 checks to most households in March — overstimulated the economy, Furman said.
“Inflation is a lot higher in the United States than it is in Europe,” he noted. “Europe is going through the same supply shocks as the United States is, the same supply chain issues. But they didn’t do nearly as much stimulus.’’
In a statement Wednesday, Biden acknowledged that “inflation hurts Americans’ pocketbooks, and reversing this trend is a top priority for me.” But he said his $1 trillion infrastructure package, including spending on roads, bridges and ports, would help ease supply bottlenecks.
___
HOW LONG WILL IT LAST?
Consumer price inflation will likely endure as long as companies struggle to keep up with consumers’ prodigious demand for goods and services. A resurgent job market — employers have added 5.8 million jobs this year — means that Americans can continue to splurge on everything from lawn furniture to new cars. And the supply chain bottlenecks show no sign of clearing.
“The demand side of the U.S. economy will continue to be something to behold,” says Rick Rieder, chief investment officer for global fixed income at Blackrock, “and companies will continue to have the luxury of passing through prices.”
Megan Greene, chief economist at the Kroll Institute, suggested that inflation and the overall economy will eventually return to something closer to normal.
“I think it it will be ‘transitory’,” she said of inflation. “But economists have to be very honest about defining transitory, and I think this could last another year easily.’’
“We need a lot of humility talking about how long this lasts,” Furman said. “I think it’s with us for a while. The inflation rate is going to come down from this year’s blistering pace, but it’s still going to be very, very high compared to the historical norms we have been used to.”
___
WILL WE SUFFER A RETURN OF 1970′S-STYLE ‘STAGFLATION’?
The run-up in consumer prices has raised the specter of a return to the “stagflation” of the 1970s. That was when higher prices coincided with high unemployment in defiance of what conventional economists thought was possible.
Yet today’s situation looks very different. Unemployment is relatively low, and households overall are in good shape financially. The Conference Board, a business research group, found that consumers’ inflation expectations last month were the highest they’d been since July 2008. But consumers didn’t seem all that worried: The board’s confidence index rose anyway, on optimism about the job market.
“For the time being, at least, they feel that the benefits are outweighing the negatives,” said Lynn Franco, the Conference Board’s senior director of economic indicators.
Economic growth, after slowing from July through September in response to the highly contagious delta variant, is thought to be bouncing back in the final quarter of 2021.
“Most economists are expecting growth to accelerate in the fourth quarter,” Greene said. “So it doesn’t suggest that we’re facing both a tanking of growth and higher inflation. We’re just facing higher inflation.”
___
WHAT SHOULD POLICYMAKERS DO?
The pressure is on the Fed, which is charged with keeping a lid on inflation, to control prices.
“They need to stop telling us that inflation is transitory, start becoming more worried about inflation, then act in a manner consistent with being worried,” Furman said. “We’ve seen a little bit of that, but only a little bit.’’
Powell has announced that the Fed will start reducing the monthly bond purchases it began last year as an emergency measure to try to boost the economy. In September, Fed officials also forecast that they would raise the Fed’s benchmark interest rate from its record low near zero by the end of 2022 — much earlier than they had predicted a few months earlier.
But sharply higher inflation, should it persist, might compel the Fed to accelerate that timetable; investors expect at least two Fed rate hikes next year.
“We’ve been fighting non-existent inflation since the 1990s,” said Diane Swonk, chief economist at the accounting and consulting firm Grant Thornton, “and now we’re talking about fighting an inflation that is real.’’
___
AP Economics Writer Christopher Rugaber contributed to this report.
 
www.yahoo.com

Inflation is wiping out wage increases for many workers

Stagnant wages haunted the country for years until the pandemic blew the old economy away and ushered in an era of labor scarcity, giving workers more leverage. Since then, earnings for rank-and-file workers have grown at the fastest pace in four decades. But new data released today shows how...
www.yahoo.com www.yahoo.com

Eli Rosenberg, (c) 2021, The Washington Post
Wed, November 10, 2021, 12:15 PM


Stagnant wages haunted the country for years until the pandemic blew the old economy away and ushered in an era of labor scarcity, giving workers more leverage. Since then, earnings for rank-and-file workers have grown at the fastest pace in four decades.

But new data released today shows how price inflation is eating into many of those higher wages. Prices rose 6.2% in the past year, threatening to completely negate gains.

Average hourly earnings are up 5.1% on the year, a significant increase after years of middling growth. But inflation is more than wiping out those gains; when adjusted for the costs of rising prices, earnings are down 1.1% on the year.
 
HAVE FUN!!!!!!!!

US Capitol rioter who assaulted police officer gets 41 months in prison​

By Holmes Lybrand and Hannah Rabinowitz, CNN

Updated 3:19 PM ET, Wed November 10, 2021

(CNN)A New Jersey gym owner and former MMA fighter who punched a police officer during the January 6 riot was sentenced to 41 months in prison on Wednesday, becoming the first rioter sentenced for violence against the police during the attack.
Scott Fairlamb pleaded guilty in August to assaulting a police officer and obstructing an official proceeding. He has been in jail since he was arrested in late January and will get credit for the time he has already spent behind bars. Fairlamb was also the first riot defendant to plead guilty to assault.
 
wader said:
www.yahoo.com

Inflation is wiping out wage increases for many workers

Stagnant wages haunted the country for years until the pandemic blew the old economy away and ushered in an era of labor scarcity, giving workers more leverage. Since then, earnings for rank-and-file workers have grown at the fastest pace in four decades. But new data released today shows how...
www.yahoo.com www.yahoo.com

Eli Rosenberg, (c) 2021, The Washington Post
Wed, November 10, 2021, 12:15 PM


Stagnant wages haunted the country for years until the pandemic blew the old economy away and ushered in an era of labor scarcity, giving workers more leverage. Since then, earnings for rank-and-file workers have grown at the fastest pace in four decades.

But new data released today shows how price inflation is eating into many of those higher wages. Prices rose 6.2% in the past year, threatening to completely negate gains.

Average hourly earnings are up 5.1% on the year, a significant increase after years of middling growth. But inflation is more than wiping out those gains; when adjusted for the costs of rising prices, earnings are down 1.1% on the year.
Click to expand...
Yes, sir! Good times!!
 
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