Business DOW plummets 750 points after consumer price index hit a 40-year high, sparking fears of a recession - Federal Reserve is anticipated to carry out the fastest series of interest rate hikes in three decades. They hope to avoid a economic depression while doing so.

Stocks took a drastic dip on Friday morning after the U.S. Labor Department said the consumer prices hit a 40-year high, surging to 8.6% over the last 12 months, faster than April’s year-over-year surge of 8.3%.

On Friday morning, the Dow Jones Industrial Average fell 755 points, or 2.3%. The S&P 500 dropped 2.5%, while Nasdaq Composite sank nearly 3%.

May’s consumer price index report came in at its highest level since 1981, influencing the drop in stock market prices CNBC said.

According to Investors Business Daily, The Consumer Price Index rose 1% from the prior month and 8.6% from a year ago, compared to inflation rates of 8.3% in April and 8.5% in March. The widespread price index excludes volatile food and energy prices.

Peter Earle of the nonpartisan American Institute for Economic Research told Forbes that the report was “very troubling” and that aggressively rising interest rates can risk the country entering a recession.

Banks and cyclical stocks also moved lower, CNBC reported, giving signs of recession fears. Shares of Wells Fargo dropped 4%. Boeing fell 3.6%.

After Friday’s labor report was released, the Associated Press said they anticipate the Federal Reserve to carry out the fastest series of interest rate hikes in three decades. By drastically raising borrowing costs, the Federal Reserve hopes to lessen consumer spending and growth enough to curb inflation without bringing the economy into a recession.

Article Link (Archive)
 
How many bad things need to happen before we're 'officially' in a recession again?
The "official" marker for a recession is two consecutive quarters with negative Gross Domestic Production (GDP).

The first quarter of this year, ending in March, was negative. The second quarter ends this month in June and Magic 8 Ball predicts it will also be negative.

So, for all the bullshit this Administration is putting out about how great the economy is doing, look for more "But Putin!!!" blame game when the GDP numbers hit the street in a couple of weeks and they are  forced to admit the good ol' USA is officially in a recession.

That said, wouldn't surprise me at all if they fudged the numbers to their liking, just like they do with job numbers and every other measurable statistic the government has control over. They'll lie before they take the L.
 
Fucking Putlet man, who knew he has such power over the US economy


IMG_20220611_164512_601.jpg
Jokes aside, are average Americans actually buying this deflection from uncle Joe? Even those that are won't do for very long I think, shit is only getting worse from here and people generally look for accountability from their leaders and from what can tell the Dems absolutely refuse to acknowledge any fault, which will only piss people off even more.
 
How many bad things need to happen before we're 'officially' in a recession again? I don't think the Average Joe is thinking to himself. "Oh boy, everything costs more, my wages aren't keeping up, but the EXPERTS keep saying we're on the verge of a recession." No, he just says "Holy fuck it's like 2008 again, we're in a recession."

Some people have been saying that they're waiting to declare recession until Republicans get the majority in Congress again--if that actually happens. I don't think that would work though; I think Democrats controlled Congress from 2006-2008 and people still put the blame entirely on Bush/Republicans.

Biden's "legacy" will be being remembered as the worst president since Woodrow Wilson.
 
How can we be going into a recession when we never really recovered from the ones that happened in the past? I don't really consider them recessions anymore. It's more like the US economy just gets a little worse every few years or so. What we are seeing is the failure of capitalism. Communism failed in the late 20th century and now capitalism is failing in the early 21st century. Just a few decades after communism failed. It's time to get rid of the old ideas from the 19th century and come up with something new. Something that will actually work long term. We are in late-stage capitalism. They have flooded the country with foreigners for cheap labor they have sent all the manufacturing jobs overseas and are starting to implement automation. The greed of capitalism has destroyed the US. Then they blame their low sales on Americans not spending enough. They did it under Bush and they are doing it now. A capitalist economy relies on people producing things and people buying what is produced. Unemployed people and people working for stagnant wages don't make good consumers.
This level of inflation is due entirely to the government's unnecessary lockdowns that lasted 2 years.
 
Some people have been saying that they're waiting to declare recession until Republicans get the majority in Congress again--if that actually happens. I don't think that would work though; I think Democrats controlled Congress from 2006-2008 and people still put the blame entirely on Bush/Republicans.

Biden's "legacy" will be being remembered as the worst president since Woodrow Wilson.
They're still trying to make this choice.

pick one and only one.png
 
to be fair, both sides are unironically responsible for letting this get out of hand
Both sides have some blame but one side shoulders the majority of it.
There's only one "side" responsible and it's politicians. Regardless of differences between people on the ground it's certainly not a fault of the average joe that they believed these assholes wouldn't fuck them over, and to be completely fair a lot of people are too busy and have been for decades now trying to live their lives to pay attention close enough to realize what was happening. Further, the internet coming about was pretty much the only way for the tabs on politicians and what they do to be recorded, scrutinized, and spread among the little guy without having to hear it filtered through a talking head who works for a news corp being held afloat by, essentially, entities that have the same interests as the uniparty.

For whatever it's worth, and while I get that there's no excuse now and hasn't been for some time to be an uninformed voter, a lot of the groundwork was laid back in the heyday of the corporate media when the control of information was still tightly wound in the hands of our aristocracy. Which by the by, is why you see them so readily "coming across the aisle" to try and do to the internet what they did to cable companies back in the 90's under Clinton. If they had their way (and don't think for a second they're not going to keep trying until they get it, which is why they want to fuck with S230 so damn badly) the entire fucking internet would just be Facebook, Twitter, Instagram, OnlyFans, Pornhub, YouTube, various corporate media outlet sites like WaPo and NYTimes, and the google search engine.

TL;DR: Put aside the crazies and the unfortunately brainwashed, and you have a large segment of the population who would be capable of putting aside their differences long enough to look upward to see who's shitting all over them. Blaming "sides" other than the politicians and those who carry water for them is part of the problem, not the solution. As far as they see it, it's them and their cohorts against all of us.
 
Fucking Putlet man, who knew he has such power over the US economy

View attachment 3376179
View attachment 3376180
Jokes aside, are average Americans actually buying this deflection from uncle Joe? Even those that are won't do for very long I think, shit is only getting worse from here and people generally look for accountability from their leaders and from what can tell the Dems absolutely refuse to acknowledge any fault, which will only piss people off even more.
A lot of Americans will. We are all low IQ retards, a majority of which blindly trust the media. Every single outlet is pushing this lie that all our price hikes are because of the Russian war in Hoholia a d the sanctions that followed, despite the price hikes starting before Putting ordered anyone to step foot in Ukraine.
 
How can we be going into a recession when we never really recovered from the ones that happened in the past? I don't really consider them recessions anymore. It's more like the US economy just gets a little worse every few years or so. What we are seeing is the failure of capitalism. Communism failed in the late 20th century and now capitalism is failing in the early 21st century. Just a few decades after communism failed. It's time to get rid of the old ideas from the 19th century and come up with something new. Something that will actually work long term. We are in late-stage capitalism. They have flooded the country with foreigners for cheap labor they have sent all the manufacturing jobs overseas and are starting to implement automation. The greed of capitalism has destroyed the US. Then they blame their low sales on Americans not spending enough. They did it under Bush and they are doing it now. A capitalist economy relies on people producing things and people buying what is produced. Unemployed people and people working for stagnant wages don't make good consumers.
I don’t think it’s failing on its own. It’s being demolished, look at things like:
Covid - lockdowns deliberately destroyed only certain tiers of economic activity while pouring money into others with no accountability. Mid sized businesses were screwed and Amazon made bank
Energy - countries who are capable of energy self sufficiency are deliberately destroying their generation capacity. Biden closing keystone xl. Germany shuttering nuke plants. Any leader who deliberately stops their country having energy self sufficiency is a traitor.
Immigration - on a mass scale, displacement of people, destruction of cultures, destruction of societal cohesion.
None of this is inherent in a capitalist model. Trading is deeply rooted in human nature - we barter and we buy and sell and we have done for millennia. What we are seeing is a group trying to destroy the systems we have for some reason of their own. Globalism plus whatever ideology this is is at fault, not capitalism in and of itself. We are seeing system breakdown that’s being accelerated deliberately
 
No, it's a failure of Globalism. Every evil of the USA economy is coming from having untouchable global corporations who destroy every competition, rape the environment and move production to a single locale that usually involves literal slave labour in third world countries.
I've come to decide globalists simply use their size and their cause to influence the rules to create barriers to entry. Do you know who's growing despite this? The people that simply do not follow the rules. An individual/corporate entity could easily hire a designated agent to anonymously set up an LLC in Arizona. This is the only state allowing totally anonymous corporate entities. From there it's actually not too difficult to run riot like the bugmen do in the global economy. A HK-Shenzen-Taiwan trifecta of virtual offices and designated agents can basically get the Chinese government (of any persuasion) out of your hair entirely. If they cannot sort you out then how would they even help their neighbors when anything points your direction?

Really the trick is finding customs brokers that are actually competent. I've literally never had a CBP issue that was made easier by interfacing through them. I've actually been conferenced in to explain to brokers and customs how their own rules work. If you do international business and take nothing else from this: get a comprehensive Information Suppression Request in with CBP via your brokers yesterday. Otherwise your competition will know immediately exactly what you are doing and all of the best places pay close attention to that shit.
 
Some people have been saying that they're waiting to declare recession until Republicans get the majority in Congress again--if that actually happens. I don't think that would work though; I think Democrats controlled Congress from 2006-2008 and people still put the blame entirely on Bush/Republicans.
In a system like ours, I think it's just Hopper's maxim: "first rule of being in charge: everything is your fault." The American system has one man more visibly "in charge" than (say) Britbong parliamentary fuckery, so it's hard to blame bad outcomes on your opponents when it's your face up in all the schools.
Biden's "legacy" will be being remembered as the worst president since Woodrow Wilson.
He's already 100%ed the Carter administration in 2 years. Wilson would just be the icing on the cake.
 
Lol no, if we were ruled by the whims of 'the people', society would fall apart just as surely as our current society's going to fall apart. 'The people' are sociopaths who are mad that much smarter sociopaths are running circles around them.
There are no worse people, everyone is EQUALLY bad!

This is your brain on postmodernism
 
Oy vey stop with this antisemitism! Definately don't try national socialism! It worked so well we had to stamp it out last time, goy!
Hitler said National Socialism was uniquely German and it wouldn't work anywhere else. Years ago, I used to think the way you do. But now I know Hitler was right. Plus, it has way too much baggage with it. Trying to get your average normie to accept it would be like pushing a boulder up a hill and it's just not worth the effort for a system that died in 1945 and has such a bad reputation. Even if that reputation isn't entirely truthful. I was thinking more along the lines of economic nationalism Trump was talking about. It's a good starting base to get people used to something different other than two 19th century ideas with one having failed decades ago and the other is failing now.
Lol any system is going to fail when the leaders are intentionally trying to destroy it and the majority of the population can't be bothered to learn how the country even operates.
I don't really get into boomer conspiritardation. I don't believe anyone is trying to destroy anything. It's just failing. Yes, any system can fail but when the system you are living under fails it's time for a new one. No, I don't mean communism. That failed a long time ago.
This is crony capitalism failing us, not capitalism in general.
This was popular with Boomers on Boomerbook in the early 2010's. I see it's still around and being used. There is no such thing as crony capitalism. It's some nonsense made up by people who don't want to admit capitalism is failing and some people want to mislead the public with nonsense. It's like those idiots that used to go around saying anarcho-communism and anarcho-capitalism. There is no such thing as that either. There is only capitalism and communism. What you are seeing right now is capitalism. If you don't like it, then you don't like capitalism. I don't blame you because I don't care for it either. It has flooded the US with third world hordes that take our jobs it sent all our manufacturing jobs overseas and left us with a service economy full of McJobs of the kind you would see in a third world tourist resort. Also because of the horrible impact on our economy no one can afford to have children anymore, so our population is in decline. There isn't a whole lot about capitalism to like these days.
No, it's a failure of Globalism. Every evil of the USA economy is coming from having untouchable global corporations who destroy every competition, rape the environment and move production to a single locale that usually involves literal slave labour in third world countries.
I am going to take it that you don't seem to understand. Globalism is a product of capitalism. Globalism came about because the rich capitalist wanted access to cheap labor. Last time I checked it wasn't the guy stocking shelves in Walmart or shipping your package out in an Amazon warehouse that went to DC to lobby for the ability ship jobs overseas or make it easier to make things overseas and ship them back in here. Rich people did that. People who own all the companies that used to make stuff in the US. You know, the capitalists.
This level of inflation is due entirely to the government's unnecessary lockdowns that lasted 2 years.
I don't disagree at all. The Russian war in Ukraine isn't the cause. Though the breakdown of global supply chains Chinese manufacturing and high fuel prices are playing apart. Excess printing of currency will cause inflation. But there were issues before this. But China virus didn't help. If anything, it did a really good job of exposing it to people.
I don’t think it’s failing on its own. It’s being demolished, look at things like:
Covid - lockdowns deliberately destroyed only certain tiers of economic activity while pouring money into others with no accountability. Mid sized businesses were screwed and Amazon made bank
Energy - countries who are capable of energy self sufficiency are deliberately destroying their generation capacity. Biden closing keystone xl. Germany shuttering nuke plants. Any leader who deliberately stops their country having energy self sufficiency is a traitor.
Immigration - on a mass scale, displacement of people, destruction of cultures, destruction of societal cohesion.
None of this is inherent in a capitalist model. Trading is deeply rooted in human nature - we barter and we buy and sell and we have done for millennia. What we are seeing is a group trying to destroy the systems we have for some reason of their own. Globalism plus whatever ideology this is is at fault, not capitalism in and of itself. We are seeing system breakdown that’s being accelerated deliberately
I agree with everything except the fact that it's being destroyed intentionally. I don't do the conspiritard tinfoil hat stuff anymore. It's definitely failing, and China virus just made it obvious. especially with Chinas manufacturing taking a hit because of the virus causing shortages and issues with global supply. When you depend on a country to make everything and they can't because they are sick it's not a good thing. Amazon only did so well because the government shut a bunch of physical stores down and printed up money to give to people as Covid relief and they went shopping with it. There was no where else to shop so they did it online. All the online retailers seen a huge boost. Everything has been open for a year or more now and when I go out it's like normal. I even see a lot of people eating out with gas at $5 a gallon in a most states.

Energy self-sufficiency is important I totally agree. The high price of oil and gas are not caused by the Russian war in Ukraine. It's caused by the bad decisions of the Biden administration like closing the Keystone XL pipeline and ending everything Trump put in place to make oil and gas cheaper. Germany shutting down its nuclear plants is definitely a bad idea especially with what's going on with Russia and Ukraine right now. But Europe allowed itself to become dependent on Russian energy. Essentially paying the Russians to come and kill them one day. It's definitely a good reason for energy self-sufficiency.

With immigration there is a certainly more than one motive at play there. But the rich capitalists don't want to pay Americans a fair wage, so they bring in foreigners both legal and illegal. Someone is lobbying for this. There is money behind it. They are basically like global scabs. If you remember from the union days American workers would refuse to work and go on strike and the companies would bring in other people that were called scabs to try and break the strike. That's basically what they are. When they say that Americans won't do a certain job it's most likely because that job doesn't pay enough. Americans know what to do, they just don't work. But rich capitalists bring in the global scabs. But they bring all these people here and it destroys the country, and they hate the people that were already here. It causes many issues. All because corporate America thinks Americans wanting to pay their rent and buy groceries is just simply too much to expect.

This is inherent in a capitalist model. What you are seeing is capitalism. It's capitalism unrestrained. People have always traded but you can't do that without some kind of restrictions on it to protect domestic industries the economy and the people. No one else around the world has this idiotic free trade nonsense just America. Everyone else understands there needs to be some restrictions. You can't let rich people run around and do what they want or you end up in the situation we have now. You seem to have the same issue another poster above had. You think globalism and capitalism are separate when they are not. Capitalism created globalism. Communism was working on it's own form as well. But in the US we got the capitalist version. Capitalist wanted globalism because it allowed them to have access to cheap labor. They sent jobs overseas or brought the cheap labor into the country when they couldn't send the jobs outside the country. This all capitalism. Capitalism caused this. The rich capitalists are the ones who went to DC and lobbied for it. The politicians wouldn't have done it if rich people hadn't paid them to do it. We are in late stage capitalism. Capitalism is failing.
 
Last edited:
Some people have been saying that they're waiting to declare recession until Republicans get the majority in Congress again--if that actually happens. I don't think that would work though; I think Democrats controlled Congress from 2006-2008 and people still put the blame entirely on Bush/Republicans.

Biden's "legacy" will be being remembered as the worst president since Woodrow Wilson.

1. The only people who shit on Wilson's Presidency are SJW types. Wilson's still well loved by historians. You are thinking Buchanan or Hoover, that he'll be compared to instead.

2. The Democrats can't do that, IE let everything crash on the GOP's watch because they've already fucked themselves openly bragging about wanting to kill the economy and destroy the average joe's life in the process to both punish him for voting in Trump but also to put the fear in him that he "better vote blue going forward". They finalize the crashing of the economy on the GOP's watch and you'll see liberals, SJWs, Democrats swinging from the trees with their eyes cut out... in Minecraft.
 
Back