[Doomsday Economics] Home of Kirbeh's FREE SLICE ($25 delivery fee)

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(Thread IKs: skooma512)

actionjackson: Jan 12, 2003

today was the last day of my job

a couple of the doctors i did work for bought me drinks and we had a nice talk for several hours

also one of them always pays, turns out one of his kids is rich as hell (founder of stitch fix). he's really chill tho

edit: last day of job snipe

# ? Apr 29, 2023 01:49

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# ? May 26, 2024 10:14

Fozzy The Bear: Dec 11, 1999; Nothing much, watching the game, drinking a bud

If I had more than $250k in the bank I would withdraw it and buy more houses, they never lose value.

# ? Apr 29, 2023 01:53

actionjackson: Jan 12, 2003

lol

Only registered members can see post attachments!

# ? Apr 29, 2023 02:04

parasyte: Aug 13, 2003; Nobody wants to die except the suicides. They're no fun.

RealityWarCriminal posted:

is this true? did no economist notice this?

it is true and some economists did notice this - someone read the SVB financials and realized what happened and decided they needed to get everyone to get their money out, which started this in the first place. it should have been part of the fed's calculations when deciding to raise the target rate but lol, lmao

a shitload of banks and most people who went into banking were caught offguard by this because the rate has been zero for the last 15 years, and the last time the fed raised the target they took 2 whole years to go from 1% to 5%. rates had also been 5% or as much as 10% for much of the prior 20 years. now they went from 0% to 4.5% in 12 months and a bunch of banks already made their rate bets

# ? Apr 29, 2023 02:33

i am harry: Oct 14, 2003

Cool NIN Shirt posted:

It might run a little rougher but a gasoline car built within the last five years or so can absolutely run off diesel.

that�s not right diesel consistency is too thick it�ll gently caress up all the parts that are supposed to have gas flow through them

however you can get a diesel engine to run off used fry oil

i am harry has issued a correction as of 03:20 on Apr 29, 2023

# ? Apr 29, 2023 03:14

Xaris: Jul 25, 2006; Lucky there's a family guy
Lucky there's a man who positively can do
All the things that make us
Laugh and cry

actionjackson posted:

lol

lmao da bag holders on that one

# ? Apr 29, 2023 03:24

Vox Nihili: May 28, 2008; Can't post for 3 hours!

Stereotype posted:

but like "bank can't print tons of money " isn't the same as "bank failed." does the FDIC step in just because the bank put themselves in a stupid unprofitable spot? I thought what triggered it was "bank literally doesn't have any more money on hand." But maybe they really don't have any more money I guess.

I bought 3 shares at $2 anyway because it seems like a fun bet on a stock that was worth $200 two years ago

The bank does not have money on hand to pay its depositors because most of its financial instruments (assets) lost a huge amount of value and too many depositors are fleeing. They have to sell those instruments at a huge discount to raise cash, and more depositors flee whenever news breaks of them selling. They could live with the instruments losing value or a bunch of depositors fleeing, but not both, because they are hitting the point where they flat out cannot produce the cash necessary to pay people who want their money. Losing money is fine until your creditors all come calling.

# ? Apr 29, 2023 03:50

Second Hand Meat Mouth: Sep 12, 2001

Resume student loan payments and inflation goes down in a couple of months.

# ? Apr 29, 2023 04:23

holefoods: Jan 10, 2022

everything goes down no one can afford anything it�s perfect

# ? Apr 29, 2023 04:45

anonumos: Jul 14, 2005; Fuck it.

holefoods posted:

everything goes down no one can afford anything it’s perfect

That's the goal!

# ? Apr 29, 2023 05:19

street doc: Feb 20, 2019

how is the fed killing banks? I thought the banks owned the fed.

# ? Apr 29, 2023 05:32

SKULL.GIF: Jan 20, 2017

Xaris posted:

yea there was a huge wave of astroturf bots pushing that poo poo so loving hard in the run up to its quick demise

honestly impressive how well it works

I posted earlier in this thread about how there's been a huge explosion in turfed accounts going YES BUY THIS NOW 0 RISK MAXIMUM RETURN that all delete their accounts instantly after the event passes. It's all parasites hunting for exit liquidity.

# ? Apr 29, 2023 05:36

sullat: Jan 9, 2012

RealityWarCriminal posted:

is this true? did no economist notice this?

Interest rates were at near zero for like 10 years, therefore they will be at near zero forever.

# ? Apr 29, 2023 05:43

Xaris: Jul 25, 2006; Lucky there's a family guy
Lucky there's a man who positively can do
All the things that make us
Laugh and cry

here's some feel good news: no one wants to work anymore!!

quote:

(Bloomberg) -- There are not enough people to repossess all the motorcycles.

That was the message from Harley-Davidson Inc., which said Thursday its credit losses in the first quarter were due in part to a shortage of repossession agents.

Read more: The Repo Man Is Back as Americans Fall Behind on Car Payments

The repossession industry is seeing an uptick in demand as more Americans struggle to afford their car payments. And companies that specialize in seizing vehicles are having trouble hiring enough agents, after many decamped for other jobs during the pandemic when business largely dried up due to stimulus measures.

For Milwaukee-based Harley, the repo shortage combined with a decline in retail bike values. That contributed to realized credit losses of about $52.6 million in the first quarter for the company�s financial arm, vice president and treasurer David Viney said on a conference call Thursday.

�A lot of people left the repossession industry during Covid,� Viney said.

He added that Harley has accelerated efforts to reach customers in cases of late-stage delinquencies, and that the company is �making a lot of enhancements� to its repossession strategy.

Read more: Americans Fall Behind on Car Payments at Higher Rate Than 2009

Those changes, combined with an expected seasonal recovery in credit losses, should help reduce the loss rate in the coming quarters, he said.

At the North American Repossessors Summit in Orlando earlier this month, many attendees reported staffing shortages and said they�re gearing up for boom times. In March, the percentage of subprime auto borrowers who were at least 60 days late on their bills was 5.3%, up from a seven-year low of 2.58% in May 2021 and higher than in 2009, the peak of the financial crisis, according to data from Fitch Ratings.

https://www.msn.com/en-us/money/com...15d5127cd&ei=14

# ? Apr 29, 2023 05:45

Xaris: Jul 25, 2006; Lucky there's a family guy
Lucky there's a man who positively can do
All the things that make us
Laugh and cry

getting my lovely blinged out 80k harley repo'd that i financed with a 3rd reverse mortgage and pig rig savings

# ? Apr 29, 2023 05:46

SKULL.GIF: Jan 20, 2017

RealityWarCriminal posted:

is this true? did no economist notice this?

Multiple banks, employing many multiples of economists, have exploded over the last few months exactly and precisely because "no economists noticed this.".

The people in charge are not remotely any more intelligent nor any more aware than any random poster in this thread.

# ? Apr 29, 2023 05:46

Xaris: Jul 25, 2006; Lucky there's a family guy
Lucky there's a man who positively can do
All the things that make us
Laugh and cry

SKULL.GIF posted:

The people in charge are not remotely any more intelligent nor any more aware than any random poster in this thread.

correct. i would also say that's their function in the self-organizing system as an organ to the machine is to intentionally be stupid.

i keep going back to bernard stiegler recently because 'cerebral desertification' of even the elite is such a good phrase:

quote:

Proletarianisation is a concept that captures a noetic process, denoting a generalised loss of knowledge of the subject, our gradual becoming stupid. Stiegler...starts to develop the concept more rigorously, resulting in a tripartite division of proletarianisation into the loss of savoir-faire, savoir-vivre and savoir-th�oriser... In a Heideggerian vein, savoir-faire denotes more practical knowledge; savoir-vivre corresponds to a certain know-how of living together, which he primarily explores in psychoanalytic terms; savoir-th�oriser is quite literally a capacity for theoretical thinking. The loss of these three forms of savoir rests upon a historical distinction between three different economic eras, namely, that of nineteenth-century industrial capitalism, twentieth-century Fordist consumerism and our current economic paradigm. This does not mean that each loss of savoir is mutually exclusive, corresponding to a specific and unique economic epoch. They are in fact cumulative, and Stiegler argues that we are witnessing the loss of all three forms of knowledge today.

In this periodisation of capitalism, whereas labour in the nineteenth century is primarily considered to be characterised by the loss of artisanal skills, labour in the twenty-first century is seen to cause a loss of cognitive capacities. Stiegler holds that this damage does not only affect workers but everyone, as big data and the crowd sourcing economy replace the producer by the consumer. In 1993, with the introduction to the public of the World Wide Web, our milieu was transformed into a digital one, a milieu of absolute automation, the automation not simply of practical knowledge but also of decision-making. We are now all becoming part of the machine, as artificial organs causing �a complete cerebral desertification�.

No one escapes proletarianisation in the digital age, not even the likes of Alan Greenspan, the former Chair of the U.S. Federal Reserve, who would have been made redundant by finance algorithms. Stiegler therefore speaks of an age of generalised proletarianisation characterised by the automation of everyone�s knowledge, resulting from the material automation of both physical and cognitive tasks.

# ? Apr 29, 2023 05:50

skooma512: Feb 8, 2012; You couldn't grok my race car, but you dug the roadside blur.

I think 2024 is gonna be a :coolzone:

year. Restarting student debt payments along with rising costs of everything is gonna have radicalization potential.

# ? Apr 29, 2023 05:59

Mustached Demon: Nov 12, 2016

skooma512 posted:

I think 2024 is gonna be a year. Restarting student debt payments along with rising costs of everything is gonna have radicalization potential.

plus a presidential election year gonna rile everyone up

# ? Apr 29, 2023 06:03

anime was right: Jun 27, 2008; death is certain
keep yr cool

Mustached Demon posted:

plus a presidential election year gonna rile everyone up

would be extremely funny for biden to win a general election with a 14% approval rating

# ? Apr 29, 2023 06:06

Willa Rogers: Mar 11, 2005

Looking forward to dems coopting any protests as a reason to VOTE! as they did in 2020.

# ? Apr 29, 2023 06:06

Willa Rogers: Mar 11, 2005

Also looking forward to Obama picking up the phone again to squelch any nascent strikes before they happen.

Imagine having enough mojo to stop strikes in their tracks with one call, like superman... none of this tortured act-of-congress stuff & then having to pretend you did it for good reasons instead of for your donors.

# ? Apr 29, 2023 06:10

Animal-Mother: Feb 14, 2012; RABBIT RABBIT
RABBIT RABBIT

Willa Rogers posted:

Also looking forward to Obama picking up the phone again to squelch any nascent strikes before they happen.

Imagine having enough mojo to stop strikes in their tracks with one call, like superman... none of this tortured act-of-congress stuff & then having to pretend you did it for good reasons instead of for your donors.

Libs told me a president can't just do things, that's congress's job. Former presidents are omnipotent apparently though.

# ? Apr 29, 2023 06:29

Vox Nihili: May 28, 2008; Can't post for 3 hours!

# ? Apr 29, 2023 06:33

a_gelatinous_cube: Feb 13, 2005

SKULL.GIF posted:

Multiple banks, employing many multiples of economists, have exploded over the last few months exactly and precisely because "no economists noticed this.".

The people in charge are not remotely any more intelligent nor any more aware than any random poster in this thread.

I remember months ago there was some leaked audio of some meeting of high up people, maybe the fed I can't remember. Someone asked what the biggest problem on the horizon was, and someone said if everyone found out about the state the banking system was in at the moment. I think everyone important who knew this was coming was just keeping their mouths shut and hoping no one else would look.

# ? Apr 29, 2023 08:16

Greatbacon: Apr 9, 2012; by Pragmatica

a_gelatinous_cube posted:

I remember months ago there was some leaked audio of some meeting of high up people, maybe the fed I can't remember. Someone asked what the biggest problem on the horizon was, and someone said if everyone found out about the state the banking system was in at the moment. I think everyone important who knew this was coming was just keeping their mouths shut and hoping no one else would look.

I finally finished Currency of Politics today and one comment in the conclusion was essentially "Central bankers are very good at keeping their mouths shut."

Or as Alan Greenspan said in 1987 "I've learned to mumble with great incoherence."

# ? Apr 29, 2023 08:29

WrasslorMonkey: Mar 5, 2012

https://twitter.com/deitaone/status/1652202489855221760?s=46&t=O_6ihmc-D7Z9EEE42NYBYQ

:patriot:

# ? Apr 29, 2023 09:22

Zodium: Jun 19, 2004

Xaris posted:

correct. i would also say that's their function in the self-organizing system as an organ to the machine is to intentionally be stupid.

i keep going back to bernard stiegler recently because 'cerebral desertification' of even the elite is such a good phrase:

I think you're basically right about what you're saying here and it is a good term, but I don't like the machine metaphor so much. rather, Capital is an ecosystem governed by the universal organizing principles of capitalism or however someone put it recently, and if we're to look at that system cybernetically, it's important to keep that perspective. looking at it as a machine, that's where I think people like Land went off the deep end.

cerebral desertification is a function of specialization of labor, of behavior, which flows from capitalism narrowing behavioral niches to maximize profit and strangling niches which threaten stability, i.e., which don't reproduce Capital. humans are not omni-tools, but through education and practice are able to shape ourselves into specialized shapes to fit a particular niche. as these niches narrow, regardless of the nature of that niche or trophic level we occupy, so does what's conventionally called our cognition, but we aren't becoming stupider. our behavior is being channeled, in a manner of speaking, by presenting only the perceptual, ecological variables which facilitate capitalism.

# ? Apr 29, 2023 09:41

ben shapino: Nov 22, 2020

Zodium posted:

I think you're basically right about what you're saying here and it is a good term, but I don't like the machine metaphor so much. rather, Capital is an ecosystem governed by the universal organizing principles of capitalism or however someone put it recently, and if we're to look at that system cybernetically, it's important to keep that perspective. looking at it as a machine, that's where I think people like Land went off the deep end.

cerebral desertification is a function of specialization of labor, of behavior, which flows from capitalism narrowing behavioral niches to maximize profit and strangling niches which threaten stability, i.e., which don't reproduce Capital. humans are not omni-tools, but through education and practice are able to shape ourselves into specialized shapes to fit a particular niche. as these niches narrow, regardless of the nature of that niche or trophic level we occupy, so does what's conventionally called our cognition, but we aren't becoming stupider. our behavior is being channeled, in a manner of speaking, by presenting only the perceptual, ecological variables which facilitate capitalism.

Concerning

# ? Apr 29, 2023 09:57

Zodium: Jun 19, 2004

ben shapino posted:

Concerning

thread title

# ? Apr 29, 2023 10:03

Lpzie: Nov 20, 2006

just grinding away making hella money.... 51 more weeks of saving...

# ? Apr 29, 2023 11:26

Cool NIN Shirt: Nov 26, 2007; by vyelkin

skooma512 posted:

I think 2024 is gonna be a year. Restarting student debt payments along with rising costs of everything is gonna have radicalization potential.

People are too busy working their jobs. Protests only happened in 2020 b3cause everyone was hanging out at home, pockets full of Berniebucks and Trump dollars

# ? Apr 29, 2023 11:46

Nodelphi: Jan 30, 2004; We are all quite capable of believing in anything as long as it's improbable.; Ham Wrangler

Cool NIN Shirt posted:

People are too busy working their jobs. Protests only happened in 2020 b3cause everyone was hanging out at home, pockets full of Berniebucks and Trump dollars

No one wants to protest anymore.

# ? Apr 29, 2023 13:07

is pepsi ok: Oct 23, 2002

https://twitter.com/CNBC/status/1652160818878791680?s=20

# ? Apr 29, 2023 13:08

a.lo: Sep 12, 2009

I think UPS workers are striking soon

# ? Apr 29, 2023 13:09

Nodelphi: Jan 30, 2004; We are all quite capable of believing in anything as long as it's improbable.; Ham Wrangler

a.lo posted:

I think UPS workers are striking soon

How will I tell? I haven�t received an on time or actually delivered package from UPS in years.

# ? Apr 29, 2023 13:40

Beached Whale: Jun 27, 2009; The world as will and idea

is pepsi ok posted:

https://twitter.com/CNBC/status/1652160818878791680?s=20

Back when I was a young dumbass Zillow paired me up with this guy for the first house I ever toured, which was a total piece of poo poo. It didn't even include basic things like "an oven" or "functional hvac", which seemed to be minor points that he was glossing over, at first he just seemed like your typical real estate vulture.

At one point he brings up, totally unprompted, "So do you know me from anywhere?"

I'm like "I don't think so"

He says "Are you suuuuure you've never seen me from anything?"

And I reply "No, I've never met you before"

The look on his face after that was of someone who's self image had totally been deflated. Like the nightly news anchor I realized this mans ego thrived from the petty fame his small slice of corporate media stardom offered him, which he lengthily explained to me was some HGTV show that, after looking it up, was just like all the other bullshit HGTV shows. I'm like oh that's cool but the overly friendly real estate facade dropped after that and he was quite cold for the rest of the tour. After that he texts me that he got COVID partying in Miami, which was apparently the second time he'd gotten COVID in a year and that I should "go get checked" like he'd given me some sort of realtor transmitted disease. Stopped talking to him pretty quickly after that.

EDIT: Also remembering a hilarious anecdote where he was about 15 minutes late to the showing because his giant escalade got stuck in a tiny Pittsburgh alleyway

Beached Whale has issued a correction as of 13:56 on Apr 29, 2023

# ? Apr 29, 2023 13:53

Popoto: Oct 21, 2012; miaow

is pepsi ok posted:

https://twitter.com/CNBC/status/1652160818878791680?s=20

im the power posing guy on the left

# ? Apr 29, 2023 14:02

a_gelatinous_cube: Feb 13, 2005

Cool NIN Shirt posted:

People are too busy working their jobs. Protests only happened in 2020 b3cause everyone was hanging out at home, pockets full of Berniebucks and Trump dollars

Yeah, 2020 is why we will never ever have a quarantine again.

# ? Apr 29, 2023 14:16

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# ? May 26, 2024 10:14

meanolmrcloud: Apr 5, 2004; rock out with your stock out

is pepsi ok posted:

https://twitter.com/CNBC/status/1652160818878791680?s=20

someone is doing this for an old catholic grade school that�s been in disrepair in the next town over. it�s been neglected for 2 decades and is right on the main drag that�s been redeveloped in that time, but it�s still an odd thing to do. the faux expensive looking windows, landscaping and other improvements look fuckin stupid on what was obviously a school from the 1930s. I�ve never looked up the prices but shocker, it�s outrageous for a Midwest metro area.

# ? Apr 29, 2023 14:18

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