Global Depression 2022 - Time to do the Breadline Boogaloo!

[Ancient Pioneer]

so here we are, jerome powell talks tuff, but the dot plot what ever that is is predicting 140bps cuts next year ...... I follow a guy named harry s deent jr on you tube he is so wrong all the time, and I am a finance nerd lolcow guy ...... thinking he might be right for the first time in 2 decades ...... this stock market run is not going to last, gold and silver is going to correct too ..... I don't know what is going to happen, but I have more awareness and interest than I did in 2007 2008, and this feels like a similar situation ......

Bank term funding program expires in march ... the fed has all the cheat codes, they can just renew it for a year .... but this is a very interesting time to be alive ..... and I stocked up on popcorn,,,,,,,

What the fuck is your problem? Knock off the boomer dots and use commas.

 

[Fascist Kirk]

What the fuck is your problem? Knock off the boomer dots and use commas.

as an English 2 grade spelling teacher, pay no attention to your 401k

 

[Darkholme's Dungeon]

2007 2008, and this feels like a similar situation ......

I personally, suspect inflation in key necessities and (eventual) deflation in others.

The price of feed has been dropping like a rock in China because meat is a delicacy. Meanwhile the prices of meat/rice/vegetables has gone up.
Supposedly Alfalfa prices in the US will drop even more due to the recession in China. Dunno since I don't follow feed prices much.

 

[Fascist Kirk]

I just watched the s&p give back 1.47% in an hour and a half, it took 12 days to get there: lost in a hour .... I'm just saying been watching markets for 5 years, after being fucked by markets my entire life . Read the book wizard of oz, or watch the 1930's wizard of oz movie, the fed is the wizard, they gas light markets .... There have been not one rate cut as of this posting, stay vigilant.

 

[The Hardest R]

I just watched the s&p give back 1.47% in an hour and a half, it took 12 days to get there: lost in a hour .... I'm just saying been watching markets for 5 years, after being fucked by markets my entire life . Read the book wizard of oz, or watch the 1930's wizard of oz movie, the fed is the wizard, they gas light markets .... There have been not one rate cut as of this posting, stay vigilant.

The stock market has always been fake and gay and nothing more than gambling. The last few months have been doing well because we’ve ceased to actually look at the numbers and are just going off of gut feeling. In this case, it’s that inflation is finally over (it isn’t) and when the feds start cutting rates again, trillions more in funny money will be unlocked and it’ll be more good times ahead. Also they really need the uniparty to win again in America so one of the best ways to lull the middle class back to sleep again and vote for the incumbents is a strong stock market. Eggs might cost twice as much as they did five years ago but MUH 401k went up by 15% this year so the boomer tells himself that it’ll all work out in the end.

 

[Odd Opossum]

The stock market has always been fake and gay and nothing more than gambling. The last few months have been doing well because we’ve ceased to actually look at the numbers and are just going off of gut feeling. In this case, it’s that inflation is finally over (it isn’t) and when the feds start cutting rates again, trillions more in funny money will be unlocked and it’ll be more good times ahead. Also they really need the uniparty to win again in America so one of the best ways to lull the middle class back to sleep again and vote for the incumbents is a strong stock market. Eggs might cost twice as much as they did five years ago but MUH 401k went up by 15% this year so the boomer tells himself that it’ll all work out in the end.

Or maybe all the economy dooming by NEET's was just that, dooming. But yeah, I'm sure it's a 6D chess move to trick the sheeple.

 

[derpherp2]

Panic buying shit for parties again earlier.

There's a LOT more people, but it's not as busy as it was last year.
Also holy shit oreos are five bucks by default now?

 

[Toy Soldier]

Panic buying shit for parties again earlier.

There's a LOT more people, but it's not as busy as it was last year.
Also holy shit oreos are five bucks by default now?

lol potato chips are like 6 by default now too. I hope the price increases at least get more people to stop eating junk all day and maybe take more responsibility in their own diet, that'd be nice.

 

[Audit]

The consoomer will gladly spend $10+ for a package of cookies or potato chips before cooking. Efficient market hypothesis reveals that the most efficient allocation of money is in the hands of companies making food that gives you diabetes and a stroke.

 

[Darkholme's Dungeon]

Speaking of which, did anyone see the news of the IRS warning elderly folk they will be prosecuting "delayed" retirement withdraws? Sounds like an attempt to stimulate spending of money that is not being used in the economy.

https://www.irs.gov/newsroom/irs-reminds-those-aged-73-and-older-to-make-required-withdrawals-from-iras-and-retirement-plans-by-dec-31-notes-changes-in-the-law-for-2023

R-2023-246, Dec. 20, 2023

WASHINGTON — The Internal Revenue Service today reminded people born before 1951 of the year-end deadlines to take required minimum distributions (RMDs) from funds held in individual retirement arrangements (IRAs) and other retirement plans, and noted new requirements under the law beginning in 2023.

Required minimum distributions, or RMDs, are amounts that many retirement plan and IRA account owners must withdraw each year. RMDs are taxable income and may be subject to penalties if not timely taken. For individuals born before 1951, RMDs from IRAs and retirement plans should, for the most part, already have begun and are required for 2023.

New for 2023: The Secure 2.0 Act raised the age that account owners must begin taking RMDs. For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73, so individuals born in 1951 must receive their first required minimum distribution by April 1, 2025.

See Retirement plan and IRA required minimum distributions FAQs for more detailed information regarding the new provisions in the law.

IRAs: The RMD rules require individuals to take withdrawals from their IRAs (including SIMPLE IRAs and SEP IRAs) every year once they reach age 72 (73 if the account owner reaches age 72 in 2023 or later), even if they're still employed.

Owners of Roth IRAs are not required to take withdrawals during their lifetime. However, after the death of the account owner, beneficiaries of a Roth IRA are subject to the RMD rules.

Retirement plans: The RMD rules also apply to employer-sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans and 457(b) plans. Participants in employer-sponsored retirement plans can delay taking their RMDs until they retire, unless they are a 5% owner of the business sponsoring the plan.

Designated Roth accounts in a 401(k) or 403(b) plan are subject to the RMD rules for 2023. Beginning in 2024, designated Roth accounts will not be subject to the RMD rules while the account owner is still alive.

The RMD comparison chart highlights several of the basic RMD rules that apply to IRAs and defined contribution plans.

RMD calculations and tax on missed distributions​

An IRA trustee or plan administrator must either report the amount of the RMD to the IRA owner or offer to calculate it. An IRA owner or trustee must calculate the RMD separately for each IRA owned, but the owner can make withdrawals from the account(s) of their choice as long as the total equals or exceeds the total annual requirement. Although the IRA trustee or plan administrator may calculate the RMD, the account owner is ultimately responsible for taking the correct RMD amount.

If an account owner fails to withdraw the full amount of the RMD by the due date, the owner is subject to an excise tax equal to 25% of the amount not withdrawn for 2023 and later years. The SECURE 2.0 Act dropped the excise tax rate from 50% for distributions required for 2023 and reduces the tax rate to 10% if the error is corrected within two years. The account owner should file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, with their federal tax return for the year in which the full amount of the RMD was required but not taken.

The IRS has worksheets to calculate the RMD and payout periods.

Inherited IRAs​

An RMD may be required for an IRA, retirement plan account or Roth IRA inherited from the original owner. The factors that affect the distribution requirements for inherited retirement plan accounts and IRAs include:

• Whether the account owner died after 2019 (the SECURE Act made changes to the RMDs for beneficiaries if the death of the account holder occurred after 2019).
• The relationship of the beneficiary to the account owner and certain characteristics of the beneficiary (spouse, minor child, disabled or chronically ill individual, entity other than an individual).
• Whether the original account owner passed away before or after their required beginning date (the date the original account owner was required to begin taking RMDs).

IRS Notice 2023-54 provides that certain non-spouse beneficiaries subject to the 10-year distribution rule will not fail the RMD requirements because they didn't make distributions in 2023.

Retirement topics - beneficiary and Required minimum distributions for IRA beneficiaries have information on taking RMDs from an inherited IRA or retirement account and reporting taxable distributions as part of gross income. Publication 559, Survivors, Executors and Administrators, can help those in charge of the estate complete and file federal income tax returns and explains their responsibility to pay any taxes due on behalf of the person who has died.

2020 coronavirus-related distribution​

Distribution requirements were waived for 2020 due to the coronavirus pandemic. An account owner or beneficiary who received an RMD in 2020 had the option of returning it to their IRA or other qualified plan to avoid paying taxes on that distribution. A 2020 RMD that qualified as a coronavirus-related distribution could be repaid over a three-year period or have the taxes due on the distribution spread over three years.

A 2020 withdrawal from an inherited IRA could not be repaid to the inherited IRA but may be spread over three years for income inclusion. For more information see Coronavirus relief for retirement plans and IRAs.

Taxpayers can find forms, instructions, publications, frequently asked questions regarding required minimum distributions and other easy-to-use tools at IRS.gov.

 

[Some Dumb Faggot]

middle class back to sleep again and vote for the incumbents is a strong stock market.

Yeah because the Middle Class has the most investments in the stock market.

 

[Irredemable Retardation]

Or maybe all the economy dooming by NEET's was just that, dooming. But yeah, I'm sure it's a 6D chess move to trick the sheeple.

Lol, you are so committed to owning da politispergs that you ended believing in the delusion that living standards will get better soon because line goes up.

 

[Odd Opossum]

Lol, you are so committed to owning da politispergs that you ended believing in the delusion that living standards will get better soon because line goes up.

Economy sperging is so melodramatic and whiny that it's impossible to take seriously. Nuggies may cost ten dollars more, but it's a long, long way off from doing any serious damage to the majority of people.

 

[Irredemable Retardation]

Economy sperging is so melodramatic and whiny that it's impossible to take seriously. Nuggies may cost ten dollars more, but it's a long, long way off from doing any serious damage to the majority of people.

lmao you are now doing damage control. notable to large loss in living standards and purchasing power is nothing guys!

 

[The Hardest R]

lmao you are now doing damage control. notable to large loss in living standards and purchasing power is nothing guys!

100 years ago every German was a trillionaire and you’re just a sperg if you think that was a bad thing.

 

[Some Dumb Faggot]

Economy sperging is so melodramatic and whiny that it's impossible to take seriously. Nuggies may cost ten dollars more, but it's a long, long way off from doing any serious damage to the majority of people.

To give your credit, you aren't entirely wrong or incorrect. The people that think the US economy will completely collapse and we'll be living like Mad Max within the next couple decades are retards mostly hyping themselves up for whatever reason. The way you worded it makes it seems like there are zero problems when there are problems. People really need to ditch this retarded Poltisperg all or nothing attitude and learn to be a little more nuanced.

Eventually the Feds will be forced to cut spending and we'll have a recession similar to the 1970s-1980s. However, America is still the strongest economy by a Longshot and no other super power comes remotely close to that.

The retards that shill for China don't realize that their economy is HEAVILY manipulated almost 10× what the Feds do to the dollar, if not more. Then China NEEDS trade to sustain itself, they don't actually produce enough food on their own and China is a service based economy. This idea that China will overtake the US needs to fuck off because it really will never happen no matter how much the poltispergs seemingly want it to.

So I agree with you that people need to just relax, take a step back and actually look things from a neutral perspective. The economy has problems but isn't close to imploding, like any other hard time in US history we'll go through another recession.

 

[Sniperwoof]

The stock market has had almost zero correlation with the overall economic health of the country for half a century now.

 

[Odd Opossum]

lmao you are now doing damage control.

No, I'm sticking to my original point, which is that your viewpoint is retarded. Have fun in your fantasy land.

100 years ago every German was a trillionaire and you’re just a sperg if you think that was a bad thing.

Yeah dude, a country that went through a world war and a massive economic depression is totally the same as 2023 America. Take a breath of fresh air.

The way you worded it makes it seems like there are zero problems when there are problems.

There are problems, but after a certain point, there's no reason to even entertain some of the bullshit being said on here. It's so at odds with reality that I have to wonder if some of these people have actual jobs or if they get all their viewpoints on wages from ZeroHedge.

 

[Some Dumb Faggot]

The stock market has had almost zero correlation with the overall economic health of the country for half a century now.

It depends on how you look at it, I view it as the media being misleading. The stocks are so high because of inflation(There are other factors too, like energy being down because of a mild Winter) so the stocks DO represent the economy, it's just that everything is overinflated so the stock market is too, the media spins that to be positive.

You shouldn't say it has zero correlation be ause that implies that the Feds manipulate the dollar to the extent that China does when they don't. They really can't because there are markets that they have no control or limited control over Energy, commodities and bonds to some extent there's thousands of factors.

 

[Tsukasa Kadoya]

The only solution is a debt jubilee or significant haircut where we have to knock off a zero or two. The problem with that of course is that there will have to be strings attached that provide assurance that The New Dollar will be stable for the powers that be. Those strings attached are going to be hell on the average pleb. In many ways, COVID was a test run as the constitution was completely disregarded and a bunch of funny money got pumped into the system that made the upper classes richer and the middle, working and lower classes poorer.

We are a ways off from that so they’re just going to keep pumping out fiat currency. The whole “own nothing and be happy” will turn into reality as any remaining wealth from the middle class and lower disappears once this jubilee happens.

The way they'll take your shit is pretty simple: a debt forgiveness program that requires an equal amount of your personal possessions to be given over in exchange.
If you're in several thousands of dollars of debt, then the amount owed will be compared to what you have. So expect the feds to seize whatever cars, valuables and your home.
All so that way you can more "easily adjust" to the new dollar.
And if you're debt free, then expect stipulations that will chip away at your possessions. All in the effort to make you rent everything and own nothing.