What people didn’t realize, is that it’s called the “Biden Boom” because he’s blowing everything up.

Yeah he started it, but it isn’t like he tried to keep things shut down that long. He wanted things to open back up quickly and got sh!t from democrats for saying so. And then in lots of democratic places state and local governments extended closures way beyond anything recommended on a federal level. Then they kept terrible overreaching policies in place, kept schools closed longer, and on and on.

You are right about the crazy spending that year. The initial relief package I was fine with to get us through the initial stage and figure out what was going on. After that though it was clear we weren’t dealing with the threat everyone originally thought we were, and that we needed to get back to normal as soon as possible. Plus Trump called the later relief bill a disgrace and didn’t want to sign it, but ultimately did because Congress had passed it(yes both Rs and Ds). And Biden came along and just kept right on writing TRILLION dollar checks like it was nothing. Hell, just the amount of money we printed to pay for sh!t tier injections is enough to have a substantial financial impact. So yeah Trump deserves some criticism, but Biden drove this thing into the ditch in record time.

Let me answer this one for him: I thought we were in the Biden economy, but we are still in the Trump economy.

We're still in Trump's deregulated economy.

If you really think about it, Biden is Trump's fault too.

Can you list three criticisms you have of Biden?

I won't waste your time, I don't really know and haven't looked much into SVB.

More making the usual point that playing a blame game of Six Degrees of Joe Biden can just as easily be played with anyone else and it leads nowhere.

I will say I like Biden's initial reaction of "no bailout" for what appears to be a chittly run bank that rightly failed. Let's hope it holds.

Now that is true.

Biden should have had a complete list of everything Trump put in place and made fixing them priority one (of course after he had to clean up Trump's lack of a vaccination rollout). He did some, but left a ton in place and our country is suffering for it now.

Biden failed to get Manchin and Sinema on board for his Build Back Better agenda.

Biden should have seen Trump's inflation coming and squashed it before it blew up. Just a reminder.. 54% of all inflation was corporate profit. Not the increase in expenses like gas prices and employee wages.. profit from price gouging.

[QUOTE=gachase21 post_id=1678909923]Ahh - so we change it so Banks over 250 billion have to get the federal stress test not over 50 billion



SVB had just under 250 billion and that's it so they didn't have to stress test, correct?


so the question is -all of their financials are posted online. How would they have done in the current federal stress test?


[URL=https://ibb.co/swHF2sD][img]https://i.ibb.co/PhQ5N1b/1019452-B-B5-FD-4531-97-B6-0404-A0899-F4-C.jpg[img][/URL]
[URL=https://imgbb.com/][img]https://i.ibb.co/kMHM2Jw/4-BE626-E1-9332-43-E7-84-A4-45409642-EB1-E.jpg[img][/URL]


[URL=https://imgbb.com/][img]https://i.ibb.co/wN2y9qw/8960775-B-AA47-4-A6-D-8233-8-AC51-CFE2-BDD.jpg[img][/URL][/QUOTE]So this bank acted totally appropriately and didn't take risks like other more responsible banks?...

So the other banks are all going to start failing too?.. since this bank did nothing wrong?

Signature Bank boss just before bank collapse

Teaching his employees pronouns from this woman

Is it surprising that Signature Bank failed?

Their executive team spent millions of dollars to produce music videos & TV shows about themselves

I never said this bank did nothing wrong

I said the regulation change in 2018 wouldn't have made a difference.

That system check wouldn't have worked here

So in your opinion, instead of the useless system check, what should have been legislated to prevent this? Since obviously they were doing something wrong other banks weren't.

A bunch honestly - and we are late

We had a surge of money into the system the last 3 years that always was going to reside.

This is all a new reality - many of the fed meathod as staring with Covid had never been done - and we need to modernize the regulations coming out of it - prob should have started that in the beginning of 2022- as we began to learn the new reality on the drawdown.


I posted a lot more extensively about this in discord over the weekend if you want to scroll back a few days.

Lack of vaccination rollout???

I don’t think there was any “squash it before it blew up”. It was already gonna blow up, and we know interest rates had been held at levels too low for way too long. So yeah you have to adjust those up. We knew it had to happen so in some ways going ahead and doing it is good. We all knew pain was on the way. But the other side with the continued spending and other policies that are adding to it are making it more painful than it needs to be. Everything is exploding at once when we probably could’ve made it more manageable. Though perhaps embracing the suck will get us through it more quickly, but I don’t have faith in that with continued policies that are worsening the impact(s). We’ll have to wait and see though.

Yeah how many countless billions went to pharmaceutical profits by offering “free vaccines” and other measures? Not to mention all of the other wasteful spending due to a terribly handled Covid response.

all that price gouging is really showing in the market isn't it?

Trump spent the last 3 months pushing the fake news that the election was stolen from him when he should have been getting a plan in place to roll out the vaccinations. When Biden took over there was... nothing. So Biden had to start from scratch and put a plan in place first, which caused a delay for a couple of months.

Of course you don't remember this though because you were too busy getting sick and spreading to everyone at work while bragging about not wearing a mask.

Sorry you don't like facts. Maybe ask who opened the door again?

I don't know that's why I was askign you

interesting how you bring up facts

Look at the first graph in figure A. Corporate profit: 53.9%

https://www.epi.org/blog/corporate-p...akers-respond/

fantastic - show me the margins that prove gouging

Curious as to what you think should be done about this?
Do you think the government should step in and put a cap on profits?

Does it break that down by sector? How much do you think is due to pharmaceutical profits? How much is due to other Covid relief related measures?


Edit to add-

https://www.pfizer.com/sites/default...1/performance/

Over 36 billion from a single company from the Covid injection alone. All paid for by govt. spending.

Price changes over last year (CPI report)...
Transportation: +14.6%
Gas Utilities: +14.3%
Electricity: +12.9%
Food at home: +10.2%
Fuel Oil: +9.2%
Food away from home: +8.4%
Shelter: +8.1%
Overall CPI: +6.0%
New Cars: +5.8%
Medical Care: +2.1%
Gasoline: -2.0%
Used Cars: -13.6%


STILL DRUMFS FAULT

Man, I am so sick of economically illiterate people, these folks hear "experts" say "printing money caused inflation" like it's the whole story then parrot like they know something or understand the economy.

No, it wasn't always going to blow up. We have a system in America designed to inflate and deflate the economy at will. "Printing" money is a tool used by the Fed to inflate the economy when needed.

The purposeful improper use of tools caused this crisis, if the Fed used it's deflationary tool in 2021, before inflation even kicked off then it never goes this high and we don't have to hit circuit breakers.



There is nothing inherently wrong with "printing" money or raising rates, it's just a way to increase or decrease access to dollars, it's the method in which these things are done that cause problems.



Don't take that personal <3.

You have given out too much Reputation in the last 24 hours, try again later.

No offense taken. And I plainly said that interest rates played a role…even bringing that up clearly before I mentioned the money printing. Do you think the fact that about 40% of the money we ever printed happened in 2020 & 2021 played a role in inflation?

I mean while I am not a macro economic expert I have enough of a background to disagree here.

There is nothing inherently wrong with printing money. Raising or lowering rates.

However, there are limits and when that limit is passed what results is inevitable. It is like saying it is okay to drive fast because you have brakes and a steering wheel.... Yes BUTTTTTTT.

The Feds tools are designed to shave off the peaks and shave off the troughs. However, the Fed Chair and Fed Board have become politized positions and they are no longer willing/able to take the preemptive steps that make them able to do their job. If anything they seem to be trying to stop the troughs all together, but that means they have no control when the market says "No".

The fed needed to be slowly raising rates during the end of Obama's term and through the early part of Trumps term so that they had tools they could use during the pandemic. They failed.

Stocks were near/at all time highs in terms of p/e ratios. We were past due for an economic down turn.

Then the Pandemic happened. Congress worked so hard to stop the downturn that was past due. The Fed rates were already too low.

There was no stopping this Crash. We will be lucky if this isn't 08 again. (Though I hope it is because I am better positioned this time.)