On Thu, 15 Feb 2024 19:00:54 -0800, Alan says...
The record stock market?
Biden's Stock Market Record So Far Is The Second Worst Since Jimmy Carter https://www.cnn.com/2022/11/07/investing/stock-market-biden/index.html
15 months later and it's all that and a bag of chips? Hardly.
Besides...
The stock market... WHO'S invested? The stock market has NEVER been a barometer
for what the PEOPLE are going through. The better the market, means the higher
the cost of living. Stocks are doing well, because inflation caused companies to raise prices, and MOST of them took/take advantage of inflation, to raise prices higher than the rate of inflation. Meanwhile, salaries remain stagnant,
making inflation worse for the PEOPLE, but better for the investors and owners.
I've never been one to tout a strong market as a bellwether for the ECONOMY. STOCKHOLDERS and companies get rich, while the citizens suffer from high inflation and other factors.
The market and stockholders always make out like bandits, because all the companies have to do, is raise prices MORE than the inflationary rate... you fucking dildo.
So... the market is NOT something to gauge the overall economy on.
Take gas prices... inflation shoots up 7%... oil companies start charging 8%. That goes with EVERY company. That's greed across the board... not JUST oil companies.
Goldman Sachs says:
Of course, the stock market is not the economy, nor should it be viewed as a barometer to govern towards. Good news for Main Street is at times treated as bad news by Wall Street.
(hmmmm.... now where have I heard THAT before?)
Despite the recent losses in the market, the jobs market remains strong. The unemployment rate is near half-century lows and total employment has returned to pre-Covid levels. (no near-record shit)
WORST YEAR FOR STOCKS SINCE 2008
And it's worth noting that stocks surged during the early days of the Biden era. The S&P 500 spiked 27% in 2021 as the economy bounced back from Covid-19.
"The first year was stupendous. And THEN WE GAVE A LOT OF IT BACK," said Sam Stovall, chief investment strategist at CFRA Research.
Slammed by the Fed's all-out war on inflation, the S&P 500 is down 20% this year, on track for ITS WORST YEAR SINCE 2008.
The under-performance of the stock market under Biden matters because many Americans have exposure to stocks, either directly or indirectly in their 401 (k) and pension plans. This year's sell-off has wiped out trillions of dollars
from nest eggs, 401(k) plans and college savings plans.
The market turmoil is also denting consumer confidence. A CNN poll found that 75% of likely voters feel the economy is in recession.
Some of the reasons for the 2022 market sell-off were largely out of Biden's control, including Russia's invasion of Ukraine, Covid-related supply chain headaches and the belated Fed response to inflation.
Other factors, like whether Biden overstimulated an already-strong economy with
his American Rescue Plan, will be debated by economists for many years to come.
(A paper from the San Francisco Fed argues fiscal support may have helped boost
inflation.)
Even Joe Biden doesn't think the Market tells the tale.
If Biden Does Not Look At Stock Market To Judge Economy... Why Should YOU!?
White House: Biden Does Not Look At Stock Market To Judge Economy
https://www.reuters.com/world/us/white-house-biden-does-not-look-stock-market-
judge-economy-2022-01-24/
The near-record unemployment?
If people stop making UNemployment claims, that does NOT mean EMployment is up,
necessarily.
The ONLY way to gauge EMployment, is to see how many people are actually working AND what kind of job market there is.
Part-time jobs below 40 hours do not count.
People are not living off Walmart and restaurant earnings, so employment numbers don't always tell the whole story either.
Trump's economy was so much better. Lower inflation... HIGH EMployment, ESPECIALLY amongst minorities. Lower gas prices.
On Fri, 16 Feb 2024 16:01:14 -0000 (UTC), pothead <pothead@snakebite.com> wrote:
Trump's economy was so much better. Lower inflation... HIGH EMployment,
ESPECIALLY amongst minorities. Lower gas prices.
The polling numbers paint a more accurate picture of how the average person feels about the economy.
rcna136834><https://www.nbcnews.com/politics/2024-election/poll-biden-trump-economy-presidential-race-
How a person FEELS is not necessarily the truth. What they tell a pollster is not
necessarily what they're actually DOING.
Swill
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