DiabloWags said:

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bear2034 said:

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Biden's Chair of Council of Economic Advisors as no background in economics.

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You'd be wrong (again) about that.
Jared Bernstein was the deputy chief economist at the U.S. Department of Labor.

He has very little to do with the economy.
Same goes for the President.

It's in the hands of the most powerful person in the country.
The Fed Chairman Jerome Powell.

Originally appointed by Trump.

Anyone with half a brain would know this.
But most MAGATS think that POTUS is in charge of gas prices and mortgage rates.
lol

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You get it.

It is odd to me that people who don't even really understand the basics of monetary policies feel the need to comment about the president doing so and so about the economy. Tells me how little an MBA is worth (assuming it wasn't some online program) or the real value of a UC Berkeley degree.

The Fed Chair is the most powerful person for our economy.
The Fed Board of Governors are the most powerful group for our economy.

The seven independent members of the Board, after being appointed and confirmed, serve 14 year terms.

And while the executive branch prints money, they cannot print more money than is authorized by the independent Fed.

In other words, the Fed controls the money supply. The Treasury cannot just print money at the order of the president. And they cannot just print money to fund Social Security or discharge debt.

If the treasury needs money because the tax revenues they collect is insufficient to discharge federal spending, they issue treasury bonds. The Fed increases the money supply by buying those bonds from the individuals or foreign governments who lent money to our government by buying the bonds. When the Fed buys these bonds and increasing their investment in the treasury securities, they increase the money supply, which authorizes the Treasury to print money as demanded by the banks to reflect their accounts. If the Fed wants to decrease the money supply, they stop buying bonds and not roll over government securities or corporate bonds that they previously purchased, but instead get payment on the principal and reduce the total money supply.

And since the Fed (which is independent of the every branch of the government) is charged with economic stability, including price stability, they will not just print money to satisfy the deficit of the government. And the government can only sell the bonds as demand exists and must either borrow more money (if demand exists) or use tax funds to pay interest on those bonds.

Really an incredible chart. People who consume no news are only slightly worried “political extremism/threats to democracy”, moderately concerned with immigration and very concerned with inflation. It’s as if the news in this country makes you dumber and completely disconnected. pic.twitter.com/jHpSHdzeTu

— a newsman (@a_newsman) May 30, 2024

Inflation is on most voter's minds.

Then corporations should stop price gouging and blaming it on inflation.

Amazing how the dumb far right and far left both engage in lies, and then blame the other side for being misinformed.

Some politician looking for easy excuse to point fingers instead of blaming their own policy missteps always look to their go-to fall guy. How original for far left loonies to always blame corporations for economic villainy. Never the always campaigning politicians, regulators, and special interest.

If anyone had any reason to point fingers, it would be the Fed who kept the expansive monetary policy that poured the gasoline for Trump and Biden to light with excessive cash outlays in the midst of a generational supply chain constraints. But let's ignore the Fed when they say mark-ups are not driving inflation.

But who needs to review independent analysis from the Federal Reserve in the conservative San Franciso when politically convenient lies can make tribalists feel morally superior. Besides who reads the far-right CNN anymore anyway when they say corporate greed did not drive inflation even if typical scapegoating may make it feel good to blame corporations.

https://www.frbsf.org/research-and-insights/publications/economic-letter/2024/05/are-markups-driving-ups-and-downs-of-inflation/

https://www.cnn.com/2024/05/15/business/inflation-biden-rate-fed/index.html

Besides, most people wouldn't know the first thing about an income statement or how to differentiate price vs volume drivers of revenue, cost of goods vs operating expenses, profit margin vs operating margin, and profit vs income.

calbear93 said:

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DiabloWags said:

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bear2034 said:

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Biden's Chair of Council of Economic Advisors as no background in economics.

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You'd be wrong (again) about that.
Jared Bernstein was the deputy chief economist at the U.S. Department of Labor.

He has very little to do with the economy.
Same goes for the President.

It's in the hands of the most powerful person in the country.
The Fed Chairman Jerome Powell.

Originally appointed by Trump.

Anyone with half a brain would know this.
But most MAGATS think that POTUS is in charge of gas prices and mortgage rates.
lol

---

You get it.

It is odd to me that people who don't even really understand the basics of monetary policies feel the need to comment about the president doing so and so about the economy. Tells me how little an MBA is worth (assuming it wasn't some online program) or the real value of a UC Berkeley degree.

The Fed Chair is the most powerful person for our economy.
The Fed Board of Governors are the most powerful group for our economy.

The seven independent members of the Board, after being appointed and confirmed, serve 14 year terms.

And while the executive branch prints money, they cannot print more money than is authorized by the independent Fed.

In other words, the Fed controls the money supply. The Treasury cannot just print money at the order of the president. And they cannot just print money to fund Social Security or discharge debt.

If the treasury needs money because the tax revenues they collect is insufficient to discharge federal spending, they issue treasury bonds. The Fed increases the money supply by buying those bonds from the individuals or foreign governments who lent money to our government by buying the bonds. When the Fed buys these bonds and increasing their investment in the treasury securities, they increase the money supply, which authorizes the Treasury to print money as demanded by the banks to reflect their accounts. If the Fed wants to decrease the money supply, they stop buying bonds and not roll over government securities or corporate bonds that they previously purchased, but instead get payment on the principal and reduce the total money supply.

And since the Fed (which is independent of the every branch of the government) is charged with economic stability, including price stability, they will not just print money to satisfy the deficit of the government. And the government can only sell the bonds as demand exists and must either borrow more money (if demand exists) or use tax funds to pay interest on those bonds.

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The Fed Chair is the most powerful person for our economy because the Executive and Legislative have authorized that independent power to them. With that power they can act unilaterally with minimal oversight, which is pretty unique in our system of government. The Fed and the Supreme Court are really the two important Federal bodies with such power. But the Executive and Legislative have a lot of power over the economy when they are willing and able to act. Whether it is tax cuts for the rich or infrastructure legislation or cancellation of student loan debt. Those things impact the economy as well.

The rest of the description regarding printing money is more of a political construct than an economic construct. It explains why things are done the way they are from a legal perspective and not from an economics perspective. Which makes sense for you, since you are an attorney.

AunBear89 said:

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Never forget: he's an attorney who went to HARVARD. That makes all the difference in the world (I'm told. By him.).

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Not everyone is as unsuccessful as you.

You certainly aren't. How's Arby's treating you?

AunBear89 said:

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You certainly aren't. How's Arby's treating you?

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Thanks. I don't work at Arby's though, which I told you a week or so ago.

Oh. You now manage a different team of front line employees?

How's Long John Silver's treating you? Can I get some extra tartar sauce and vinegar for my fish and chips, matey?

You've been taking posting advice from wouldyoulikefrieswiththat003.


I'm sorry that I obviously hurt your feelings at some point.

Actually, I'm not sorry. It is funny how arrogant, know-it-all pr&@ks get all bent out of shape when called on their posturing.

Oh geez. You're hurting my feelings.




Oh. No, you aren't. Because your arrogant and hypocritical opinion of me couldn't be less significant.


And, since we are assuming that how people act here is how they act in every aspect of their lives:

Have a wonderful day telling all the people in your life how wrong they are and they should listen more to you.

And clever is probably a word that has never been applied to you.


"Arrogant ass" seems more likely.

Got it, Hahvard Law. You are right, everyone else is wrong.

Federal agents have raided a rental management company under investigation for using software to price fix rental prices. Biden is the best anti-trust President in our lifetimes.

https://www.thebignewsletter.com/p/monopoly-round-up-fbi-raids-big-corporate

dajo9 said:

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Federal agents have raided a rental management company under investigation for using software to price fix rental prices. Biden is the best anti-trust President in our lifetimes.

https://www.thebignewsletter.com/p/monopoly-round-up-fbi-raids-big-corporate

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So the rental management company uses RealPage which is owned by Harlan Crow. The same Harlan Crow that buys luxury trips for Republican Supreme Court justices. I think Harlan's business is safe

tRump did a good job for Jarvanka:
$2,000,000,000 Saudi

Big C said:

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dajo9 said:

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After another media round of doom and gloom for jobs we got another banger of a jobs report. 272,000 new jobs and hourly earnings up 4.1% year over year. Everything I see when I go out or deal with the job market at work is a booming economy that is maybe overheating. When I go to Main Street I can't park because everybody is out spending money. When I do park and get inside a shop or restaurant the service is bad because they are understaffed and can't find employees. Prime age labor force participation is the highest it has been since 2002.

The only things preventing this economy from being universally acclaimed as a booming, Morning in America, economy are politics and Wall Streeters who want lower rates.

Thank you President Biden

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When you look at how the US economy grew during the administrations of the recent Democratic Presidents. it becomes quite apparent which party best provides for Americans' #1 priority.

President Biden is doing a good job, clearly.

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They pumped trillions into the economy, fueling inflation, that has been at unprecedented levels since the 1970s. Things will look good in the short term, but the aftermath might be a bit painful.

In Q1, Americans earned $3.7 Trillion from interest and dividends at a seasonally annually adjusted rate, which is up roughly $770 Billion from fours years ago.

Thank You Jerome Powell.

The FIRE rentier economy is not sustainable, especially in a global climate of increasing dedolarization.

Cal88 said:

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The FIRE rentier economy is not sustainable, especially in a global climate of increasing dedolarization.

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Any day now. . .

DiabloWags said:

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In Q1, Americans earned $3.7 Trillion from interest and dividends at a seasonally annually adjusted rate, which is up roughly $770 Billion from fours years ago.

Thank You Jerome Powell.

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President Biden has normalized interest rates. In 2017 the idea of this was called Trumpflation and it was considered a good thing (and due to Trump). Now it's either a bad thing or due to the Fed.

dajo9 said:

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DiabloWags said:

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In Q1, Americans earned $3.7 Trillion from interest and dividends at a seasonally annually adjusted rate, which is up roughly $770 Billion from fours years ago.

Thank You Jerome Powell.

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President Biden has normalized interest rates. In 2017 the idea of this was called Trumpflation and it was considered a good thing (and due to Trump). Now it's either a bad thing or due to the Fed.

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It's really difficult to believe that you actually have an MBA.
The President has nothing to do with "normalizing" interest rates, let alone monetary policy.

dajo9 said:

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Yes, they prevented an economic catastrophe and got some temporary inflation.

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Prices are still up +22% from four years ago.

DiabloWags said:

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It's really difficult to believe that you actually have an MBA. The President has nothing to do with "normalizing" interest rates, let alone monetary policy.

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It's very simple.

If oil prices go up, the President has no control over it. If oil prices go down it's because of Biden's policies.

If interest rates go up, the President has no control over it. If interest rates go down it's because of Biden's policies.

If unemployment rates go up, the President has no control over it. If unemployment rates go down it's because of Biden's policies.

Repeat ad nauseam for every economic issue.

To the extent the President's actions and policies do matter, it was worse under Trump.

When in doubt, arrogance and partisanship are useful proxies for actual intelligence.

DiabloWags said:

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dajo9 said:

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DiabloWags said:

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In Q1, Americans earned $3.7 Trillion from interest and dividends at a seasonally annually adjusted rate, which is up roughly $770 Billion from fours years ago.

Thank You Jerome Powell.

---

President Biden has normalized interest rates. In 2017 the idea of this was called Trumpflation and it was considered a good thing (and due to Trump). Now it's either a bad thing or due to the Fed.

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It's really difficult to believe that you actually have an MBA.
The President has nothing to do with "normalizing" interest rates, let alone monetary policy.

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I just know Trump was given credit for something that didn't happen in 2017. Now that it is happening I guess the current President deserves the same credit.