It's insane how many plebes I know (I am also a plebe btw) think like this - or at least have like a 1000x more sympathy for Capitalism and the owner/employer position and not the labor force in which they reside. It's crazy town.
Aaaaand it's guys like him that make the market move and controls pricing. He's there to make money so people suffering is the best way for him.
No amount of money is enough. Insatiable.
He also has a point. The marginal workers that don't do too much are expecting the world whereas the doers should be getting those accolades.
Big business will keep raising prices if they still have to pay people
It's insane how many plebes I know (I am also a plebe btw) think like this - or at least have like a 1000x more sympathy for Capitalism and the owner/employer position and not the labor force in which they reside. It's crazy town.
Aaaaand it's guys like him that make the market move and controls pricing. He's there to make money so people suffering is the best way for him.
No amount of money is enough. Insatiable.
He also has a point. The marginal workers that don't do too much are expecting the world whereas the doers should be getting those accolades.
Big business will keep raising prices if they still have to pay people
Sorry this is so incredibly inaccurate on many fronts. But the most important one I'll stick to is: wage growth will always be worth the price increases. Full stop. And I wholeheartedly believe the pro-labor market is not done, based on demographics alone.
And the bolded above is exactly what I'm talking about in my previous comment - like this idea that the majority of workers are loafers, welfare queens, etc. looking to milk the tit. Which is on its own absolutely ridiculous and no where near the truth, but yet there are people out there (like the above) that perpetuate this in the broader consciousness. It's amazing how many people do not grasp the idea of solidarity just to not lose this irrational grip on individualism.
So I'll explain. I work for a company that has people in the industry that want to make huge money right out of the gate. No experience or work history but want to make 6 figures.
We also have the people that do just enough to keep their jobs and don't want to make strides in their profession but still want to get paid a ton.
I'm in construction management and not sure what industry you're in but this is what I see and I should have made that clear as it might not happen where you are at.
I agree on wage increases but it is always lagging behind the prices it seems.
David Yaffe-Bellany covers the crypto industry and has written extensively about the collapse of FTX.
Sept. 14, 2023
Sign up for The Ethicist newsletter, for Times subscribers only. Advice on life’s trickiest situations and moral dilemmas from the philosopher Kwame Anthony Appiah. Get it in your inbox.
At the end of a 15,000-word Twitter thread he never posted, Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, offered a blunt assessment of his predicament.
“I’m broke and wearing an ankle monitor and one of the most hated people in the world,” he wrote. “There will probably never be anything I can do to make my lifetime impact net positive.”
He added: “And the truth is that I did what I thought was right.”
After Mr. Bankman-Fried was arrested, charged with fraud over FTX’s collapse and placed in home detention in December, he wrote hundreds of pages of sometimes rambling self-justifications, ranging from childhood memories to mathematical calculations.
In a draft of his unsent posts, which he formatted as a series of tweets spanning roughly 70 typed pages, he criticized some of his closest colleagues, interspersing his arguments with photos from his high school years and stock images of popcorn and a garden maze. Every few pages, a key moment in the narrative is accompanied with a link to a music video by Alicia Keys, Katy Perry or Rihanna.
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
David Yaffe-Bellany covers the crypto industry and has written extensively about the collapse of FTX.
Sept. 14, 2023
Sign up for The Ethicist newsletter, for Times subscribers only. Advice on life’s trickiest situations and moral dilemmas from the philosopher Kwame Anthony Appiah. Get it in your inbox.
At the end of a 15,000-word Twitter thread he never posted, Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, offered a blunt assessment of his predicament.
“I’m broke and wearing an ankle monitor and one of the most hated people in the world,” he wrote. “There will probably never be anything I can do to make my lifetime impact net positive.”
He added: “And the truth is that I did what I thought was right.”
After Mr. Bankman-Fried was arrested, charged with fraud over FTX’s collapse and placed in home detention in December, he wrote hundreds of pages of sometimes rambling self-justifications, ranging from childhood memories to mathematical calculations.
In a draft of his unsent posts, which he formatted as a series of tweets spanning roughly 70 typed pages, he criticized some of his closest colleagues, interspersing his arguments with photos from his high school years and stock images of popcorn and a garden maze. Every few pages, a key moment in the narrative is accompanied with a link to a music video by Alicia Keys, Katy Perry or Rihanna.
On
Tuesday, the U.S. Census Bureau released its annual report on the state
of poverty in the United States. Every year, this is the biggest moment
in poverty statistics as we get a snapshot of what poverty looked like
in the previous year.
While statewide information is forthcoming, with the national numbers we can come away with some important takeaways.
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
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
Workers accepted major concessions in 2007, when it appeared that auto manufacturers would go under. They agreed to accept a two-tier pay system in which workers hired after 2007 would have lower pay and worse benefits than those hired before 2007. But then the industry recovered, and automakers’ profits skyrocketed: Ford, for example, made more than $10 billion in profits in 2022.
Automakers’ chief executive officers’ pay has soared—GM CEO Mary Barra made almost $29 million in 2022—but workers’ wages and benefits have not. Barra, for example, makes 362 times the median GM employee’s paycheck, while autoworkers’ pay has fallen behind inflation by 19%.
The new UAW president, Shawn Fain, ran on a promise to demand a rollback of the 2007 concessions in this summer’s contract negotiations. He wants a cap on temporary workers, pay increases of more than 40% to match the salary increases of the CEOs, a 32-hour workweek, cost of living adjustments, and an elimination of the tier system.
Fed's Powell gets an earful about inflation and interest rates from small businesses
By CHRISTOPHER RUGABER
Today
YORK, Pa. (AP) — Federal Reserve officials typically gather many of their insights and observations about the economy from some of the top Ph.D. economists in Washington.
On a visit Monday to York, Pennsylvania, Chair Jerome Powell got an earful from a group with a decidedly different perspective: Small-business people who are grappling personally with inflation, high interest rates, labor shortages and other challenges of the post-pandemic economy.
Powell, along with Patrick Harker, head of the Federal Reserve Bank of Philadelphia, traveled to York to learn about the efforts of the long-time manufacturing hub, where York Peppermint Patties were once made, to diversify its economy.
The businesspeople they spoke with were generally optimistic but expressed a range of concerns: They are still having trouble finding all the workers they need. Higher interest rates have discouraged some of them from expanding. And higher costs and a chronic difficulty in acquiring enough supplies have persisted.
“We were a little blind-sided by inflation,” said Julie Flinchbaugh Keene, co-owner of Flinchbaugh's Orchard & Farm Market, who spoke to Powell and Harker at the Gather 256 coffee shop while the two Fed officials conducted a walking tour. Since the pandemic struck more than three years ago, she said, “predictability is just gone. It's very hard to operate a business without predictability.”
Keene noted that her parents had experienced high inflation when they ran the business back in the 1980s. But the company was much smaller then and had no employees. As a result, her father said, “I don't have any wisdom to give you.”
“We'll get inflation down," Powell said after listening to her concerns.
During his tour of downtown York, Powell also met Jennifer Heasley, owner of Sweet Mama’s Mambo Sauce, who makes a barbecue-style sauce and owns a food stall in the York Central Market.
When asked before his visit what she would most want to tell Powell, Heasley said, “Lower interest rates."
Heasley said she is paying a much higher rate now on her credit cards, which she sometimes uses to fund her business.
Powell's visit occurred as the Fed is monitoring the economy for signs that its streak of rate increases are having their desired effect and that inflation is continuing to cool. At their most recent meeting two weeks ago, Fed officials signaled confidence about a so-called “soft landing," in which inflation would fall back to their 2% target without a deep recession. The policymakers predicted that inflation would fall to about 2.6% by the end of 2024, with only a small rise in the unemployment rate.
But given its confidence in the economy's resilience, the Fed also signaled that it expects to keep its benchmark rate higher for longer, potentially raising it once more this year and keeping it above 5% well into 2024.
Inflation has dwindled from a four-decade high of 9.1% in June 2022 to 3.7% in August. In the meantime, the unemployment rate has defied predictions by remaining low while the economy has continued to expand.
Before the walking tour, Powell and Harker conducted a roundtable discussion with several business owners and executives, nonprofit leaders and educators.
Kevin Schreiber, CEO of the York County Economic Alliance, a business development group, told reporters that the local economy is growing at a healthy pace. At the same time, Schreiber said, many business people are worried about the next 12 to 18 months and the prospect that interest rates will stay high and inflation won't be fully conquered.
A lack of child care is another top problem for many businesses in the area, Schreiber said, because it keeps many parents out of the workforce.
Schreiber said there were 219 child care centers in the area before the pandemic. Now, there are only 170. Many of the remaining centers are operating at less than full capacity because of staffing shortages.
Tom Palisin, executive director of The Manufacturer’s Association, who took part in the roundtable, said later that higher interest rates have led many local companies to pull back on acquisitions and investments in new technology.
“Companies want to invest," he said, “but they’ve hit the pause button.”
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
U.S. economy grows at blockbuster pace in third quarter By Abha Bhattarai October 26, 2023 at 8:31 ET The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs. New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession. The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength. “It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending." [Americans, especially wealthy ones, are still spending big] That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments. Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
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
U.S. economy grows at blockbuster pace in third quarter By Abha Bhattarai October 26, 2023 at 8:31 ET The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs. New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession. The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength. “It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending." [Americans, especially wealthy ones, are still spending big] That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments. Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
continues....
Damn you Brandon! What are you doing about litter boxes in schools and drag story hour, you putz??!!
U.S. economy grows at blockbuster pace in third quarter By Abha Bhattarai October 26, 2023 at 8:31 ET The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs. New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession. The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength. “It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending." [Americans, especially wealthy ones, are still spending big] That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments. Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
continues....
Damn you Brandon! What are you doing about litter boxes in schools and drag story hour, you putz??!!
U.S. economy grows at blockbuster pace in third quarter By Abha Bhattarai October 26, 2023 at 8:31 ET The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs. New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession. The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength. “It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending." [Americans, especially wealthy ones, are still spending big] That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments. Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
continues....
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".
U.S. economy grows at blockbuster pace in third quarter By Abha Bhattarai October 26, 2023 at 8:31 ET The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs. New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession. The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength. “It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending." [Americans, especially wealthy ones, are still spending big] That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments. Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
continues....
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".
U.S. economy grows at blockbuster pace in third quarter By Abha Bhattarai October 26, 2023 at 8:31 ET The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs. New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession. The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength. “It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending." [Americans, especially wealthy ones, are still spending big] That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments. Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
continues....
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".
I think it's important that we evaluate each of the FOUR major business sectors in isolation:
U.S. economy grows at blockbuster pace in third quarter By Abha Bhattarai October 26, 2023 at 8:31 ET The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs. New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession. The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength. “It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending." [Americans, especially wealthy ones, are still spending big] That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments. Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
continues....
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".
That article answered my question, ty. "Growth, however, is unlikely to match last quarter's blockbuster performance. Consumer tapped their savings and put away less money with the saving rate dropping to 3.4% from 4.0% in August."
U.S. economy grows at blockbuster pace in third quarter By Abha Bhattarai October 26, 2023 at 8:31 ET The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs. New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession. The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength. “It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending." [Americans, especially wealthy ones, are still spending big] That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments. Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
continues....
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".
U.S. economy grows at blockbuster pace in third quarter By Abha Bhattarai October 26, 2023 at 8:31 ET The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs. New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession. The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength. “It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending." [Americans, especially wealthy ones, are still spending big] That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments. Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
continues....
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".
I think it's important that we evaluate each of the FOUR major business sectors in isolation:
U.S. economy grows at blockbuster pace in third quarter By Abha Bhattarai October 26, 2023 at 8:31 ET The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs. New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession. The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength. “It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending." [Americans, especially wealthy ones, are still spending big] That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments. Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
continues....
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".
I think it's important that we evaluate each of the FOUR major business sectors in isolation:
1. Tourism 2. Food Service 3. Railroads 4. Sales
And hospitals/manufacturing. And air travel.
I got your reference Matt 😉
Thank you! Geez... that's honestly one of the funniest and saddest scenes in the Office. So absurd and hilarious.
FTX founder Sam Bankman-Fried convicted of defrauding cryptocurrency customers
By LARRY NEUMEISTER
20 mins ago
NEW YORK (AP) — FTX founder Sam Bankman-Fried’s spectacular rise and fall in the cryptocurrency industry — a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president — hit rock bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion.
After the monthlong trial, jurors rejected Bankman-Fried’s claim during four days on the witness stand in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world’s second-largest crypto exchange, collapsed into bankruptcy a year ago.
“His crimes caught up to him. His crimes have been exposed,” Assistant U.S. Attorney Danielle Sassoon told the jury of the onetime billionaire just before they were read the law by Judge Lewis A. Kaplan and began deliberations. Sassoon said Bankman-Fried turned his customers’ accounts into his “personal piggy bank” as up to $14 billion disappeared.
She urged jurors to reject Bankman-Fried’s insistence when he testified over three days that he never committed fraud or plotted to steal from customers, investors and lenders and didn’t realize his companies were at least $10 billion in debt until October 2022.
Bankman-Fried was required to stand and face the jury as guilty verdicts on all seven counts were read. He kept his hands clasped tightly in front of him. When he sat down after the reading, he kept his head tilted down for several minutes.
After the judge set a sentencing date of March 28, Bankman-Fried's parents moved to the front row behind him. His father put his arm around his wife. As Bankman-Fried was led out of the courtroom, he looked back and nodded toward his mother, who nodded back and then became emotional, wiping her hand across her face after he left the room.
U.S. Attorney Damian Williams told reporters after the verdict that Bankman-Fried “perpetrated one of the biggest financial frauds in American history, a multibillion dollar scheme designed to make him the king of crypto."
“But here’s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it,” he said.
Bankman-Fried’s attorney, Mark Cohen, said in a statement they “respect the jury’s decision. But we are very disappointed with the result.”
“Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,” Cohen said.
The trial attracted intense interest with its focus on a fraud on a scale not seen since the 2009 prosecution of Bernard Madoff, whose Ponzi scheme over decades cheated thousands of investors out of about $20 billion. Madoff pleaded guilty, was sentenced to 150 years in prison, where he died in 2021.
The prosecution of Bankman-Fried, 31, put a spotlight on the emerging industry of cryptocurrency and a group of young executives in their 20s who lived together in a $30 million luxury apartment in the Bahamas as they dreamed of becoming the most powerful player in a new financial field.
Prosecutors made sure jurors knew that the defendant they saw in court with short hair and a suit was not the man with big messy hair and shorts that became his trademark appearance after he started his cryptocurrency hedge fund, Alameda Research, in 2017 and FTX, his cryptocurrency exchange, two years later.
They showed the jury pictures of Bankman-Fried sleeping on a private jet, sitting with a deck of cards and mingling at the Super Bowl with celebrities including the singer Katy Perry. Assistant U.S. Attorney Nicolas Roos called Bankman-Fried someone who liked “celebrity chasing.”
In a closing argument, defense lawyer Mark Cohen said prosecutors were trying to turn “Sam into some sort of villain, some sort of monster.”
“It’s both wrong and unfair, and I hope and believe that you have seen that it’s simply not true,” he said. “According to the government, everything Sam ever touched and said was fraudulent.”
The government relied heavily on the testimony of three former members of Bankman-Fried’s inner circle, his top executives including his former girlfriend, Caroline Ellison, to explain how Bankman-Fried used Alameda Research to siphon billions of dollars from customer accounts at FTX.
With that money, prosecutors said, the Massachusetts Institute of Technology graduate gained influence and power through investments, contributions, tens of millions of dollars in political contributions, Congressional testimony and a publicity campaign that enlisted celebrities like comedian Larry David and football quarterback Tom Brady.
Ellison, 28, testified that Bankman-Fried directed her while she was chief executive of Alameda Research to commit fraud as he pursued ambitions to lead huge companies, spend money influentially and run for U.S. president someday. She said he thought he had a 5 percent chance to be U.S. president someday.
Becoming tearful as she described the collapse of the cryptocurrency empire last November, Ellison said the revelations that caused customers collectively to demand their money back, exposing the fraud, brought a “relief that I didn’t have to lie anymore.”
FTX cofounder Gary Wang, who was FTX’s chief technology officer, revealed in his testimony that Bankman-Fried directed him to insert code into FTX’s operations so that Alameda Research could make unlimited withdrawals from FTX and have a credit line up to $65 billion. Wang said the money came from customers.
Nishad Singh, the former head of engineering at FTX, testified that he felt “blindsided and horrified” at the result of the actions of a man he once admired when he saw the extent of the fraud as the collapse last November left him suicidal.
Ellison, Wang and Singh all pleaded guilty to fraud charges and testified against Bankman-Fried in the hopes of leniency at sentencing.
Bankman-Fried was arrested in the Bahamas last December and extradited to the United States, where he was freed on a $250 million personal recognizance bond with electronic monitoring and a requirement that he remain at the home of his parents in Palo Alto, California.
His communications, including hundreds of phone calls with journalists and internet influencers, along with emails and texts, eventually got him in trouble when the judge concluded he was trying to influence prospective trial witnesses and ordered him jailed in August.
During the trial, prosecutors used Bankman-Fried’s public statements, online announcements and his Congressional testimony against him, showing how the entrepreneur repeatedly promised customers that their deposits were safe and secure as late as last Nov. 7 when he tweeted “FTX is fine. Assets are fine” as customers furiously tried to withdraw their money. He deleted the tweet the next day. FTX filed for bankruptcy four days later.
In his closing, Roos mocked Bankman-Fried’s testimony, saying that under questioning from his lawyer, the defendant’s words were “smooth, like it had been rehearsed a bunch of times?”
But under cross examination, “he was a different person,” the prosecutor said. “Suddenly on cross-examination he couldn’t remember a single detail about his company or what he said publicly. It was uncomfortable to hear. He never said he couldn’t recall during his direct examination, but it happened over 140 times during his cross-examination.”
Former federal prosecutors said the quick verdict — after only half a day of deliberation — showed how well the government tried the case.
“The government tried the case as we expected," said Joshua A. Naftalis, a partner at Pallas Partners LLP and a former Manhattan prosecutor. “It was a massive fraud, but that doesn’t mean it had to be a complicated fraud, and I think the jury understood that argument.”
___
Associated Press reporter Ken Sweet contributed from Palm Springs, California.
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Comments
That's all you got out of that?
We also have the people that do just enough to keep their jobs and don't want to make strides in their profession but still want to get paid a ton.
I'm in construction management and not sure what industry you're in but this is what I see and I should have made that clear as it might not happen where you are at.
I agree on wage increases but it is always lagging behind the prices it seems.
By David Yaffe-Bellany
David Yaffe-Bellany covers the crypto industry and has written extensively about the collapse of FTX.
Sign up for The Ethicist newsletter, for Times subscribers only. Advice on life’s trickiest situations and moral dilemmas from the philosopher Kwame Anthony Appiah. Get it in your inbox.
At the end of a 15,000-word Twitter thread he never posted, Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, offered a blunt assessment of his predicament.
“I’m broke and wearing an ankle monitor and one of the most hated people in the world,” he wrote. “There will probably never be anything I can do to make my lifetime impact net positive.”
He added: “And the truth is that I did what I thought was right.”
After Mr. Bankman-Fried was arrested, charged with fraud over FTX’s collapse and placed in home detention in December, he wrote hundreds of pages of sometimes rambling self-justifications, ranging from childhood memories to mathematical calculations.
In a draft of his unsent posts, which he formatted as a series of tweets spanning roughly 70 typed pages, he criticized some of his closest colleagues, interspersing his arguments with photos from his high school years and stock images of popcorn and a garden maze. Every few pages, a key moment in the narrative is accompanied with a link to a music video by Alicia Keys, Katy Perry or Rihanna.
continues.....
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you're finally here and I'm a mess................................................... nationwide arena columbus '10
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another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
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Census Bureau releases new poverty numbers
Rob Moore
September 18, 2023 4:30 am
(Photo by Spencer Platt/Getty Images)
On Tuesday, the U.S. Census Bureau released its annual report on the state of poverty in the United States. Every year, this is the biggest moment in poverty statistics as we get a snapshot of what poverty looked like in the previous year.
While statewide information is forthcoming, with the national numbers we can come away with some important takeaways.
continues.....
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
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That must be one important tax credit.
absolute game changer. BUT the multi-millionaire Senator from WVa didnt want his grandkids with the multi-millionaire mother/parents paying for it.
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Workers accepted major concessions in 2007, when it appeared that auto manufacturers would go under. They agreed to accept a two-tier pay system in which workers hired after 2007 would have lower pay and worse benefits than those hired before 2007. But then the industry recovered, and automakers’ profits skyrocketed: Ford, for example, made more than $10 billion in profits in 2022.
Automakers’ chief executive officers’ pay has soared—GM CEO Mary Barra made almost $29 million in 2022—but workers’ wages and benefits have not. Barra, for example, makes 362 times the median GM employee’s paycheck, while autoworkers’ pay has fallen behind inflation by 19%.
The new UAW president, Shawn Fain, ran on a promise to demand a rollback of the 2007 concessions in this summer’s contract negotiations. He wants a cap on temporary workers, pay increases of more than 40% to match the salary increases of the CEOs, a 32-hour workweek, cost of living adjustments, and an elimination of the tier system.
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YORK, Pa. (AP) — Federal Reserve officials typically gather many of their insights and observations about the economy from some of the top Ph.D. economists in Washington.
On a visit Monday to York, Pennsylvania, Chair Jerome Powell got an earful from a group with a decidedly different perspective: Small-business people who are grappling personally with inflation, high interest rates, labor shortages and other challenges of the post-pandemic economy.
Powell, along with Patrick Harker, head of the Federal Reserve Bank of Philadelphia, traveled to York to learn about the efforts of the long-time manufacturing hub, where York Peppermint Patties were once made, to diversify its economy.
The businesspeople they spoke with were generally optimistic but expressed a range of concerns: They are still having trouble finding all the workers they need. Higher interest rates have discouraged some of them from expanding. And higher costs and a chronic difficulty in acquiring enough supplies have persisted.
“We were a little blind-sided by inflation,” said Julie Flinchbaugh Keene, co-owner of Flinchbaugh's Orchard & Farm Market, who spoke to Powell and Harker at the Gather 256 coffee shop while the two Fed officials conducted a walking tour. Since the pandemic struck more than three years ago, she said, “predictability is just gone. It's very hard to operate a business without predictability.”
Keene noted that her parents had experienced high inflation when they ran the business back in the 1980s. But the company was much smaller then and had no employees. As a result, her father said, “I don't have any wisdom to give you.”
“We'll get inflation down," Powell said after listening to her concerns.
During his tour of downtown York, Powell also met Jennifer Heasley, owner of Sweet Mama’s Mambo Sauce, who makes a barbecue-style sauce and owns a food stall in the York Central Market.
When asked before his visit what she would most want to tell Powell, Heasley said, “Lower interest rates."
Heasley said she is paying a much higher rate now on her credit cards, which she sometimes uses to fund her business.
Powell's visit occurred as the Fed is monitoring the economy for signs that its streak of rate increases are having their desired effect and that inflation is continuing to cool. At their most recent meeting two weeks ago, Fed officials signaled confidence about a so-called “soft landing," in which inflation would fall back to their 2% target without a deep recession. The policymakers predicted that inflation would fall to about 2.6% by the end of 2024, with only a small rise in the unemployment rate.
But given its confidence in the economy's resilience, the Fed also signaled that it expects to keep its benchmark rate higher for longer, potentially raising it once more this year and keeping it above 5% well into 2024.
Inflation has dwindled from a four-decade high of 9.1% in June 2022 to 3.7% in August. In the meantime, the unemployment rate has defied predictions by remaining low while the economy has continued to expand.
Before the walking tour, Powell and Harker conducted a roundtable discussion with several business owners and executives, nonprofit leaders and educators.
Kevin Schreiber, CEO of the York County Economic Alliance, a business development group, told reporters that the local economy is growing at a healthy pace. At the same time, Schreiber said, many business people are worried about the next 12 to 18 months and the prospect that interest rates will stay high and inflation won't be fully conquered.
A lack of child care is another top problem for many businesses in the area, Schreiber said, because it keeps many parents out of the workforce.
Schreiber said there were 219 child care centers in the area before the pandemic. Now, there are only 170. Many of the remaining centers are operating at less than full capacity because of staffing shortages.
Tom Palisin, executive director of The Manufacturer’s Association, who took part in the roundtable, said later that higher interest rates have led many local companies to pull back on acquisitions and investments in new technology.
“Companies want to invest," he said, “but they’ve hit the pause button.”
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By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.
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That's what Fox has going...
It's "spending" on everything.
https://www.reuters.com/markets/us/us-consumer-spending-beats-expectations-september-2023-10-27/#:~:text=Adjusting for inflation, consumer spending,match last quarter's blockbuster performance.
1. Tourism
2. Food Service
3. Railroads
4. Sales
And hospitals/manufacturing. And air travel.
"Growth, however, is unlikely to match last quarter's blockbuster performance. Consumer tapped their savings and put away less money with the saving rate dropping to 3.4% from 4.0% in August."
NEW YORK (AP) — FTX founder Sam Bankman-Fried’s spectacular rise and fall in the cryptocurrency industry — a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president — hit rock bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion.
After the monthlong trial, jurors rejected Bankman-Fried’s claim during four days on the witness stand in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world’s second-largest crypto exchange, collapsed into bankruptcy a year ago.
“His crimes caught up to him. His crimes have been exposed,” Assistant U.S. Attorney Danielle Sassoon told the jury of the onetime billionaire just before they were read the law by Judge Lewis A. Kaplan and began deliberations. Sassoon said Bankman-Fried turned his customers’ accounts into his “personal piggy bank” as up to $14 billion disappeared.
She urged jurors to reject Bankman-Fried’s insistence when he testified over three days that he never committed fraud or plotted to steal from customers, investors and lenders and didn’t realize his companies were at least $10 billion in debt until October 2022.
Bankman-Fried was required to stand and face the jury as guilty verdicts on all seven counts were read. He kept his hands clasped tightly in front of him. When he sat down after the reading, he kept his head tilted down for several minutes.
After the judge set a sentencing date of March 28, Bankman-Fried's parents moved to the front row behind him. His father put his arm around his wife. As Bankman-Fried was led out of the courtroom, he looked back and nodded toward his mother, who nodded back and then became emotional, wiping her hand across her face after he left the room.
U.S. Attorney Damian Williams told reporters after the verdict that Bankman-Fried “perpetrated one of the biggest financial frauds in American history, a multibillion dollar scheme designed to make him the king of crypto."
“But here’s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it,” he said.
Bankman-Fried’s attorney, Mark Cohen, said in a statement they “respect the jury’s decision. But we are very disappointed with the result.”
“Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,” Cohen said.
The trial attracted intense interest with its focus on a fraud on a scale not seen since the 2009 prosecution of Bernard Madoff, whose Ponzi scheme over decades cheated thousands of investors out of about $20 billion. Madoff pleaded guilty, was sentenced to 150 years in prison, where he died in 2021.
The prosecution of Bankman-Fried, 31, put a spotlight on the emerging industry of cryptocurrency and a group of young executives in their 20s who lived together in a $30 million luxury apartment in the Bahamas as they dreamed of becoming the most powerful player in a new financial field.
Prosecutors made sure jurors knew that the defendant they saw in court with short hair and a suit was not the man with big messy hair and shorts that became his trademark appearance after he started his cryptocurrency hedge fund, Alameda Research, in 2017 and FTX, his cryptocurrency exchange, two years later.
They showed the jury pictures of Bankman-Fried sleeping on a private jet, sitting with a deck of cards and mingling at the Super Bowl with celebrities including the singer Katy Perry. Assistant U.S. Attorney Nicolas Roos called Bankman-Fried someone who liked “celebrity chasing.”
In a closing argument, defense lawyer Mark Cohen said prosecutors were trying to turn “Sam into some sort of villain, some sort of monster.”
“It’s both wrong and unfair, and I hope and believe that you have seen that it’s simply not true,” he said. “According to the government, everything Sam ever touched and said was fraudulent.”
The government relied heavily on the testimony of three former members of Bankman-Fried’s inner circle, his top executives including his former girlfriend, Caroline Ellison, to explain how Bankman-Fried used Alameda Research to siphon billions of dollars from customer accounts at FTX.
With that money, prosecutors said, the Massachusetts Institute of Technology graduate gained influence and power through investments, contributions, tens of millions of dollars in political contributions, Congressional testimony and a publicity campaign that enlisted celebrities like comedian Larry David and football quarterback Tom Brady.
Ellison, 28, testified that Bankman-Fried directed her while she was chief executive of Alameda Research to commit fraud as he pursued ambitions to lead huge companies, spend money influentially and run for U.S. president someday. She said he thought he had a 5 percent chance to be U.S. president someday.
Becoming tearful as she described the collapse of the cryptocurrency empire last November, Ellison said the revelations that caused customers collectively to demand their money back, exposing the fraud, brought a “relief that I didn’t have to lie anymore.”
FTX cofounder Gary Wang, who was FTX’s chief technology officer, revealed in his testimony that Bankman-Fried directed him to insert code into FTX’s operations so that Alameda Research could make unlimited withdrawals from FTX and have a credit line up to $65 billion. Wang said the money came from customers.
Nishad Singh, the former head of engineering at FTX, testified that he felt “blindsided and horrified” at the result of the actions of a man he once admired when he saw the extent of the fraud as the collapse last November left him suicidal.
Ellison, Wang and Singh all pleaded guilty to fraud charges and testified against Bankman-Fried in the hopes of leniency at sentencing.
Bankman-Fried was arrested in the Bahamas last December and extradited to the United States, where he was freed on a $250 million personal recognizance bond with electronic monitoring and a requirement that he remain at the home of his parents in Palo Alto, California.
His communications, including hundreds of phone calls with journalists and internet influencers, along with emails and texts, eventually got him in trouble when the judge concluded he was trying to influence prospective trial witnesses and ordered him jailed in August.
During the trial, prosecutors used Bankman-Fried’s public statements, online announcements and his Congressional testimony against him, showing how the entrepreneur repeatedly promised customers that their deposits were safe and secure as late as last Nov. 7 when he tweeted “FTX is fine. Assets are fine” as customers furiously tried to withdraw their money. He deleted the tweet the next day. FTX filed for bankruptcy four days later.
In his closing, Roos mocked Bankman-Fried’s testimony, saying that under questioning from his lawyer, the defendant’s words were “smooth, like it had been rehearsed a bunch of times?”
But under cross examination, “he was a different person,” the prosecutor said. “Suddenly on cross-examination he couldn’t remember a single detail about his company or what he said publicly. It was uncomfortable to hear. He never said he couldn’t recall during his direct examination, but it happened over 140 times during his cross-examination.”
Former federal prosecutors said the quick verdict — after only half a day of deliberation — showed how well the government tried the case.
“The government tried the case as we expected," said Joshua A. Naftalis, a partner at Pallas Partners LLP and a former Manhattan prosecutor. “It was a massive fraud, but that doesn’t mean it had to be a complicated fraud, and I think the jury understood that argument.”
___
Associated Press reporter Ken Sweet contributed from Palm Springs, California.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
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https://www.boston.com/news/national-news/2023/11/07/behind-the-gates-of-a-private-world-for-only-the-wealthiest-new-yorkers/?p1=hp_secondary
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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
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