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Re: Turn Out The Lights, The Party's Over
Posted by: Every Bad Event Since 1976 ()
Date: January 14, 2022 07:51PM

Can be traced directly to Democrats

In today's world , in the last 20 years when has the national Democrats done anything but create a bad US economy which also effects the whole worlds markets

You know who never to vote for if you want to see a good US economy and watch your investments grow for your families future and your solvent retirement

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Re: Turn Out The Lights, The Party's Over
Posted by: Well... ()
Date: January 15, 2022 01:47AM

Given the fact Bush 43 was a RINO thats pretty much true , do I feel safer today after all those young Americans died in the middle east

NO its the people here who will actually kill you after a robbery beatdown or rape or just for kicks and most of them are Democrats

But Bush and Dick Cheney did give Saddam a good ass kicking and thats what we needed to see as a partial payback for 911 but a RINO is only half Democrat and Half Republican. Cheany may be 3/4 Republican and the rest he got from his daughter the Democrat in disguise as a Republican hes getting old can you blame him we all slip a little

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Re: Turn Out The Lights, The Party's Over
Posted by: Ya.. WE All Slip a Little ()
Date: January 15, 2022 01:51AM

But JOE has slipped a lot! That cheese will not stay on his cracker anymore, you know he is pushing 80 , we have to be kinder to the elderly

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Re: Turn Out The Lights, The Party's Over
Posted by: TheRealTruth ()
Date: January 21, 2022 10:20AM

Inflation is here to stay, especially with the increase in minimum wage. The wage increase isn't just for the burger flipper. Wage increase starts at the farm where they hire people to work, then for the people who package, then the shipping company, the drivers, marketing and accounting people for the fast food company, and the list goes on and on. This wage increase is across all industries.

Businesses pass on the costs to you. You pay the inflation tax when you buy things. And when you don't buy things, people will be laid off. Then production goes down and goods become scarce and their prices go up again.

Get ready for more bad news. When interest rates go up under Joe Biden and Kamala Harris, things will come to a stand still. The housing market (nationally) will slow to a crawl, businesses will slow down, and you will then be dealing with layoffs. 2022 is, unfortunately, going to be a tough year. And this is not taking into account that there will be at least one more covid variant fucking with the economy.

Stock up on canned goods.

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Re: Turn Out The Lights, The Party's Over
Posted by: 2022Doom ()
Date: January 24, 2022 12:15PM

I warned you...now possibly 7 interest rate hikes....ouch

Reported today:

US stocks tumbled again Monday, with the S&P 500 falling as much as 3% to enter a correction as investors braced for the Federal Reserve to sharply tighten monetary policy to tame hot inflation, while major tech companies report earnings this week.

The S&P 500 during Monday's session marked an 11% decline from its all-time high of 4818.62 logged just two weeks ago on January 4. Six of its 11 sectors were down by more than 2%, led by the energy group as oil prices slumped.

The Dow Jones Industrial Average was close to a correction, down by 9.4% from its all-time high of 36,952.65 notched on January 5. The Nasdaq Composite entered into a correction last week with its drop of more than 10% from a recent high.

This Wednesday, the Fed will release its first policy decision of the year. And with inflation near 40-year highs, the central bank is set to ramp up interest rates soon and draw back further on its emergency, monetary response to the pandemic.

Traders expect the Fed to increase rates four times this year, starting in March with a 25-basis-point increase. But some analysts believe policymakers could move even more quickly. Goldman Sachs economists said the Fed may hike rates at every meeting from March — or seven increases in total.
-----------------

Good luck everyone. Be prepared for a 2022 economic disaster thanks to Joe Biden and Kamala Harris intentionally ignoring the inflation issue leading to you paying the inflation tax and setting up the US economy for a disastrous 2022 crash.

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Re: Turn Out The Lights, The Party's Over
Posted by: OhFuuudge ()
Date: February 09, 2022 02:13PM

Get ready for more bad news. The new insulation report will be released on Thursday but here is the prediction according to analysts.

The latest US inflation report will be released on Thursday at 13:30 GMT. Forecasts suggest inflationary pressures continued to heat up, pushing the yearly CPI rate to its highest level in four decades. Markets are already pricing in more than five Fed rate hikes this year and a hot inflation print can add more fuel to those bets.

Money markets are currently pricing in five rate increases for this year and have started to entertain the idea of a sixth.

In fact, incoming data has been so strong that traders now assign a 36% probability for a ‘double’ hike of 50 basis points at the March meeting amid speculation that the Fed may need to resort to more drastic measures.

In January, the yearly CPI rate is expected to have risen to 7.3%, from 7.0% previously. Similarly, the core rate that strips out volatile items like energy and food is seen at 5.9%, up from 5.5% in December.

—————-

Slow Joe Biden and Kamala Harris…ignored the financial crisis and you’re paying the inflation tax.

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Re: Turn Out The Lights, The Party's Over
Posted by: When Fried Chicken Goes Way Up ()
Date: February 09, 2022 10:34PM

There will all hell to pay

I just saw a pack of wings 22 dollars that were 8 tops when Trump was in

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Re: Turn Out The Lights, The Party's Over
Posted by: So Will Joe Push For 6 Trillion ()
Date: February 09, 2022 10:38PM

From Red China to give all those on welfare a COLA that actually will be keeping up with inflation , if not robberies will skyrocket, the money for hot wings skrimp lobster steaks and hoes has got to come from somewhere

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Re: Turn Out The Lights, The Party's Over
Posted by: Hoe ()
Date: February 09, 2022 10:42PM

Thanks for looking out for me I need my Joe inflation raise too, everyone does

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Re: Turn Out The Lights, The Party's Over
Posted by: Hgdyj ()
Date: February 10, 2022 03:30PM

Hoe Wrote:
-------------------------------------------------------
> Thanks for looking out for me I need my Joe
> inflation raise too, everyone does

The problem with the rate of increase in pay is that it is not keeping up with the rate of inflation. You may be an exception but an exception does not define the rule.

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Re: Turn Out The Lights, The Party's Over
Posted by: Wowsa ()
Date: February 10, 2022 03:31PM

Reported today:

Feb 10 (Reuters) - Wall Street sank on Thursday after U.S. consumer prices data came in hotter than expected, and subsequent comments from a Federal Reserve official raised fears the U.S. central bank will hike rates aggressively to fight inflation.

U.S. Labor Department data showed consumer prices surged 7.5% last month on a year-over-year basis, topping economists' estimates of 7.3% and marking the biggest annual increase in inflation in 40 years.

————-

I hope you people are stocking up on canned goods. It’s only going to get worse. And when the Fed raises rates in March, get ready for a recession.

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Re: Turn Out The Lights, The Party's Over
Posted by: Khfrhncd ()
Date: February 23, 2022 10:32PM

OK boys and girls, get ready for a rough 2022. Everything that has been predicted as a worst case scenario is now a reality. Gasoline prices are through the roof and inflation is an all time high. Next month, there’s a 50% chance that there will be a half point fed rate increase and guaranteed to be a quarter point fed rate increase. This will be one of four fed rate increases for the year. Companies will have to lay people off because they cannot afford to keep people. People are an investment and when money becomes more expensive, companies don’t invest as much. In addition to all of this, companies also will have to lay off because they don’t have any products to sell and the products that they do have are too pricey. The final issue is the price of gas. Companies rely on shipping to get their products and of course the cost of business is also determined by what companies have to pay to get products delivered to them. When the Fed rate increases, the economy is going to tank. As was suggested earlier in this thread, you should probably start stocking up on canned goods and dried noodles lol. This is all because Joe Biden and Kamala Harris decided to ignore all of the analysts and recommendations last year to increase the Fed rate before inflation got out of hand.

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Re: Turn Out The Lights, The Party's Over
Posted by: TheScene ()
Date: February 24, 2022 04:11PM

It looks like the fed interest hike in March is going to be a quarter point but they said unfortunately it looks like a recession will be very very difficult to avoid. The change was because of the Russian invasion of Ukraine which has driven inflation even higher on energy. I don’t know if you’ve looked at the price of gas lately but it’s pretty steep. The already costly inflation added to a quarter point increase in the fed rate will most likely add to a recession. If you haven’t already, you may want to start stocking up on the basics. I went to Wegmans this morning and things are a little scarce.

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Re: Turn Out The Lights, The Party's Over
Posted by: Troofer ()
Date: February 24, 2022 04:19PM

There is a recession indicator called the inverted yield curve. Do a search on Google news for inverted yield curve recession and you will see that the people in the know actually understand that a recession is very likely. The inverted yield curve has predicted at nearly 100% accuracy every recession. Things are not looking good.

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Re: Turn Out The Lights, The Party's Over
Posted by: We’re Fuqd ()
Date: February 26, 2022 10:52AM

Reported yesterday:

The personal consumption expenditures price index rose at a 6.1% annual rate through January, its highest since 1982 and more than triple the 2% inflation rate the Fed has set as its target for the U.S. economy. read more

That measure of annual inflation, reported monthly by the government, has been as higher or higher than in the prior month for 14 straight months - a run not seen since the 1970s and a blow to arguments commonly heard at the Fed last year that rising prices would prove "transitory" and disappear as the economy reopened.
—————————-

As pointed out previously, our economy is a complete disaster. There is no fix beyond raising interest rates. When the Fed starts raising interest rates, the economy is going to tank even further and it will also put extreme pressure on the federal government repaying the debt. This is going to be nearly impossible when we are in a recession. 2022 is not a good year thanks to Joe Biden and Kamala Harris and the damage that they did by ignoring a serious problem that all the atlas told them was coming.

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Re: Turn Out The Lights, The Party's Over
Posted by: LightsOut ()
Date: March 10, 2022 09:03AM

Remember, these numbers are BEFORE the Russian invasion on Ukraine

Just reported:

US Inflation Sets a Fresh 40-Year High Over Past Year: 7.9%

Labor Department reflected the 12 months ending in February and didn’t include most of the oil and gas price increases that followed Russia’s invasion of Ukraine on Feb. 24. Since then, average gas prices nationally have jumped about 62 cents a gallon to $4.32

Even before the war further accelerated price increases, U.S. consumer inflation rose to its highest level in four decades. What’s more, housing costs, which make up about a third of the government’s consumer price index, have risen sharply, a trend that’s unlikely to reverse anytime soon.

These number won't reflect the oil and gas spikes of the past week, which will likely catapult prices even higher in coming months.

Federal Reserve is set to raise interest rates several times this year beginning with a modest hike next week. The Fed faces a delicate challenge, though: If it tightens credit too aggressively this year, it risks undercutting the economy and perhaps triggering a recession.
-----------------------------------------------

Did you people load up on canned goods yet? Joe Biden and Kamala Harris have done everything they can to screw the people of the United States. They shut the pipeline, made policy so unfavorable to oil companies that the companies have no incentive to drill for oil, and then Joe and Kamala thought it would be a good idea to cut off oil from Russia and instead try to get oil from Iran and Venezuela (who are just as bad as Russia). The Saudis have told Biden to pound sand lol.

When the fed starts raising rates next week, the current crisis will look like Disneyland. You have been warned.

Have a great day everyone. Save your pennies, not that they are worth anything now. But maybe they will taste good when you cannot afford a loaf of bread.

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Re: Turn Out The Lights, The Party's Over
Posted by: LightsOut ()
Date: March 10, 2022 09:11AM

LightsOut Wrote:
-------------------------------------------------------
> Remember, these numbers are BEFORE the Russian
> invasion on Ukraine
>
> Just reported:
>
> US Inflation Sets a Fresh 40-Year High Over Past
> Year: 7.9%
>
> Labor Department reflected the 12 months ending in
> February and didn’t include most of the oil and
> gas price increases that followed Russia’s
> invasion of Ukraine on Feb. 24. Since then,
> average gas prices nationally have jumped about 62
> cents a gallon to $4.32
>
> Even before the war further accelerated price
> increases, U.S. consumer inflation rose to its
> highest level in four decades. What’s more,
> housing costs, which make up about a third of the
> government’s consumer price index, have risen
> sharply, a trend that’s unlikely to reverse
> anytime soon.
>
> These number won't reflect the oil and gas spikes
> of the past week, which will likely catapult
> prices even higher in coming months.
>
> Federal Reserve is set to raise interest rates
> several times this year beginning with a modest
> hike next week. The Fed faces a delicate
> challenge, though: If it tightens credit too
> aggressively this year, it risks undercutting the
> economy and perhaps triggering a recession.
> -----------------------------------------------
>
> Did you people load up on canned goods yet? Joe
> Biden and Kamala Harris have done everything they
> can to screw the people of the United States. They
> shut the pipeline, made policy so unfavorable to
> oil companies that the companies have no incentive
> to drill for oil, and then Joe and Kamala thought
> it would be a good idea to cut off oil from Russia
> and instead try to get oil from Iran and Venezuela
> (who are just as bad as Russia). The Saudis have
> told Biden to pound sand lol.
>
> When the fed starts raising rates next week, the
> current crisis will look like Disneyland. You have
> been warned.
>
> Have a great day everyone. Save your pennies, not
> that they are worth anything now. But maybe they
> will taste good when you cannot afford a loaf of
> bread.


One additional warning...

If you rent an apartment, get ready for sticker shock with your upcoming renewal. Plan on a 25-30% increase on your renewal rate. Yes, that is not an exaggeration. My friend rents an apartment and he just got a 30% increase on his renewal. When he discussed with the management office, they said increase is due to inflation as well as the money that real estate investment companies could not collect from people during covid.

Have a great day!!

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Re: Turn Out The Lights, The Party's Over
Posted by: SettingRecords ()
Date: March 15, 2022 03:24PM

Reported today:

Wholesale Prices Soar 10% In February, Highest Level On Record

Wholesale prices soared again last month to their highest level on record as inflation continues to spiral out of control. The Labor Department on Tuesday said the producer price index, which measures inflation at a wholesale level before products are sold to consumers, rose 10% in February from a year ago.

Meanwhile, (employee/worker) earnings fell again, according to the bureau’s data. “Real inflation-adjusted average hourly earnings for the month fell 0.8% in February, contributing to a 2.6% decline over the past year, according to the BLS. That came even though headline earnings rose 5.1% from a year ago, but were outweighed by the price surge,” CNBC reported.

--------------------------

Stock up. This is going to be a long bumpy ride. Joe Biden and Kamala Harris will continue to assume you are an idiot while they blame Russia for the current disaster that's been building for more than a year.

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Re: Turn Out The Lights, The Party's Over
Posted by: ItsON ()
Date: March 17, 2022 02:13PM

Today:

Higher prices of gas, groceries, new cars and mortgage rates got you down? Americans may have to get used to it. The rate of inflation might not return to pre-pandemic levels of less than 2% for at least another three years.

That’s the blunt message the Federal Reserve delivered on Wednesday. For the first time since 2007, the central bank predicted inflation would end the year above 3% — in fact, well above that level.

The Fed estimated the rate of U.S. inflation, using its favorite PCE price index, would average a whopping 4.3% in 2022.

That’s up from the bank’s 2.6% estimate four months ago and just 1.9% a year earlier. These are earthquake-like alterations for a conservative central bank that rarely make big changes in its forecasts.

Another note:

By itself, a quarter-percentage-point increase will not make a big difference to a credit card’s annual percentage rate (APR) or a savings account’s annual percentage yield (APY), experts say. But stack several rate increases together and consumers will start to feel the pinch, they note.

Markets are expecting six, quarter-point increases this year. (On Wednesday, St. Louis Fed President James Bullard argued for a 50 basis-point increase in a dissent.)
------------------------------

As noted, the Fed acknowledged that they brushed off the problem. They = Joe Biden and Kamala Harris. The fed does nothing without input from or briefing to the executive office.

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Re: Turn Out The Lights, The Party's Over
Posted by: fdsgbjugce ()
Date: March 20, 2022 05:12PM

Facts bump

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Re: Turn Out The Lights, The Party's Over
Posted by: LookOut ()
Date: March 25, 2022 02:26PM

Reported today:

Inflation predicted to be 8.6% in April's report (up from 7.9% in report a few weeks ago). Also reported, next fed rate hike will be a half point and followed by a few more half point hikes this year.
-----------------------------

Joe Biden and Kamala Harris did too little too late after ignoring analysts and allowing inflation to skyrocket. Inflation was fueled by supply and demand, but was driven by handing out trillions of dollars in "free" money and devaluing the dollar.

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Re: Turn Out The Lights, The Party's Over
Posted by: LookOut ()
Date: April 06, 2022 02:50PM

LookOut Wrote:
-------------------------------------------------------
> Reported today:
>
> Inflation predicted to be 8.6% in April's report
> (up from 7.9% in report a few weeks ago). Also
> reported, next fed rate hike will be a half point
> and followed by a few more half point hikes this
> year.
> -----------------------------
>
> Joe Biden and Kamala Harris did too little too
> late after ignoring analysts and allowing
> inflation to skyrocket. Inflation was fueled by
> supply and demand, but was driven by handing out
> trillions of dollars in "free" money and devaluing
> the dollar.

The fed meeting minutes were just released and the fed is going to get more aggressive. Be ready for an aggressive rate increase. The government is already projected to go from zero to 3.5% by summer next year. The only way they can do that is with aggressive rate increases. This will lead to a recession. This will also lead to higher rates on your credit cards and any other adjustable rate loans. You are about to get recession tax-fucked even worse by Joe Biden and Kamala Harris.

Also released today: New polling reveals 81% of adult Americans think the economy will likely experience a recession this year. David Tinsley, a senior economist at the new Bank of America Institute, joins CBS News' Tanya Rivero and Meg Oliver to discuss the state of the economy.

Also released today:

Deutsche Bank Joins Predictions of Coming Recession – Experts can’t agree when a recession will hit the U.S. economy – but they do seem to agree that a recession is coming. After Former Federal Reserve Governor Lawrence Lindsey warned on Monday that rising inflation will slash consumer spending and trigger a recession by July, Deutsche Bank issued its own forecast for a similar crisis.
---------------------

Joe Biden and Kamala Harris...wow. Way to ignore the experts and screw over the people of the United States.

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Re: Turn Out The Lights, The Party's Over
Posted by: HolyCrapola ()
Date: April 07, 2022 05:14PM

LookOut Wrote:
-------------------------------------------------------
> LookOut Wrote:
> --------------------------------------------------

> This will lead to
> a recession. This will also lead to higher rates
> on your credit cards and any other adjustable rate
> loans. You are about to get recession tax-fucked
> even worse by Joe Biden and Kamala Harris.


Reported today:

The numbers: Total consumer credit increased $41.8 billion in February, up sharply from a rise of $8.9 billion in the prior month, the Federal Reserve said Thursday. That translates into an 11.3% annual rate in February, up from a 2.4% gain in the prior month. This is the highest rate since November 2001.

Key data: Revolving credit, like credit cards, rose at a 20.7% rate in February after 4% gain in the prior month.
--------------

This is a recipe for disaster when the fed raises rates and (lower income) people start defaulting on their credit cards.

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Re: Turn Out The Lights, The Party's Over
Posted by: Tuesday ()
Date: April 11, 2022 11:52AM

Reported today:

Get ready for a nasty inflation report

A new inflation reading is due out Tuesday (tomorrow) morning, and it looks to be a doozy. The Consumer Price Index for March will reflect the surge, which is likely to push the headline number to yet another multi-decade high.

Analysts surveyed expect the release to show 8.4% inflation over the last year, which would be the highest overall inflation rate since December 1981. The rate was 7.9% for the year ended in February. Excluding food and energy, the forecast is for 6.6% inflation, which would be the highest since August 1982.

Fed has signaled a potential half point rate increase at their next meeting.

------------------------

Hurricane Biden Harris continues to destroy the lower and middle class.

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Re: Turn Out The Lights, The Party's Over
Posted by: HolySheet ()
Date: April 12, 2022 03:45PM

Hello boys and girls. It's a bit of a read, but welcome to another disastrous Fed report that was released this morning:

Prices climbed 8.5% in March compared to last year amid growing fears of economic slowdown.The administration has tried to rebrand the recent spike of inflation as a “Putin Price Hike.” But that rhetoric does not seem to have lifted Biden’s approval rating on the economy ahead of the 2022 midterms.

The food index rose 1 percent in March compared to February. It is up 8.8 percent compared to the prior 12 months, the largest increase since May 1981. Few categories have been left untouched. Breakfast cereal was up 2.4 percent from February to March. Rice prices rose 3.2 percent, ground beef grew 2.1 percent, and eggs were up 1.9 percent. Milk was up 1.3 percent, potatoes 3.2 percent, and canned fruits and vegetables tacked on 3.8 percent. Rents were up 4.4 percent compared to the year before, and 0.4 percent in March compared to February alone.

Persistently high inflation comes as economists and analysts increasingly fear a looming economic slowdown. In March, Bank of America analysts lowered their estimates for growth in 2022 from 3.6 percent to 3.3 percent. The Federal Reserve also recently downgraded its GDP forecasts.

In order to try and arrest the growth of inflation, the Fed in mid-March launched its first rate hike since the pandemic began and penciled in six more for later this year. In the past few weeks, officials have signaled that even more aggressive hikes could come in the next few months. “The expectation going into this year was that we would basically see inflation peaking in the first quarter, then maybe leveling out,” Fed Chair Jerome H. Powell said in March. “That story has already fallen apart. To the extent that it continues to fall apart, my colleagues and I may well reach the conclusion that we’ll need to move more quickly.”
------------------------

You're already paying the Biden Harris Inflation Tax. Are you ready for the "Biden Harris Recession"? It's coming.
.

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Re: Turn Out The Lights, The Party's Over
Posted by: Wed_Nes_Day ()
Date: April 13, 2022 06:41PM

Reported today:

New York (CNN Business) The Producer Price Index is the latest data point showing the price pressure.
The index, which measures what America's producers get paid for their goods and services on average over time, rose 11.2% in the year ended in March, the Bureau of Labor Statistics reported Wednesday.
It was the biggest jump in prices since the data series began in November 2010, exceeding analysts' expectations and the double-digit jumps recorded in the first two months of the year.
--------------------------

Biden Harris destruction of the United States continues. In simple terms...the more you pay workers, the more products and services cost the consumer. Yeah, I know that sounds almost stupid to have to explain that to you. But, there are people who argue making the national minimum wage $15/hr won't have an effect. Yes, it will. Pay people more, operating expenses go up (along with taxes that corporations pass through to the consumer), and companies have to charge more for goods and services in order to make a profit.

It's amazing how truly stupid the Biden Harris team is.

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Re: Turn Out The Lights, The Party's Over
Posted by: April2022News ()
Date: April 29, 2022 12:20PM

Reported today:

Key U.S. inflation gauge jumped 6.6% in March — most since 1982

An inflation gauge closely tracked by the Federal Reserve surged 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressuring household budgets and the health of the economy.

Biden has pointed to a strong job market and solid consumer spending as evidence that his policies have helped Americans.

But that view absorbed a setback Thursday, when the government reported that the economy shrank in the first three months of this year at a 1.4% annual rate. That was the first contraction since the coronavirus-driven recession that took hold in the second quarter of 2020.
--------------------

Next week, we will get the inflation numbers for April. Be ready for bad news, to include greater chance for a Biden / Harris recession.

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Re: Turn Out The Lights, The Party's Over
Posted by: ItsTheRussians ()
Date: April 30, 2022 04:35PM

Reported on CNN today:

New York (CNN Business)

Total compensation costs for civilian workers declined 3.7% over the past 12 months ending in March, after accounting for inflation, according to the Employment Cost Index report published Friday.
It's the largest decline since the Bureau of Labor Statistics began inflation-adjusted records in 2001.

The inflation-adjusted cost of wages and salaries fell 3.6%, while benefit costs dropped 4.2%, both the largest decreases since the series started 21 years ago.
"For workers, this is bad news," Jason Furman, an economics professor at Harvard University and former chair of the Council of Economic Advisers in the Obama administration, said of the inflation-adjusted data. "Wages are falling very rapidly over the last year and are way below where they were two years ago."

The latest compensation report will likely keep the Fed in a pretty hawkish mood, said Kathy Bostjancic, chief US economist at Oxford Economics. She expects the central bank to raise rates by another 50 basis points at EACH of its May AND June policy meetings.
-----------------------------------

Come on Joe Biden. I'm sure you can come up with another lie after you've blamed the Russian war that didn't start until the end of Feb 2022. Joe Biden and Kamala Harris are disasters. Sure, we don't have to endure a few mean Tweets, but now we are paying the Biden/Harris incompetence tax.

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Re: Turn Out The Lights, The Party's Over
Posted by: DayBeforeTomorrow ()
Date: May 03, 2022 02:10PM

Get ready, it's about to get really bad....

With concerns growing over an inevitable recession due later this year, the Federal Reserve plans to raise interest rates at its fastest clip in three decades, the Associated Press reported on Monday.

The maneuver, which will make it costlier to borrow everything, from a line of credit to a mortgage on a home, will also further strain Americans' pocketbooks and likely weaken the economy. But it is considered the only way to potentially stave off the even harsher economic consequences of a wider recession.

Economists predict the first rate hike will hit Wednesday, following a rate-setting meeting where the central bank is expected to announce that it's raising its benchmark short-term interest rate by a half-percent — the sharpest rate hike since 2000.

For months, the president and his Federal Reserve officials assuaged fears over soaring inflation by claiming the crisis was only “transitory” and failing to take steps to reverse the trend.

"We lost a whole year on addressing the issue. Only because, frankly, we have leadership today in America that isn't willing to admit when they're wrong. They made a terrible blunder here, and now the price has got to be paid."

That price would be jacked-up interest rates at the same levels as inflation or higher — meaning above 8.5% — as the only potential way to achieve a “soft landing.”

It seems the Fed now agrees with this assessment. Though even with an interest rate hike plan, many fear a recession is still unavoidable.

“A recession at this stage is almost inevitable,” former Fed vice chair Roger Ferguson told CNBC on Monday. “It’s a witch’s brew, and the probability of a recession I think is unfortunately very, very high because their tool is crude and all they can control is aggregate demand.”
-----------------------------------------------

Buy your canned goods now. Tomorrow will start the real panic. Also, make sure you have at least a month's income in cash. Really, you should have 6 months as an emergency fund. Credit cards don't count. If you use those, your interest rate is about to go up, so you'll be doubly-fucked.

But, hey, Joe Biden and Kamala Harris say everything is going great. It is, for them.

Good luck.

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Re: Turn Out The Lights, The Party's Over
Posted by: 39MinutesAway ()
Date: May 04, 2022 01:36PM

Article just posted to tell you about the trouble Americans (and businesses) are about to encounter...get ready, it's going to start to get even worse:

"Your credit card debt is going to get more expensive in a hurry, and it's not going to stop anytime soon," Schulz said in an email.

Expect to see higher APRs in a billing cycle or two after the Fed's announcement, he added. After the Fed's March hike, interest rates for credit cards increased across 75% of the 200 cards that Schulz reviews every month, he said.

"Most Americans' financial margin for error is small, and when gas, groceries and seemingly everything else gets more expensive and interest rates go up, too, it makes it much harder," he wrote.

Other types of credit with adjustable rates may also see an impact, such as home equity lines of credit and adjustable-rate mortgages, which are based on the prime rate. Auto loans may also rise, although these can be more sensitive to competition for buyers.

Homebuyers have already been walloped by surging mortgage rates, which have jumped about two percentage points in one year, topping 5%.That's adding thousands to the annual cost of buying a home. For instance, a purchaser buying a $250,000 home with a 30-year fixed loan at last week's average rate of 5.3% will pay $3,300 a year more compared to what they would have paid with the same mortgage in April 2021, according to figures from the National Association of Realtors.
-----------------------

Remember when Joe Biden and Kamala Harris said the poor and middle class wouldn't pay more taxes (ie only $450k and above would get an increase)? Well, you ARE paying the Biden Harris tax because they ignored a growing problem. But I am relieved that they are rich and doing just fine.

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Re: Turn Out The Lights, The Party's Over
Posted by: GetReady ()
Date: May 04, 2022 02:25PM

Just reported:

WASHINGTON, May 4 (Reuters) - The Federal Reserve on Wednesday raised its benchmark overnight interest rate by half a percentage point, the biggest jump in 22 years, and said it would begin trimming its bond holdings next month as a further step in the battle to lower inflation.
-----------------------

Get ready for more inflation due to higher interest rates paid by businesses. This will be followed by a recession and layoffs because people stop spending in an effort to pay their most important bills and higher interest on credit cards.

The remainder of this year is not going to be good. I hope you stocked up heavily on canned goods and vacuum-packed meat.

Joe Biden and Kamala Harris will continue to live a prosperous life while telling us everything will be alright.
.

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Re: Turn Out The Lights, The Party's Over
Posted by: MoreBadNews ()
Date: May 05, 2022 09:47AM

News just got worse...reported today:

The numbers: The productivity of American workers and businesses sank at an 7.5% annual pace in the first quarter — the biggest drop since 1947.

The amount of goods and services produced, known as output, fell at a 2.4% rate in the first three months of the year. Yet hours worked rose at a 5.5% annual rate, the government said Thursday.

Unit-labor costs surged at 11.6% annual pace in the first quarter. Over the past year these costs have risen at the fastest clip in 40 years.

Yet adjusted for inflation compensation fell 5.5%, showing that rising prices are hurting breadwinners. Wages aren’t keeping up with inflation.
........................

Stock market tanked this morning after the news release. Have a nice day lol

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Re: Turn Out The Lights, The Party's Over
Posted by: kjwgefwej ()
Date: May 05, 2022 01:35PM

MoreBadNews Wrote:
-------------------------------------------------------

> Stock market tanked this morning after the news
> release. Have a nice day lol

"tanked" is an understatement

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Re: Turn Out The Lights, The Party's Over
Posted by: TheDayBeforeTomorrow ()
Date: May 10, 2022 03:58PM

Get ready for tomorrow's inflation report. ;)

In the meantime, reported today:

New York (CNN Business)In another blow to the US economy, prices at the pump soared to fresh record highs.
The national average price for regular gasoline climbed more than four cents on Tuesday to $4.37 a gallon, according to AAA. That takes out the prior record of $4.33 set on March 11.
The gas spike — prices are up 17 cents in the past week alone — will only add to inflationary pressures that have raised recession fears, rocked financial markets and soured Americans' views on the economy.

CNBC: Consumer debt and credit rose 1.7% in the first quarter to $15.84 trillion. The rise in total household credit was propelled largely by a $250 billion increase in mortgage debt, which now stands at $11.18 trillion, an increase of 10% from the first quarter in 2021.

Credit card balances are at $71 billion, or about 9% higher than they were for the same period a year ago.

-------------------------------

Are you ready for the Joe Biden Kamala Harris recession and bubble burst? They set the stage perfectly for it.

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Re: Turn Out The Lights, The Party's Over
Posted by: AprilReport ()
Date: May 11, 2022 09:49AM

April inflation report is out. It's not as bad, but still high.

Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs

New York (CNN Business)US inflation took a breather last month for the first time since August. Prices still increased, but at a slower pace than in previous months.

Inflation rose again in April, continuing a climb that has pushed consumers to the brink and is threatening the economic expansion, the Bureau of Labor Statistics reported Wednesday.

The Consumer Price Index was up 8.3% (was predicted to be 8.1%) in the 12 months ended in April, the Bureau of Labor Statistics reported Wednesday, slightly higher than economists had predicted. It was a decrease from the 8.5% recorded in March.

Shelter costs, which comprise about one-third of the CPI, rose at their fastest pace since 1991.

Inflation-adjusted earnings continued to decline for workers, falling 2.6% over the past year due to the surging cost of living.

April report showed that “this is another upward inflation surprise and suggests that the deceleration is going to be painstakingly slow.”

Federal Reserve officials have responded to the problem with two interest rate hikes so far this year and pledges of more until inflation comes down to the central bank’s 2% goal. However, Wednesday’s data shows that the Fed has a big job ahead.
---------------------

I told you before, this Biden Harris incompetence tax is going to be a long painful ordeal.

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Re: Turn Out The Lights, The Party's Over
Posted by: Additionally ()
Date: May 11, 2022 01:56PM

Adding to the news:

The disappointing consumer price inflation report for April keeps the focus squarely on the Federal Reserve and its plans for bringing inflation down.

A slew of Fed officials have spoken this week. Here are some of the major themes that have emerged with the next policy meeting only a little over a month away:
We’re going to move by 50 basis points in June and July. Next question.

At his news conference on May 4, Fed Chairman Jerome Powell said “there’s a broad sense on the committee that additional 50 basis increases should
be on the table for the next couple of meetings.” The Fed speakers this week have all embraced this plan.
---------------------------

2 more half-point increases coming up. Adjustable rate mortgages, credit cards, etc will see another rate increase. Businesses will stop investing. The housing and mortgage industries will come to a screeching halt. You will see unemployment bump up, and this may include you. Small businesses (making up almost half of the economy) will be bent over. But Joe Biden and Kamala Harris will continue to dine in luxury while telling you that they care about you and that it's not their fault. Come on Joe, lie to us!!!

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Re: Turn Out The Lights, The Party's Over
Posted by: MemorialDayReport ()
Date: May 27, 2022 10:54AM

More bad news (though not as bad lol):

The personal consumption expenditures price index, which measures costs that consumers pay for a variety of different items, showed that core prices – which exclude the more volatile measurements of food and energy – soared 4.9% in the year through April, according to the Bureau of Economic Analysis.

That measurement is the Fed's preferred gauge to track inflation; it marks the 13th consecutive month the gauge has been above the central bank's target range of 2%. Still, it was slightly below March's measurement of 5.2%, and is down from the 39-year high of 5.3% that was recorded in February.

The data is further evidence of a spike in prices illustrated by a separate measure – the consumer price index – which showed inflation rose by 8.3% in April from the previous year, which is also near a 40-year high.

Due to inflation, the consumer savings rate fell to 4.4% last month, the lowest level since 2008.
---------------------------

Not as bad as it could have been, but still bad nonetheless.

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