The Triumph of Bidenomics!

[hislegacy]

I guess those would be bad stocks to own

You know who owns those stocks? Most 401 k retirement plans.

Thank Joe

 

[Gene2memE]

America's housing timebomb: Home foreclosures are on the up

Americans are increasingly sturggling to pay their mortgages - with almost 33,000 homes going into foreclosure in February alone, new figures show.

www.dailymail.co.uk

Thanks Joe

From the data, it seems like US house foreclosures have been lower in every quarter of the Biden administration (at least up to the end of 3Q2023) than they were in any quarter of the Trump administration.

U.S. Foreclosure Activity Shows Continued Rise In Third Quarter, Approaching Levels Seen Before Pandemic

ATTOM's Q3 2023 U.S. Foreclosure Market Report shows that foreclosure filings were up 3% from the previous quarter and 9% from a year ago.

www.attomdata.com

It also appears that US house foreclosures are still below levels seen in 2016-2019:

U.S. Foreclosure Activity Increases From 2022 But Still Below Pre-Pandemic Levels

ATTOM's Year-End 2023 Foreclosure Report shows that foreclosure filings are up 10% from 2022 and 136% from 2021 but down 28% from 2019.

www.attomdata.com

But, if you're only interested in scoring political points based on isolated data trends, then you're probably not interest in context.

 

[Ana the Ist]

Everything in Trump's 3rd year was more expensive than it was in Trump's 1st year. Everything in Trump's 1st year was more expensive than it was under Obama. That's how inflation works.

That's not how inflation works. If everything only ever gets more expensive...you're dollar is losing buying power.

U.S. retail price of white pan bread 2023 | Statista

The retail price of white pan bread in the U.S.

www.statista.com

You can see the abnormal spike in price under Biden. Wages could have increased...but he flooded the market with cheap labor. He hasn't been good for the economy.

I can acknowledge that this is an accurate description of the psychology of the average American voter while pointing out that this is also an obvious shortcoming in the level of awareness of the average American. "Why is it so bad?" is a perfectly legitimate question to ask, but "How do we stack up against others dealing with the same thing?" is an important follow-up question to ask when trying to calibrate a response.

Interesting this was never asked when racism was the du jour problem of the left under Trump.

Ah yes, a bunch of retail stores that overbuilt and have been choking on old business models for year.

Is that what's happening?

They're specifically citing theft.

Fulton Center mall operator wants out of FiDi lease over crime and homelessness concerns

The company that runs the Fulton Center mall told the MTA last month it wants out of its lease because of crime and homelessness issues. Westfield signed a 20-year lease with the MTA, but wants to exit operations at Fulton Center more than 10 years before the end of the deal, according to a...

www.google.com

You got NYC essentially suing a mall over calling it quits. Why? Homelessness and rampant crime. The other problems that the left hopes to gaslight the public on.

Bed Bath & Beyond's collapse started in 2019. But don't let that get in the way of your propaganda.

Bed Bath & Beyond - Wikipedia

en.wikipedia.org

'We feel abandoned': Chatham residents pack Walmart Supercenter before closure on Sunday

Walmart said its pharmacies will remain open for up to 30 days following the store closures, but neighbors said that's still a big void to fill.

abc7chicago.com

Look at what the people living there are saying...

Walmart has no competition in the area. They aren't profitable? Could those "losses" be theft?

ETA: Oh hey, Ame's is coming back:

Ames making a comeback by opening 35 new locations nationwide

A once prominent department store chain announced plans to open more than two dozen locations in the coming years.

www.masslive.com

Thanks Biden!

Who?

 

[hislegacy]

Thanks Joe

 

[The Barbarian]

The Trump Stimulus were distributed on Biden's term. therefore the abuse is actually Biden's problem.

You've been misled about that.

Trump Friends and Family Cleared for Millions in Small Business Bailout​

Beneficiaries of the PPP included a lettuce farming venture backed by Trump’s son, Kushner companies, and a dentist who golfs with the president. The figures were released after a lawsuit by several news organizations, including ProPublica.

The firms sought funding under the Paycheck Protection Program, one of the Trump administration’s sweeping pandemic relief efforts. Created in late March by the CARES Act, it allowed small businesses — generally, those with fewer than 500 employees — to apply for loans of up to $10 million. The loans can be forgiven if used to cover payroll, rent, mortgage interest or utilities.

The program paid out $521 billion to almost 4.9 million companies in an effort to provide relief for small businesses and their workers amid the sudden economic shock brought on by the pandemic. As applications slowed after the initial rush, $132 billion remained unspent, and Congress voted to extend the program.

After resisting releasing the names, the government bowed to pressure from critics and watchdog groups. On Monday, the administration disclosed only those entities that were approved by banks for loans over $150,000. A consortium of news organizations, including ProPublica, has sued the administration under the Freedom of Information Act to release the full list of recipients and loan details.

Trump Friends and Family Cleared for Millions in Small Business Bailout

Beneficiaries of the PPP included a lettuce farming venture backed by Trump’s son, Kushner companies, and a dentist who golfs with the president. The figures were released after a lawsuit by several news organizations, including ProPublica.

www.propublica.org

 

[The Barbarian]

That's not how inflation works.

Yeah, that's what inflation is.

If everything only ever gets more expensive...you're dollar is losing buying power.

But if your wages are rising faster than the consumer index, you're doing better.

 

[wing2000]

"....economic analyst Steven Rattner reported today that according to The Economist, since the end of 2019 the American economy has grown about 8%, while the European Union has grown about 3%, Japan 1%, and Britain not at all. Rattner and economist Brendan Duke reported that entrepreneurship in the U.S. is booming, with 5.2 million “likely employer” business applications filed between January 2021 and December 2023, more than a 33% increase over those filed between 2017 and 2019.

Economists Justin Wolfers and Arin Dube noted that, as Wolfers wrote, “[f]or the first time in forever, real wage gains are going to those who need them most.” Wages have gone up for all but the top 20% of Americans, whose wages have fallen, reducing inequality. "

March 18, 2024

It seems to me that the news tends to be slow on weekends during the Biden administration, while Mondays are a firehose. (In contrast, Trump’s people tended to dump news in the middle of the night, after Fox News Channel personality Sean Hannity’s show was over, which may or may not have been a...

open.substack.com

 

[iluvatar5150]

America's housing timebomb: Home foreclosures are on the up

Americans are increasingly sturggling to pay their mortgages - with almost 33,000 homes going into foreclosure in February alone, new figures show.

www.dailymail.co.uk

Thanks Joe

That's not how inflation works.

What? That’s exactly how inflation works.

If everything only ever gets more expensive...you're dollar is losing buying power.

Right.

That’s why inflation benefits debtors- because the value of their debt decreases over time.

Is that what's happening?

For many of them, yes. Several of those stores have been collapsing for years. Bed Bath and Beyond wasn’t liquidated because people were stealing towels.

They're specifically citing theft.

Fulton Center mall operator wants out of FiDi lease over crime and homelessness concerns

The company that runs the Fulton Center mall told the MTA last month it wants out of its lease because of crime and homelessness issues. Westfield signed a 20-year lease with the MTA, but wants to exit operations at Fulton Center more than 10 years before the end of the deal, according to a...

www.google.com

That’s one mall, isn’t it?

'We feel abandoned': Chatham residents pack Walmart Supercenter before closure on Sunday

Walmart said its pharmacies will remain open for up to 30 days following the store closures, but neighbors said that's still a big void to fill.

abc7chicago.com

Look at what the people living there are saying...

Walmart has no competition in the area. They aren't profitable? Could those "losses" be theft?

Possibly some of them. But a number of larger department stores have long struggled in urban areas where real estate is more expensive and shopping trips are smaller - both of which cut against their sprawling rural/suburban format.

 

[essentialsaltes]

You know who owns those stocks? Most 401 k retirement plans.

People should choose their funds with more care.

My Dodge & Cox Stock Fund Class I is up 17% for TTM. Not as good as the S&P 500, but I'll take it.​

 

[The IbanezerScrooge]

The Stock Market is the worlds largest casino.
It has nothing to do with reality.
The reality is the price of oil is crowding $90 a barrel Again.
That means more inflation so don't expect the Fed to cut rates any time soon

Only when there's a Democrat in office, right?

Trump has often taken credit for the stock market's climb. Will he own the drops too?

So will he take the blame for Monday's dive?

www.usatoday.com

The president has not hesitated to imply his policies are driving the bull market and the growing economy. In his State of the Union address last week, Trump touted Wall Street's success early in his speech. ​

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"The stock market has smashed one record after another, gaining $8 trillion in value," the president proudly stated. "That is great news for Americans’ 401k, retirement, pension, and college savings accounts."​

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Feb. 5, 2018:​

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The Dow's plunge didn't stop Trump from lauding the economy Monday, although the tweet he sent did not mention the stock market. ​

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Jan. 24. 2018:​

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"Our economy is now booming and with all I am doing, will only get better," Trump tweeted. ​

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Jan. 23, 2018:​

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"You're seeing what's happening with the stock market. People are appreciating what we're doing," Trump said during an announcement of tariffs on imported solar products and washing machines. ​

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Jan. 20, 2018: ​

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Trump cited the "record stock market" as one of the many ways there has been "unprecedented success" for America since his election. ​

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Jan. 16, 2018: ​

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"The stock market is way up again today and we're setting a record literally all the time," Trump said. He added that if Hillary Clinton had won the 2016 election, "the market would have gone down 50% from where it was." ​

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Jan. 14, 2018: ​

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Trump sent a tweet quoting Fox Business Network host Stuart Varney who said "President Trump is not getting the credit he deserves for the economy," including the "most explosive Stock Market rally that we've seen in modern times." ​

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Jan. 5, 2018:​

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"Dow goes from 18,589 on November 9, 2016, to 25,075 today, for a new all-time Record," Trump tweeted. "Jumped 1000 points in last 5 weeks, Record fastest 1000 point move in history. This is all about the Make America Great Again agenda! Jobs, Jobs, Jobs. Six trillion dollars in value created!"​

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Jan. 4, 2018:​

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In a reference to former president Barack Obama, Trump rhetorically wondered how the news media would have reacted if "'O' was president and had these numbers." It would have been the "biggest story on Earth!" he concluded. ​

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That tweet came just hours after another declaring, in all caps, "MAKING AMERICA GREAT AGAIN!" above a Fox Business Network graphic of the Dow's recent milestones. ​

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Dec. 31, 2017: ​

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Trump tweeted that stocks would be 50% lower if American had elected Hillary Clinton rather than himself. ​

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Dec. 4, 2017:​

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"The stock market I think is going to have a very big day based on the massive tax cuts that we're very much in the process of getting approved," Trump said.​

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Nov. 7, 2017: ​

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"Stock market hit yet another all-time record high yesterday," Trump tweeted. "There is great confidence in the moves that my Administration is making." ​

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Aug. 3, 2017:​

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"Business is looking better than ever with business enthusiasm at record levels. Stock market at an all-time high," Trump tweeted. "That doesn't just happen!" ​

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July 15, 2017: ​

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Implying the stock market hinges on his own personal political fortunes, Trump tweeted, "Stock market hit another all-time high yesterday — despite Russia hoax story." ​

 

[The Barbarian]

You can see the abnormal spike in price under Biden. Wages could have increased...but he flooded the market with cheap labor. He hasn't been good for the economy.

That's a testable assumption. Let's take a look...

"....economic analyst Steven Rattner reported today that according to The Economist, since the end of 2019 the American economy has grown about 8%, while the European Union has grown about 3%, Japan 1%, and Britain not at all. Rattner and economist Brendan Duke reported that entrepreneurship in the U.S. is booming, with 5.2 million “likely employer” business applications filed between January 2021 and December 2023, more than a 33% increase over those filed between 2017 and 2019.

Economists Justin Wolfers and Arin Dube noted that, as Wolfers wrote, “[f]or the first time in forever, real wage gains are going to those who need them most.” Wages have gone up for all but the top 20% of Americans, whose wages have fallen, reducing inequality. "

When people say "Biden hasn't been good for the eonomy", they mean exactly what that report says. Yes, our economy is outgrowing that of the rest of the world, but middle class and working class people are getting most of the benefit. For republicans, this is a disaster. For the rest of us, it's a pretty good thing, with benefits going to the people who actually produce new wealth.

 

[The Barbarian]

The Trump Stimulus were distributed on Biden's term. therefore the abuse is actually Biden's problem.

Yes, which is why Biden is changing the rules to make it harder for wealthy people to use it to buy Ferraris (which actually happened under Trump). Biden is cracking down on that kind of chiseling, which is why the republicans are quivering in outrage.

 

[NxNW]

And here are some of the big winmer of Bodenomics

View attachment 344370

They are all closing. God job Joe.

Businesses come and go, and others step up to fill the void. Steak n Shake got rid of actual plates, glasses and silverware a couple years ago, and went to paper plates and styrofoam. It totally destroyed the whole sit-down experience. They deserve to go out of business. And we all know about Wells Fargo's fraudulent behavior in recent years. Etc.

 

[NxNW]

The Stock Market is the worlds largest casino.

In the long run, stock prices follow earnings and markets rise about 10% a year.

 

[QvQ]

But if your wages are rising faster than the consumer index, you're doing better.

Wages have increased 20% in the last three years Only for fast food workers in California. That pay raise was government edict. It will only cause people to stop eating fast food or the companies will have an incentive to switch to robots.

The government is trying to run the economy and because Biden is a believer in the new system, he is implementing it through regulations.

In 2030, half the cars sold in this country have to be electric. Now if no one buys electric then electric won't be produced. Then the production of gas jobs will be halted also because the Government Dictates those cars can't be sold.

AND if those regulations don't work, if people simply repair and keep driving their old gas cars, the government has another tool to manipulate the behavior of people. Tax gasoline like they tax cigarettes.
All the while the government is patting itself on the back about how the great god government is saving the people and saving the planet.
A company makes decisions based on stable long term assessment of market conditions.
When the government is regulating according to some government formula the government is throwing a monkey wrench in the works.
The government is creating instability in the markets.
It is a bad thing.
Meanwhile, my advice as a economic advisor is sell your stocks and buy a horse because this technological, economic model is going down.
To government regulation.

 

[The Barbarian]

Wages have increased 20% in the last three years Only for fast food workers in California. That pay raise was government edict. It will only cause people to stop eating fast food or the companies will have an incentive to switch to robots.

Better now, than when he took office. Pandemic recovery was a temporary phenomenon. Overall, we did better.

 

[The Barbarian]

In 2030, half the cars sold in this country have to be electric. Now if no one buys electric then electric won't be produced. Then the production of gas jobs will be halted also because the Government Dictates those cars can't be sold.

Wrong. If it doesn't work, we'll be like Cuba, with old cars being maintained and used. But given that the percentage of electric cars keeps rising in the market, I don't think that will be a problem.

Meanwhile, my advice as a economic advisor is sell your stocks and buy a horse because this technological, economic model is going down.

Good luck with that. We'll see how your prognostications hold up in a year...

 

[QvQ]

Wrong. If it doesn't work, we'll be like Cuba, with old cars being maintained and used. But given that the percentage of electric cars keeps rising in the market, I don't think that will be a problem.

Oh the joy of it all. The USA becoming a mirror Cuba. And how did that happen?
Or we will all the singing the song of the electric car. My brother bought one and his song is frustration and rage. He drives his old truck while the electric is parked in the garage.

That is the Problem.
The Reality of the Government Utopian Dreams
Biden just waves his magic eco wand and declares "Make it so?" Then sprinkle money like stardust? Most of that money will disappear as administrative costs, waste fraud and there still won't be electric cars that run or charging stations.

Reality of the Stock Market
The stock market is not based on worth or return. The market is based on amount of money available to buy stock.
For instance, you have a huge fund of investors who give you money. Piles of money. I have a huge fund of investors who give me piles of money.
You buy 1 million shares of stock. You sell the stock to me for slightly higher price.
You made a profit
Then I raise that price and sell it back to you.
I made a profit.
Joe on the street sees the "profit" and gives us more money to invest
The stocks keep going up like a hot air balloon.
Until the underlying economy collapses and the reality is, the economy is in very bad condition.

 

[iluvatar5150]

In 2030, half the cars sold in this country have to be electric. Now if no one buys electric then electric won't be produced. Then the production of gas jobs will be halted also because the Government Dictates those cars can't be sold.

AND if those regulations don't work, if people simply repair and keep driving their old gas cars, the government has another tool to manipulate the behavior of people. Tax gasoline like they tax cigarettes.
All the while the government is patting itself on the back about how the great god government is saving the people and saving the planet.
A company makes decisions based on stable long term assessment of market conditions.
When the government is regulating according to some government formula the government is throwing a monkey wrench in the works.
The government is creating instability in the markets.
It is a bad thing.
Meanwhile, my advice as a economic advisor is sell your stocks and buy a horse because this technological, economic model is going down.
To government regulation.

The market for gasoline cars benefits from loads of subsidies already. Acting as if moves to promote electric cars are any more interventionist than, say, density-minimizing zoning laws or transportation policies that favor highway construction over transit (both of which favor vehicles with longer range), just shows how much you've normalized the advantages afforded IEC vehicles.

 

[The Barbarian]

Oh the joy of it all. The USA becoming a mirror Cuba. And how did that happen?

Would have, but the insurrection failed. Meantime, as you learned, more and more people are buying EVs. For all the reasons we discussed earlier.

The Reality of the Government Utopian Dreams
Biden just waves his magic eco wand and declares "Make it so?"

No wonder you're frustrated. Your imagination keeps colliding with reality.

The stock market is not based on worth or return.

People buy into it with the intention of the company making a profit. If it does, then the stock will rise, as more people want to buy in. You didn't know that? Works pretty well.

Until the underlying economy collapses and the reality is, the economy is in very bad condition.

Here's the reality...

United States GDP.

The economic growth in the U.S. currently exceeds that of other developed nations by a lot.

November 2023:

Why the US economy has powered ahead of other rich nations​

At a time when multiple forces and crises — wars, geopolitical tensions, the pandemic’s lingering aftershocks, high inflation and steep borrowing costs — weigh on global growth, there have been few bright spots.​

The US economy is one of them. Gross domestic product in the United States grew at a remarkable 5.2% in the third quarter, ahead of China, long the engine of global growth.

“The US has really outperformed relative to other countries for the past year,” Innes McFee, chief global economist for Oxford Economics, told CNN.

The United States has powered ahead of the European Union, the United Kingdom, Japan, Canada and other advanced economies this year.

https://www.cnn.com/2023/12/07/economy/us-economy-china-europe/index.html

​

Not surprising that the stock market is rising. Republicans say there is economic bad news. For them, I suppose there is. For most Americans, this is good news.​