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JustLis Profile
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Re: Economics 101: Trump-Style


That's true. The first time I heard the number, I thought that was JUST for the quarter. Jeepers, that would have been awful!

At the end of The Reid Out tonight, Stephanie Ruhle and Joy Reid were discussing Eastman Kodak. Apparently, the Board of Directors gave the CEO a massive stock option -- the day before the Department of Defense announced more than $700 million in loans and a massive contract for the company to develop the components necessary for the coming COVID vaccine. When the news of the government contract hit the stock market, the company's stock rose 520% in one day -- and the CEO was able to immediate cash in on the options.

Erm, hello? Insider trading? Martha Stewart, you may have a friend....

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Lis

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8/3/2020, 7:15 pm Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


I would have loved to have been in on that! I was pretty happy though when Microsoft went up over 5% on the news about trying to buy TikTok.
8/5/2020, 11:54 am Link to this post PM CooterBrown44
 
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Re: Economics 101: Trump-Style


quote:

JustLis wrote:

That's true. The first time I heard the number, I thought that was JUST for the quarter. Jeepers, that would have been awful!

At the end of The Reid Out tonight, Stephanie Ruhle and Joy Reid were discussing Eastman Kodak. Apparently, the Board of Directors gave the CEO a massive stock option -- the day before the Department of Defense announced more than $700 million in loans and a massive contract for the company to develop the components necessary for the coming COVID vaccine. When the news of the government contract hit the stock market, the company's stock rose 520% in one day -- and the CEO was able to immediate cash in on the options.

Erm, hello? Insider trading? Martha Stewart, you may have a friend....



Wow.
8/5/2020, 4:06 pm Link to this post PM MsSusieQueue
 
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Re: Economics 101: Trump-Style


(CNN) - Everything at the grocery store is getting more expensive

Grocery prices have skyrocketed during the coronavirus pandemic. That has Americans spending more at the supermarket than they have in years. Prices are spiking — and not just because people are buying more groceries as they spend more time at home.

The pandemic has had a strong impact on grocery prices this year, according to seasonally adjusted data released Friday by the Bureau of Economic Analysis. The BEA tracks personal consumption expenditures to help measure inflation.

From February to June, meat and poultry prices rose nearly 11%, with beef and veal prices seeing the highest rise, spiking 20%. For pork the increase was about 8.5%. People are paying more for other staples, too: During the same time period, egg prices shot up 10%, and shoppers shelled out 4% more for cereals and fresh vegetables.

The pandemic has caused a surge in demand for groceries as millions of Americans stay home and avoid eating out. While there's no significant shortage of food, disruptions in the supply chain have created scarcities and driven up prices.

The meat supply chain has been hit particularly hard. Major meat processors closed their doors when workers fell ill and have slowed operations to accommodate new safety practices, tightening the country's supply. Things aren't back to normal yet....

The higher expenditures come at a time when many Americans are struggling financially.

On Thursday, the Department of Labor will release data that is expected to show that another 1.4 million workers filed for first-time unemployment benefits last week, which is similar to the prior week's statistics. Meanwhile, unemployed Americans are losing a financial lifeline, as the government's weekly $600 boost to regular jobless benefits ran out on July 31.

Food insecurity in particular is a growing problem. Nearly 30 million out of 249 million respondents told the US Census Bureau they did not have enough to eat at some point in the week before July 21 — the highest number of people reporting insufficient food since the Census started tracking that data in early May.


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8/5/2020, 9:38 pm Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


Good heavens.

Dana Bash is interviewing Larry Kudlow on CNN's State of the Union.

She's asking specifically about the $400 increase in unemployment benefits.

Under Trump's fake executive order, the federal government will spend $300 per person ONLY if the states (which have little to no money) put in the other $100.

Kudlow is completely all over the place. He says that the extra $300 from the federal government will actually turn out to be $800 per worker, so the actual increase in income per unemployed worker will be $1200.

Huh?

She tried to pin him down, and keeps asking over and over where the $1200 is coming from. He finally says that if the states will put in $400, the federal government will pay the other $400.

What the....? Huh?

Then he says that the payroll tax deferral will give every worker the additional $400, resulting in $1200 per worker.

Ummmmmmmmm.... If the worker is unemployed, s/he won't be GETTING income on which the tax can be deferred....

Then Dana asks him if the states have the money available to "match" the federal money, whether it's $100 or $400. Kudlow says that the federal government will "repurpose" money to pay for it, so he assumes the states will do the same thing.

Dana asks Kudlow again whether he KNOWS the cash-strapped states have the money available to make the match. He says that they're going to get the governors on a call this week, and he'll be asking them about it then.

Of course. An executive order, most likely illegal anyway, written with NO understanding of whether it would be possible to implement.

He carries on and on about how every worker will be getting a $1200 increase in wage.

Then she goes on to ask about the payroll tax deferral.

He claims that the Supreme Court has already approved repurposing of money, as they did with the movement of money to build the wall, so Trump can do it again. (Didn't the Supreme Court rule he COULDN'T do that?)

And then said the payroll tax deferral is only until the end of the year. So workers will have to actually pay that tax in one lump sum with their tax forms. But Trump said that if he was reelected this fall, he would make the payroll tax cut permanent and forgive the deferred taxes.

Um.... How will we pay for Social Security and Medicare without those taxes? And, of course, he's not even discussing the fact that it is a huge tax cut to businesses, which pay the match in those payroll taxes.

Dana did a great job of pushing back, pointing out that the Constitution doesn't allow for the President to change taxes or "repurpose" funds like this. And she kept chasing Kudlow for how he comes up with that $1200. She also pointed out several times that he directly contradicted what Trump's executive order says. Good grief.... I suspect that whoever is with Trump at Bedminster drew up the executive order, and Kudlow in Washington was left to clean up the pile of manure on the floor.

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Lis

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8/9/2020, 11:27 am Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


It seems clear Trump & Company are trying to kill Social Security and Medicare.

I hope his old, white base understands that.

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8/9/2020, 12:12 pm Link to this post PM Miz Robbie
 
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Re: Economics 101: Trump-Style


I have read that his support is diminishing among old farts. Some of us never supported him from the get-go.
8/13/2020, 9:54 am Link to this post PM CooterBrown44
 
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Re: Economics 101: Trump-Style


No doubt Paul Ryan is cheering from the sidelines.

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Lis

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8/13/2020, 1:50 pm Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


quote:

JustLis wrote:

No doubt Paul Ryan is cheering from the sidelines.



Right. The man who has lived almost his entire life on a government paycheck, yet wants to deny us our Social Security and Medicare.
8/19/2020, 5:26 pm Link to this post PM MsSusieQueue
 
JustLis Profile
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Re: Economics 101: Trump-Style


Ironic, isn't it?

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8/20/2020, 8:54 pm Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


Trump continues propping up the economy. Not.


Image

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Lis

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10/18/2020, 7:49 pm Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


quote:

JustLis wrote:

Trump continues propping up the economy. Not.

Image





I'm going to stop noting that I don' see these, but please understand I'm not snubbing you or your posts. I just don't see what you're posting.

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10/18/2020, 8:18 pm Link to this post PM Miz Robbie
 
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Re: Economics 101: Trump-Style


Oh, darn, Robbie. I'm sorry.

The Trump baseball cap on the left has a notation on the tag that it's made in China.

The Biden baseball cap on the right has a tag that says it is made in the US by union labor.

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Lis

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10/18/2020, 8:20 pm Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


The Dow is currently down about 800 points due to three days in a row of record high COVID cases and the White House basically giving up on doing anything to fight the virus.

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Lis

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10/26/2020, 2:02 pm Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


(CNN) - The economy as we knew it might be over, Fed Chairman says

The Covid-19 pandemic brought the economy to a screeching halt, and while it has started its long road to recovery, the economy we knew is probably a thing of the past, said Federal Reserve Chairman Jerome Powell on Thursday.

"We're recovering, but to a different economy," Powell said during a virtual panel discussion at the European Central Bank's Forum on Central Banking.

The pandemic has accelerated existing trends in the economy and society, including the increasing use of technology, telework and automation, he said. This will have lasting effects on how people live and work.

While technological advances are generally positive for societies over the long term, Powell said, on a short-term basis they create disruption, and as the market adjusts to the new normal the pain isn't shared evenly.

For example, it's likely that lower-paid workers, as well as those in jobs requiring face-to-face interactions, such as retail or restaurant workers, will shoulder most of the burden of this shift. These groups, heavily skewed towards women and minorities, have already been among those most affected by pandemic layoffs, Powell said.

The post-pandemic economy is also at risk of being less productive: women have been forced to quit their jobs due to child care responsibilities during the crisis, and children aren't getting the education they deserve, Powell said.

Generally speaking, inequality holds the economy back, the central banker said.

"Even after the unemployment rate goes down and there's a vaccine, there's going to be a probably substantial group of workers who are going to need support as they're finding their way in the post-pandemic economy, because it's going to be different in some fundamental ways," Powell said.

Washington has spent trillions of dollars to boost the economy in the wake of the pandemic. But jobless workers are still in a tough spot: some benefits have already dwindled and more are set to expire at year-end. Economists are hopeful that the next administration will manage to pass another stimulus bill to help workers and businesses as the recovery continues.


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Lis

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11/14/2020, 6:54 pm Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


quote:

JustLis wrote:

(CNN) - The economy as we knew it might be over, Fed Chairman says




Well. That's certainly grim.

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11/14/2020, 7:30 pm Link to this post PM Miz Robbie
 
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Re: Economics 101: Trump-Style


Well, we've gone through economic structural changes before....

With the invention of steam-powered engines....

With the rise of the production line and interchangeable parts....

With significant reductions in tariffs leading to massive international trade....

With the rise of the service industry....

With computerization....

Industries must adapt to the changes or die.

One of the silver linings of a serious recession is the growth of entrepreneurship. A lot of people who simply cannot find work anywhere start up their own businesses, generally service-oriented businesses.

In the 1970s, who would EVER guess that the middle class would hire someone to walk their dog or clean their house or do their nails or cut their lawns or do their taxes or brew their coffee and provide breakfast? Heck, now companies can send complete meals to your home. And yet, here we are.

I've seen a few articles over the last few years, grappling with the question of what comes next as the computerization of industry slows down. It may be that COVID will be responsible for answering that question.

One thing I would COMPLETELY expect is that we will see a LOT more "work from home" jobs. Even if productivity isn't QUITE as high with workers at home, the savings of overhead costs (buildings and parking lots and equipment) would MORE than pay for the slightly lower productivity.

In a very short time, I would also expect to see educational programs that will do a better job of helping teachers do THEIR jobs and keeping children engaged. And I might expect to see, in the short term, people open up "centers" for children to be spread out, with each child working on his/her classwork, so that parents can go back to work and know the child is safe and being held accountable, but at a facility that is safer than the child's traditional school.

I think we'll be surprised by what some innovative people will come up with. emoticon

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Lis

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11/14/2020, 9:13 pm Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


Good post, Lis.

The one constant in history is change, and the pace of change keeps getting faster and faster.

A sizable part of Trump's base are people afraid of the changing world. They want to be able to spend 40 years working in the same factory or mine, then collect their defined-benefit pension until they die.
11/15/2020, 10:36 am Link to this post PM bacchys
 
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Re: Economics 101: Trump-Style


Yes, and those kinds of jobs are dying. In the Great Recession, I felt AWFUL for the 55-year-old line workers who had not increased their education or skills in decades, trying to go back to technical school or community colleges, struggling through courses they'll ill-equipped to successfully finish.

I live in a city that had two massive employers with assembly line production. When I started teaching back in 1988, the dropout rate was high, because the day they turned 16, their parents could get them in on the assembly line, where they immediately earned FAR more than a first-year teacher. But in reality, that ability was already fading. Although their parents were telling the students that they COULDN'T get them in anymore, the kids didn't believe it. It was a very sad transition until reality struck. Now one of those firms is only a shell of its former self, while the other is doing well, but victim to recessions.

The world IS changing, and for those who are railing against that change, "Make America Great Again" pulls at their heartstrings and minds. But we CAN'T go backwards successfully. Time marches on.

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Lis

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11/15/2020, 3:28 pm Link to this post PM JustLis
 
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Re: Economics 101: Trump-Style


(CNN) - Senate Republicans fail to advance controversial Fed nominee Judy Shelton

The Republican-led Senate on Tuesday failed to get enough votes to break a filibuster of Judy Shelton, President Donald Trump's controversial nominee for the Federal Reserve.

But Senate Majority Leader Mitch McConnell, who had initially voted for the nominee, switched to vote against her, giving him the procedural right to bring her up for another vote in the near future. It's not clear when that might happen. The final vote was 47-50.

At issue was a group of GOP senators who, like all Democrats, oppose Shelton's nomination combined with a spate of GOP absences -- some caused by potential exposure to Covid-19 -- that are making the math tricky for Republican leaders as they try to get her confirmed.

Shelton has advocated a number of unusual policy ideas, including a return to the gold standard, which would link the US dollar's value to the price of gold. America abandoned it in 1971. She has also attacked the Fed's independence. In 2011, she called the central bank "almost a rogue agency." This has been particularly problematic given the President's continued criticism of the central bank, which is headed by another Trump pick, Chairman Jerome Powell....

Three Republicans already had already come out against Shelton -- Susan Collins of Maine, Mitt Romney of Utah and Lamar Alexander of Tennessee -- meaning she had a narrow path to confirmation to begin with.

But then Sen. Chuck Grassley, a Republican from Iowa, announced he would have to quarantine after potential exposure to Covid-19 and miss the vote -- his first missed vote in 27 years. He joins Florida Republican Sen. Rick Scott, who announced Saturday he would be away from the Capitol for the same reason.

Further complicating the count, Alexander said that because of a family situation he would not be in the chamber to cast his vote against Shelton.

McConnell's move meant Grassley and Scott could be back to vote for Shelton but with the Senate away next week for Thanksgiving, McConnell would likely not be able to schedule that until the following week.

But by that point, Sen.-elect Mark Kelly, a Democrat who won a GOP seat in the special election in Arizona, is expected to be sworn in, meaning there would likely be one more Democratic "no" vote standing in Shelton's way.



Thank heavens. This woman is a COMPLETE crackpot -- which is probably why Trump nominated her in the first place.

We seriously need to hold out through the end of the year, and then get our two Georgia Senators in place before Biden nominates someone reasonable.

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Lis

Just one voice.... Singing in the darkness....
11/17/2020, 5:31 pm Link to this post PM JustLis
 


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