Capitalism, The Fed and Economic Policy

Cropduster-80 · July 2022

Zod said:

It is a weird phenomenon. Is unemployment low because economic activity is high, or is it low because the percentage of people in the workforce has significantly reduced (most likely because of the again population). Low unemployment is usually a sign your at the top of a business cycle, but due to demographics it could be something that sticks around due to a shrinking workforce (as more people retire than enter the workforce).

I tend to think there are a few things going on causing people to leave the workforce

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

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

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

skill mismatches are a big problem

mrussel1 · July 2022

Cropduster-80 said:

Zod said:

It is a weird phenomenon. Is unemployment low because economic activity is high, or is it low because the percentage of people in the workforce has significantly reduced (most likely because of the again population). Low unemployment is usually a sign your at the top of a business cycle, but due to demographics it could be something that sticks around due to a shrinking workforce (as more people retire than enter the workforce).

I tend to think there are a few things going on causing people to leave the workforce

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

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

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

skill mismatches are a big problem

Skill mismatch is a huge, structural, long term problem for sure. Right now I'm dealing with a misalignment of benefits. It's not even pay. People do not want to come into an office. We have a hybrid but because of our contracts with clients, we can't commit to even a "forever" hybrid, let along full WFH. And that makes it difficult right now.

Cropduster-80 · July 2022

mrussel1 said:

Cropduster-80 said:

Zod said:

It is a weird phenomenon. Is unemployment low because economic activity is high, or is it low because the percentage of people in the workforce has significantly reduced (most likely because of the again population). Low unemployment is usually a sign your at the top of a business cycle, but due to demographics it could be something that sticks around due to a shrinking workforce (as more people retire than enter the workforce).

I tend to think there are a few things going on causing people to leave the workforce

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

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

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

skill mismatches are a big problem

Skill mismatch is a huge, structural, long term problem for sure. Right now I'm dealing with a misalignment of benefits. It's not even pay. People do not want to come into an office. We have a hybrid but because of our contracts with clients, we can't commit to even a "forever" hybrid, let along full WFH. And that makes it difficult right now.

That’s huge. For sure, during work at home so many people moved to the suburbs. Now that they have to go back to the office they don’t want to commute. It’s absurd because it was a totally predictable problem and you should have considered it before you sold your house. They have now been priced out of returning to the city as home prices rise in the city faster than out of the city plus the higher interest rates.

You’ve got half an office of people threatening to quit rather than commute an hour each way

Halifax2TheMax · July 2022

The numbers behind the numbers. Adds context.

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

Lerxst1992 · July 2022

Halifax2TheMax said:

The numbers behind the numbers. Adds context.

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

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

The restaurants and other services, they have it tough nowadays.

Lerxst1992 · July 2022

Jack Welch, master of human capital.

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

Jack, relax, kick some gluteus max.

https://www.morningbrew.com/daily/stories/david-gelles-on-jack-welch-s-detrimental-legacy

Halifax2TheMax · July 2022

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

New YorkCNN Business —

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

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

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

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

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

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

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

static111 · July 2022

Halifax2TheMax said:

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

New YorkCNN Business —
ExxonMobil and Chevron both reported massive profit jumps thanks to record gasoline prices during the quarter.
Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia’s invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.
Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.
Including one-time items, both earned hundreds of millions more: ExxonMobil’s net income reached $17.9 billion, while Chevron brought in $11.6 billion.
ExxonMobil’s net income came to $2,245.62 every second of every day of the 92-day long quarter. On that basis, Chevron earned $1,462.11 per second.
Since it takes about two minutes to pump 20 gallons of gas, that means between them the two oil giants earned more than $400,000 between them in the time it took you to fill you tank.
https://www.cnn.com/2022/07/29/energy/exxonmobil-chevron-earnings/index.html

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

static111 · July 2022

Just kidding Hal, that is just something I have heard people repeat so many times that I think they have started believing it. In other news.

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

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

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

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

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

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

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

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

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

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

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

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

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

continues....

Halifax2TheMax · July 2022

static111 said:

Just kidding Hal, that is just something I have heard people repeat so many times that I think they have started believing it. In other news.

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

The oil and gas industry, one of the most powerful corporate forces in American politics, has spent more than $200 million over the past year and a half to stop Congress from slashing carbon emissions as evidence of their catastrophic impact—from deadly heatwaves to massive wildfires—continues to accumulate in stunning fashion.
That topline estimate of the fossil fuel industry's lobbying outlays and congressional election spending in the U.S. was calculated by Climate Power, which provided its findings exclusively to Common Dreams.
Nearly 80% of the industry's campaign donations during the time period examined went to Republican candidates, according to Climate Power, whose analysis draws on data from OpenSecrets.
Until Wednesday night, when Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) announced a surprise deal on climate investments, it looked as if the industry's influence campaign had fully paid off, having helped crater the Democrats' sweeping Build Back Better package.
Earlier this month, Manchin—the leading individual recipient of oil and gas industry cash in Congress—informed the Democratic leadership that he would not support moving ahead with renewable energy spending as part of a less ambitious bill, an apparently fatal blow to the hopes of climate action this year and possibly years into the future.
Manchin, for now, appears to have reversed course, striking an agreement with Schumer that contains a historic $369 billion in climate and energy spending, including billions to speed the country's lagging transition away from fossil fuels. If accepted by all 50 members of the Senate Democratic caucus, the reconciliation bill can pass without GOP support.
Schumer, who said the measure would put the country "on a path to roughly 40% emissions reductions by 2030," announced that he expects a vote on the legislation by next week. Sen. Kyrsten Sinema (D-Ariz.), a key swing vote, has not commented on the deal.
Noreen Nielsen, a senior adviser to Climate Power, told Common Dreams that with the new framework, "a strong signal was sent that deep pockets only go so far."
"Democrats took their biggest step ever towards showing that politicians who protect profiteers fleecing Americans at the pump are on the wrong side of history," said Nielsen. "All the money in the world couldn't stand in the way of an agreement to move forward on a bold plan to ramp up American-made clean energy, lower energy bills for families, and take on climate change."
But while climate advocates welcomed the proposal overall as a potential game-changer for the environment, they also stressed that the deal is littered with the fingerprints of the oil and gas industry, which—according to Climate Power's new analysis—has spent $63.5 million on lobbying so far this year.
As part of the agreement, Democratic leaders—including Schumer and President Joe Biden—agreed to reform the regulatory process for pipelines and other fossil fuel infrastructure in the coming months, a victory for Manchin and his industry backers.
Such reforms could clear the way for the Mountain Valley Pipeline, a fracked gas project in West Virginia and Virginia that, if completed, would spew 89,526,651 metric tons of greenhouse gas emissions into the atmosphere each year.

continues....

Here’s what I don’t understand about oil and gas companies, why the fuck aren’t they diversifying and getting into wind, solar and fusion? They’ve got the capital and it seems it’d be a seamless transition to hire, train and repurpose staff to engineer clean energy, from wind turbines to solar panels to battery storage and technology to micro grids and charging stations. It’s like the horse and buggy industry not seeing the future of automobiles. Dumb and short sighted. Fuck them.

Halifax2TheMax · July 2022

Damn you Brandon! We all know who passed that stellar piece of legislation and signed it, promising 4% GDP growth quarter over quarter for 10 years to pay for that tax cut. Or do we?

"Large oil companies in the United States have been paying taxes at a significantly lower rate than most other corporations. The chief reason is that there are provisions in the U.S. tax code that allow energy companies to defer and avoid federal income tax payments. The 2017 Tax Cut and Jobs Act slashed the effective tax rate for corporations, and oil companies were among the biggest beneficiaries of the changes because of the ability to defer taxes. The industry also benefits from generous subsidies."

— Investopedia, 8/25/21

The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter as Russia’s war in Ukraine upended global energy markets and left consumers stretching to cover record high pump prices.

On Friday, Exxon reported net income of $17.9 billion for the three months ended June 31 compared with $4.7 billion in the year ago period. Revenue came in at $111 billion, a 68 percent premium over the same period. Chevron, meanwhile, earned $11.6 billion, versus $3.1 billion in 2021. Sales hit $64 billion, up 80 percent from a year ago.

The blockbuster results come a day after Europe-based Shell also posted record profits: The three, plus France’s TotalEnergies, collectively earned nearly $51 billion in the most recent quarter, nearly twice what they brought in during the same three months in 2021, according to Reuters.

Chevron, Exxon post record profits from oil-price boom - The Washington Post

static111 · July 2022

Halifax2TheMax said:

Damn you Brandon! We all know who passed that stellar piece of legislation and signed it, promising 4% GDP growth quarter over quarter for 10 years to pay for that tax cut. Or do we?

"Large oil companies in the United States have been paying taxes at a significantly lower rate than most other corporations. The chief reason is that there are provisions in the U.S. tax code that allow energy companies to defer and avoid federal income tax payments. The 2017 Tax Cut and Jobs Act slashed the effective tax rate for corporations, and oil companies were among the biggest beneficiaries of the changes because of the ability to defer taxes. The industry also benefits from generous subsidies."
— Investopedia, 8/25/21

The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter as Russia’s war in Ukraine upended global energy markets and left consumers stretching to cover record high pump prices.

On Friday, Exxon reported net income of $17.9 billion for the three months ended June 31 compared with $4.7 billion in the year ago period. Revenue came in at $111 billion, a 68 percent premium over the same period. Chevron, meanwhile, earned $11.6 billion, versus $3.1 billion in 2021. Sales hit $64 billion, up 80 percent from a year ago.
The blockbuster results come a day after Europe-based Shell also posted record profits: The three, plus France’s TotalEnergies, collectively earned nearly $51 billion in the most recent quarter, nearly twice what they brought in during the same three months in 2021, according to Reuters.
Chevron, Exxon post record profits from oil-price boom - The Washington Post

So this war is good for the oil companies? Who would have known. Gotta keep that economy booming.

mrussel1 · August 2022

static111 said:

Halifax2TheMax said:

Damn you Brandon! We all know who passed that stellar piece of legislation and signed it, promising 4% GDP growth quarter over quarter for 10 years to pay for that tax cut. Or do we?

"Large oil companies in the United States have been paying taxes at a significantly lower rate than most other corporations. The chief reason is that there are provisions in the U.S. tax code that allow energy companies to defer and avoid federal income tax payments. The 2017 Tax Cut and Jobs Act slashed the effective tax rate for corporations, and oil companies were among the biggest beneficiaries of the changes because of the ability to defer taxes. The industry also benefits from generous subsidies."
— Investopedia, 8/25/21

The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter as Russia’s war in Ukraine upended global energy markets and left consumers stretching to cover record high pump prices.

On Friday, Exxon reported net income of $17.9 billion for the three months ended June 31 compared with $4.7 billion in the year ago period. Revenue came in at $111 billion, a 68 percent premium over the same period. Chevron, meanwhile, earned $11.6 billion, versus $3.1 billion in 2021. Sales hit $64 billion, up 80 percent from a year ago.
The blockbuster results come a day after Europe-based Shell also posted record profits: The three, plus France’s TotalEnergies, collectively earned nearly $51 billion in the most recent quarter, nearly twice what they brought in during the same three months in 2021, according to Reuters.
Chevron, Exxon post record profits from oil-price boom - The Washington Post

So this war is good for the oil companies? Who would have known. Gotta keep that economy booming.

The only thing not good for an oil company is a pandemic.

Cropduster-80 · August 2022

Halifax2TheMax said:

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

New YorkCNN Business —
ExxonMobil and Chevron both reported massive profit jumps thanks to record gasoline prices during the quarter.
Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia’s invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.
Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.
Including one-time items, both earned hundreds of millions more: ExxonMobil’s net income reached $17.9 billion, while Chevron brought in $11.6 billion.
ExxonMobil’s net income came to $2,245.62 every second of every day of the 92-day long quarter. On that basis, Chevron earned $1,462.11 per second.
Since it takes about two minutes to pump 20 gallons of gas, that means between them the two oil giants earned more than $400,000 between them in the time it took you to fill you tank.
https://www.cnn.com/2022/07/29/energy/exxonmobil-chevron-earnings/index.html

My CVX stock returns for the last decade have been crap. Worst performing sector of the market by a lot.

why didn’t people care when they were losing money?

Cropduster-80 · August 2022

Halifax2TheMax said:

static111 said:

Just kidding Hal, that is just something I have heard people repeat so many times that I think they have started believing it. In other news.

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

The oil and gas industry, one of the most powerful corporate forces in American politics, has spent more than $200 million over the past year and a half to stop Congress from slashing carbon emissions as evidence of their catastrophic impact—from deadly heatwaves to massive wildfires—continues to accumulate in stunning fashion.
That topline estimate of the fossil fuel industry's lobbying outlays and congressional election spending in the U.S. was calculated by Climate Power, which provided its findings exclusively to Common Dreams.
Nearly 80% of the industry's campaign donations during the time period examined went to Republican candidates, according to Climate Power, whose analysis draws on data from OpenSecrets.
Until Wednesday night, when Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) announced a surprise deal on climate investments, it looked as if the industry's influence campaign had fully paid off, having helped crater the Democrats' sweeping Build Back Better package.
Earlier this month, Manchin—the leading individual recipient of oil and gas industry cash in Congress—informed the Democratic leadership that he would not support moving ahead with renewable energy spending as part of a less ambitious bill, an apparently fatal blow to the hopes of climate action this year and possibly years into the future.
Manchin, for now, appears to have reversed course, striking an agreement with Schumer that contains a historic $369 billion in climate and energy spending, including billions to speed the country's lagging transition away from fossil fuels. If accepted by all 50 members of the Senate Democratic caucus, the reconciliation bill can pass without GOP support.
Schumer, who said the measure would put the country "on a path to roughly 40% emissions reductions by 2030," announced that he expects a vote on the legislation by next week. Sen. Kyrsten Sinema (D-Ariz.), a key swing vote, has not commented on the deal.
Noreen Nielsen, a senior adviser to Climate Power, told Common Dreams that with the new framework, "a strong signal was sent that deep pockets only go so far."
"Democrats took their biggest step ever towards showing that politicians who protect profiteers fleecing Americans at the pump are on the wrong side of history," said Nielsen. "All the money in the world couldn't stand in the way of an agreement to move forward on a bold plan to ramp up American-made clean energy, lower energy bills for families, and take on climate change."
But while climate advocates welcomed the proposal overall as a potential game-changer for the environment, they also stressed that the deal is littered with the fingerprints of the oil and gas industry, which—according to Climate Power's new analysis—has spent $63.5 million on lobbying so far this year.
As part of the agreement, Democratic leaders—including Schumer and President Joe Biden—agreed to reform the regulatory process for pipelines and other fossil fuel infrastructure in the coming months, a victory for Manchin and his industry backers.
Such reforms could clear the way for the Mountain Valley Pipeline, a fracked gas project in West Virginia and Virginia that, if completed, would spew 89,526,651 metric tons of greenhouse gas emissions into the atmosphere each year.

continues....

Here’s what I don’t understand about oil and gas companies, why the fuck aren’t they diversifying and getting into wind, solar and fusion? They’ve got the capital and it seems it’d be a seamless transition to hire, train and repurpose staff to engineer clean energy, from wind turbines to solar panels to battery storage and technology to micro grids and charging stations. It’s like the horse and buggy industry not seeing the future of automobiles. Dumb and short sighted. Fuck them.

They do. I know chevron has an entire alternative fuels division

problem is that those are the assets they dump or at least stop investing in every time oil prices crash. Happened the last two oil cycles then it starts up again when they are way into the black. It’s short sighted obviously but it also requires them to be making a lot of money.

It’s hydrogen mostly. They also are developing carbon sequestration. As long as they make money they don’t care what the source is

static111 · August 2022

mrussel1 said:

static111 said:

Halifax2TheMax said:

Damn you Brandon! We all know who passed that stellar piece of legislation and signed it, promising 4% GDP growth quarter over quarter for 10 years to pay for that tax cut. Or do we?

"Large oil companies in the United States have been paying taxes at a significantly lower rate than most other corporations. The chief reason is that there are provisions in the U.S. tax code that allow energy companies to defer and avoid federal income tax payments. The 2017 Tax Cut and Jobs Act slashed the effective tax rate for corporations, and oil companies were among the biggest beneficiaries of the changes because of the ability to defer taxes. The industry also benefits from generous subsidies."
— Investopedia, 8/25/21

The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter as Russia’s war in Ukraine upended global energy markets and left consumers stretching to cover record high pump prices.

On Friday, Exxon reported net income of $17.9 billion for the three months ended June 31 compared with $4.7 billion in the year ago period. Revenue came in at $111 billion, a 68 percent premium over the same period. Chevron, meanwhile, earned $11.6 billion, versus $3.1 billion in 2021. Sales hit $64 billion, up 80 percent from a year ago.
The blockbuster results come a day after Europe-based Shell also posted record profits: The three, plus France’s TotalEnergies, collectively earned nearly $51 billion in the most recent quarter, nearly twice what they brought in during the same three months in 2021, according to Reuters.
Chevron, Exxon post record profits from oil-price boom - The Washington Post

So this war is good for the oil companies? Who would have known. Gotta keep that economy booming.

The only thing not good for an oil company is a pandemic.

This seems extra good for them though. Good enough that it would be in their interst for this conflict to be prolonged as long as possible and for western energy companies to not put any pressure on their OPEC+ counterparts to increase production. As a bonus no one (majority of people) aren't thinking about green energy or long term environmental devestation of fossil fuel consumption. A real win win win for them.

mickeyrat · August 2022

https://apnews.com/article/us-inflation-july-report-ec477624de30115dd49f35009b2659c0

US inflation slows from a 40-year peak but remains high

By CHRISTOPHER RUGABER

1 hour ago

WASHINGTON (AP) — Falling gas prices gave Americans a slight break from the pain of high inflation last month, though overall price increases slowed only modestly from the four-decade high that was reached in June.

Consumer prices jumped 8.5% in July compared with a year earlier, the government said Wednesday, down from a 9.1% year-over-year jump in June. On a monthly basis, prices were unchanged from June to July, the smallest such rise in more than two years.

Besides gasoline, among the consumer purchases whose prices sank from June to July were airfares, which plunged nearly 8%. Hotel room costs fell 2.7%, used car prices 0.4%. Such items had previously delivered some of the economy's steepest price jumps.

continues.....

mrussel1 · August 2022

Nasdaq is officially back in a Bull market.

Halifax2TheMax · August 2022

mrussel1 said:

Nasdaq is officially back in a Bull market.

Damn you Brandon, fuck off!

mrussel1 · August 2022

Halifax2TheMax said:

mrussel1 said:

Nasdaq is officially back in a Bull market.

Damn you Brandon, fuck off!

The NASDAQ index in now officially fake.

Capitalism, The Fed and Economic Policy

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