Please explain why you think Biden is doing a poor job with the economy

Actually, I think it is Biden's job.

 

How many went to illegals? Good for the bosses, though.

 

None. Illegals are never put officially on employment forms. OK, maybe a few with good fake documents but if they're using fake IDs then all their Social Security, payroll taxes and Medicare payments can't ever be recovered.

 

Lol the old fractional banking ponzi scheme conspiracy theory is back. Right along with the grassy knoll and the aliens captured in area 51. Will disappear and then someone will resurrect it once again. What an impressive ponzi scheme that it has lasted for more than 350 years lol.

 

Conspiracy theory? You have demonstrated [like most] that you have no idea what you are talking about. FRB is real and it has caused all kinds of problems, particularly a world drowning in debt? Is that a conspiracy theory, as well?

Is that what people say [conspiracy theory] when they have no idea what they are talking about? Slavery has been around for thousands of years. Is that a conspiracy theory, too?

 

The conspiracy theory is that it is a ponzi scheme. Ponzi schemes don't last hundreds of years. They ultimately fail. And having been in banking 35 years and a banking executive for nearly 10 of those I venture to say I know a crap ton more about banking than you do.

 

Most Ponzi schemes don't have the ability to print and circulate more money at will. Or take more back from the victims.

 

His approval is low because the economy sucks.

Middle-Class 'Persistent Angst' Over Economy May Sink Biden In 2024

"My husband said we just need to have faith and hope for the best..."

'Among the 100 million Americans with annual incomes between $45,000 and $180,000 and wealth between $100,000 and $1 million, polling commissioned by Bloomberg News shows persistent angst about the future.'

'The fastest increase in interest rates since the 1980s — have combined to put the middle class in a financial vice grip. They pay more for everything — food, homes, cars, energy — while the end of the easy-money era means loans, too, are more costly.'

BIDEN'S SUCCESSIVE $TRILLION RED INK ORGIES LIT THE HELL-FIRES OF INFLATION THAT BURNED UP THE VALUE OF OUR DOLLARS.

"More than $2 trillion in wealth held by the middle class has been eliminated since the Fed started hiking."

'Meanwhile, just 39% of the middle class say they expect their situation to improve over the next year, according to a Harris Poll commissioned by Bloomberg at the end of March and then again at the end of June.'

 

You said fractional banking. Banks don't print and circulate money. The Treasury does. Banks take their deposits and loan them out. Not that it is the only source of funds for loans. So who are these victims?

 

I was talking about the government, of which the Treasury is part.

 

Dow futures rip higher as inflation report comes in lighter than expected
https://www.cnbc.com/2023/07/11/stock-market-today-live-updates.html

I suspect Biden, having received all the blame from Repubs for high inflation, will get no credit for it coming down. The truth is he deserves little to none credit or blame for matters almost entirely out of his control.

 

The South is building the most vibrant EV and battery hub in the US

The pendulum is swinging back now. The Biden administration is betting big that renewing the American industrial machine will speed progress toward decarbonizing the U.S. electric grid by 2035, a crucial step toward addressing climate change. The White House also wants to use that clean electricity to power mass transition to electric vehicles, thereby tackling greenhouse gases from transportation.

Spurred by incentives in the Inflation Reduction Act, a whole new Battery Belt is emerging in Michigan, Indiana and Ohio, down through Kentucky, and out across Tennessee, Georgia and the Carolinas. It makes sense that those northern states, the historic hub of the American auto industry, would attract billions of dollars for the next wave of auto manufacturing. The region began dipping its toes into battery and EV production over a decade ago, when then-Governor of Michigan Jennifer Granholm picked it as a strategic growth industry to help her state bounce back from the Great Recession.
https://www.canarymedia.com/article...the-most-vibrant-ev-and-battery-hub-in-the-us

 

Do the people in Big Pharma know more than the American people? Do the people in Congress know more than the American people? Do the people in the medical establishment [including myself] know more than the American people? Do the people in Education know more than the American people?

EVERY American institution is horribly corrupt. Yours has been this way FOREVER. The financial system fails all the time. It's a rigged system designed to extract profits from the economy by financializing EVERYTHING. I have talked with many, many people in banking that know very little about how the system actually works. And most [like most everybody in all the corrupt institutions] will say the same thing as you did.

You ever chat with administrative folks in the university system who will jump through a million hoops in trying to justify tuition? How about chatting with people in the health care system who swear that Americans are getting the best health care in the world when this is a complete joke. Is there anybody left who doesn't understand that this health care system is run by corporations for their own benefit?

This country is bankrupt and has been for decades. Of course, people like you in the banking system will say that everything is just wonderful [because it's wonderful for banking]. Do you not realize this? Can you as an individual keep running up outrageous debt and print money in your basement to cover the interest payments? Can you as an individual do what banks do with FRB? Modern banking is the greatest scam man has every come up with, and that's not even counting all the illegal things that go on.

You may know more than me about the particulars of running a bank, but you don't seem to know anything about how banking really works. You are just brainwashed like all the people in all the corrupt institutions who cannot possibly see what the problems are from their gated communities. How bad would things have to get before you'll open your eyes?

 

Sandy Shanks said:
"People who need jobs are getting them, and those with jobs are getting paid more. Business and consumer sentiment remain resilient and spending and investment are also proving to be relatively robust. Gross domestic product, the broadest measure of economic output, grew by 2% in the first quarter."
*****************************************************************************************************************************************************

The Biden economy just keeps on getting better and better as inflation lessens, the biggest bitch among Americans who blame our President for inflation, not the covid pandemic, the true cause for inflation.

ABC reports, "Consumer prices rose 3% last month compared to a year ago, marking a significant slowdown and raising hopes that a prolonged bout of heightened inflation is nearing its end.

"The fresh data Wednesday morning from the Bureau of Labor Statistics arrives days after a government release indicated that hiring slowed last month but remained solid. The economy, the jobs report suggests, continued a gradual downshift in June amid a central bank effort to dial back activity and slash prices while averting a recession.

"Consumer prices rose 4% in May compared to a year ago.

"The latest reading indicates a notable cool-down in June but still exceeds the Federal Reserve's inflation target of 2%."

Getting close to Fed guidelines.

 

The absolutely wasteful Covid part 3 was completely in his control. That is what caused inflation. And he doesn't get credit for them coming down because he doesn't control interest rates the Fed does and that is why it is coming down.

 

The people in Big Pharma know more about pharmaceuticals than the American people. People in the medical establishment know more about medicine than the American people. And people in banking know more about banking than the American people. No the financial system doesn't fail all the time. List all these grand failures. The largest was in 2008 and you can think government interference for that. Who are these people you have talked with in banking who know so little about it. Tellers? HR workers? Anyone involved in the lending side either knows how it works or is inexperienced.

The US has the best survival rates for every type of cancer across the board other than one vs every country on planet Earth. So the facts fly in the face of your commentary. Speaking of commentary it tells me how incredibly little you really know about banking. Without lending business could not grow or be created in the first place considering half of them need some type of bank loan to start in the first place. Banks don't print money to cover interest payments. And do what with the FRB borrow money? There is a lot I can't do as an individual that a company can. So far all you have provided is a list of talking points that you have read at some conspiracy theory site. In terms of specifics you have not provided a single solitary thing. Nada. Zilch. Zero. Provide SPECIFICS to back your theory. That is when it will all fall apart. Banking is one of the great economic growth engines in the country.

 

I haven't chatted with somebody attempting to justify what goes on in banking in decades! Probably before the S&L crisis.

Economics and finance has been sort of a hobby for me since the 70's. I have followed it pretty closely for the last 40 years so I am literally flabbergasted that you are trying to defend the banking system! Let me just say one thing...having a system where EVERYTHING is debt is certainly the way to maximally "grow the economy," [and, of course, banking profits] but what you are left with is what we have today...massive debt, massive income and wealthy inequality, and a system that is ALWAYS on the edge of imploding. EVERYBODY knows this except people in the banking system that are making tons of money off of this system. Banking and bankers are the ultimate parasites. Remember, banking is suppose to support the economy, not the other way around. This is 100% financialized and debt-ridden economy.

Big Pharma would like to have everybody in the world taking ten medications. Do you believe this is ok? Do you know what the reps tell us when they come to our offices? The way to practice medicine is to assume that everybody has everything. This is the corporate philosophy of care. Sell, sell, sell. Most people in this country are receiving horrendous care because insurance pays less and less for a provider's time. What they pay for is you using expensive diagnostic instruments and prescribing meds. The physician is there to make money for the corporations, first and foremost.

I am not denying that there are amazing things going on in the system technology-wise, but what is needed is prevention. There is no prevention going on because there is no money in keeping people healthy. That's what it comes down to. I am sure as a banker you must have the best insurance and all of the providers are the best in your area, but this is the exception, and even at that, this is not good care. A good outcome from a properly designed health care system would be in preventing health issues, not curing the epidemic of everything. And after all, all thee corporations have the same game plan, max-out profits until you reach crisis, transfer all risk to the public, get bailed out, wash and repeat.

The public does not understand the particulars but everybody knows when they are getting ripped off by everybody. I have been in medical practice for over forty years and have had hundreds of conversations with patients and listened to thousands of stories of what goes on and it is not wonderful. At this point, I couldn't imagine there would be anybody left who didn't realize the severity of the issues facing this country, but I am glad everything is going well for you. I also live comfortably but there are incredible structural problems everywhere in this economy. The first place that needs reform is banking. Even the BIS has been warning about this for the last 20 years. Do you read their papers?

Rome is burning, my friend, but it sounds like you're still buzzed at the party. And if you want specifics about what's going on, they are everywhere! Is there an institution not on fire?

 

It is so much like a Republican, who enjoy being complete jerks, to say that providing help to desperate and out-of-work Americans during a pandemic was the cause of inflation.

The statement is false. Due to shortages caused by the pandemic, inflation had already started during the last year of the Trump administration. before that help arrived.

 

Endgame: US Federal Debt Interest Payments About To Hit $1 Trillion



'Do you see what happens' when they 'go full MMTard?'

 

It is so much like a Democrat to justify the left whoring themselves out like $5 hookers to buy votes and pay people to sit on their ass instead of work. The first two Covid bills were plenty the third was not needed and Obama/Biden Treasury secretary said exactly that and it would result in inflation like it did. And wrong. Inflation was less than 2% Trump’s last year so try again.

 

I guess that means you need to step away from the circle jerk and the conspiracy theory websites. There are numerous people not in banking who support it including business and economists.

Funny how economics is a hobby for you and yet still unable to provide a single specific example just a bunch of rhetoric and bloviating about how bad it is and how everyone knows it. The fact is that the majority of the corporate world and economists support regulated banking. And what institutions aren’t burning? The list is long. Chase, PNC, TD, Capital One. See what I did there that is called a specific example. Not some conspiracy theory talking point. Very few banks are in trouble the rare exception. And if the US is built on debt it is because of the government and they sure don’t need banks to do that. Countless businesses borrow within reasonable limits and aren’t saddled with debt which is why bankruptcy with bank creditors is still limited even during the worst of economic times.

There is plenty of money in prevention. Every day there is a new weight loss drug coming out. Obesity is a major cause of health ills. And it takes individual will to prevent health issues you can’t wait for someone to hold your hand and do it for you.if you smoke, so drugs, eat bad foods guess what you will be less healthy than those who don’t? No major miracle formula to that.

 

Morgan Stanley credits Bidenomics for ‘much stronger’ than expected GDP growth

WASHINGTON — Morgan Stanley is crediting President Joe Biden’s economic policies with driving an unexpected surge in the U.S. economy that is so significant that the bank was forced to make a “sizable upward revision” to its estimates for U.S. gross domestic product.

Biden’s Infrastructure Investment and Jobs Act is “driving a boom in large-scale infrastructure,” wrote Ellen Zentner, chief U.S. economist for Morgan Stanley, in a research note released Thursday. In addition to infrastructure, “manufacturing construction has shown broad strength,” she wrote.

As a result of these unexpected swells, Morgan Stanley now projects 1.9% GDP growth for the first half of this year. That’s nearly four times higher than the bank’s previous forecast of 0.5%.

“The economy in the first half of the year is growing much stronger than we had anticipated, putting a more comfortable cushion under our long-held soft landing view,” Zentner wrote.
https://www.cnbc.com/2023/07/21/bidenomics-spurred-stronger-gdp-growth-morgan-stanley.html

Somebody actually gets it.

 

GDP grew at a 2.4% pace in the second quarter, topping expectations despite recession calls

The U.S. economy showed few signs of recession in the second quarter, as gross domestic product grew at a faster than expected pace during the period, the Commerce Department reported Thursday.
https://www.cnbc.com/2023/07/27/gdp-q2-2023-.html

Trump would be screaming from the rooftops taking credit for this if the economy was growing like this in the face of relentless rate increases by the Fed.

 

You are aware that oil is sold on an international market, and no company is going to hoarde oil just for the USA to use.

Unless you want to nationalize the oil industry? Which I am sure you dont.

 

When politicians say that the United States was “energy independent” under former President Donald Trump, some people may get the false impression that the U.S. was 100% self-sufficient. The country still relied on foreign sources of energy, including oil.

To help meet domestic demand, the U.S. has imported oil and other forms of energy from abroad, including from Russia, for many years. And to some energy analysts, a scenario in which the U.S. relies only on the energy it produces is not likely to happen anytime soon.

Instead, those who tout this so-called “energy independence” may be referring to the fact that, on net, the country either produced more energy than it consumed, exported more energy than it imported, or, more specifically, had a greater number of exports than imports of petroleum, which includes crude oil and refined products from crude oil, such as gasoline and various fuels.

However, by any of those definitions, the U.S. was still “energy independent” in 2021 under President Joe Biden — contrary to claims made by Republicans who have suggested otherwise.
https://www.factcheck.org/2022/03/examining-u-s-energy-independence-claims/