17 minutes ago, Procus said:

Oil Nations, Prodded by Trump, Reach Deal to Slash Production

https://www.nytimes.com/2020/04/12/business/energy-environment/opec-russia-saudi-arabia-oil-coronavirus.html

27 minutes ago, Procus said:

The F you care about the price of gas?  You’re too old to drive. 

A 75bps tomorrow is probably best we can hope 

40 minutes ago, DaEagles4Life said:

A 75bps tomorrow is probably best we can hope 

I know the WSJ and others have been laying that groundwork, and people think it's the Fed signaling even during their quiet period, but...it's not Powell's style to veer so hard off guidance. He's in a real bind here.

 

51 minutes ago, vikas83 said:

I know the WSJ and others have been laying that groundwork, and people think it's the Fed signaling even during their quiet period, but...it's not Powell's style to veer so hard off guidance. He's in a real bind here.

Exactly.  Too many years of artificially low rates created this mess. 

rolleyesrightoutofmyheadface

Quote

"The problem is Republicans in Congress are doing everything they can to stop my plans to bring down costs on ordinary families. That's why my plan is not finished and why the results aren't finished either," Biden said.

....

"Look, I believe in bipartisanship, but I have no illusions about this Republican Party, the MAGA party. I've been able to bring some Republicans along on parts of my plan, but the fact is Republicans in Congress are still in the grip of the ultra MAGA agenda," Biden said.

Last month it was Russia, this month it's republicans.  I guess next month he'll blame manbearpig

also

Quote

The President continued, "Jobs are back but prices are still too high. Covid is down but gas prices are up. Our work isn't done. But here's the deal: America still has a choice to make. A choice between a government by the few -- for the few -- or a government for all of us. Democracy for all of us. An economy where all of us have a fair shot and a chance to earn our place in the economy."

19 hours ago, The_Omega said:

Prediction: They'll blame Putin. Then Trump. Maybe not in that order.

Then the Republicans, even though they hold the majority in the House & Senate

 

32 minutes ago, paco said:

rolleyesrightoutofmyheadface

Last month it was Russia, this month it's republicans.  I guess next month he'll blame manbearpig

also

He sounds just like every CVON ishlib - blaming Trump and MAGA for everything  It's clear to see why they're so obsessed with him despite how awful he's been

14 minutes ago, Ipiggles said:

Then the Republicans, even though they hold the majority in the House & Senate

 

Even though it's a global problem and there's nothing that Pop Pop can do about it, it's still the Republicans fault.

1 hour ago, vikas83 said:

I know the WSJ and others have been laying that groundwork, and people think it's the Fed signaling even during their quiet period, but...it's not Powell's style to veer so hard off guidance. He's in a real bind here.

I mean, we’ve been talking about the debt trap for a while. There’s no way out. The Fed can’t actually go hawkish in any meaningful way. 

Just now, The_Omega said:

Even though it's a global problem and there's nothing that Pop Pop can do about it, it's still the Republicans fault.

Let's try to broker some sort of peace deal between Ukraine and Russia. 

1 minute ago, DaEagles4Life said:

Let's try to broker some sort of peace deal between Ukraine and Russia. 

That, along with ending the Trump China tariffs, are two things which would help and should be politically possible.

3 minutes ago, vikas83 said:

That, along with ending the Trump China tariffs, are two things which would help and should be politically possible.

It should also be possible to stop printing money with new spending bills. 

6 minutes ago, DaEagles4Life said:

Let's try to broker some sort of peace deal between Ukraine and Russia. 

I’m sure more competent people are working on that. Unfortunately the prices were rising sharply here before Russia invaded.

9 minutes ago, Ipiggles said:

It should also be possible to stop printing money with new spending bills. 

https://www.forbes.com/sites/sarahhansen/2021/05/28/bidens-costly-agenda-alarms-republicans-but-trump-spent-big-too/?sh=7cbe90aa4ede

 

But debt rose by nearly $7.8 trillion under President Donald Trump, according to a ProPublica analysis, despite his 2016 pronouncement to the Washington Post that he would eliminate the debt entirely over eight years. Much of that debt increase occurred even before Trump and Congress authorized—on a bipartisan basis—trillions of dollars in deficit-financed stimulus spending to contain the coronavirus pandemic and prevent an economic catastrophe.

 

In the three years Trump occupied the White House before the crisis, two rounds of tax cuts and two spending deals with Congress added some $4.5 trillion to the deficit, figures Maya MacGuineas, president of the Committee for a Responsible Federal Budget, which advocates for a sustainable national debt.  

The proposal by Senator Ron Wyden, an Oregon Democrat who chairs the tax-writing Finance Committee, would mean oil companies face federal taxes of as much as 42% on profits considered excessive — the 21% US corporate tax rate plus a new 21% surtax, according to two people briefed on the proposal.

Wyden has yet to release his plan publicly, and he’d likely need all 50 in the Senate Democratic caucus to support it in order to overcome united Republican opposition. He’s among several Democratic lawmakers, including Senator Sheldon Whitehouse and Representative Peter DeFazio, who have discussed targeting what they consider excessive oil-company profits.

"The proposal I’m developing would help reverse perverse incentives to price gouge, by doubling the corporate tax rate on companies’ excess profits, eliminating egregious buybacks and reducing accounting tricks,” Wyden said about the proposal he plans to introduce in the coming weeks. "By contrast, companies that provide relief to consumers by either reducing prices or investing in new supply would not be affected.”

A White House official says of Wyden’s proposal: "We’re not ruling that out of consideration.”

5 minutes ago, MidMoFo said:

Mortgage Rates Surge Well Into the 6% Range After One of The Worst Days in Decades

By: Matthew Graham • Mon, Jun 13 2022, 4:57 PM

 

 

9 minutes ago, MidMoFo said:

That's an important post.  Rates have been so artificially low for so long.  If the Fed jacks up rates, we could be in for an ugly landing in the stock and real estate markets.

Just a thought:

if anyone here has any vital medications they take, or has loved ones who do, I’d suggest stocking up a bit. 

1 minute ago, Procus said:

That's an important post.  Rates have been so artificially low for so long.  If the Fed jacks up rates, we could be in for an ugly landing in the stock and real estate markets.

Yeah, that’s why we are so F’n F’d.

The Fed painted themselves into a corner and can’t get out. They can’t raise interest rates like they did under Volcker even if they wanted to do so.