Capitalism, The Fed and Economic Policy

mickeyrat said:

https://twitter.com/FeistyLibLady/status/1723719759823286317?t=qmnNuKV7pvTcEMI6ZPqk5Q&s=19

I was saying this back during the "supply chain" ruse.  When the supply chain was flowing again prices still got raised.  Hell Toyota right now is making less cars and charging more as all car dealers are.

And a few on here thought I was nuts.

mickeyrat said:

https://twitter.com/DarrigoMelanie/status/1725158072652366287?t=Y72VoHOxF86XPoRmneuUBA&s=19

Sounds like the economy is doing great!

mickeyrat said:

inflation.....

https://twitter.com/MorePerfectUS/status/1727068498197901568?t=KmPA5KkI20UQYMXn7UAe5Q&s=19

I'm so glad that people are finally realizing and SEEING this as a bunch of bullshit, not all of it, but a good amount.

Gern Blansten said:

tempo_n_groove said:

mickeyrat said:

inflation.....

https://twitter.com/MorePerfectUS/status/1727068498197901568?t=KmPA5KkI20UQYMXn7UAe5Q&s=19

I'm so glad that people are finally realizing and SEEING this as a bunch of bullshit, not all of it, but a good amount.

My sister in law is a huge maga....a few months ago she was going on and on about the price of eggs to me. She couldn't believe that they were charging $1/egg and how awful that was. Turns out she was looking at the Speedway gas station.

A day or so after that conversation I was at our local Meijer and bought an 18 pack of large eggs for like $3.50

Apparently this is what's happening with turkeys. MAGA is buying outrageously priced turkeys (like $90 or more) and "thanking" Biden. Meanwhile, turkeys can still easily be found for like $25.

FU Brandon! That’s not what I paid for the turkey at the same place as I filled up my truck! Damn you! From Letter From An American:

Falling prices for travel and for the foods usually on a Thanksgiving table are news the White House is celebrating. Gas prices have dropped an average of $1.70 from their peak, airfares are down 13%, and car rental prices are down about 10% over the past year. 

According to the American Farm Bureau, the price of an average Thanksgiving dinner has dropped by 4.5%. The cost of turkeys has dropped more than 5% from last year, when an avian flu epidemic meant nearly 58 million birds were slaughtered (this year, growers have lost about 4.6 million birds to the same cause). Whipping cream, cranberries, and pie crust have also dropped in price. 

But plenty of grocery prices are still rising, and Senator Bob Casey (D-PA) has taken on the issue, documenting how “corporations are making record profits on the backs of American families.” In a public report, Casey noted that from July 2020 through July 2022, inflation rose by 14%, but corporate profits rose by 75%, five times as fast. A family making $68,000 a year in 2022 paid $6,740 in that period to “corporate executives and wealthy shareholders.” In 2023, that amount will be at least $3,546. 

The report notes that the cost for chicken went up 20% in 2021 as Tyson Foods doubled their profits from the first quarter of 2021 to the first quarter of 2022; Tyson has been ordered to pay hundreds of millions of dollars in penalties and restitution for “illegally conspiring to inflate chicken prices.” PepsiCo’s chief financial officer said in April 2023 that even though inflation was dropping, their prices would not. He said “consumers generally look at our products and say ‘you know what—they are worth paying a little bit more for.’”

President Biden has launched a campaign to push back on corporate profiteering, including cracking down on the practice of so-called junk fees—unexpected hidden costs for air travel, car rentals, credit cards, cable television, ticket sales, and so on. (The airline industry collected more than $6.7 billion last year in baggage fees, for example.) 

But Tony Romm of the Washington Post explained on Sunday that corporate lobbyists are warring with the Biden administration to stop the crackdown. An airline lobbyist testified at a federal hearing in March that changing the policy would create “confusion and frustration” and that there have been “very few complaints” about the extra costs for bags. The same lobbying group told the Department of Transportation that the government had no data to “demonstrate substantial harm” to passengers. A lobbying group for advertising platforms including Facebook and Google agreed that the Federal Trade Commission had failed to present “sufficient empirical evidence” that junk fees are a problem.

mickeyrat said:

https://twitter.com/Victorshi2020/status/1728804405170896904?t=QhTIoPaqy7DuIbM-z8OAhA&s=19

Too bad their viewers went back to cartoons.

The Juggler said:

Gern Blansten said:

tempo_n_groove said:

mickeyrat said:

inflation.....

https://twitter.com/MorePerfectUS/status/1727068498197901568?t=KmPA5KkI20UQYMXn7UAe5Q&s=19

I'm so glad that people are finally realizing and SEEING this as a bunch of bullshit, not all of it, but a good amount.

My sister in law is a huge maga....a few months ago she was going on and on about the price of eggs to me. She couldn't believe that they were charging $1/egg and how awful that was. Turns out she was looking at the Speedway gas station.

A day or so after that conversation I was at our local Meijer and bought an 18 pack of large eggs for like $3.50

Morons. Meanwhile you have people like Jason Chaffetz on Fox telling people he paid $90 for a turkey when they're like a $1.50 a pound or something...less than they were a year ago. 

The Outrage Spin Machine never ends over there. 

If u buy a fresh, free range I can see that butyou can get a free turkey for spending x amount at your local supermarket.

Halifax2TheMax said:

FU Brandon! That’s not what I paid for the turkey at the same place as I filled up my truck! Damn you! From Letter From An American:

Falling prices for travel and for the foods usually on a Thanksgiving table are news the White House is celebrating. Gas prices have dropped an average of $1.70 from their peak, airfares are down 13%, and car rental prices are down about 10% over the past year. 

According to the American Farm Bureau, the price of an average Thanksgiving dinner has dropped by 4.5%. The cost of turkeys has dropped more than 5% from last year, when an avian flu epidemic meant nearly 58 million birds were slaughtered (this year, growers have lost about 4.6 million birds to the same cause). Whipping cream, cranberries, and pie crust have also dropped in price. 

But plenty of grocery prices are still rising, and Senator Bob Casey (D-PA) has taken on the issue, documenting how “corporations are making record profits on the backs of American families.” In a public report, Casey noted that from July 2020 through July 2022, inflation rose by 14%, but corporate profits rose by 75%, five times as fast. A family making $68,000 a year in 2022 paid $6,740 in that period to “corporate executives and wealthy shareholders.” In 2023, that amount will be at least $3,546. 

The report notes that the cost for chicken went up 20% in 2021 as Tyson Foods doubled their profits from the first quarter of 2021 to the first quarter of 2022; Tyson has been ordered to pay hundreds of millions of dollars in penalties and restitution for “illegally conspiring to inflate chicken prices.” PepsiCo’s chief financial officer said in April 2023 that even though inflation was dropping, their prices would not. He said “consumers generally look at our products and say ‘you know what—they are worth paying a little bit more for.’”

President Biden has launched a campaign to push back on corporate profiteering, including cracking down on the practice of so-called junk fees—unexpected hidden costs for air travel, car rentals, credit cards, cable television, ticket sales, and so on. (The airline industry collected more than $6.7 billion last year in baggage fees, for example.) 

But Tony Romm of the Washington Post explained on Sunday that corporate lobbyists are warring with the Biden administration to stop the crackdown. An airline lobbyist testified at a federal hearing in March that changing the policy would create “confusion and frustration” and that there have been “very few complaints” about the extra costs for bags. The same lobbying group told the Department of Transportation that the government had no data to “demonstrate substantial harm” to passengers. A lobbying group for advertising platforms including Facebook and Google agreed that the Federal Trade Commission had failed to present “sufficient empirical evidence” that junk fees are a problem.

Our local news station earlier in the month said there "might be a turkey shortage".  I actually yelled at the tv.  It was all a bunch of horseshit.

mickeyrat said:

revised 3q gdp

https://twitter.com/DavidPepper/status/1729862276415713721?t=zKqL9A3R-YFQXFxXcQaPxg&s=19

But we were promised 6% a quarter, quarter over quarter for 10 years!!! FU Brandon!!

The Juggler said:

And the bond is down too. Rates are decreasing...for the moment at least. 

New year is coming and companies are ready to spend.