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

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(Thread IKs: skooma512)

Nonsense: Jan 26, 2007

the economic activity generated by the first hypercane will be impressive!

# ? Jul 10, 2023 19:48

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# ? May 25, 2024 17:00

Chad Sexington: May 26, 2005; I think he made a beautiful post and did a great job and he is good.

Akratic Method posted:

Sadly, the animals and plants will suffer before the Floridians. And then the poor Floridians will suffer before the true villains.

Well this spares the manatees from having to hang out in the warm-water discharge from power plants at least.

# ? Jul 10, 2023 19:57

Vox Nihili: May 28, 2008

JP Morgan is wondering why people aren't feeling better about our great economy!

# ? Jul 10, 2023 19:58

RadiRoot: Feb 3, 2007

Rochallor posted:

Wow, why am I pro-global warming all of a sudden?

brb pouring pots of boiling water into the ocean

# ? Jul 10, 2023 20:04

ProperGanderPusher: Jan 13, 2012

skooma512 posted:

Water temps at 50C?

Once we hit 100F, what�s another twenty five or so degrees? I have faith we can make those numbers happen.

# ? Jul 10, 2023 20:05

Third World Reagan: May 19, 2008; Imagine four 'mechs waiting in a queue. Time works the same way.

anime was right posted:

the problem is when florida is uninhabitable the rest of america will have to deal with floridians

having to deal with both california and florida implants would be awful

# ? Jul 10, 2023 20:18

smug jeebus: Oct 26, 2008

Third World Reagan posted:

having to deal with both california and florida implants would be awful

It's what Texas deserves

# ? Jul 10, 2023 20:19

SKULL.GIF: Jan 20, 2017

69% reduction since previous report.

https://twitter.com/financialjuice/status/1678479418216312840

# ? Jul 10, 2023 20:26

Boot and Rally: Apr 21, 2006; 8===D; Nap Ghost

SKULL.GIF posted:

69% reduction since previous report.

https://twitter.com/financialjuice/status/1678479418216312840

Does this mean people are spending less or they somehow paid things down? I think the former, but I am not sure.

# ? Jul 10, 2023 20:33

Thorn Wishes Talon: Oct 18, 2014; by Fluffdaddy

it doesn't matter

# ? Jul 10, 2023 20:35

SKULL.GIF: Jan 20, 2017

Boot and Rally posted:

Does this mean people are spending less or they somehow paid things down? I think the former, but I am not sure.

People maxed out their credit. Now they're stopping spending and just making their payments. Economic slowdown.

# ? Jul 10, 2023 20:35

RealityWarCriminal: Aug 10, 2016

you telling me the scienctific misery index, derived from adding two inaccurately measured numbers together, is wrong??

# ? Jul 10, 2023 20:37

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

SKULL.GIF posted:

69% reduction since previous report.

https://twitter.com/financialjuice/status/1678479418216312840

this is apparently due to a significant reduction in new non-revolving credit, which includes student loans and mortgages

SKULL.GIF posted:

People maxed out their credit. Now they're stopping spending and just making their payments. Economic slowdown.

this is additional credit, not total, iirc. so they stopped taking out loans.

my guess is mortgage prices + lack of houses + people just deciding gently caress college.

new auto loans also dropped significantly.

# ? Jul 10, 2023 20:37

insane clown pussy: Jun 20, 2023

anime was right posted:

the problem is when florida is uninhabitable the rest of america will have to deal with floridians

that's already been happening for a while if you live in the rest of the south

# ? Jul 10, 2023 20:37

Vox Nihili: May 28, 2008

Boot and Rally posted:

Does this mean people are spending less or they somehow paid things down? I think the former, but I am not sure.

it means people borrowed less money in May than expected, so one guess would be that people are spending less because they've maxed out their available credit

quote:

Total consumer credit in the US rose by $7.24 billion in May 2023, a figure considerably below market expectations of a $20.25 billion increase.
This was the smallest monthly gain in consumer credit since November 2020.
Revolving credit, typically credit cards, increased by 8.2%, which is a drop from the 13.8% increase in the previous month.
Non-revolving credit, generally auto and student loans, fell by 0.4%, following a downwardly revised 2% increase in the prior month.

# ? Jul 10, 2023 20:43

Cpt_Obvious: Jun 18, 2007

Debt bubble is ripening.

# ? Jul 10, 2023 20:45

Kassad: Nov 12, 2005; It's about time.

Vox Nihili posted:

Looks like they shut the whole thing down in 2021

Disappointing

boo

# ? Jul 10, 2023 20:49

Acelerion: May 3, 2005

If we arnt pulling economic activity from the future to the present using debt then we arnt getting whole on the economic activity past us pulled from the now

# ? Jul 10, 2023 20:54

Nanomashoes: Aug 18, 2012

Acelerion posted:

If we arnt pulling economic activity from the future to the present using debt then we arnt getting whole on the economic activity past us pulled from the now

Resources exist to be consumed. And consumed they will be, if not by this generation then by some future. By what right does this forgotten future seek to deny us our birthright? None I say! Let us take what is ours, chew and eat our fill.

CEO Nwabudike Morgan, "The Ethics of Greed"

# ? Jul 10, 2023 21:13

wash bucket: Feb 21, 2006

Vox Nihili posted:

JP Morgan is wondering why people aren't feeling better about our great economy!

lol I've had bosses like that. "How can you be demotivated? I showed you the spreadsheets!"

# ? Jul 10, 2023 21:49

Ebola Roulette: Sep 13, 2010; No matter what you ~~win~~ ~~lose~~ ragepiss.

Boot and Rally posted:

Does this mean people are spending less or they somehow paid things down? I think the former, but I am not sure.

I think it's gain in credit?

So people are hitting the maximum credit they qualify for and/or not seeking more credit and loans

# ? Jul 10, 2023 22:10

Thoguh: Nov 8, 2002; College Slice

Ebola Roulette posted:

I think it's gain in credit?

So people are hitting the maximum credit they qualify for and/or not seeking more credit and loans

I wonder how much people noping out of auto loans and mortgages at current rates even if they aren't maxed out has to do with that as well.

# ? Jul 10, 2023 22:12

i am harry: Oct 14, 2003

time for the banks to fight each other for refinancing of existing loans?

# ? Jul 10, 2023 22:13

Vox Nihili: May 28, 2008

Thoguh posted:

I wonder how much people noping out of auto loans and mortgages at current rates even if they aren't maxed out has to do with that as well.

it's gotta play into it but people were still borrowing like crazy at those same high rates for the first several months of the year

# ? Jul 10, 2023 22:14

FistEnergy: Nov 3, 2000; DAY CREW: WORKING HARD; Fun Shoe

Twerk from Home posted:

Related: https://www.axios.com/2023/07/10/unsold-electric-cars-are-piling-up-on-dealer-lots

Expensive EVs are about to get discounted, which is going to be great for the people with charging infrastructure and the means to buy them. Luxury cars and full size trucks have already seen discounts return, so we're heading towards a world where the price gap between the cheapest economy cars and expensive luxury vehicles is the smallest it's ever been.

Kind of like housing!

Give the people basic 20-25k economy EVs you giant idiots. we don't need to go zero to 60 in 4 seconds or fiddle with a bunch of wonky unreliable tech bullshit

# ? Jul 10, 2023 22:29

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

I missed it a few days ago but apparently Janet Yellin went to China to yell at Xi to neoliberalize more n' beg for de-dollarization to go away

quote:

Yellen's Visit To China Has Failed

Treasury Secretary Janet L. Yellen visited China. There she tried to press the worlds biggest economy on several issues.

Yellen, in Beijing, Criticizes China�s Treatment of U.S. Companies - NY Times, July 7, 2023
Yellen Urges China to Step Up Climate Finance Investments - NY Times, July 7, 2023
U.S. Raises Pressure on China to Combat Global Fentanyl Crisis - NY Times, July 7, 2023

None of these points are in China's interest. In the U.S. Chinese companies are treated badly. U.S. financed climate investments in foreign countries, which are small, usually come with additional extraordinary demands that benefit the donating country rather than the receiving one. China does this differently. Fentanyl is not a global problem rather a specific U.S. one the causes of which are general social problems China and other have avoided to have.

The last demand Yellen made was even more crazy. She called for a full turn of China towards neoliberal policies:

"I pressed them on our concerns about China's unfair economic practices," [Yellen] said, citing barriers to access for foreign firms and problems involving intellectual property. She added that a more market-oriented system in China "would not only be in the interests of the U.S. and other countries. It would be better for the Chinese economy, as well."

Would China be where it is today if it had privatized its banking system and state owned companies? Would China be richer if it had let U.S. vulture funds buy up and bankrupt Chinese companies? Would it have managed to lift 800 million of its citizens from poverty if it had followed the economic advice of the U.S., the IMF or World Bank?

The answer to these questions is of course an emphatic "No".

Why Yellen thinks she can impress China with advice for a 'more market-oriented system', even as the U.S. blocks Chinese investments, sanctions Chinese companies and limits sales of certain products to China, is beyond me.

Yellen's visit failed to achieve anything. She had some talks with Chinese officials but achieved nothing. She lectured and made demands that no one in China will be willing to fulfill.

The Chinese side for one seems unimpressed by her performance:

Yellen mentioned multiple times the US is seeking a healthy competition with China rather than a "winner-take-all" approach. While this may sound good, the key lies in how we define "healthy competition." Is it a US-style one in which the geopolitical appetite of the US is satisfied while China unconditionally cooperates? Or is it based on mutual respect, peaceful coexistence, and win-win cooperation? The root cause of the challenges in the China-US relationship lies in Washington's flawed perception of China. Unless the issue of the 'first button' is addressed, no matter how wonderful the ideas and wishes may be, they will remain nothing more than castles in the air.

Unless the U.S. accepts China as equal the relations between the countries will not turn around. The U.S. can grow with China only when it accepts that China is different from itself and has its own path towards further development.

As neither is the today's dominant viewpoint a further deterioration of the relations, largely to the disadvantage of the U.S., is the most likely prospect.

# ? Jul 10, 2023 22:32

Vox Nihili: May 28, 2008

FistEnergy posted:

Give the people basic 20-25k economy EVs you giant idiots. we don't need to go zero to 60 in 4 seconds or fiddle with a bunch of wonky unreliable tech bullshit

thing is, the premium consumer remains healthy

# ? Jul 10, 2023 22:33

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

lol just remembered the insanely disastrous tony blinking visit to china as well that was embarrasing as hell for the US. Xi gave him high honours to meet him and then got pissed in the face next day by the US

# ? Jul 10, 2023 22:34

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

Thoguh posted:

I wonder how much people noping out of auto loans and mortgages at current rates even if they aren't maxed out has to do with that as well.

thats literally whats causing it. its non-revolving credit that plummeted; which is mortgages, auto loans, and student loans.

its notable because interest rates have managed to stay steady above 7% since last month. so interest rates are killing consumers buying really big things.

# ? Jul 10, 2023 22:36

Mr Hootington: Jul 24, 2008; I'M HAVING A HOOT EATING CORNETTE THE LONG WAY

Vox Nihili posted:

Have you heard of birth control?

Lol

# ? Jul 10, 2023 22:40

FistEnergy: Nov 3, 2000; DAY CREW: WORKING HARD; Fun Shoe

Vox Nihili posted:

thing is, the premium consumer remains healthy

oh yeah. crap

# ? Jul 10, 2023 22:44

RealityWarCriminal: Aug 10, 2016

Vox Nihili posted:

thing is, the premium consumer remains healthy

lets kill him

# ? Jul 10, 2023 22:45

webcams for christ: Nov 2, 2005

NeonPunk posted:

Wait so you can have like 5 separate individual "household" in a single address?

That's stupid

not only that, but if one of these people owns the house and rents it out to the others, you have 5 separate individuals / households that count as living in "owner occupied" housing

SKULL.GIF posted:

69% reduction since previous report.

https://twitter.com/financialjuice/status/1678479418216312840

lol lmao

# ? Jul 10, 2023 23:04

caelxii: Jun 20, 2003

Xaris posted:

I missed it a few days ago but apparently Janet Yellin went to China to yell at Xi to neoliberalize more n' beg for de-dollarization to go away

This was great, you should post it in the Asia thread.

# ? Jul 10, 2023 23:11

Father Wendigo: Sep 28, 2005; This is, sadly, more important to me than bettering myself.

Xaris posted:

I missed it a few days ago but apparently Janet Yellin went to China to yell at Xi to neoliberalize more n' beg for de-dollarization to go away

So sad that Yelpin' Yellen wasn't able to find a third way, guess we'll just have to start a land war in Asia! :shrug:

# ? Jul 10, 2023 23:11

Vox Nihili: May 28, 2008

econofreak: wage growth is slowing and jobs are getting harder to find! these are good things and mean we're headed towards a SOFT LANDING

https://twitter.com/JustinBloesch/status/1678468310860439565

# ? Jul 10, 2023 23:13

Stereotype: Apr 24, 2010; College Slice

Forseti posted:

You can buy 90s Japanese kei trucks now for around $8k, that's basically the modern equivalent. They're pretty awesome, I want one

i've started seeing tons of these around Honolulu. There's a guy who is importing them pretty constantly. There are definitely more of them than Teslas at this point. I also really want one.

Doesn't change the fact that you can't buy one new and can only loophole one through "classic car" laws because US automakers have ensured that laws forbid anything other than what they make maximum profits on

# ? Jul 10, 2023 23:14

wash bucket: Feb 21, 2006

Stereotype posted:

i've started seeing tons of these around Honolulu. There's a guy who is importing them pretty constantly. There are definitely more of them than Teslas at this point. I also really want one.

Doesn't change the fact that you can't buy one new and can only loophole one through "classic car" laws because US automakers have ensured that laws forbid anything other than what they make maximum profits on

Have any of the major auto makers gone on record as to why they don't make these? The demand is clearly there.

(I understand they don't meet modern safety standards but surely they could make something close to this.)

# ? Jul 10, 2023 23:20

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

wash bucket posted:

Have any of the major auto makers gone on record as to why they don't make these? The demand is clearly there.

(I understand they don't meet modern safety standards but surely they could make something close to this.)

I might be wrong on the specifics but there's a regulation that basically made it so the smaller a car is the more fuel efficient it has to be, so if you make some big wide dumb stupid truck it can legally be less fuel efficient for some reason.

# ? Jul 10, 2023 23:25

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# ? May 25, 2024 17:00

Twerk from Home: Jan 17, 2009; This avatar brought to you by the 'save our dead gay forums' foundation.

wash bucket posted:

Have any of the major auto makers gone on record as to why they don't make these? The demand is clearly there.

(I understand they don't meet modern safety standards but surely they could make something close to this.)

Corporate Average Fuel Economy laws made small trucks or big sedans illegal.

Edit: unless they somehow get really good fuel economy.

Twerk from Home has issued a correction as of 23:29 on Jul 10, 2023

# ? Jul 10, 2023 23:26

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