Capitalism, The Fed and Economic Policy

Better thread for this discussion.
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  • mickeyratmickeyrat Posts: 27,353


    If You Must Point Fingers on Inflation, Here’s Where to Point Them

    June 11, 2022
    Credit...Stefani Reynolds for The New York Times


    By Christopher Leonard

    Mr. Leonard is the author of “The Lords of Easy Money” and “Kochland.”

    As the midterm elections draw nearer, a central conservative narrative is coming into sharp focus: President Joe Biden and the Democratic-controlled Congress have a made a mess of the American economy. Republicans see pure political gold in this year’s slow-motion stock market crash, which seems to be accelerating at the perfect time for a party seeking to regain control of Congress in the fall.

    The National Republican Congressional Committee in a tweet last month quipped that the Democratic House agenda includes a “tanking stock market.” Conservatives have been highlighting a video clip from 2020 when then-president Donald Trump warned about a Joe Biden presidency: “If he’s elected, the stock market will crash.” Right wing pundit Sean Hannity’s blog featured the clip under the headline: “TRUMP WAS RIGHT.”

    But the narrative pinning blame for the economy’s woes squarely on Democrats’ shoulders elides the true culprit: the Federal Reserve. The financial earthquakes of 2022 trace their origin to underground pressures the Fed has been steadily creating for a over a decade.


    continues.....

    gift article


    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • mickeyratmickeyrat Posts: 27,353

     
    Fed attacks inflation with its largest rate hike since 1994
    By CHRISTOPHER RUGABER
    56 mins ago

    WASHINGTON (AP) — The Federal Reserve intensified its fight against high inflation on Wednesday, raising its key interest rate by three-quarters of a point — the largest bump since 1994 — and signaling more rate hikes ahead as it tries to cool off the U.S. economy without causing a recession.

    The unusually large rate hike came after data released Friday showed U.S. inflation rose last month to a four-decade high of 8.6% — a surprise jump that made financial markets uneasy about how the Fed would respond. The Fed's benchmark short-term rate, which affects many consumer and business loans, will now be pegged to a range of 1.5% to 1.75% — and Fed policymakers forecast a doubling of that range by year's end.

    “We thought strong action was warranted at this meeting, and we delivered that,” Fed Chair Jay Powell said at a press conference in which he stressed the central bank's commitment to do what it takes to bring inflation back down to the Fed's target rate of 2%, even if that resulted in a slightly higher unemployment rate.

    Powell said it was imperative to go bigger than the half-point increase the Fed had earlier signaled because inflation was running hotter than anticipated — causing particular hardship on low-income Americans and solidifying the public's view that stubbornly high inflation won't be easily resolved.

    Powell said that another three-quarter-point hike is possible at the Fed’s next meeting in late July if inflation pressures remain high, although he said such increases would not be common. He said the economy is strong enough to endure higher rates without tipping into recession, a prospect that many economists are increasingly worried about.

    Some financial analysts suggested Powell struck the right balance to reassure markets, which rallied on Wednesday. “He hit it hard that ‘we want to get inflation down’ but also hit hard that ‘we want a soft landing,’ ’’ said Robert Tipp, chief investment strategist at PGIM Fixed Income.

    Still, the Fed’s action on Wednesday was an acknowledgment that it’s struggling to curb the pace and persistence of inflation, which is being fueled by a strong labor market, pandemic-related supply disruptions and soaring energy prices that have been aggravated by Russia's invasion of Ukraine.

    Some analysts said they welcomed the Fed’s more aggressive posture. “The more the Fed does now, the less they will have to later,’’ said Thomas Garretson, senior portfolio strategist at RCB Wealth Management.

    Matthew Luzzetti, chief U.S. economist at Deutsche Bank, said Powell was right to acknowledge that the faster push on rates will cause pain for consumers. “It’s going to be a far bumpier ride to get inflation down than what they had anticipated previously,” Luzzetti said.

    Inflation has shot to the top of voter concerns in the months before Congress’ midterm elections, souring the public’s view of the economy, weakening President Joe Biden’s approval ratings and raising the likelihood of Democratic losses in November. Biden has sought to show he recognizes the pain that inflation is causing American households but has struggled to find policy actions that might make a real difference. The president has stressed his belief that the power to curb inflation rests mainly with the Fed.

    Yet the Fed’s rate hikes are blunt tools for trying to lower inflation while also sustaining growth. Shortages of oil, gasoline and food are contributing to higher prices. Powell said several times during the news conference that such factors are out of the Fed’s control and may force it to push rates even higher to ultimately bring down inflation.

    Borrowing costs have already risen sharply across much of the U.S. economy in response to the Fed’s moves, with the average 30-year fixed mortgage rate topping 5%, its highest level since before the 2008 financial crisis, up from just 3% at the start of the year.

    Even if a recession can be avoided, economists say it’s almost inevitable that the Fed will have to inflict some pain — most likely in the form of higher unemployment — as the price of defeating chronically high inflation.

    Powell struck a defensive note when asked whether the Fed was now prepared to accept a recession as the price of curbing inflation and bringing it close to the Fed 2% target level.

    “We’re not trying to induce a recession now,” he said. “Let’s be clear about that. We’re trying to achieve 2% inflation.”

    In their updated forecasts Wednesday, the Fed's policymakers indicated that after this year's rate increases, they foresee two more rate hikes by the end of 2023, at which point they expect inflation to finally fall below 3%, close to their target level. But they expect inflation to still be 5.2% at the end of this year, much higher than they'd estimated in March.

    Over the next two years, the officials are forecasting a much weaker economy than was envisioned in March. They expect the unemployment rate to reach 3.7% by year's end and 3.9% by the end of 2023. Those are only slight increases from the current 3.6% jobless rate. But they mark the first time since it began raising rates that the Fed has acknowledged that its actions will weaken the economy.

    The central bank has also sharply lowered its projections for economic growth, to 1.7% this year and next. That's below its outlook in March but better than some economists’ expectation for a recession next year.

    Even if the Fed manages the delicate trick of curbing inflation without causing a downturn, higher rates will nevertheless inflict pressure on stocks. The S&P 500 has already sunk more than 20% this year, meeting the definition of a bear market.

    On Wednesday, the S&P 500 rose 1.5%. The two-year Treasury yield fell to 3.23% from 3.45% late Tuesday, with the biggest move happening after Powell said not to expect 0.75 percentage point rate hikes to be common.

    Other central banks are also acting to try to quell inflation, even with their nations at greater risk of recession than the U.S.

    The European Central Bank is expected to raise rates by a quarter-point in July, its first increase in 11 years. It could announce a larger hike in September if record-high levels of inflation persist. On Wednesday, the ECB vowed to create a market backstop that could buffer member countries against financial turmoil of the kind that erupted during a debt crisis more than a decade ago.

    The Bank of England has raised rates four times since December to a 13-year high, despite predictions that economic growth will be unchanged in the second quarter. The BOE will hold an interest rate meeting on Thursday.


    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • Halifax2TheMaxHalifax2TheMax Posts: 32,657
    edited June 2022
    Awwww, look who’s going to create safe space.

    In his first address to Twitter’s staff, Elon Musk said he is buying Twitter to avoid the “negative lens” of the mainstream media and that Twitter users had to feel safe on the platform or they won’t use the service.

    In a companywide town hall Thursday, Musk said that people needed to “like” being on Twitter, and if they were “harassed or uncomfortable," the product would lose so many users that it would turn into a niche service.

    His comment appeared to be an attempt to address concerns that Musk, a self-described free speech absolutist whose own followers are known to harass people, would turn Twitter into a free-for-all for misinformation and hate.


    https://www.washingtonpost.com/technology/2022/06/16/elon-musk-twitter-employee-meeting/
    Post edited by Halifax2TheMax on
    09/15/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/29/08, 06/30/08, Mansfield, MA; 08/18/08, O2 London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA;

    "If you're looking down on someone, it better be to extend them a hand to lift them up."

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  • FiveBelowFiveBelow Lubbock, TXPosts: 1,059
    Awwww, look who’s going to create safe space.

    In his first address to Twitter’s staff, Elon Musk said he is buying Twitter to avoid the “negative lens” of the mainstream media and that Twitter users had to feel safe on the platform or they won’t use the service.

    In a companywide town hall Thursday, Musk said that people needed to “like” being on Twitter, and if they were “harassed or uncomfortable," the product would lose so many users that it would turn into a niche service.

    His comment appeared to be an attempt to address concerns that Musk, a self-described free speech absolutist whose own followers are known to harass people, would turn Twitter into a free-for-all for misinformation and hate.


    https://www.washingtonpost.com/technology/2022/06/16/elon-musk-twitter-employee-meeting/
    C'mon, man! He's just using his intelligence and knack for innovation to drive the future. Would? If the glimpse AMT users provide is any indication, I'd say that's probably the platforms biggest draw.
  • Merkin BallerMerkin Baller Posts: 7,788
    edited June 2022
    FiveBelow said:
    Awwww, look who’s going to create safe space.

    In his first address to Twitter’s staff, Elon Musk said he is buying Twitter to avoid the “negative lens” of the mainstream media and that Twitter users had to feel safe on the platform or they won’t use the service.

    In a companywide town hall Thursday, Musk said that people needed to “like” being on Twitter, and if they were “harassed or uncomfortable," the product would lose so many users that it would turn into a niche service.

    His comment appeared to be an attempt to address concerns that Musk, a self-described free speech absolutist whose own followers are known to harass people, would turn Twitter into a free-for-all for misinformation and hate.


    https://www.washingtonpost.com/technology/2022/06/16/elon-musk-twitter-employee-meeting/
    C'mon, man! He's just using his intelligence and knack for innovation to drive the future. Would? If the glimpse AMT users provide is any indication, I'd say that's probably the platforms biggest draw.

    It's all in how you set your timeline. 

    I follow AP, Reuters, PBS, WSJ, WaPo, the Bulwark & several other news organizations. It's a pretty great app for aggregating different news sources if you can stay above all the bullshit. 


    & not for nothing, but if hate & misinformation is what you're after there's no shortage of that literally everywhere in the world today. That twitter is some big boogey man around here for hate & misinformation as compared to say most Rupert Murdoch owned media outlets is pretty comical. The shit that comes out of Tucker Carlson is infinitely worse than anything I see on my Twitter timeline on any given day. 
  • Halifax2TheMaxHalifax2TheMax Posts: 32,657
    FiveBelow said:
    Awwww, look who’s going to create safe space.

    In his first address to Twitter’s staff, Elon Musk said he is buying Twitter to avoid the “negative lens” of the mainstream media and that Twitter users had to feel safe on the platform or they won’t use the service.

    In a companywide town hall Thursday, Musk said that people needed to “like” being on Twitter, and if they were “harassed or uncomfortable," the product would lose so many users that it would turn into a niche service.

    His comment appeared to be an attempt to address concerns that Musk, a self-described free speech absolutist whose own followers are known to harass people, would turn Twitter into a free-for-all for misinformation and hate.


    https://www.washingtonpost.com/technology/2022/06/16/elon-musk-twitter-employee-meeting/
    C'mon, man! He's just using his intelligence and knack for innovation to drive the future. Would? If the glimpse AMT users provide is any indication, I'd say that's probably the platforms biggest draw.
    Try again.
    09/15/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/29/08, 06/30/08, Mansfield, MA; 08/18/08, O2 London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA;

    "If you're looking down on someone, it better be to extend them a hand to lift them up."

    Libtardaplorable©. And proud of it.

    Brilliantati©
  • FiveBelowFiveBelow Lubbock, TXPosts: 1,059
    FiveBelow said:
    Awwww, look who’s going to create safe space.

    In his first address to Twitter’s staff, Elon Musk said he is buying Twitter to avoid the “negative lens” of the mainstream media and that Twitter users had to feel safe on the platform or they won’t use the service.

    In a companywide town hall Thursday, Musk said that people needed to “like” being on Twitter, and if they were “harassed or uncomfortable," the product would lose so many users that it would turn into a niche service.

    His comment appeared to be an attempt to address concerns that Musk, a self-described free speech absolutist whose own followers are known to harass people, would turn Twitter into a free-for-all for misinformation and hate.


    https://www.washingtonpost.com/technology/2022/06/16/elon-musk-twitter-employee-meeting/
    C'mon, man! He's just using his intelligence and knack for innovation to drive the future. Would? If the glimpse AMT users provide is any indication, I'd say that's probably the platforms biggest draw.

    It's all in how you set your timeline. 

    I follow AP, Reuters, PBS, WSJ, WaPo, the Bulwark & several other news organizations. It's a pretty great app for aggregating different news sources if you can stay above all the bullshit. 


    & not for nothing, but if hate & misinformation is what you're after there's no shortage of that literally everywhere in the world today. That twitter is some big boogey man around here for hate & misinformation as compared to say most Rupert Murdoch owned media outlets is pretty comical. The shit that comes out of Tucker Carlson is infinitely worse than anything I see on my Twitter timeline on any given day. 
    It’s all about influence and reach for me. I don’t remember too many people taking the time to tune into a program or search out a publication that only pisses them off, now they don't have to, it's fed to them without asking. I also find it lazy using other peoples takes on things instead of having to articulate my own. Surely you can agree that tensions have only worsened since the advent of these platforms, probably because most users don’t use them as responsibly as you. Many here feel that Hillary likely lost because of the influence social media has, if that is the case, the ability to influence election outcomes alone should be enough to see the potential harm they present. 
  • Halifax2TheMaxHalifax2TheMax Posts: 32,657
    Good lord, now we equate individual responsible social media use with foreign actors using algorithms and bots to push and flood ones inbox with 10s of millions of bytes of false information?

    Ability to influence media has been a staple of political campaigns from time immemorial. Social media is no different. 

    Who reads source documents and footnotes on here?
    09/15/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/29/08, 06/30/08, Mansfield, MA; 08/18/08, O2 London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA;

    "If you're looking down on someone, it better be to extend them a hand to lift them up."

    Libtardaplorable©. And proud of it.

    Brilliantati©
  • Merkin BallerMerkin Baller Posts: 7,788
    FiveBelow said:
    FiveBelow said:
    Awwww, look who’s going to create safe space.

    In his first address to Twitter’s staff, Elon Musk said he is buying Twitter to avoid the “negative lens” of the mainstream media and that Twitter users had to feel safe on the platform or they won’t use the service.

    In a companywide town hall Thursday, Musk said that people needed to “like” being on Twitter, and if they were “harassed or uncomfortable," the product would lose so many users that it would turn into a niche service.

    His comment appeared to be an attempt to address concerns that Musk, a self-described free speech absolutist whose own followers are known to harass people, would turn Twitter into a free-for-all for misinformation and hate.


    https://www.washingtonpost.com/technology/2022/06/16/elon-musk-twitter-employee-meeting/
    C'mon, man! He's just using his intelligence and knack for innovation to drive the future. Would? If the glimpse AMT users provide is any indication, I'd say that's probably the platforms biggest draw.

    It's all in how you set your timeline. 

    I follow AP, Reuters, PBS, WSJ, WaPo, the Bulwark & several other news organizations. It's a pretty great app for aggregating different news sources if you can stay above all the bullshit. 


    & not for nothing, but if hate & misinformation is what you're after there's no shortage of that literally everywhere in the world today. That twitter is some big boogey man around here for hate & misinformation as compared to say most Rupert Murdoch owned media outlets is pretty comical. The shit that comes out of Tucker Carlson is infinitely worse than anything I see on my Twitter timeline on any given day. 
    It’s all about influence and reach for me. I don’t remember too many people taking the time to tune into a program or search out a publication that only pisses them off, now they don't have to, it's fed to them without asking. I also find it lazy using other peoples takes on things instead of having to articulate my own. Surely you can agree that tensions have only worsened since the advent of these platforms, probably because most users don’t use them as responsibly as you. Many here feel that Hillary likely lost because of the influence social media has, if that is the case, the ability to influence election outcomes alone should be enough to see the potential harm they present. 
    I 100% agree that social media is terrible. 

    As is rage baiting, which is the way of the world these days, not just social media.... sports talk radio is a perfect example of this. 

    I just don't think twitter is any worse than facebook, & with the news coming out about FB selling people's data & influencing the 2016 election... the hate twitter gets here over FB is odd to me. 



    And I stand by my statement about fox news etc... I don't know too many people in their 60s or 70s spending a ton of time on twitter, but pretty much everyone owns a tv. (& a lot of people in their 60s & 70s ARE on facebook, while we're on the subject)  
  • FiveBelowFiveBelow Lubbock, TXPosts: 1,059
    edited June 2022
    FiveBelow said:
    FiveBelow said:
    Awwww, look who’s going to create safe space.

    In his first address to Twitter’s staff, Elon Musk said he is buying Twitter to avoid the “negative lens” of the mainstream media and that Twitter users had to feel safe on the platform or they won’t use the service.

    In a companywide town hall Thursday, Musk said that people needed to “like” being on Twitter, and if they were “harassed or uncomfortable," the product would lose so many users that it would turn into a niche service.

    His comment appeared to be an attempt to address concerns that Musk, a self-described free speech absolutist whose own followers are known to harass people, would turn Twitter into a free-for-all for misinformation and hate.


    https://www.washingtonpost.com/technology/2022/06/16/elon-musk-twitter-employee-meeting/
    C'mon, man! He's just using his intelligence and knack for innovation to drive the future. Would? If the glimpse AMT users provide is any indication, I'd say that's probably the platforms biggest draw.

    It's all in how you set your timeline. 

    I follow AP, Reuters, PBS, WSJ, WaPo, the Bulwark & several other news organizations. It's a pretty great app for aggregating different news sources if you can stay above all the bullshit. 


    & not for nothing, but if hate & misinformation is what you're after there's no shortage of that literally everywhere in the world today. That twitter is some big boogey man around here for hate & misinformation as compared to say most Rupert Murdoch owned media outlets is pretty comical. The shit that comes out of Tucker Carlson is infinitely worse than anything I see on my Twitter timeline on any given day. 
    It’s all about influence and reach for me. I don’t remember too many people taking the time to tune into a program or search out a publication that only pisses them off, now they don't have to, it's fed to them without asking. I also find it lazy using other peoples takes on things instead of having to articulate my own. Surely you can agree that tensions have only worsened since the advent of these platforms, probably because most users don’t use them as responsibly as you. Many here feel that Hillary likely lost because of the influence social media has, if that is the case, the ability to influence election outcomes alone should be enough to see the potential harm they present. 
    I 100% agree that social media is terrible. 

    As is rage baiting, which is the way of the world these days, not just social media.... sports talk radio is a perfect example of this. 

    I just don't think twitter is any worse than facebook, & with the news coming out about FB selling people's data & influencing the 2016 election... the hate twitter gets here over FB is odd to me. 



    And I stand by my statement about fox news etc... I don't know too many people in their 60s or 70s spending a ton of time on twitter, but pretty much everyone owns a tv. (& a lot of people in their 60s & 70s ARE on facebook, while we're on the subject)  
    My use of the term social media was intended to be all encompassing. Because of it, 233 million people in this country can have fox (or anything their algorithm wants) delivered right to them. Compared to the 2.27 million that actually tune in, that is substantial. It's estimated there are 4.65 billion social media users worldwide, influence abounds.

    I agree it is everywhere, not just on social media. I just feel social media intensifies things.
    Post edited by FiveBelow on
  • Merkin BallerMerkin Baller Posts: 7,788
    FiveBelow said:
    FiveBelow said:
    FiveBelow said:
    Awwww, look who’s going to create safe space.

    In his first address to Twitter’s staff, Elon Musk said he is buying Twitter to avoid the “negative lens” of the mainstream media and that Twitter users had to feel safe on the platform or they won’t use the service.

    In a companywide town hall Thursday, Musk said that people needed to “like” being on Twitter, and if they were “harassed or uncomfortable," the product would lose so many users that it would turn into a niche service.

    His comment appeared to be an attempt to address concerns that Musk, a self-described free speech absolutist whose own followers are known to harass people, would turn Twitter into a free-for-all for misinformation and hate.


    https://www.washingtonpost.com/technology/2022/06/16/elon-musk-twitter-employee-meeting/
    C'mon, man! He's just using his intelligence and knack for innovation to drive the future. Would? If the glimpse AMT users provide is any indication, I'd say that's probably the platforms biggest draw.

    It's all in how you set your timeline. 

    I follow AP, Reuters, PBS, WSJ, WaPo, the Bulwark & several other news organizations. It's a pretty great app for aggregating different news sources if you can stay above all the bullshit. 


    & not for nothing, but if hate & misinformation is what you're after there's no shortage of that literally everywhere in the world today. That twitter is some big boogey man around here for hate & misinformation as compared to say most Rupert Murdoch owned media outlets is pretty comical. The shit that comes out of Tucker Carlson is infinitely worse than anything I see on my Twitter timeline on any given day. 
    It’s all about influence and reach for me. I don’t remember too many people taking the time to tune into a program or search out a publication that only pisses them off, now they don't have to, it's fed to them without asking. I also find it lazy using other peoples takes on things instead of having to articulate my own. Surely you can agree that tensions have only worsened since the advent of these platforms, probably because most users don’t use them as responsibly as you. Many here feel that Hillary likely lost because of the influence social media has, if that is the case, the ability to influence election outcomes alone should be enough to see the potential harm they present. 
    I 100% agree that social media is terrible. 

    As is rage baiting, which is the way of the world these days, not just social media.... sports talk radio is a perfect example of this. 

    I just don't think twitter is any worse than facebook, & with the news coming out about FB selling people's data & influencing the 2016 election... the hate twitter gets here over FB is odd to me. 



    And I stand by my statement about fox news etc... I don't know too many people in their 60s or 70s spending a ton of time on twitter, but pretty much everyone owns a tv. (& a lot of people in their 60s & 70s ARE on facebook, while we're on the subject)  
    My use of the term social media was intended to be all encompassing. Because of it, 233 million people in this country can have fox (or anything their algorithm wants) delivered right to them. Compared to the 2.27 million that actually tune in, that is substantial. It's estimated there are 4.65 billion social media users worldwide, influence abounds.

    I agree it is everywhere, not just on social media. I just feel social media intensifies things.
    Agree 100% 
  • brianluxbrianlux Moving through All Kinds of Terrain.Posts: 38,633
    FiveBelow said:
    Awwww, look who’s going to create safe space.

    In his first address to Twitter’s staff, Elon Musk said he is buying Twitter to avoid the “negative lens” of the mainstream media and that Twitter users had to feel safe on the platform or they won’t use the service.

    In a companywide town hall Thursday, Musk said that people needed to “like” being on Twitter, and if they were “harassed or uncomfortable," the product would lose so many users that it would turn into a niche service.

    His comment appeared to be an attempt to address concerns that Musk, a self-described free speech absolutist whose own followers are known to harass people, would turn Twitter into a free-for-all for misinformation and hate.


    https://www.washingtonpost.com/technology/2022/06/16/elon-musk-twitter-employee-meeting/
    C'mon, man! He's just using his intelligence and knack for innovation to drive the future. Would? If the glimpse AMT users provide is any indication, I'd say that's probably the platforms biggest draw.
    Not sure what you mean here- that most of us get info from Twitter?
    "I believe in the mystery, and I don't want to take it any further than that. Maybe what I mean by that is love."
    -John Densmore











  • mrussel1mrussel1 Posts: 26,541
    mickeyrat said:


    If You Must Point Fingers on Inflation, Here’s Where to Point Them

    June 11, 2022
    Credit...Stefani Reynolds for The New York Times


    By Christopher Leonard

    Mr. Leonard is the author of “The Lords of Easy Money” and “Kochland.”

    As the midterm elections draw nearer, a central conservative narrative is coming into sharp focus: President Joe Biden and the Democratic-controlled Congress have a made a mess of the American economy. Republicans see pure political gold in this year’s slow-motion stock market crash, which seems to be accelerating at the perfect time for a party seeking to regain control of Congress in the fall.

    The National Republican Congressional Committee in a tweet last month quipped that the Democratic House agenda includes a “tanking stock market.” Conservatives have been highlighting a video clip from 2020 when then-president Donald Trump warned about a Joe Biden presidency: “If he’s elected, the stock market will crash.” Right wing pundit Sean Hannity’s blog featured the clip under the headline: “TRUMP WAS RIGHT.”

    But the narrative pinning blame for the economy’s woes squarely on Democrats’ shoulders elides the true culprit: the Federal Reserve. The financial earthquakes of 2022 trace their origin to underground pressures the Fed has been steadily creating for a over a decade.


    continues.....

    gift article


    Obama surely benefited from the crash in October 08.  These are just political realities. 
  • FiveBelowFiveBelow Lubbock, TXPosts: 1,059
    brianlux said:
    FiveBelow said:
    Awwww, look who’s going to create safe space.

    In his first address to Twitter’s staff, Elon Musk said he is buying Twitter to avoid the “negative lens” of the mainstream media and that Twitter users had to feel safe on the platform or they won’t use the service.

    In a companywide town hall Thursday, Musk said that people needed to “like” being on Twitter, and if they were “harassed or uncomfortable," the product would lose so many users that it would turn into a niche service.

    His comment appeared to be an attempt to address concerns that Musk, a self-described free speech absolutist whose own followers are known to harass people, would turn Twitter into a free-for-all for misinformation and hate.


    https://www.washingtonpost.com/technology/2022/06/16/elon-musk-twitter-employee-meeting/
    C'mon, man! He's just using his intelligence and knack for innovation to drive the future. Would? If the glimpse AMT users provide is any indication, I'd say that's probably the platforms biggest draw.
    Not sure what you mean here- that most of us get info from Twitter?
    Not what I was implying. The content being shared here is the majority of my look into that world. Misinformation and hate seem to have a pretty big presence as it is, and no problem attracting people to it. Besides, everyone knows that 9 out of 10 AMT posters recommend fox.
  • Lerxst1992Lerxst1992 Posts: 5,278

    How did I miss this?


    https://www.nytimes.com/2022/06/17/technology/spacex-employees-fired-musk-letter.html?referringSource=articleShare



    SpaceX, the private rocket company, on Thursday fired employees who helped write and distribute an open lettercriticizing the behavior of its chief executive, Elon Musk, said three employees with knowledge of the situation.

    ….

    The dewsh strikes again
    Tell me again Elon supporters, did he buy twitter for free speech, or to feed his massive ego?
  • mickeyratmickeyrat Posts: 27,353

     
    US employers add a solid 372,000 jobs in sign of resilience
    By CHRISTOPHER RUGABER
    23 mins ago

    WASHINGTON (AP) — America’s employers shrugged off high inflation and weakening growth to add 372,000 jobs in June, a surprisingly strong gain that will likely spur the Federal Reserve to keep sharply raising interest rates to cool the economy and slow price increases.

    The unemployment rate in June remained at 3.6% for a fourth straight month, the Labor Department said Friday, matching a near-50-year low that was reached before the pandemic struck in early 2020.

    The past year’s streak of robust hiring has been good for job seekers and has led to higher pay for many employees. But it has also helped fuel the highest inflation in four decades and heightened pressure on the Fed to further slow borrowing and spending.

    Many employers are still struggling to fill jobs, especially in the economy’s vast service sector, with Americans now traveling, eating out and attending public events with much greater frequency. The Fed may regard the June job gain as evidence that the rapid pace of hiring is feeding inflation as companies raise pay to attract workers and then increase prices to cover their higher labor costs.

    The Fed has already embarked on its fastest series of rate hikes since the 1980s, and further large increases would making borrowing much costlier for consumers and businesses and increase the risk of a recession.


    continues.....


    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • mrussel1mrussel1 Posts: 26,541
    mickeyrat said:

     
    US employers add a solid 372,000 jobs in sign of resilience
    By CHRISTOPHER RUGABER
    23 mins ago

    WASHINGTON (AP) — America’s employers shrugged off high inflation and weakening growth to add 372,000 jobs in June, a surprisingly strong gain that will likely spur the Federal Reserve to keep sharply raising interest rates to cool the economy and slow price increases.

    The unemployment rate in June remained at 3.6% for a fourth straight month, the Labor Department said Friday, matching a near-50-year low that was reached before the pandemic struck in early 2020.

    The past year’s streak of robust hiring has been good for job seekers and has led to higher pay for many employees. But it has also helped fuel the highest inflation in four decades and heightened pressure on the Fed to further slow borrowing and spending.

    Many employers are still struggling to fill jobs, especially in the economy’s vast service sector, with Americans now traveling, eating out and attending public events with much greater frequency. The Fed may regard the June job gain as evidence that the rapid pace of hiring is feeding inflation as companies raise pay to attract workers and then increase prices to cover their higher labor costs.

    The Fed has already embarked on its fastest series of rate hikes since the 1980s, and further large increases would making borrowing much costlier for consumers and businesses and increase the risk of a recession.


    continues.....


    I think employers are still trying to fill roles that have been a struggle for the last 9 months. That's my situation.  We still have a lot of openings.  These aren't positions to grow the business, rather to just maintain due to the Great Exodus of the last few years. 
  • mickeyratmickeyrat Posts: 27,353
    mrussel1 said:
    mickeyrat said:

     
    US employers add a solid 372,000 jobs in sign of resilience
    By CHRISTOPHER RUGABER
    23 mins ago

    WASHINGTON (AP) — America’s employers shrugged off high inflation and weakening growth to add 372,000 jobs in June, a surprisingly strong gain that will likely spur the Federal Reserve to keep sharply raising interest rates to cool the economy and slow price increases.

    The unemployment rate in June remained at 3.6% for a fourth straight month, the Labor Department said Friday, matching a near-50-year low that was reached before the pandemic struck in early 2020.

    The past year’s streak of robust hiring has been good for job seekers and has led to higher pay for many employees. But it has also helped fuel the highest inflation in four decades and heightened pressure on the Fed to further slow borrowing and spending.

    Many employers are still struggling to fill jobs, especially in the economy’s vast service sector, with Americans now traveling, eating out and attending public events with much greater frequency. The Fed may regard the June job gain as evidence that the rapid pace of hiring is feeding inflation as companies raise pay to attract workers and then increase prices to cover their higher labor costs.

    The Fed has already embarked on its fastest series of rate hikes since the 1980s, and further large increases would making borrowing much costlier for consumers and businesses and increase the risk of a recession.


    continues.....


    I think employers are still trying to fill roles that have been a struggle for the last 9 months. That's my situation.  We still have a lot of openings.  These aren't positions to grow the business, rather to just maintain due to the Great Exodus of the last few years. 

    havent looked for it, but I wonder if any polls or number crunching has been done about women pulling out of the workforce due to altered priorities or circumstances preventing re-entry into the workforce, primarily due to childcare options.... and how this factors in overall
    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • ZodZod Posts: 8,900
    It is a weird phenomenon.   Is unemployment low because economic activity is high, or is it low because the percentage of people in the workforce has significantly reduced (most likely because of the again population).   Low unemployment is usually a sign your at the top of a business cycle, but due to demographics it could be something that sticks around due to a shrinking workforce (as more people retire than enter the workforce).
  • Lerxst1992Lerxst1992 Posts: 5,278
    Yes, employers still hold most of the cards and can wait out job openings, until the perfect candidate emerges. The employers having trouble are in the service sector. I feel for all the white males over 50 looking for professional type employment. Most white collar corporate employers would keep those jobs open for a long time, unless they can hit their DNI targets with a new hire.
  • Cropduster-80Cropduster-80 Posts: 2,034
    edited July 2022
    Zod said:
    It is a weird phenomenon.   Is unemployment low because economic activity is high, or is it low because the percentage of people in the workforce has significantly reduced (most likely because of the again population).   Low unemployment is usually a sign your at the top of a business cycle, but due to demographics it could be something that sticks around due to a shrinking workforce (as more people retire than enter the workforce).
    I tend to think there are a few things going on causing people to leave the workforce 

    1 retirements
    2. people aren’t qualified to fill some of these  good positions 
    3.  jobs you do qualify for are low skill, low pay 

    I can’t tell you how many computer engineers are being brought in at my wife’s company from abroad. It’s a lot. Your laid off manufacturing worker has zero qualifications for that and we don’t produce enough.  Some of those people just leave the workforce and don’t count against the unemployment numbers 

    seems like you are left with super high skilled, high paying jobs or jobs with such low skill requirements anyone could do it and people won’t do them if that means going down the job ladder. You are missing the middle 

    skill mismatches are a big problem 
  • mrussel1mrussel1 Posts: 26,541
    Zod said:
    It is a weird phenomenon.   Is unemployment low because economic activity is high, or is it low because the percentage of people in the workforce has significantly reduced (most likely because of the again population).   Low unemployment is usually a sign your at the top of a business cycle, but due to demographics it could be something that sticks around due to a shrinking workforce (as more people retire than enter the workforce).
    I tend to think there are a few things going on causing people to leave the workforce 

    1 retirements
    2. people aren’t qualified to fill some of these  good positions 
    3.  jobs you do qualify for are low skill, low pay 

    I can’t tell you how many computer engineers are being brought in at my wife’s company from abroad. It’s a lot. Your laid off manufacturing worker has zero qualifications for that and we don’t produce enough.  Some of those people just leave the workforce and don’t count against the unemployment numbers 

    seems like you are left with super high skilled, high paying jobs or jobs with such low skill requirements anyone could do it and people won’t do them if that means going down the job ladder. You are missing the middle 

    skill mismatches are a big problem 
    Skill mismatch is a huge, structural, long term problem for sure.  Right now I'm dealing with a misalignment of benefits.  It's not even pay.  People do not want to come into an office.  We have a hybrid but because of our contracts with clients, we can't commit to even a "forever" hybrid, let along full WFH.  And that makes it difficult right now. 
  • Cropduster-80Cropduster-80 Posts: 2,034
    edited July 2022
    mrussel1 said:
    Zod said:
    It is a weird phenomenon.   Is unemployment low because economic activity is high, or is it low because the percentage of people in the workforce has significantly reduced (most likely because of the again population).   Low unemployment is usually a sign your at the top of a business cycle, but due to demographics it could be something that sticks around due to a shrinking workforce (as more people retire than enter the workforce).
    I tend to think there are a few things going on causing people to leave the workforce 

    1 retirements
    2. people aren’t qualified to fill some of these  good positions 
    3.  jobs you do qualify for are low skill, low pay 

    I can’t tell you how many computer engineers are being brought in at my wife’s company from abroad. It’s a lot. Your laid off manufacturing worker has zero qualifications for that and we don’t produce enough.  Some of those people just leave the workforce and don’t count against the unemployment numbers 

    seems like you are left with super high skilled, high paying jobs or jobs with such low skill requirements anyone could do it and people won’t do them if that means going down the job ladder. You are missing the middle 

    skill mismatches are a big problem 
    Skill mismatch is a huge, structural, long term problem for sure.  Right now I'm dealing with a misalignment of benefits.  It's not even pay.  People do not want to come into an office.  We have a hybrid but because of our contracts with clients, we can't commit to even a "forever" hybrid, let along full WFH.  And that makes it difficult right now. 
    That’s huge.  For sure, during work at home so many people moved to the suburbs.  Now that they have to go back to the office they don’t want to commute.  It’s absurd because it was a totally predictable problem and you should have considered it before you sold your house.  They have now been priced out of returning to the city  as home prices rise in the city faster than out of the city plus the higher interest rates. 

    You’ve got half an office of people threatening to quit rather than commute an hour each way 
    Post edited by Cropduster-80 on
  • Halifax2TheMaxHalifax2TheMax Posts: 32,657
    The numbers behind the numbers. Adds context.

    https://www.bls.gov/news.release/pdf/empsit.pdf
    09/15/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/29/08, 06/30/08, Mansfield, MA; 08/18/08, O2 London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA;

    "If you're looking down on someone, it better be to extend them a hand to lift them up."

    Libtardaplorable©. And proud of it.

    Brilliantati©
  • Lerxst1992Lerxst1992 Posts: 5,278
    The numbers behind the numbers. Adds context.

    https://www.bls.gov/news.release/pdf/empsit.pdf

    Even in nearly full employment, I know so many hiring managers who keep many jobs open for months and months on end in  their attempt to find the perfect candidate, whether it’s somebody young who helps their demo targets or someone who helps meet their corporate DNI targets. Even in full employment, the power is with the employer in the white collar corporate world. So many times I’ve heard “wish I went with the earlier candidate, because the later one didn’t turn out to  be an all star.”  And if candidates want WFH exclusively, maybe they are broadcasting their true potential, but employers can be blind to that.

     The restaurants and other services, they have it tough nowadays.
  • Lerxst1992Lerxst1992 Posts: 5,278

    Jack Welch, master of human capital.

    Corporate employers have had the upper hand since Reagan, and when you’re a human slasher like Jack, treating employees and families like garbage, pay virtually no tax on profit, the world you left behind is the world you helped create. 

    Jack, relax, kick some gluteus max.

  • Halifax2TheMaxHalifax2TheMax Posts: 32,657
    edited July 2022
    Yup, sure, no profiteering here. Just benevolent oil companies doing their thing. Hey, here’s an idea! Let’s lower their tax rate! Heck, let’s subsidize them some more!

    New YorkCNN Business — 

    ExxonMobil and Chevron both reported massive profit jumps thanks to record gasoline prices during the quarter.

    Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia’s invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.

    Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.

    Including one-time items, both earned hundreds of millions more: ExxonMobil’s net income reached $17.9 billion, while Chevron brought in $11.6 billion.

    ExxonMobil’s net income came to $2,245.62 every second of every day of the 92-day long quarter. On that basis, Chevron earned $1,462.11 per second.

    Since it takes about two minutes to pump 20 gallons of gas, that means between them the two oil giants earned more than $400,000 between them in the time it took you to fill you tank.

    https://www.cnn.com/2022/07/29/energy/exxonmobil-chevron-earnings/index.html

    09/15/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/29/08, 06/30/08, Mansfield, MA; 08/18/08, O2 London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA;

    "If you're looking down on someone, it better be to extend them a hand to lift them up."

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  • static111static111 Posts: 4,171
    Yup, sure, no profiteering here. Just benevolent oil companies doing their thing. Hey, here’s an idea! Let’s lower their tax rate! Heck, let’s subsidize them some more!

    New YorkCNN Business — 

    ExxonMobil and Chevron both reported massive profit jumps thanks to record gasoline prices during the quarter.

    Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia’s invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.

    Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.

    Including one-time items, both earned hundreds of millions more: ExxonMobil’s net income reached $17.9 billion, while Chevron brought in $11.6 billion.

    ExxonMobil’s net income came to $2,245.62 every second of every day of the 92-day long quarter. On that basis, Chevron earned $1,462.11 per second.

    Since it takes about two minutes to pump 20 gallons of gas, that means between them the two oil giants earned more than $400,000 between them in the time it took you to fill you tank.

    https://www.cnn.com/2022/07/29/energy/exxonmobil-chevron-earnings/index.html

    I guess you just don't understand the realities of how the market works under capitalism and supply and demand.
    Scio me nihil scire

    There are no kings inside the gates of eden
  • static111static111 Posts: 4,171
    Just kidding Hal, that is just something I have heard people repeat so many times that I think they have started believing it.  In other news.

    https://www.commondreams.org/news/2022/07/28/2021-big-oil-has-spent-over-200-million-sabotage-climate-action-analysis

    The oil and gas industry, one of the most powerful corporate forces in American politics, has spent more than $200 million over the past year and a half to stop Congress from slashing carbon emissions as evidence of their catastrophic impact—from deadly heatwaves to massive wildfires—continues to accumulate in stunning fashion.

    That topline estimate of the fossil fuel industry's lobbying outlays and congressional election spending in the U.S. was calculated by Climate Power, which provided its findings exclusively to Common Dreams.

    Nearly 80% of the industry's campaign donations during the time period examined went to Republican candidates, according to Climate Power, whose analysis draws on data from OpenSecrets.

    Until Wednesday night, when Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) announced a surprise deal on climate investments, it looked as if the industry's influence campaign had fully paid off, having helped crater the Democrats' sweeping Build Back Better package.

    Earlier this month, Manchin—the leading individual recipient of oil and gas industry cash in Congress—informed the Democratic leadership that he would not support moving ahead with renewable energy spending as part of a less ambitious bill, an apparently fatal blow to the hopes of climate action this year and possibly years into the future.

    Manchin, for now, appears to have reversed course, striking an agreement with Schumer that contains a historic $369 billion in climate and energy spending, including billions to speed the country's lagging transition away from fossil fuels. If accepted by all 50 members of the Senate Democratic caucus, the reconciliation bill can pass without GOP support.

    Schumer, who said the measure would put the country "on a path to roughly 40% emissions reductions by 2030," announced that he expects a vote on the legislation by next week. Sen. Kyrsten Sinema (D-Ariz.), a key swing vote, has not commented on the deal.

    Noreen Nielsen, a senior adviser to Climate Power, told Common Dreams that with the new framework, "a strong signal was sent that deep pockets only go so far."

    "Democrats took their biggest step ever towards showing that politicians who protect profiteers fleecing Americans at the pump are on the wrong side of history," said Nielsen. "All the money in the world couldn't stand in the way of an agreement to move forward on a bold plan to ramp up American-made clean energy, lower energy bills for families, and take on climate change."

    But while climate advocates welcomed the proposal overall as a potential game-changer for the environment, they also stressed that the deal is littered with the fingerprints of the oil and gas industry, which—according to Climate Power's new analysis—has spent $63.5 million on lobbying so far this year.

    As part of the agreement, Democratic leaders—including Schumer and President Joe Biden—agreed to reform the regulatory process for pipelines and other fossil fuel infrastructure in the coming months, a victory for Manchin and his industry backers.

    Such reforms could clear the way for the Mountain Valley Pipeline, a fracked gas project in West Virginia and Virginia that, if completed, would spew 89,526,651 metric tons of greenhouse gas emissions into the atmosphere each year.


    continues....

    Scio me nihil scire

    There are no kings inside the gates of eden
  • Halifax2TheMaxHalifax2TheMax Posts: 32,657
    static111 said:
    Just kidding Hal, that is just something I have heard people repeat so many times that I think they have started believing it.  In other news.

    https://www.commondreams.org/news/2022/07/28/2021-big-oil-has-spent-over-200-million-sabotage-climate-action-analysis

    The oil and gas industry, one of the most powerful corporate forces in American politics, has spent more than $200 million over the past year and a half to stop Congress from slashing carbon emissions as evidence of their catastrophic impact—from deadly heatwaves to massive wildfires—continues to accumulate in stunning fashion.

    That topline estimate of the fossil fuel industry's lobbying outlays and congressional election spending in the U.S. was calculated by Climate Power, which provided its findings exclusively to Common Dreams.

    Nearly 80% of the industry's campaign donations during the time period examined went to Republican candidates, according to Climate Power, whose analysis draws on data from OpenSecrets.

    Until Wednesday night, when Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) announced a surprise deal on climate investments, it looked as if the industry's influence campaign had fully paid off, having helped crater the Democrats' sweeping Build Back Better package.

    Earlier this month, Manchin—the leading individual recipient of oil and gas industry cash in Congress—informed the Democratic leadership that he would not support moving ahead with renewable energy spending as part of a less ambitious bill, an apparently fatal blow to the hopes of climate action this year and possibly years into the future.

    Manchin, for now, appears to have reversed course, striking an agreement with Schumer that contains a historic $369 billion in climate and energy spending, including billions to speed the country's lagging transition away from fossil fuels. If accepted by all 50 members of the Senate Democratic caucus, the reconciliation bill can pass without GOP support.

    Schumer, who said the measure would put the country "on a path to roughly 40% emissions reductions by 2030," announced that he expects a vote on the legislation by next week. Sen. Kyrsten Sinema (D-Ariz.), a key swing vote, has not commented on the deal.

    Noreen Nielsen, a senior adviser to Climate Power, told Common Dreams that with the new framework, "a strong signal was sent that deep pockets only go so far."

    "Democrats took their biggest step ever towards showing that politicians who protect profiteers fleecing Americans at the pump are on the wrong side of history," said Nielsen. "All the money in the world couldn't stand in the way of an agreement to move forward on a bold plan to ramp up American-made clean energy, lower energy bills for families, and take on climate change."

    But while climate advocates welcomed the proposal overall as a potential game-changer for the environment, they also stressed that the deal is littered with the fingerprints of the oil and gas industry, which—according to Climate Power's new analysis—has spent $63.5 million on lobbying so far this year.

    As part of the agreement, Democratic leaders—including Schumer and President Joe Biden—agreed to reform the regulatory process for pipelines and other fossil fuel infrastructure in the coming months, a victory for Manchin and his industry backers.

    Such reforms could clear the way for the Mountain Valley Pipeline, a fracked gas project in West Virginia and Virginia that, if completed, would spew 89,526,651 metric tons of greenhouse gas emissions into the atmosphere each year.


    continues....

    Here’s what I don’t understand about oil and gas companies, why the fuck aren’t they diversifying and getting into wind, solar and fusion? They’ve got the capital and it seems it’d be a seamless transition to hire, train and repurpose staff to engineer clean energy, from wind turbines to solar panels to battery storage and technology  to micro grids and charging stations. It’s like the horse and buggy industry not seeing the future of automobiles. Dumb and short sighted. Fuck them.
    09/15/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/29/08, 06/30/08, Mansfield, MA; 08/18/08, O2 London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA;

    "If you're looking down on someone, it better be to extend them a hand to lift them up."

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