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(CNN)   Don't be fooled by a strong GDP report. How people feel and what people predict and what people say are what we go by, not actual numbers and data and stuff   (cnn.com) divider line
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    More: Fake, Macroeconomics, Economics, Recession, Unemployment, Government spending, Monetary policy, Inflation, Economy of the United States  
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412 clicks; posted to Business » on 27 Oct 2022 at 8:37 AM (21 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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The Brains
2022-10-27 8:41:47 AM  
Strong GDP due to jacked up prices and people buying 10 year old shiat box Dodges for $11,995

Feel sorry for whoever this is. Their pain is just beginning.
Fark user imageView Full Size
 
Irving Maimway [TotalFark] [OhFark]
2022-10-27 8:42:43 AM  
Dode Calibur. Not a long term winner.
 
Rapmaster2000
2022-10-27 8:44:56 AM  
That's correct.  According to internet comments, inflation has been "out of control" for 20 years.  And in 5 years when inflation is back running at 2%, it will still be out of control and the REAL inflation will be much higher just like the REAL unemployment is always much higher.

I laugh that they went to an "expert" for this:  Unless the United States experiences a deep recession and subsequent recovery, or labor force participation rates and productivity suddenly soar upwards, "there is little reason to expect booming growth at any time over the next few years," he added.

Everyone should know this.  GDP growth hovered around 2% for the previous decade every year.  It was 5 to 7% for the year and a half from 3Q 2020 through 4Q 2021.  Now it's back to normal.  All that demand slack was used up.  I don't expect booming growth at any time over the next 20 years.
 
natazha [BareFark]
2022-10-27 8:50:04 AM  

Rapmaster2000: That's correct. According to internet comments, inflation has been "out of control" for 20 years. And in 5 years when inflation is back running at 2%, it will still be out of control and the REAL inflation will be much higher just like the REAL unemployment is always much higher.


But gas is up 30 cents a gal. WE ARE DOOMED.

/old enough to remember when it was 30 cents a gallon. That was six full-sized candy bars. Now it's only four.
 
phedex
2022-10-27 8:50:57 AM  

The Brains: Strong GDP due to jacked up prices and people buying 10 year old shiat box Dodges for $11,995

Feel sorry for whoever this is. Their pain is just beginning.[Fark user image 425x191]


I could accept it at 10k.  Not for myself, I'd rather ride the bus.  But could see it being fair priced at 10k if it had miles around 50k, considering the way things go with used cars these days..
 
Marcus Aurelius [TotalFark] [OhFark]
2022-10-27 8:57:04 AM  
The billionaires have looted just about everything there is to steal, and the Fed can't print them any more money now that they've handed out $30 trillion dollars and the interest payments are coming due.
 
Rapmaster2000
2022-10-27 8:57:30 AM  

natazha: Rapmaster2000: That's correct. According to internet comments, inflation has been "out of control" for 20 years. And in 5 years when inflation is back running at 2%, it will still be out of control and the REAL inflation will be much higher just like the REAL unemployment is always much higher.

But gas is up 30 cents a gal. WE ARE DOOMED.

/old enough to remember when it was 30 cents a gallon. That was six full-sized candy bars. Now it's only four.


Or when I read that the stock market CRASHED today and I note that it's at the same level it was in March 2021.  Oh no.

Which brings me back to feelings and profits.  Corporate profits are fat right now.  The P/E is significantly below what is was in March 2021.  Stocks are a much better value now than they were then.  If you were comfortable buying stocks then, you should be comfortable now.  But I keep reading people who say not to buy stocks until "they go back up."  Those are bad feelings.
 
Irving Maimway [TotalFark] [OhFark]
2022-10-27 8:58:29 AM  

natazha: old enough to remember when it was 30 cents a gallon. That was six full-sized candy bars. Now it's only four.


In 2002 I almost bought a bumpersticker that said "All I know is under Clinton gas was $1 a gallon and I had a job."
 
jso2897
2022-10-27 9:03:21 AM  
It's the ECONOMY, stupid.
Well, it's not the economy, so much as the narrative about the economy.
Well, it's not the narrative about the economy, but what the pundits and journalists decide is the narrative about the economy.
Actually, it's not so much what the pundits and journalists decide is the narrative about the economy, as what the stupidest 40% of society THINK is their narrative about the economy.
And something about a fanatical devotion to the Pope.
 
jso2897
2022-10-27 9:05:52 AM  

Rapmaster2000: Everyone should know this. GDP growth hovered around 2% for the previous decade every year. It was 5 to 7% for the year and a half from 3Q 2020 through 4Q 2021. Now it's back to normal. All that demand slack was used up. I don't expect booming growth at any time over the next 20 years.


Unless some new "black swan" event like Covid intervenes.
 
pheelix
2022-10-27 9:07:47 AM  

Irving Maimway: In 2002 I almost bought a bumpersticker that said "All I know is under Clinton gas was $1 a gallon and I had a job."


Reread that in Monica Lewinsky's voice.
 
Rapmaster2000
2022-10-27 9:08:07 AM  

jso2897: Rapmaster2000: Everyone should know this. GDP growth hovered around 2% for the previous decade every year. It was 5 to 7% for the year and a half from 3Q 2020 through 4Q 2021. Now it's back to normal. All that demand slack was used up. I don't expect booming growth at any time over the next 20 years.

Unless some new "black swan" event like Covid intervenes.


True.  It would probably have to be a war.  I think if it was another pandemic, people would completely ignore it even if they were dying at plague levels.
 
ltdanman44
2022-10-27 9:13:30 AM  
what happens when the billionaires get it all?


Fark user imageView Full Size
 
Rapmaster2000
2022-10-27 9:15:21 AM  

ltdanman44: what happens when the billionaires get it all?


[Fark user image 798x802]


They become Elon.
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leviosaurus [TotalFark] [OhFark]
2022-10-27 9:26:57 AM  

Rapmaster2000: I don't expect booming growth at any time over the next 20 years.


That's what they said at the beginning of the Clinton Administration. Booming economic growth in the US has almost always been tied to new innovations and new inventions. You can't predict new innovations.

On the other hand, there's never been a time in US history when so many people were laser focused on finding new ways to create new technology, and it has never been easier for the average person to find the tools necessary to create new tech.

Clinton's economy was driven by the rise of Internet companies. The next big booming economy will be driven by something similarly innovative and new.
 
Rapmaster2000
2022-10-27 9:32:19 AM  

leviosaurus: Rapmaster2000: I don't expect booming growth at any time over the next 20 years.

That's what they said at the beginning of the Clinton Administration. Booming economic growth in the US has almost always been tied to new innovations and new inventions. You can't predict new innovations.

On the other hand, there's never been a time in US history when so many people were laser focused on finding new ways to create new technology, and it has never been easier for the average person to find the tools necessary to create new tech.

Clinton's economy was driven by the rise of Internet companies. The next big booming economy will be driven by something similarly innovative and new.


CRYPTO!
 
leviosaurus [TotalFark] [OhFark]
2022-10-27 9:36:54 AM  

Rapmaster2000: leviosaurus: Rapmaster2000: I don't expect booming growth at any time over the next 20 years.

That's what they said at the beginning of the Clinton Administration. Booming economic growth in the US has almost always been tied to new innovations and new inventions. You can't predict new innovations.

On the other hand, there's never been a time in US history when so many people were laser focused on finding new ways to create new technology, and it has never been easier for the average person to find the tools necessary to create new tech.

Clinton's economy was driven by the rise of Internet companies. The next big booming economy will be driven by something similarly innovative and new.

CRYPTO!


Crypto ain't new.

OTOH, there are some interesting applications for blockchain which have been ignored while everyone focuses on crypto.
 
Pants full of macaroni!! [BareFark]
2022-10-27 9:43:37 AM  
CNN.  A place for things that people say.
 
Catsaregreen
2022-10-27 9:56:23 AM  
People with good credit are seeing mortgage rates now at what used to be car loan rates for people with average credit. Used car rates (heck, who can afford/find a new car) are heading into what used to be credit card territory for people with average credit. And people are buying essentials on credit cards with 25% interest. Nothing to see here.
 
DaMannimal
2022-10-27 10:02:43 AM  

leviosaurus: Rapmaster2000: I don't expect booming growth at any time over the next 20 years.

That's what they said at the beginning of the Clinton Administration. Booming economic growth in the US has almost always been tied to new innovations and new inventions. You can't predict new innovations.

On the other hand, there's never been a time in US history when so many people were laser focused on finding new ways to create new technology, and it has never been easier for the average person to find the tools necessary to create new tech.

Clinton's economy was driven by the rise of Internet companies. The next big booming economy will be driven by something similarly innovative and new.


Sure, but practically every new tech out here is focused on capitals biggest cost....labor.
 
mudesi
2022-10-27 10:10:41 AM  

Catsaregreen: People with good credit are seeing mortgage rates now at what used to be car loan rates for people with average credit. Used car rates (heck, who can afford/find a new car) are heading into what used to be credit card territory for people with average credit. And people are buying essentials on credit cards with 25% interest. Nothing to see here.


So, back to normal, then?
 
Avigdore
2022-10-27 10:42:51 AM  
"After shrinking the first half of the year, the U.S. economy rebounded from July through September despite inflation that has hovered near a 40-year high and sharply rising interest rates. But the performance likely marked a reprieve ahead of next year's projected recession rather than a sign of a brighter outlook."
https://www.usatoday.com/story/money/2022/10/27/gdp-report-us-economy-grew-recession-fears-loom/10610432002/
 
weddingsinger [TotalFark]
2022-10-27 11:45:22 AM  

Rapmaster2000: jso2897: Rapmaster2000: Everyone should know this. GDP growth hovered around 2% for the previous decade every year. It was 5 to 7% for the year and a half from 3Q 2020 through 4Q 2021. Now it's back to normal. All that demand slack was used up. I don't expect booming growth at any time over the next 20 years.

Unless some new "black swan" event like Covid intervenes.

True.  It would probably have to be a war.  I think if it was another pandemic, people would completely ignore it even if they were dying at plague levels.


Not exactly a new pandemic rather new consequences if folks keep ignoring the current one the numbers on brain and vascular damage might get high enough to affect the economy even more.

Fark user imageView Full Size
 
Izunbacol [recently expired TotalFark]
2022-10-27 12:39:10 PM  

leviosaurus: Rapmaster2000: leviosaurus: Rapmaster2000: I don't expect booming growth at any time over the next 20 years.

That's what they said at the beginning of the Clinton Administration. Booming economic growth in the US has almost always been tied to new innovations and new inventions. You can't predict new innovations.

On the other hand, there's never been a time in US history when so many people were laser focused on finding new ways to create new technology, and it has never been easier for the average person to find the tools necessary to create new tech.

Clinton's economy was driven by the rise of Internet companies. The next big booming economy will be driven by something similarly innovative and new.

CRYPTO!

Crypto ain't new.

OTOH, there are some interesting applications for blockchain which have been ignored while everyone focuses on crypto.


Agree 100%. Inventions and useful applications are sometimes years, centuries, even millennia apart.

Example: it took half a century after the discover (and invention of a production method) of laughing gas before it went from an upper class party game to "maybe we can make surgery less painful!"

Example2:  Hero of Alexandria invented the steam engine, and it took nearly two millennia to use it for anything productive.

Even when there's hype (dot com bubble), it takes time for it to burn itself out.

/have we found a good use for snake oil yet?
 
bzdrummer
2022-10-27 3:20:12 PM  
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