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"Ownership" is morphing into paying rent. all property is becoming more like "intellectual property" with both time components and a public interest.
US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)
141–150 of 509 posts
Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)
#142Quoted post unavailable.
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Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)
#143Earlier quoted context omitted.
> Gas if still $4.2 national average per gallon. That's HUGE, and the direct actions of the administration are to blame for this. https://www.reuters.com/business/energy/shell-reports-record... "Shell (SHEL.L) posted record results on Thursday, with a $11.5 billion second-quarter profit smashing the mark it set only three months ago, lifted by strong gas trading and a tripling of refining profit. The company also ann…
what's your point? you dont think the administration plays any role in the increased gas prices, it's only the evil+greedy oil execs?
I’m sure both oil refinery executives and the executive branch of the us government wish that they did have that much control over gas prices. The reality is that gas prices are set by market mechanisms of an international commodity. Gas costs what it costs.
Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)
#144> Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 1.6 percent. That makes two back-to-back quarters of real GDP contraction. To some, this is a recession, but it's the NBER that puts the stamp on it. AFAIK, NBER has never failed…
> To some, this is a recession Not "to some", two back-to-back negative GDP stats has been the definition of a recession for my entire life. Now suddenly it's questionable, because the current administration would like to shrug away its failures, and too many in the media are helping them do it. This ad-hoc re-definition of language to suit political purposes is scary and Orwellian.
Has that been the definition, or has that just been your understanding, which may have been wrong? Has there really been a redefinition?
I mean, if we just take Wikipedia as a gauge, they have defined it according to the NBER, dating back to 2008 [1].
A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
[1] https://www.nber.org/news/business-cycle-dating-committee-an...
[2] https://en.wikipedia.org/w/index.php?title=Recession&diff=pr...
[3] https://en.wikipedia.org/wiki/Talk:Recession
[4] https://twitter.com/RepublicanStudy/status/15516279756401909...
Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)
#145Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)
#146> Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 1.6 percent. That makes two back-to-back quarters of real GDP contraction. To some, this is a recession, but it's the NBER that puts the stamp on it. AFAIK, NBER has never failed…
> To some, this is a recession Not "to some", two back-to-back negative GDP stats has been the definition of a recession for my entire life. Now suddenly it's questionable, because the current administration would like to shrug away its failures, and too many in the media are helping them do it. This ad-hoc re-definition of language to suit political purposes is scary and Orwellian.
That definition was only ever a rule of thumb. The fact is, you can't define it. It's like setting a temperature that is officially "cold". The current economic indicators are almost completely unprecedented in the growth is weak, inflation is very high and yet employment remains historically strong. As much as GDP represents the broadest indicator of economic health, if you're looking for a headline to apply to the masses, it's going to be when we see broad-based negative wealth effects in which case inflation and employment/wages are the most important indicators and they're flying in opposite directions right now. Declaring that this is or isn't a recession is essentially irrelevant. It's officially cold when you feel cold.
Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)
#147Earlier quoted context omitted.
Do you have evidence she was lying versus being wrong? A number of notable economists thought inflation was transitory. It’s hard to predict things like the effect the war in Ukraine would have and the effect the shipping industry doing its thing would have.
They lied when they blamed inflation on Putin's invasion, only one week into the invasion. At best Putin's invasion explained 5% of that number at that early stage, given the lead-lag in the CPI number and the predominant causal factors being supply chain issues from COVID and recent monetary and fiscal stimulus.
I’m not an economist. A number of respected economists believed a year ago that inflation was mostly supply chain issues and was transient. Now, with new information, opinions are changing. I believe the monetary stimulus mostly occurred the first year of the pandemic but maybe it’s continuing. I don’t know. Since inflation is a global phenomenon it seems reasonable to conclude that fiscal stimulus in the U.S. is not the cause.
I believe the statements regarding the Ukraine war were that it was going to increase inflation and not that the current level of inflation was due to the war. The statements I recall were of the form, “due to the war inflation will be exacerbated.”
Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)
#148No group of people, Republican or Democrat, can stop the perpetual cycles of human history. At best, we can only delay the inevitable.
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Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)
#149Earlier quoted context omitted.
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What? Biden and other world government officials placed massive sanctions on Russia exports of oil. They seized hundreds of billions of dollars of their deposits at the federal reserve. Forget about the fact that his administration had already been driving up the price of fuel, this had a huge effect on the futures prices, driving them up to where they are now.
Their actions do have effects and sometimes a corrupt group of lifetime government grifters make bad decisions that have bad effects. The Orwellian framing is that nothing these people do could ever be wrong.
Open your eyes. The sanctions have done nothing to stop Russia, have driven up the cost of fuel (which benefits them, an energy exporter), and have dramatically heightened geopolitical tensions all over the world. We went from a situation where Russia was going to end up with a land bridge to Crimea, to a situation where Russia is likely going to end up controlling all of Ukraine, is substantially richer, and has driven a wedge between the US and India.
Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)
#150Earlier quoted context omitted.
> you dont think the administration plays any role in the increased gas prices Essentially correct. Presidents have very little control over this.
Yes, they do. They control things like this. https://www.cnbc.com/2022/02/24/biden-administration-pausing... We could drill our away out of this problem, but we are not, because the the biden administration is being held hostage by the progressive left. And before you start calling me a republican, im not one, but this is just a really stupid idea because it's decisions like this that will cause republicans to be ele…
> We could drill our away out of this problem, but we are not, because the the biden administration is being held hostage by the progressive left.
Saying this doesn't make it true.
https://apnews.com/article/fact-checking-452931879750
> The U.S. was producing 11.185 million barrels of crude oil per day in 2021, compared with an average of 11.283 million barrels per day in 2020, according to data from the U.S. Energy Information Administration. The latest data shows that for the week of March 4, 2022, the U.S. is producing 11.6 million barrels per day.
> While there was a dip in oil production in February 2021 due to winter storms in Texas, said Mark Finley, a fellow in energy and global oil at Rice University in Houston, the U.S. remains the world’s biggest producer of crude oil.
https://apnews.com/article/joe-biden-business-science-enviro...
> Approvals for companies to drill for oil and gas on U.S. public lands are on pace this year to reach their highest level since George W. Bush was president, underscoring President Joe Biden’s reluctance to more forcefully curb petroleum production in the face of industry and Republican resistance.