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skooma512)
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spacemang_spliff posted:yeah I get that and like I understand that the economy isn't real and runs on ork magic but like if my job was touching money all day i'd like to know real numbers not fake feel good numbers but that's why i'm not a super smart economist When I was working in safety, they were always developing new metrics so that what would be a Cat A accident or a very serious mishap did not get reported as such. A mortar bomb literally smoking with the primer struck? Not a misfire and UXO because blah blah blah. A soldier was accidentally issued and fired live ammunition instead of blanks? Because the BFA was destroyed in the process it was simply reported as damage to a rifle and not a major incident. Have EOD come blow a dud mortar bomb in place? Nope. Return it to the ammo dump and report it as faulty. Of course every annual report said “Good news! Safety is great and continues to be great!” because of this reporting, but the fake feel good numbers were more important. I imagine this is the same but even more abstract.
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Mar 14, 2023 15:58
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lol
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Mar 14, 2023 15:59
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In Training posted:https://twitter.com/JustinWolfers/status/1635636620408881154?s=20 these are the top academics in economics, finding a problem they don't know the answer to and just shrugging their shoulders. lmao.
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Mar 14, 2023 16:00
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Woke Mind Virus posted:these are the top academics in economics, finding a problem they don't know the answer to and just shrugging their shoulders. lmao. most of the replies seem to be people trolling that loser
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Mar 14, 2023 16:02
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lmao
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Mar 14, 2023 16:05
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HallelujahLee posted:were not fixing anything were making it worse but have you seen the green number jenga rear end economy
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Mar 14, 2023 16:08
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HallelujahLee posted:were not fixing anything were making it worse but have you seen the green number When did biden's campaign manager start posting here?
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Mar 14, 2023 16:10
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Real hurthling! posted:creme egg 
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Mar 14, 2023 16:11
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Woke Mind Virus posted:these are the top academics in economics, finding a problem they don't know the answer to and just shrugging their shoulders. lmao. It's not that they don't know the answer, it's that they're ideologically opposed to the very existence of the problem.
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Mar 14, 2023 16:14
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another 10k people laid off from fb lmao
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Mar 14, 2023 16:16
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triple sulk posted:another 10k people laid off from fb lmao they hired like 70k people for Meta in the great pandemic hiring spree
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Mar 14, 2023 16:18
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Mar 14, 2023 16:18
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lol 70,000 people for Meta. Facebook could have easily been in place to launch Twitter 2 so then they could be the ones losing money hand over fist with one of the most important social media platforms in the world.
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Mar 14, 2023 16:19
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lmao
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Mar 14, 2023 16:20
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spacemang_spliff posted:I don't have money brains but I don't understand doing inflation but not including rent or food. Most people have to pay rent and everyone has to buy food. Not including it makes it meaningless! you're 100% right here. in economics, you have what's called an "orthodox" school and a "heterodox" school. every single economist you'll see on NYT or bloomberg or whatever will fall under the "orthodox" category. this is the type of economics that you learn in college textbooks - its the one that assumes that economies are single, rational actors making decisions on their own and one in which debt doesn't really exist this school has offshoots, of which the most popular in the west is now called "neo-classical", or sometimes known as "neo-liberal". really, what makes them neo-classical, is that the concept of "unearned" income that classical economists like Adam Smith, John Stuart Mills, Marx, etc were concerned about don't really exist. in the 19th century view, especially amongst the budding capitalists, they believed that the landlord and feudal class were hindering growth of economies by collecting rents on people simply due to their inherited aristocracy. as industrialists were employing labor and trying to earn profits, they saw these as parasitic - leading to Adam Smith once saying "As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce." this, however, is inversed in neo-classical and modern day economists. they actually believe that rent-seeking behavior is not only earned, but productive towards economies. rent seeking is not just literal home rents, but financial rents when they skim off transactions - technically, when you miss your credit card payment and are charged a penalty, that is actually considered revenue for the credit card company and actually grows the GDP - how is that in anyway actually productive though? this is why CPI indexes are almost devoid of the real factors that everyday people care about - their student loans, their mortgage payment, their rent, their medical bills, which are all going up, and leaving less money left over for actual consumer goods.
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Mar 14, 2023 16:23
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Paradoxish posted:It's not that they don't know the answer, it's that they're ideologically opposed to the very existence of the problem. Well they’re ideologically opposed to taxation or any other means of resolving it, so I don’t know where they can go from here.
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Mar 14, 2023 16:26
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dk2m posted:you're 100% right here. in economics, you have what's called an "orthodox" school and a "heterodox" school. every single economist you'll see on NYT or bloomberg or whatever will fall under the "orthodox" category. this is the type of economics that you learn in college textbooks - its the one that assumes that economies are single, rational actors making decisions on their own and one in which debt doesn't really exist a good post
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Mar 14, 2023 16:31
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♫It's a very kinky measure♪ ♪The kind that obfuscates inflation♫ ♫It will never let your spirits down♪ ♪Once you divorce it from real life; ow, girl♫ ♫That measure's pretty wild now♪ (that measure's supercore) ♪The kind of thing you read about♫ (in Fortune magazine) ♫That measure's pretty kinky♪ (that measure's supercore) ♪I'd really love a rate hike♫ (every time Jay meets) ♫There's no food, there's no rent♪ ♪There's no energy♫ Yeah, hey, hey, hey, hey! ♫It's the supercore, supercore♪ ♪It don't count used cars♫
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Mar 14, 2023 16:33
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I get why you guys are dunking on Twitter economists for admitting that they don't know what's going on, but I at least appreciate them saying they don't know what's going on rather than just stubbornly admitting that their original position was correct.
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Mar 14, 2023 16:37
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Eric Cantonese posted:I get why you guys are dunking on Twitter economists for admitting that they don't know what's going on, but I at least appreciate them saying they don't know what's going on rather than just stubbornly admitting that their original position was correct. But they are stubbornly sticking to their original positions. The post everyone is dunking on is Wolfy literally saying "any of these things can be true but I'm picking the one that supports the (consistently incorrect) position that I've held for the past two years."
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Mar 14, 2023 16:39
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Nothus posted:Shades of Chris Matthews complaining that Bernie winning meant he would be publicly executed in central park That was a nice moment. Probably all downhill from there.
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Mar 14, 2023 16:40
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Paradoxish posted:But they are stubbornly sticking to their original positions. The post everyone is dunking on is Wolfy literally saying "any of these things can be true but I'm picking the one that supports the (consistently incorrect) position that I've held for the past two years." I read his post with the shrugged shoulders as an admission that he might be guilty of doing "artisanal analysis" or whatever he calls selective picking and choosing of figures you like versus figures you don't like.
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Mar 14, 2023 16:41
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dk2m posted:this, however, is inversed in neo-classical and modern day economists. they actually believe that rent-seeking behavior is not only earned, but productive towards economies. rent seeking is not just literal home rents, but financial rents when they skim off transactions - technically, when you miss your credit card payment and are charged a penalty, that is actually considered revenue for the credit card company and actually grows the GDP - how is that in anyway actually productive though? It produces misery, but it's hard to track that as a number.
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Mar 14, 2023 16:44
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Mr Hootington posted:We lucked into a mild winter It's just called 'winter' now. and someday it'll be the coldest winter you can recall
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Mar 14, 2023 16:45
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Jedi425 posted:It produces misery, but it's hard to track that as a number. actually we have a number for that Mirthless has issued a correction as of 16:48 on Mar 14, 2023 |
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Mar 14, 2023 16:46
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Eric Cantonese posted:I get why you guys are dunking on Twitter economists for admitting that they don't know what's going on, but I at least appreciate them saying they don't know what's going on rather than just stubbornly admitting that their original position was correct. what drives me insane is that both economists and even posters itt (myself definitely included) are generally always talking about inflation on the Fed's terms: they're solely responsible for Price Stability (divined to be 2% inflation), and that the appropriate mechanism for disinflation is raising interest rates, and all of the downstream consequences that implies (aka Volcker Shock). when I'm having conversations about inflation with irl friends, I find myself constantly having to throw out disclaimers about how this arrangement is a political choice, and how reasonably-targeted Taxes can be extremely deflationary in a much more direct way, but of course new taxes are barely more of a realistic hope than Full Communism in the USA any time soon
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Mar 14, 2023 16:47
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Welp, number goes up. Praise Number.
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Mar 14, 2023 16:47
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luckily the weather will continue to be unpredictable and harsh, even as the winters get warmer on average
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Mar 14, 2023 16:47
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dk2m posted:you're 100% right here. in economics, you have what's called an "orthodox" school and a "heterodox" school. every single economist you'll see on NYT or bloomberg or whatever will fall under the "orthodox" category. this is the type of economics that you learn in college textbooks - its the one that assumes that economies are single, rational actors making decisions on their own and one in which debt doesn't really exist
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Mar 14, 2023 16:48
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*tech dweeb hanging from a door hook by his tighty whiteys* "This is exactly like the Rwandan genocide"
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Mar 14, 2023 16:50
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Jedi425 posted:Welp, number goes up. Praise Number. I like it when new people come to the thread and get exposed to the depravity of the system.
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Mar 14, 2023 16:51
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webcams for christ posted:what drives me insane is that both economists and even posters itt (myself definitely included) are generally always talking about inflation on the Fed's terms: they're solely responsible for Price Stability (divined to be 2% inflation), and that the appropriate mechanism for disinflation is raising interest rates, and all of the downstream consequences that implies (aka Volcker Shock). when I'm having conversations about inflation with irl friends, I find myself constantly having to throw out disclaimers about how this arrangement is a political choice, and how reasonably-targeted Taxes can be extremely deflationary in a much more direct way, but of course new taxes are barely more of a realistic hope than Full Communism in the USA any time soon Yeah. The willingness of all of our politicians to kick this problem to the Fed instead of addressing it by legislation and other measures to increase the abundance of goods (and therefore - gasp! - reduce prices) is maddening.
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Mar 14, 2023 16:51
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we all must suffer for number
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Mar 14, 2023 16:51
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Eric Cantonese posted:Yeah. The willingness of all of our politicians to kick this problem to the Fed instead of addressing it by legislation and other measures to increase the abundance of goods (and therefore - gasp! - reduce prices) is maddening. they arent there to solve any problems they are there to keep capital happy the only problems they solve are those that may inconvenience capital.
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Mar 14, 2023 16:53
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Mr Hootington posted:I like it when new people come to the thread and get exposed to the depravity of the system. all is right in the world 
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Mar 14, 2023 16:54
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was this posted here, made me think https://twitter.com/jdcmedlock/status/1635462237182889985
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Mar 14, 2023 16:55
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Jay-V posted:was this posted here, made me think good for them I guess. we need more of the right kind of class traitor
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Mar 14, 2023 16:59
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webcams for christ posted:what drives me insane is that both economists and even posters itt (myself definitely included) are generally always talking about inflation on the Fed's terms: they're solely responsible for Price Stability (divined to be 2% inflation), and that the appropriate mechanism for disinflation is raising interest rates, and all of the downstream consequences that implies (aka Volcker Shock). when I'm having conversations about inflation with irl friends, I find myself constantly having to throw out disclaimers about how this arrangement is a political choice, and how reasonably-targeted Taxes can be extremely deflationary in a much more direct way, but of course new taxes are barely more of a realistic hope than Full Communism in the USA any time soon ultimately what the public doesn't really get is that the fed "fighting inflation" is another way of saying "keep wages from increasing and unemployment sufficiently high enough". Volcker did the exact same thing in the 70s which paved the way for Reagan to introduce his neoliberal reforms. inflation has a price component to it, no doubt, but the context of it is now WITHIN neoliberalism, which led to the de-industrialization and the offshoring of industry. this is now simply accepted as a "natural" transition to a service economy, when in reality, it was a huge state backed intervention to wage war on labor in order to move the growth engine directly to the stock market. this model completely fell apart during covid, which showed how those reforms have now led to an incredibly brittle supply chain causing massive production based issues, which cannot be solved overnight. in fact, it probably can't be solved at all, as we have lost the know-how to even manufacture at scale here, and rebuilding that will take decades. at the same time, live in a world where a brand new 65 inch tv can cost $100 but tuition at a university is cracking 75K a year. inflation is not the simply black and white supply/demand, but it's also the massive asset inflation required to keep the stock market inflated
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Mar 14, 2023 17:00
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what about Justin Woofers and he posts about dogs
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Mar 14, 2023 17:01
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gradenko_2000 posted:what about Justin Woofers and he posts about dogs He'd post shite about how actually it's impossible to tell if it's a cat, dog or fish so he'll just stick to his previously held position that the puppy he's drowning is a fish
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Mar 14, 2023 17:07
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