International events are causing further concerns. Russia’s invasion of Ukraine has disrupted trade and raised prices of energy and food, creating a crisis for poor countries. The International Monetary Fund, citing the war, this month downgraded its outlook for the world economy in 2023.
We had a pandemic for 2 years that cut supply chains off and prices barely raised. Russia and Ukraine going at it though ruins the worlds economy...
This is why I think the inflated prices are bullshit and corporations making up for lost profits much like the oil producers are right now.
Oh and 7% interest rate on a house mortgage now? If you planned a flip it, that is not happening now as your home price most likely lost a good 10-20% on prices.
I can see the housing market taking a huge hit here and it will reset everyone's value and eliminating any borrowing off of it.
Recession here we come.
You're thinking of economics in reverse. Prices didn't rise during the pandemic because demand was low. No one traveled, for business or pleasure. People didn't drive to work, etc. The economy restarted, the supply chain wasn't quite ready and Russia invaded, creating disruption in the oil supply. Once prices go up, they will NEVER go down until there is a reduction in demand, like a recession. So yeah, it's coming and that's the only way prices normalize.
You couldn't find shit on the shelves, the price of toilet paper did not go up... We actually spent more during the pandemic. The numbers support that.
Everyone cut production. Then of course everyone boycotts Russian oil and OPEC cuts production again causing prices again to increase.
I find it really interesting that we are producing record oil and not making a dent... A few other countries could do it too and offset Russia supply but I don't think anyone is really interested in that.
This global economy thing baffles me sometimes. The big fish really want to squeeze the life out of everyone else.
There's the other thing too. At least with Oil/Gas. Governments and the world are trying to ween us off oil/gas. So investment in big projects like refineries aren't happening. A refinery costs 10's of billions and usually about 50 years to pay off. I can see why Oil companies are nervous to make that investment. Will it still make money in 20 or 30 years from now, when it's still not paid off yet.
I think it's been decades since new gas refineries were built in US or Canada. The US has now lost 5 or 6, so the ability to produce gas is shrinking, while demand is increasing.
If they didn't charge the higher prices for gas, would there have been enough to around. IE if demand at $4 a gallon is 2 billion gallons of gas, and demand at $6/gallon is 1.7 billion gallons, is there actually enough to meet demand at lower prices. I don't know the answer to that question.
But that's how I think of it. If there's scarcity of goods, and you charge below the equilibrium price you have shortages.
So the refineries is a big deal too. Yes a bunch not making money closed. New ones are made but older ones closed or changed over. Why would you build them though? If it takes 50 years to pay one off, I find that hard to believe, why even make one, then I see not investing in that and focusing money into newer tech.
I don't think the corporations give a shit, they'll make their money no matter what they do, that's why they are in business.
Refineries can't just spin up quickly. And I agree that they are not in danger of shaving profits any time soon. Look at the EIA forecasts for 2023.. it will be a record year for US production.
International events are causing further concerns. Russia’s invasion of Ukraine has disrupted trade and raised prices of energy and food, creating a crisis for poor countries. The International Monetary Fund, citing the war, this month downgraded its outlook for the world economy in 2023.
We had a pandemic for 2 years that cut supply chains off and prices barely raised. Russia and Ukraine going at it though ruins the worlds economy...
This is why I think the inflated prices are bullshit and corporations making up for lost profits much like the oil producers are right now.
Oh and 7% interest rate on a house mortgage now? If you planned a flip it, that is not happening now as your home price most likely lost a good 10-20% on prices.
I can see the housing market taking a huge hit here and it will reset everyone's value and eliminating any borrowing off of it.
Recession here we come.
You're thinking of economics in reverse. Prices didn't rise during the pandemic because demand was low. No one traveled, for business or pleasure. People didn't drive to work, etc. The economy restarted, the supply chain wasn't quite ready and Russia invaded, creating disruption in the oil supply. Once prices go up, they will NEVER go down until there is a reduction in demand, like a recession. So yeah, it's coming and that's the only way prices normalize.
You couldn't find shit on the shelves, the price of toilet paper did not go up... We actually spent more during the pandemic. The numbers support that.
Everyone cut production. Then of course everyone boycotts Russian oil and OPEC cuts production again causing prices again to increase.
I find it really interesting that we are producing record oil and not making a dent... A few other countries could do it too and offset Russia supply but I don't think anyone is really interested in that.
This global economy thing baffles me sometimes. The big fish really want to squeeze the life out of everyone else.
There's the other thing too. At least with Oil/Gas. Governments and the world are trying to ween us off oil/gas. So investment in big projects like refineries aren't happening. A refinery costs 10's of billions and usually about 50 years to pay off. I can see why Oil companies are nervous to make that investment. Will it still make money in 20 or 30 years from now, when it's still not paid off yet.
I think it's been decades since new gas refineries were built in US or Canada. The US has now lost 5 or 6, so the ability to produce gas is shrinking, while demand is increasing.
If they didn't charge the higher prices for gas, would there have been enough to around. IE if demand at $4 a gallon is 2 billion gallons of gas, and demand at $6/gallon is 1.7 billion gallons, is there actually enough to meet demand at lower prices. I don't know the answer to that question.
But that's how I think of it. If there's scarcity of goods, and you charge below the equilibrium price you have shortages.
So the refineries is a big deal too. Yes a bunch not making money closed. New ones are made but older ones closed or changed over. Why would you build them though? If it takes 50 years to pay one off, I find that hard to believe, why even make one, then I see not investing in that and focusing money into newer tech.
I don't think the corporations give a shit, they'll make their money no matter what they do, that's why they are in business.
Refineries can't just spin up quickly. And I agree that they are not in danger of shaving profits any time soon. Look at the EIA forecasts for 2023.. it will be a record year for US production.
So we will keep on producing more than any country but because the refineries say they are refining less price will stay high... We will never run out of fuel.
International events are causing further concerns. Russia’s invasion of Ukraine has disrupted trade and raised prices of energy and food, creating a crisis for poor countries. The International Monetary Fund, citing the war, this month downgraded its outlook for the world economy in 2023.
We had a pandemic for 2 years that cut supply chains off and prices barely raised. Russia and Ukraine going at it though ruins the worlds economy...
This is why I think the inflated prices are bullshit and corporations making up for lost profits much like the oil producers are right now.
Oh and 7% interest rate on a house mortgage now? If you planned a flip it, that is not happening now as your home price most likely lost a good 10-20% on prices.
I can see the housing market taking a huge hit here and it will reset everyone's value and eliminating any borrowing off of it.
Recession here we come.
You're thinking of economics in reverse. Prices didn't rise during the pandemic because demand was low. No one traveled, for business or pleasure. People didn't drive to work, etc. The economy restarted, the supply chain wasn't quite ready and Russia invaded, creating disruption in the oil supply. Once prices go up, they will NEVER go down until there is a reduction in demand, like a recession. So yeah, it's coming and that's the only way prices normalize.
You couldn't find shit on the shelves, the price of toilet paper did not go up... We actually spent more during the pandemic. The numbers support that.
Everyone cut production. Then of course everyone boycotts Russian oil and OPEC cuts production again causing prices again to increase.
I find it really interesting that we are producing record oil and not making a dent... A few other countries could do it too and offset Russia supply but I don't think anyone is really interested in that.
This global economy thing baffles me sometimes. The big fish really want to squeeze the life out of everyone else.
There's the other thing too. At least with Oil/Gas. Governments and the world are trying to ween us off oil/gas. So investment in big projects like refineries aren't happening. A refinery costs 10's of billions and usually about 50 years to pay off. I can see why Oil companies are nervous to make that investment. Will it still make money in 20 or 30 years from now, when it's still not paid off yet.
I think it's been decades since new gas refineries were built in US or Canada. The US has now lost 5 or 6, so the ability to produce gas is shrinking, while demand is increasing.
If they didn't charge the higher prices for gas, would there have been enough to around. IE if demand at $4 a gallon is 2 billion gallons of gas, and demand at $6/gallon is 1.7 billion gallons, is there actually enough to meet demand at lower prices. I don't know the answer to that question.
But that's how I think of it. If there's scarcity of goods, and you charge below the equilibrium price you have shortages.
So the refineries is a big deal too. Yes a bunch not making money closed. New ones are made but older ones closed or changed over. Why would you build them though? If it takes 50 years to pay one off, I find that hard to believe, why even make one, then I see not investing in that and focusing money into newer tech.
I don't think the corporations give a shit, they'll make their money no matter what they do, that's why they are in business.
Refineries can't just spin up quickly. And I agree that they are not in danger of shaving profits any time soon. Look at the EIA forecasts for 2023.. it will be a record year for US production.
So we will keep on producing more than any country but because the refineries say they are refining less price will stay high... We will never run out of fuel.
FWIW nat gas exploded in cost July thru Sept, and fell off of a cliff in Oct, as tankers are lining the shores of Europe with few places left to store the gas. There’s a ton of supply out there now, until he next deep freeze arrives. Right now I’m on the back patio sweating in the sun in NY. F U Putin!
the reason why it takes refineries decades to break even is the same reason why Europe can’t get off nat gas so soon. Weened off a small bit each year yes, but to build out a brand new infrastructure with tech that barely exists, and whose by product harm that is still not fully understood, takes time.
I guess inflation won't matter when you're (general you) unemployed and can't afford anything anyway. I can't wait to watch the repub congress try to address any issue facing the 'Murican people with the forward thinking, geniuses they're running.
I guess inflation won't matter when you're (general you) unemployed and can't afford anything anyway. I can't wait to watch the repub congress try to address any issue facing the 'Murican people with the forward thinking, geniuses they're running.
Every candidate claims they have a "plan to battle inflation and crime". Sure ya do!
did you miss this one...those poor guys and gals have to deal with the boom bust cycles and the shareholders, how about a little more empathy. Its a little dated from back in July and flew under most people's radar.
" The oil and gas industry has delivered $2.8bn (£2.3bn) a day in pure profit for the last 50 years, a new analysis has revealed.
The vast total captured by petrostates and fossil fuel companies since 1970 is $52tn, providing the power to “buy every politician, every system” and delay action on the climate crisis, says Prof Aviel Verbruggen, the author of the analysis. The huge profits were inflated by cartels of countries artificially restricting supply.
The analysis, based on World Bank data, assesses the “rent” secured by global oil and gas sales, which is the economic term for the unearned profit produced after the total cost of production has been deducted.
The study has yet to be published in an academic journal but three experts at University College London, the London School of Economics and the thinktank Carbon Tracker confirmed the analysis as accurate, with one calling the total a “staggering number”. It appears to be the first long-term assessment of the sector’s total profits, with oil rents providing 86% of the total."
continues
Scio me nihil scire
There are no kings inside the gates of eden
0
Options
mickeyrat
up my ass, like Chadwick was up his Posts: 35,764
US consumer inflation eased to 7.7% over past 12 months
By PAUL WISEMAN
13 mins ago
WASHINGTON (AP) — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious.
Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the government said Thursday. The year-over-year increase, a slowdown from 8.2% in September, was the smallest rise since January. A separate gauge called core inflation, which excludes volatile food and energy, rose 6.3% in the past 12 months and 0.3% from September.
The numbers were all lower than economists had expected.
Helping drive the inflation slowdown from September to October were used car prices, which dropped for a fourth straight month. Also down were the prices of clothing and medical care. Food price increases slowed. By contrast, energy prices rebounded in October after having declined in August and September.
Even with last month’s tentative easing of inflation, the Federal Reserve is widely expected to keep raising interest rates to try to stem persistently high price increases. But Thursday's better-than-expected data raised the possibility that the Fed could decide to slow its rate hikes — a prospect that sent stock prices jumping immediately after the government issued the figures.
“We expect this to mark the start of a much longer disinflationary trend that we think will convince the Fed to halt its (hikes) early next year,” said Paul Ashworth, chief North American economist at Capital Economics, a consulting firm. “With supply shortages normalizing, deflationary pressure is now finally showing up.”
Many economists have warned that in continuing to tighten credit, the central bank is likely to cause a recession by next year. So far this year, the Fed has raised its benchmark interest rate six times in sizable increments, heightening the risk that prohibitively high borrowing rates — for mortgages, auto purchases and other high-cost expenses — will tip the world’s largest economy into recession.
Some economists suggested that the latest inflation data shows that the hikes are beginning to achieve their goal, though the Fed needs to see further evidence.
“The data will be welcome news for the (Fed), finally showing some response in prices” to the rate increases, said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.
In the midterm elections that ended Tuesday, roughly half of voters cited inflation as the top factor in their decisions, according to VoteCast, an extensive survey of more than 94,000 voters nationwide conducted for The Associated Press by NORC at the University of Chicago. About 8 in 10 said the economy was in bad shape, and a slim majority blamed President Joe Biden’s policies for worsening inflation. Just under half said factors beyond Biden’s control, such as Russia’s invasion of Ukraine, were to blame.
Those economic anxieties contributed to the loss of Democratic seats in the House of Representatives, though Republicans failed to score the huge political gains that many had expected. And a sizable chunk of voters — 44%, according to VoteCast — said their top concern was the future of democracy, an issue that was emphasized by Biden and Democratic congressional candidates.
Even before the release of Thursday's figures, inflation by some measures had begun to ease and could continue to do so in coming months. Most gauges of workers’ wages, for example, show that the robust pay increases of the past 18 months have leveled off and have begun to fall. Though worker pay is not a primary driver of higher prices, it can compound inflationary pressures if companies offset their higher labor costs by charging their customers more.
Except for automakers, which are still struggling to acquire the computer chips they need, supply chain disruptions have largely unsnarled. Shipping costs have dropped back to pre-pandemic levels. The backup of cargo ships off the port of Los Angeles and Long Beach has been cleared.
And as declines in new rents that have emerged in real-time measures from such sources as ApartmentList and Zillow begin to be captured in the government’s forthcoming measures, that factor should also reduce inflation.
Even as many fear that the economy will fall into recession next year, the nation’s job market has remained resilient. Employers have added a healthy average of 407,000 jobs a month, and the unemployment rate is just 3.7%, close to a half-century low. Job openings are still at historically high levels.
But the Fed’s rate hikes have inflicted severe damage on the American housing market. The average rate on a 30-year fixed mortgage has more than doubled over the past year and topped 7% this week. As a result, investment in housing collapsed in the July-September quarter, falling at a 26% annual rate.
Higher mortgage rates have depressed sales. Home prices are slowing sharply compared with a year ago and have begun to fall on a monthly basis. The cost of a new apartment lease is also declining.
___
AP Economics Writer Christopher Rugaber contributed to this report.
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
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Seems AOC may have saved her district from being a ghost town after jettisoning the locals for "jobs?"
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Seems AOC may have saved her district from being a ghost town after jettisoning the locals for "jobs?"
I also didn't like the Amazon deal when it was presented. With the real-estate problems right now that area may have turned to crap. We don't know though.
Rent is like $3700 average asking there. It's not in my top 10 but I also don't understand how people can afford these things?
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Seems AOC may have saved her district from being a ghost town after jettisoning the locals for "jobs?"
I also didn't like the Amazon deal when it was presented. With the real-estate problems right now that area may have turned to crap. We don't know though.
Rent is like $3700 average asking there. It's not in my top 10 but I also don't understand how people can afford these things?
Immigrant families of 4,5 or 6+ sharing a one bedroom apartment with everyone working menial jobs and contributing in some way.
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Seems AOC may have saved her district from being a ghost town after jettisoning the locals for "jobs?"
I also didn't like the Amazon deal when it was presented. With the real-estate problems right now that area may have turned to crap. We don't know though.
Rent is like $3700 average asking there. It's not in my top 10 but I also don't understand how people can afford these things?
Immigrant families of 4,5 or 6+ sharing a one bedroom apartment with everyone working menial jobs and contributing in some way.
In the burbs or somewhere else, not in LIC and the top 5 places in Manhattan. That is what Queens is for.
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Seems AOC may have saved her district from being a ghost town after jettisoning the locals for "jobs?"
I also didn't like the Amazon deal when it was presented. With the real-estate problems right now that area may have turned to crap. We don't know though.
Rent is like $3700 average asking there. It's not in my top 10 but I also don't understand how people can afford these things?
Immigrant families of 4,5 or 6+ sharing a one bedroom apartment with everyone working menial jobs and contributing in some way.
In the burbs or somewhere else, not in LIC and the top 5 places in Manhattan. That is what Queens is for.
I was thinking the location of the proposed Amazon campus in AOC’s district.
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Seems AOC may have saved her district from being a ghost town after jettisoning the locals for "jobs?"
I also didn't like the Amazon deal when it was presented. With the real-estate problems right now that area may have turned to crap. We don't know though.
Rent is like $3700 average asking there. It's not in my top 10 but I also don't understand how people can afford these things?
Immigrant families of 4,5 or 6+ sharing a one bedroom apartment with everyone working menial jobs and contributing in some way.
In the burbs or somewhere else, not in LIC and the top 5 places in Manhattan. That is what Queens is for.
I was thinking the location of the proposed Amazon campus in AOC’s district.
AOC didn't have anything being built by amazon in her district, that was the big deal by everyone that she was not even part of that district.
It was going to be a mass effect though in her district as it was a bedroom away. That is the border of LIC and is the vey Queens I was talking about, lol.
So you are part right, yes that is where they live 4-6 working people in an apartment would be but that rent is lower there. Amazon moving in next door was going to quadruple those prices.
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Seems AOC may have saved her district from being a ghost town after jettisoning the locals for "jobs?"
I also didn't like the Amazon deal when it was presented. With the real-estate problems right now that area may have turned to crap. We don't know though.
Rent is like $3700 average asking there. It's not in my top 10 but I also don't understand how people can afford these things?
Immigrant families of 4,5 or 6+ sharing a one bedroom apartment with everyone working menial jobs and contributing in some way.
In the burbs or somewhere else, not in LIC and the top 5 places in Manhattan. That is what Queens is for.
I was thinking the location of the proposed Amazon campus in AOC’s district.
AOC didn't have anything being built by amazon in her district, that was the big deal by everyone that she was not even part of that district.
It was going to be a mass effect though in her district as it was a bedroom away. That is the border of LIC and is the vey Queens I was talking about, lol.
So you are part right, yes that is where they live 4-6 working people in an apartment would be but that rent is lower there. Amazon moving in next door was going to quadruple those prices.
Thanks for the clarification. I remember looking at her district back when we were discussing it and its an odd shaped one but they all are and I have no clue when it comes to the geography of the five boroughs. I'm as directionally challenged as they come and without a landmark to guide me or being somewhere for 6 months, I'm lost. Regardless, AOC was looking out for her constituents and seems to have made the right call. I also saw that she was overwhelmingly re-elected so she must be doing something right. Speaking of which, haven't heard much about how great a threat "The Squad" is of late. Odd.
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Seems AOC may have saved her district from being a ghost town after jettisoning the locals for "jobs?"
I also didn't like the Amazon deal when it was presented. With the real-estate problems right now that area may have turned to crap. We don't know though.
Rent is like $3700 average asking there. It's not in my top 10 but I also don't understand how people can afford these things?
Immigrant families of 4,5 or 6+ sharing a one bedroom apartment with everyone working menial jobs and contributing in some way.
In the burbs or somewhere else, not in LIC and the top 5 places in Manhattan. That is what Queens is for.
I was thinking the location of the proposed Amazon campus in AOC’s district.
AOC didn't have anything being built by amazon in her district, that was the big deal by everyone that she was not even part of that district.
It was going to be a mass effect though in her district as it was a bedroom away. That is the border of LIC and is the vey Queens I was talking about, lol.
So you are part right, yes that is where they live 4-6 working people in an apartment would be but that rent is lower there. Amazon moving in next door was going to quadruple those prices.
Thanks for the clarification. I remember looking at her district back when we were discussing it and its an odd shaped one but they all are and I have no clue when it comes to the geography of the five boroughs. I'm as directionally challenged as they come and without a landmark to guide me or being somewhere for 6 months, I'm lost. Regardless, AOC was looking out for her constituents and seems to have made the right call. I also saw that she was overwhelmingly re-elected so she must be doing something right. Speaking of which, haven't heard much about how great a threat "The Squad" is of late. Odd.
I don't know that they are a threat but I do wonder their utility. Did she campaign for her colleagues in NY? Have they moved any legislation? Are they building an important movement? These are semi-rhetorical. I think the answers to these questions are not positive, but someone can correct me.
I don't have an issue with AOC being ultra-progressive if that reps her district. What I don't like is her being a national figure if she is not representative of the country at large. I don't think it helps.
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Seems AOC may have saved her district from being a ghost town after jettisoning the locals for "jobs?"
I also didn't like the Amazon deal when it was presented. With the real-estate problems right now that area may have turned to crap. We don't know though.
Rent is like $3700 average asking there. It's not in my top 10 but I also don't understand how people can afford these things?
Immigrant families of 4,5 or 6+ sharing a one bedroom apartment with everyone working menial jobs and contributing in some way.
In the burbs or somewhere else, not in LIC and the top 5 places in Manhattan. That is what Queens is for.
I was thinking the location of the proposed Amazon campus in AOC’s district.
AOC didn't have anything being built by amazon in her district, that was the big deal by everyone that she was not even part of that district.
It was going to be a mass effect though in her district as it was a bedroom away. That is the border of LIC and is the vey Queens I was talking about, lol.
So you are part right, yes that is where they live 4-6 working people in an apartment would be but that rent is lower there. Amazon moving in next door was going to quadruple those prices.
Thanks for the clarification. I remember looking at her district back when we were discussing it and its an odd shaped one but they all are and I have no clue when it comes to the geography of the five boroughs. I'm as directionally challenged as they come and without a landmark to guide me or being somewhere for 6 months, I'm lost. Regardless, AOC was looking out for her constituents and seems to have made the right call. I also saw that she was overwhelmingly re-elected so she must be doing something right. Speaking of which, haven't heard much about how great a threat "The Squad" is of late. Odd.
I don't know that they are a threat but I do wonder their utility. Did she campaign for her colleagues in NY? Have they moved any legislation? Are they building an important movement? These are semi-rhetorical. I think the answers to these questions are not positive, but someone can correct me.
I don't have an issue with AOC being ultra-progressive if that reps her district. What I don't like is her being a national figure if she is not representative of the country at large. I don't think it helps.
The Squad and their progressivism moved the needle in Brandon's legislative accomplishments. Not to their liking or far enough, I'm sure, for them, but there's no denying that they got some version of the things they wanted, particularly in the infrastructure bill with climate/environment. Tax policy also comes to mind as well as budget priorities. And my guess is, is that more "young" people identify more closely with the ideals espoused by The Squad than by the POOTWH'ers and the repub party at large. So, in a way, they're building a movement. Of how much import it will be remains to be seen. A record number of women being elected to governorships can only help.
OK so Amazon throws their name in there too with 10,000 layoffs.
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Seems AOC may have saved her district from being a ghost town after jettisoning the locals for "jobs?"
I also didn't like the Amazon deal when it was presented. With the real-estate problems right now that area may have turned to crap. We don't know though.
Rent is like $3700 average asking there. It's not in my top 10 but I also don't understand how people can afford these things?
Immigrant families of 4,5 or 6+ sharing a one bedroom apartment with everyone working menial jobs and contributing in some way.
In the burbs or somewhere else, not in LIC and the top 5 places in Manhattan. That is what Queens is for.
I was thinking the location of the proposed Amazon campus in AOC’s district.
AOC didn't have anything being built by amazon in her district, that was the big deal by everyone that she was not even part of that district.
It was going to be a mass effect though in her district as it was a bedroom away. That is the border of LIC and is the vey Queens I was talking about, lol.
So you are part right, yes that is where they live 4-6 working people in an apartment would be but that rent is lower there. Amazon moving in next door was going to quadruple those prices.
Thanks for the clarification. I remember looking at her district back when we were discussing it and its an odd shaped one but they all are and I have no clue when it comes to the geography of the five boroughs. I'm as directionally challenged as they come and without a landmark to guide me or being somewhere for 6 months, I'm lost. Regardless, AOC was looking out for her constituents and seems to have made the right call. I also saw that she was overwhelmingly re-elected so she must be doing something right. Speaking of which, haven't heard much about how great a threat "The Squad" is of late. Odd.
I don't know that they are a threat but I do wonder their utility. Did she campaign for her colleagues in NY? Have they moved any legislation? Are they building an important movement? These are semi-rhetorical. I think the answers to these questions are not positive, but someone can correct me.
I don't have an issue with AOC being ultra-progressive if that reps her district. What I don't like is her being a national figure if she is not representative of the country at large. I don't think it helps.
The Squad and their progressivism moved the needle in Brandon's legislative accomplishments. Not to their liking or far enough, I'm sure, for them, but there's no denying that they got some version of the things they wanted, particularly in the infrastructure bill with climate/environment. Tax policy also comes to mind as well as budget priorities. And my guess is, is that more "young" people identify more closely with the ideals espoused by The Squad than by the POOTWH'ers and the repub party at large. So, in a way, they're building a movement. Of how much import it will be remains to be seen. A record number of women being elected to governorships can only help.
So AOC did do right by her area. Like I mentioned it's right next door to where Amazon was going to build. That would and was going to make rent and property 4x what it was worth.
It was literally happening the day they announced NY as the destination. There were bidding wars and a bunch of property selling for tons of money. What I found great about that was from all that greed someone got left holding the bag with a property the bought for wat over asking and nothing being built.
AOC here in NY has brought out more younger voters whom do see the environment as a big reason to worry and have legislation passed. She sponsored a bill or two.
She is also very keen on what bigger business do and how they effect the people in here area. Think of her as the rent protected tenant and she is up against the mean and greedy property owner. She is a David going against Goliaths.
Lets see how much more she can get done as I don't agree w everything she does but she has grown on me. She also has never met a microphone she didn't like.
Alexandria Ocasio-Cortez calls for Ticketmaster-Live Nation 'monopoly' to be broken up in response to Taylor Swift pre-sale controversy
Rep. Alexandria Ocasio-Cortez accused Ticketmaster of monopolizing the ticket sales industry on Tuesday after the company's site crashed as Taylor Swift fans attempted to buy pre-sale tickets to the singer's upcoming "Eras" tour.
Ocasio-Cortez took the opportunity to voice longstanding concern about the 2010 merger of Ticketmaster, the ticket sales and distribution company, and Live Nation, the events promoter and venue operator, into Live Nation Entertainment.
"Daily reminder that Ticketmaster is a monopoly, it's merger with LiveNation should never have been approved, and they need to be reigned in. Break them up," the Democratic congresswoman from New York tweeted.
Ticketmaster announced on Tuesday that it had seen "historically unprecedented demand" for tickets to Swift's shows as "millions" of fans flooded the site.
Congress previously urged the Biden administration to probe the "monopoly." In April of 2021, Democratic Reps. Bill Pascrell Jr. of New Jersey, Frank Pallone Jr. of New Jersey, Jerry Nadler of New York, Jan Schakowsky of Illinois, and David Cicilline of Rhode Island sent a letter to Attorney General Merrick Garland and Rebecca Slaughter, the acting chair of the Federal Trade Commission, asking them to revisit the merger, according to Variety.
"We write in support of strong antitrust enforcement by the Biden Administration, including the live event ticket sales marketplace," the letter begins. "The evidence is overwhelming that the 2010 merger between the world's largest concert promoter, Live Nation, and the biggest ticket provider, Ticketmaster, has strangled competition in live entertainment ticketing and harmed consumers and must be revisited."
White House Chief of Staff Ron Klain also chimed in on Tuesday, noting there were no site crashes when the administration's student loan forgiveness application launched.
"Over my years in the public and private sectors, I've had people tell me: If only the government could work like business. Well, the team at @USEdgov and @USDS built a Student Loan Forgiveness portal that processed 8 MILLION applications in the first 30 hours without a crash," Klain tweeted.
Twitter users poked fun at the website crash. Social media influencer Ellie Schnitt tweeted, "When Taylor Swift wrote 'the great war' she was actually preparing us for the Battle of Ticketmaster."
Due to the "historically unprecedented demand" and difficulties with the website, Ticketmaster released a statement saying those who have already purchased tickets are good to go and those who are still waiting in the queue should "hang tight." The Capitol One onsale has been rescheduled for Wednesday, November 16 at 2:00 pm, local venue time.
It wouldn’t take long for the effects of a rail strike to trickle through the economy. Many businesses only have a few days’ worth of raw materials and space for finished goods. Makers of food, fuel, cars and chemicals would all feel the squeeze, as would their customers.
That's not to mention the commuters who would be left stranded because many passenger railroads use tracks owned by the freight railroads.
The stakes are so high for the economy that Congress is expected to intervene and impose contract terms on railroad workers. The last time US railroads went on strike was in 1992. That strike lasted two days before Congress intervened. An extended rail shutdown has not happened for a century, partly because a law passed in 1926 that governs rail negotiations made it much harder for workers to strike.
Here are some of the expected impacts of a rail strike:
Railroads haul about 40% of the nation's freight each year. The railroads estimated that a rail strike would cost the economy $2 billion a day in a report issued earlier this fall. Another recent report put together by a chemical industry trade group projected that if a strike drags on for a month some 700,000 jobs would be lost as manufacturers who rely on railroads shut down, prices of nearly everything would increase even more and the economy could be thrust into a recession.
And although some businesses would try to shift shipments over to trucks, there aren't nearly enough of them available. The Association of American Railroads trade group estimated that 467,000 additional trucks a day would be needed to handle everything railroads deliver.
CHEMICALS RUN DRY
Chemical manufacturers and refineries will be some of the first businesses affected, because railroads will stop shipping hazardous chemicals about a week before the strike deadline to ensure that no tank cars filled with dangerous liquids wind up stranded.
Jeff Sloan with the American Chemistry Council trade group said chemical plants could be close to shutting down by the time a rail strike actually begins because of that.
That means the chlorine that water treatment plants rely on to purify water, which they might only have about a week's supply of on hand, would become hard to get. It would be hard for manufacturers to make anything out of plastic without the chemicals that are part of the formula. Consumers will also pay more for gasoline if refineries shut down either because they can't get the ingredients they need to make fuel or because railroads aren't available to haul away byproducts like sulfur.
Chemical plants also produce carbon dioxide as a byproduct, so the supply of carbon dioxide that beverage makers use to carbonate soda and beer would also be restricted, even though the gas typically moves via pipelines.
PASSENGER PROBLEMS
Roughly half of all commuter rail systems rely at least in part on tracks that are owned by freight railroads, and nearly all of Amtrak’s long-distance trains run over the freight network.
Back in September, Amtrak cancelled all of its long-distance trains days ahead of the strike deadline to ensure passengers wouldn’t be left stranded in remote parts of the country while still en route to their destination.
And major commuter rail services in Chicago, Minneapolis, Maryland and Washington state all warned then that some of their operations would be suspended in the event of a rail strike.
FOOD FEARS
It would take about a week for customers to notice shortages of things like cereal, peanut butter and beer at the grocery store, said Tom Madrecki, vice president of supply chain for the Consumer Brands Association.
About 30% of all packaged food in the U.S. is moved by rail, he said. That percentage is much higher for denser, heavier items like cans of soup.
Some products, like cereal, cooking oils and beer, have entire operations built around rail deliveries of raw ingredients like grain, barley and peanuts, along with shipments of finished products.
Those companies typically keep only two to four days’ worth of raw ingredients on hand because it’s expensive to store them, Madrecki said, and grocers also keep a limited supply of products on hand.
Madrecki said big food companies don't like to discuss the threat of a rail strike because of worries about product shortages can lead to panic buying.
HUNGRY HERDS
Any disruption in rail service could threaten the health of chickens and pigs, which depend on trains to deliver their feed, and contribute to higher meat prices.
“Our members rely on about 27 million bushels of corn and 11 million bushels of soybean meal every week to feed their chickens. Much of that is moved by rail,” said Tom Super, a spokesman for the National Chicken Council, a trade group for the industry raising chickens for meat.
The National Grain and Feed Association said a rail strike now would hit pork and chicken producers in the southern U.S. hardest, because their local supply of corn and soybeans from this year’s harvest is likely exhausted and they’d have to ship feed by truck, dramatically increasing costs.
“They only have so much storage. They can’t go without rail service for too long before they’d have to shut down the feed mills and they run into problems,” said Max Fisher, the NGFA's chief economist.
RETAIL RISKS
Jess Dankert, the vice president for supply chain at the Retail Industry Leaders Association, said retailers’ inventory is largely in place for the holidays. But the industry is developing contingency plans.
“We don’t see, you know, canceling Christmas and that kind of narrative,” Dankert said. “But I think we will see the generalized disruption of really anything that moves by rail.”
David Garfield, a managing director with the consulting firm AlixPartners, said a rail strike could still impact holiday items shipped to stores later in December, and would definitely hamper stocking of next season’s goods.
Retailers are also concerned about online orders. Shippers like FedEx and UPS use rail cars that hold roughly 2,000 packages in each car.
AUTOMOBILE ANGST
Drivers are already paying record prices and often waiting months for new vehicles because of the production problems in the auto industry related to the shortage of computer chips in recent years.
That would only get worse if there is a rail strike, because roughly 75% of all new vehicles begin their journey from factories to dealerships on the railroad. Trains deliver some 2,000 carloads a day filled with vehicles.
And automakers may have a hard time keeping their plants running during a strike because some larger parts and raw materials are transported by rail.
___
Associated Press Writers David Pitt in Des Moines, Iowa, and Dee-Ann Durbin in Detroit contributed to this report.
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
Oil prices continue to soften, down to $80 a barrel. Surprisingly, OPEC+ considering raising production by half million per day.
There are so many moving parts here, it's difficult to understand. Over the last few weeks:
- Biden gained domestic strength by blunting the red wave - The G7 is set to cap Russian crude prices, potentially removing their oil from the market - Biden admin told a federal court that MSB has sovereign immunity from prosecution for the Khashoggi killing - Winter is coming, meaning higher demand
Strangely, after they announced the 2MM per day production cut, prices have moved down. Biden sought to blunt it by releasing more strategic reserve and it appears to have worked to some degree.
Hard to say where prices will be in six months though.
Oil prices continue to soften, down to $80 a barrel. Surprisingly, OPEC+ considering raising production by half million per day.
There are so many moving parts here, it's difficult to understand. Over the last few weeks:
- Biden gained domestic strength by blunting the red wave - The G7 is set to cap Russian crude prices, potentially removing their oil from the market - Biden admin told a federal court that MSB has sovereign immunity from prosecution for the Khashoggi killing - Winter is coming, meaning higher demand
Strangely, after they announced the 2MM per day production cut, prices have moved down. Biden sought to blunt it by releasing more strategic reserve and it appears to have worked to some degree.
Hard to say where prices will be in six months though.
As long as Russia keeps Saber rattling prices will be on the higher side.
Oil prices continue to soften, down to $80 a barrel. Surprisingly, OPEC+ considering raising production by half million per day.
There are so many moving parts here, it's difficult to understand. Over the last few weeks:
- Biden gained domestic strength by blunting the red wave - The G7 is set to cap Russian crude prices, potentially removing their oil from the market - Biden admin told a federal court that MSB has sovereign immunity from prosecution for the Khashoggi killing - Winter is coming, meaning higher demand
Strangely, after they announced the 2MM per day production cut, prices have moved down. Biden sought to blunt it by releasing more strategic reserve and it appears to have worked to some degree.
Hard to say where prices will be in six months though.
As long as Russia keeps Saber rattling prices will be on the higher side.
I'm not sure. That's the question here. The G7 will be capping the prices on Russian oil. It's interesting that Opec is looking to increase production, which means there may be a split growing between SA and Russia. The thought was that OPEC was protecting Russia when they cut production by 2 MM per day a few months ago, but they always said no, they were just getting ready for the recession. The other wild card is UAE. They are a major producer, up to 5 MM per day, and they are pushing to maximize production before the recession.
Oil prices continue to soften, down to $80 a barrel. Surprisingly, OPEC+ considering raising production by half million per day.
There are so many moving parts here, it's difficult to understand. Over the last few weeks:
- Biden gained domestic strength by blunting the red wave - The G7 is set to cap Russian crude prices, potentially removing their oil from the market - Biden admin told a federal court that MSB has sovereign immunity from prosecution for the Khashoggi killing - Winter is coming, meaning higher demand
Strangely, after they announced the 2MM per day production cut, prices have moved down. Biden sought to blunt it by releasing more strategic reserve and it appears to have worked to some degree.
Hard to say where prices will be in six months though.
As long as Russia keeps Saber rattling prices will be on the higher side.
I'm not sure. That's the question here. The G7 will be capping the prices on Russian oil. It's interesting that Opec is looking to increase production, which means there may be a split growing between SA and Russia. The thought was that OPEC was protecting Russia when they cut production by 2 MM per day a few months ago, but they always said no, they were just getting ready for the recession. The other wild card is UAE. They are a major producer, up to 5 MM per day, and they are pushing to maximize production before the recession.
You have a good point.
UAE is part of OPEC though. They do what they want which is just wild to me.
Opec increasing productivity would cancel out Russias oil so I would expect Russia to lower their prices to mess with everyone else which could be good. Russia, during the pandemic flooded oil on the market to sell and crashed the prices. Maybe they can do that again? It disrupts the world for a bit and doesn't do them any favors but they do what they want it seems like also.
I do want to see lower prices soon as winters coming.
Oil prices continue to soften, down to $80 a barrel. Surprisingly, OPEC+ considering raising production by half million per day.
There are so many moving parts here, it's difficult to understand. Over the last few weeks:
- Biden gained domestic strength by blunting the red wave - The G7 is set to cap Russian crude prices, potentially removing their oil from the market - Biden admin told a federal court that MSB has sovereign immunity from prosecution for the Khashoggi killing - Winter is coming, meaning higher demand
Strangely, after they announced the 2MM per day production cut, prices have moved down. Biden sought to blunt it by releasing more strategic reserve and it appears to have worked to some degree.
Hard to say where prices will be in six months though.
As long as Russia keeps Saber rattling prices will be on the higher side.
I'm not sure. That's the question here. The G7 will be capping the prices on Russian oil. It's interesting that Opec is looking to increase production, which means there may be a split growing between SA and Russia. The thought was that OPEC was protecting Russia when they cut production by 2 MM per day a few months ago, but they always said no, they were just getting ready for the recession. The other wild card is UAE. They are a major producer, up to 5 MM per day, and they are pushing to maximize production before the recession.
You have a good point.
UAE is part of OPEC though. They do what they want which is just wild to me.
Opec increasing productivity would cancel out Russias oil so I would expect Russia to lower their prices to mess with everyone else which could be good. Russia, during the pandemic flooded oil on the market to sell and crashed the prices. Maybe they can do that again? It disrupts the world for a bit and doesn't do them any favors but they do what they want it seems like also.
I do want to see lower prices soon as winters coming.
My point about UAE is that they are pressuring the other OPEC nations to increase production, offsetting Russian needs.
The other big question is what will the G7 set as the max Russian price? Some say $60 or even a little higher. Ukraine and Poland want it to be $20, just over production price. In theory that would cause Russia to shut down production, which might be counter productive.
Oil prices continue to soften, down to $80 a barrel. Surprisingly, OPEC+ considering raising production by half million per day.
There are so many moving parts here, it's difficult to understand. Over the last few weeks:
- Biden gained domestic strength by blunting the red wave - The G7 is set to cap Russian crude prices, potentially removing their oil from the market - Biden admin told a federal court that MSB has sovereign immunity from prosecution for the Khashoggi killing - Winter is coming, meaning higher demand
Strangely, after they announced the 2MM per day production cut, prices have moved down. Biden sought to blunt it by releasing more strategic reserve and it appears to have worked to some degree.
Hard to say where prices will be in six months though.
As long as Russia keeps Saber rattling prices will be on the higher side.
I'm not sure. That's the question here. The G7 will be capping the prices on Russian oil. It's interesting that Opec is looking to increase production, which means there may be a split growing between SA and Russia. The thought was that OPEC was protecting Russia when they cut production by 2 MM per day a few months ago, but they always said no, they were just getting ready for the recession. The other wild card is UAE. They are a major producer, up to 5 MM per day, and they are pushing to maximize production before the recession.
You have a good point.
UAE is part of OPEC though. They do what they want which is just wild to me.
Opec increasing productivity would cancel out Russias oil so I would expect Russia to lower their prices to mess with everyone else which could be good. Russia, during the pandemic flooded oil on the market to sell and crashed the prices. Maybe they can do that again? It disrupts the world for a bit and doesn't do them any favors but they do what they want it seems like also.
I do want to see lower prices soon as winters coming.
My point about UAE is that they are pressuring the other OPEC nations to increase production, offsetting Russian needs.
The other big question is what will the G7 set as the max Russian price? Some say $60 or even a little higher. Ukraine and Poland want it to be $20, just over production price. In theory that would cause Russia to shut down production, which might be counter productive.
Russia would undercut the whole thing and sell cheaper. They've done it before.
0
Options
mickeyrat
up my ass, like Chadwick was up his Posts: 35,764
means dick here. we are at reduced refining capacity
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
Comments
https://www.eia.gov/outlooks/steo/
So we will keep on producing more than any country but because the refineries say they are refining less price will stay high... We will never run out of fuel.
the reason why it takes refineries decades to break even is the same reason why Europe can’t get off nat gas so soon. Weened off a small bit each year yes, but to build out a brand new infrastructure with tech that barely exists, and whose by product harm that is still not fully understood, takes time.
Libtardaplorable©. And proud of it.
Brilliantati©
I agree w you Fax. 3rd sign of the apocalypse
https://www.cnn.com/2022/11/09/economy/phillips-66-energy-layoffs/index.html
Libtardaplorable©. And proud of it.
Brilliantati©
https://www.theguardian.com/environment/2022/jul/21/revealed-oil-sectors-staggering-profits-last-50-years
" The oil and gas industry has delivered $2.8bn (£2.3bn) a day in pure profit for the last 50 years, a new analysis has revealed.
The vast total captured by petrostates and fossil fuel companies since 1970 is $52tn, providing the power to “buy every politician, every system” and delay action on the climate crisis, says Prof Aviel Verbruggen, the author of the analysis. The huge profits were inflated by cartels of countries artificially restricting supply.
The analysis, based on World Bank data, assesses the “rent” secured by global oil and gas sales, which is the economic term for the unearned profit produced after the total cost of production has been deducted.
The study has yet to be published in an academic journal but three experts at University College London, the London School of Economics and the thinktank Carbon Tracker confirmed the analysis as accurate, with one calling the total a “staggering number”. It appears to be the first long-term assessment of the sector’s total profits, with oil rents providing 86% of the total."
continues
There are no kings inside the gates of eden
WASHINGTON (AP) — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious.
Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the government said Thursday. The year-over-year increase, a slowdown from 8.2% in September, was the smallest rise since January. A separate gauge called core inflation, which excludes volatile food and energy, rose 6.3% in the past 12 months and 0.3% from September.
The numbers were all lower than economists had expected.
Helping drive the inflation slowdown from September to October were used car prices, which dropped for a fourth straight month. Also down were the prices of clothing and medical care. Food price increases slowed. By contrast, energy prices rebounded in October after having declined in August and September.
Even with last month’s tentative easing of inflation, the Federal Reserve is widely expected to keep raising interest rates to try to stem persistently high price increases. But Thursday's better-than-expected data raised the possibility that the Fed could decide to slow its rate hikes — a prospect that sent stock prices jumping immediately after the government issued the figures.
INFLATION
Wall Street surges, as S&P 500 soars 4% on cooling inflation
Average long-term US mortgage rate back above 7% this week
Slightly more Americans apply for jobless benefits last week
Deflated: falling valuations drag stock prices down to earth
“We expect this to mark the start of a much longer disinflationary trend that we think will convince the Fed to halt its (hikes) early next year,” said Paul Ashworth, chief North American economist at Capital Economics, a consulting firm. “With supply shortages normalizing, deflationary pressure is now finally showing up.”
Many economists have warned that in continuing to tighten credit, the central bank is likely to cause a recession by next year. So far this year, the Fed has raised its benchmark interest rate six times in sizable increments, heightening the risk that prohibitively high borrowing rates — for mortgages, auto purchases and other high-cost expenses — will tip the world’s largest economy into recession.
Some economists suggested that the latest inflation data shows that the hikes are beginning to achieve their goal, though the Fed needs to see further evidence.
“The data will be welcome news for the (Fed), finally showing some response in prices” to the rate increases, said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.
In the midterm elections that ended Tuesday, roughly half of voters cited inflation as the top factor in their decisions, according to VoteCast, an extensive survey of more than 94,000 voters nationwide conducted for The Associated Press by NORC at the University of Chicago. About 8 in 10 said the economy was in bad shape, and a slim majority blamed President Joe Biden’s policies for worsening inflation. Just under half said factors beyond Biden’s control, such as Russia’s invasion of Ukraine, were to blame.
Those economic anxieties contributed to the loss of Democratic seats in the House of Representatives, though Republicans failed to score the huge political gains that many had expected. And a sizable chunk of voters — 44%, according to VoteCast — said their top concern was the future of democracy, an issue that was emphasized by Biden and Democratic congressional candidates.
Even before the release of Thursday's figures, inflation by some measures had begun to ease and could continue to do so in coming months. Most gauges of workers’ wages, for example, show that the robust pay increases of the past 18 months have leveled off and have begun to fall. Though worker pay is not a primary driver of higher prices, it can compound inflationary pressures if companies offset their higher labor costs by charging their customers more.
Except for automakers, which are still struggling to acquire the computer chips they need, supply chain disruptions have largely unsnarled. Shipping costs have dropped back to pre-pandemic levels. The backup of cargo ships off the port of Los Angeles and Long Beach has been cleared.
And as declines in new rents that have emerged in real-time measures from such sources as ApartmentList and Zillow begin to be captured in the government’s forthcoming measures, that factor should also reduce inflation.
Even as many fear that the economy will fall into recession next year, the nation’s job market has remained resilient. Employers have added a healthy average of 407,000 jobs a month, and the unemployment rate is just 3.7%, close to a half-century low. Job openings are still at historically high levels.
But the Fed’s rate hikes have inflicted severe damage on the American housing market. The average rate on a 30-year fixed mortgage has more than doubled over the past year and topped 7% this week. As a result, investment in housing collapsed in the July-September quarter, falling at a 26% annual rate.
Higher mortgage rates have depressed sales. Home prices are slowing sharply compared with a year ago and have begun to fall on a monthly basis. The cost of a new apartment lease is also declining.
___
AP Economics Writer Christopher Rugaber contributed to this report.
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
So we have the big 3 of Twitter, Meta/FB and Amazon laying off 30,000+ workers. Well THAT should help out w inflation when the unemployment rate goes up.
Something is up when you have 3 bigs cut a chunk of their workforce or are they just trimming the fat, i don't think so.
Libtardaplorable©. And proud of it.
Brilliantati©
Rent is like $3700 average asking there. It's not in my top 10 but I also don't understand how people can afford these things?
Libtardaplorable©. And proud of it.
Brilliantati©
Libtardaplorable©. And proud of it.
Brilliantati©
It was going to be a mass effect though in her district as it was a bedroom away. That is the border of LIC and is the vey Queens I was talking about, lol.
So you are part right, yes that is where they live 4-6 working people in an apartment would be but that rent is lower there. Amazon moving in next door was going to quadruple those prices.
Libtardaplorable©. And proud of it.
Brilliantati©
I don't have an issue with AOC being ultra-progressive if that reps her district. What I don't like is her being a national figure if she is not representative of the country at large. I don't think it helps.
Libtardaplorable©. And proud of it.
Brilliantati©
It was literally happening the day they announced NY as the destination. There were bidding wars and a bunch of property selling for tons of money. What I found great about that was from all that greed someone got left holding the bag with a property the bought for wat over asking and nothing being built.
AOC here in NY has brought out more younger voters whom do see the environment as a big reason to worry and have legislation passed. She sponsored a bill or two.
She is also very keen on what bigger business do and how they effect the people in here area. Think of her as the rent protected tenant and she is up against the mean and greedy property owner. She is a David going against Goliaths.
Lets see how much more she can get done as I don't agree w everything she does but she has grown on me. She also has never met a microphone she didn't like.
Maybe she can do what the boys couldn't?
Alexandria Ocasio-Cortez calls for Ticketmaster-Live Nation 'monopoly' to be broken up in response to Taylor Swift pre-sale controversy
Rep. Alexandria Ocasio-Cortez accused Ticketmaster of monopolizing the ticket sales industry on Tuesday after the company's site crashed as Taylor Swift fans attempted to buy pre-sale tickets to the singer's upcoming "Eras" tour.
Ocasio-Cortez took the opportunity to voice longstanding concern about the 2010 merger of Ticketmaster, the ticket sales and distribution company, and Live Nation, the events promoter and venue operator, into Live Nation Entertainment.
"Daily reminder that Ticketmaster is a monopoly, it's merger with LiveNation should never have been approved, and they need to be reigned in. Break them up," the Democratic congresswoman from New York tweeted.
Ticketmaster announced on Tuesday that it had seen "historically unprecedented demand" for tickets to Swift's shows as "millions" of fans flooded the site.
Congress previously urged the Biden administration to probe the "monopoly." In April of 2021, Democratic Reps. Bill Pascrell Jr. of New Jersey, Frank Pallone Jr. of New Jersey, Jerry Nadler of New York, Jan Schakowsky of Illinois, and David Cicilline of Rhode Island sent a letter to Attorney General Merrick Garland and Rebecca Slaughter, the acting chair of the Federal Trade Commission, asking them to revisit the merger, according to Variety.
"We write in support of strong antitrust enforcement by the Biden Administration, including the live event ticket sales marketplace," the letter begins. "The evidence is overwhelming that the 2010 merger between the world's largest concert promoter, Live Nation, and the biggest ticket provider, Ticketmaster, has strangled competition in live entertainment ticketing and harmed consumers and must be revisited."
White House Chief of Staff Ron Klain also chimed in on Tuesday, noting there were no site crashes when the administration's student loan forgiveness application launched.
"Over my years in the public and private sectors, I've had people tell me: If only the government could work like business. Well, the team at @USEdgov and @USDS built a Student Loan Forgiveness portal that processed 8 MILLION applications in the first 30 hours without a crash," Klain tweeted.
Twitter users poked fun at the website crash. Social media influencer Ellie Schnitt tweeted, "When Taylor Swift wrote 'the great war' she was actually preparing us for the Battle of Ticketmaster."
Due to the "historically unprecedented demand" and difficulties with the website, Ticketmaster released a statement saying those who have already purchased tickets are good to go and those who are still waiting in the queue should "hang tight." The Capitol One onsale has been rescheduled for Wednesday, November 16 at 2:00 pm, local venue time.
"It's me. Hi. I'm the problem it's me." — Taylor Swift, but also Ticketmaster after its site crashed.
Libtardaplorable©. And proud of it.
Brilliantati©
OMAHA, Neb. (AP) — American consumers and nearly every industry will be affected if freight trains grind to a halt next month.
One of the biggest rail unions rejected its deal Monday, joining three others that have failed to approve contracts over concerns about demanding schedules and the lack of paid sick time. That raises the risk of a strike, which could start as soon as Dec. 5.
It wouldn’t take long for the effects of a rail strike to trickle through the economy. Many businesses only have a few days’ worth of raw materials and space for finished goods. Makers of food, fuel, cars and chemicals would all feel the squeeze, as would their customers.
That's not to mention the commuters who would be left stranded because many passenger railroads use tracks owned by the freight railroads.
The stakes are so high for the economy that Congress is expected to intervene and impose contract terms on railroad workers. The last time US railroads went on strike was in 1992. That strike lasted two days before Congress intervened. An extended rail shutdown has not happened for a century, partly because a law passed in 1926 that governs rail negotiations made it much harder for workers to strike.
Here are some of the expected impacts of a rail strike:
BUSINESS
OECD forecast: High rates, inflation to slow world growth
Taylor Swift ticket trouble could drive political engagement
Dubai airport chief says passengers top pre-pandemic level
Iger back on top in a Disney plot twist that few saw coming
$2 BILLION A DAY
Railroads haul about 40% of the nation's freight each year. The railroads estimated that a rail strike would cost the economy $2 billion a day in a report issued earlier this fall. Another recent report put together by a chemical industry trade group projected that if a strike drags on for a month some 700,000 jobs would be lost as manufacturers who rely on railroads shut down, prices of nearly everything would increase even more and the economy could be thrust into a recession.
And although some businesses would try to shift shipments over to trucks, there aren't nearly enough of them available. The Association of American Railroads trade group estimated that 467,000 additional trucks a day would be needed to handle everything railroads deliver.
CHEMICALS RUN DRY
Chemical manufacturers and refineries will be some of the first businesses affected, because railroads will stop shipping hazardous chemicals about a week before the strike deadline to ensure that no tank cars filled with dangerous liquids wind up stranded.
Jeff Sloan with the American Chemistry Council trade group said chemical plants could be close to shutting down by the time a rail strike actually begins because of that.
That means the chlorine that water treatment plants rely on to purify water, which they might only have about a week's supply of on hand, would become hard to get. It would be hard for manufacturers to make anything out of plastic without the chemicals that are part of the formula. Consumers will also pay more for gasoline if refineries shut down either because they can't get the ingredients they need to make fuel or because railroads aren't available to haul away byproducts like sulfur.
Chemical plants also produce carbon dioxide as a byproduct, so the supply of carbon dioxide that beverage makers use to carbonate soda and beer would also be restricted, even though the gas typically moves via pipelines.
PASSENGER PROBLEMS
Roughly half of all commuter rail systems rely at least in part on tracks that are owned by freight railroads, and nearly all of Amtrak’s long-distance trains run over the freight network.
Back in September, Amtrak cancelled all of its long-distance trains days ahead of the strike deadline to ensure passengers wouldn’t be left stranded in remote parts of the country while still en route to their destination.
And major commuter rail services in Chicago, Minneapolis, Maryland and Washington state all warned then that some of their operations would be suspended in the event of a rail strike.
FOOD FEARS
It would take about a week for customers to notice shortages of things like cereal, peanut butter and beer at the grocery store, said Tom Madrecki, vice president of supply chain for the Consumer Brands Association.
About 30% of all packaged food in the U.S. is moved by rail, he said. That percentage is much higher for denser, heavier items like cans of soup.
Some products, like cereal, cooking oils and beer, have entire operations built around rail deliveries of raw ingredients like grain, barley and peanuts, along with shipments of finished products.
Those companies typically keep only two to four days’ worth of raw ingredients on hand because it’s expensive to store them, Madrecki said, and grocers also keep a limited supply of products on hand.
Madrecki said big food companies don't like to discuss the threat of a rail strike because of worries about product shortages can lead to panic buying.
HUNGRY HERDS
Any disruption in rail service could threaten the health of chickens and pigs, which depend on trains to deliver their feed, and contribute to higher meat prices.
“Our members rely on about 27 million bushels of corn and 11 million bushels of soybean meal every week to feed their chickens. Much of that is moved by rail,” said Tom Super, a spokesman for the National Chicken Council, a trade group for the industry raising chickens for meat.
The National Grain and Feed Association said a rail strike now would hit pork and chicken producers in the southern U.S. hardest, because their local supply of corn and soybeans from this year’s harvest is likely exhausted and they’d have to ship feed by truck, dramatically increasing costs.
“They only have so much storage. They can’t go without rail service for too long before they’d have to shut down the feed mills and they run into problems,” said Max Fisher, the NGFA's chief economist.
RETAIL RISKS
Jess Dankert, the vice president for supply chain at the Retail Industry Leaders Association, said retailers’ inventory is largely in place for the holidays. But the industry is developing contingency plans.
“We don’t see, you know, canceling Christmas and that kind of narrative,” Dankert said. “But I think we will see the generalized disruption of really anything that moves by rail.”
David Garfield, a managing director with the consulting firm AlixPartners, said a rail strike could still impact holiday items shipped to stores later in December, and would definitely hamper stocking of next season’s goods.
Retailers are also concerned about online orders. Shippers like FedEx and UPS use rail cars that hold roughly 2,000 packages in each car.
AUTOMOBILE ANGST
Drivers are already paying record prices and often waiting months for new vehicles because of the production problems in the auto industry related to the shortage of computer chips in recent years.
That would only get worse if there is a rail strike, because roughly 75% of all new vehicles begin their journey from factories to dealerships on the railroad. Trains deliver some 2,000 carloads a day filled with vehicles.
And automakers may have a hard time keeping their plants running during a strike because some larger parts and raw materials are transported by rail.
___
Associated Press Writers David Pitt in Des Moines, Iowa, and Dee-Ann Durbin in Detroit contributed to this report.
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
There are so many moving parts here, it's difficult to understand. Over the last few weeks:
- Biden gained domestic strength by blunting the red wave
- The G7 is set to cap Russian crude prices, potentially removing their oil from the market
- Biden admin told a federal court that MSB has sovereign immunity from prosecution for the Khashoggi killing
- Winter is coming, meaning higher demand
Strangely, after they announced the 2MM per day production cut, prices have moved down. Biden sought to blunt it by releasing more strategic reserve and it appears to have worked to some degree.
Hard to say where prices will be in six months though.
UAE is part of OPEC though. They do what they want which is just wild to me.
Opec increasing productivity would cancel out Russias oil so I would expect Russia to lower their prices to mess with everyone else which could be good. Russia, during the pandemic flooded oil on the market to sell and crashed the prices. Maybe they can do that again? It disrupts the world for a bit and doesn't do them any favors but they do what they want it seems like also.
I do want to see lower prices soon as winters coming.
The other big question is what will the G7 set as the max Russian price? Some say $60 or even a little higher. Ukraine and Poland want it to be $20, just over production price. In theory that would cause Russia to shut down production, which might be counter productive.
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