The Dumpsterfire Economy
 

"U.S. economic growth slowed unexpectedly at the end of last year, providing a sharp contrast to the Trump administration’s enthusiastic talk about the economy and putting fresh pressure on the Republican tax bill to deliver in a way few independent analysts say it can.
The economy expanded at an annualized rate of 2.6 percent from October through December, below the 3 percent many administration officials and outside economists had expected.
Altogether, the economy grew 2.3 percent last year, better than the year before, but short of what President Trump has been promising. The report on gross domestic product, a broad measure of economic activity, cut against the recent round of celebration by the president and his aides about the soaring stock market and U.S. companies delivering tax cut-inspired bonuses to their workers." WP

read:https://www.washingtonpost.com/busin...=.822a3858b6e3

Despite Herr Drump's 'pie in the sky' projections... :rolleyes:

Fake News!

Better not let Whell know, ya dang lefty. ;)

Partying Like It's 2006
 

"The world's elite are partying like it's 2006, and that should probably scare us. Top business and political leaders, who met last week in the quaint ski chalet town of Davos, Switzerland, couldn't stop talking about the booming global economy, record stock markets and President Trump's tax cuts. They toasted the good times with bottles of bourbon that cost several thousand dollars each.
But there is something unnerving about all of this: 2006 was followed by 2008, the worst financial crisis of just about everyone's lifetime. Some of the wisest minds at Davos said it feels eerily similar right now, and that's not comforting.
“The biggest concern I have is no one thinks there's a chance of a recession this year or next,” Carlyle Group co-founder David Rubenstein said. “The conventional wisdom is usually wrong.”" WP

https://www.washingtonpost.com/news/...=.b38b1021d2b6

He may have a valid point

The calm on Wall Street has finally been punctured by a rare bout of selling.The Dow tumbled 363 points on Tuesday. The 1.4% drop is the index's worst since May. And the two-day loss of 2% is the worst since September 2016.
Although stocks are hovering just below all-time highs, back-to-back declines have been uncommon lately. The Dow has lost 540 points in two days.
Up until Tuesday, the S&P 500 had enjoyed a record-long streak without consecutive drops of 0.5%, according to Bespoke Investment Group.
One major concern for Wall Street: The bond market has been selling off lately. That's raising fears that the era of extremely low bond rates -- which has been very good to the stock market -- could soon be over.
Health care stocks dragged the market lower on Tuesday after Jeff Bezos, Warren Buffett and Jamie Dimon unveiled a plan to get into the health insurance business. UnitedHealth (UNH), CVS (CVS) and Walgreens (WBA) shed between 4% and 5% apiece.

http://money.cnn.com/2018/01/30/investing/stock-market-today/index.html

Well Trump? When are you going to tweet about the doings down on Wall Street lately?

On second thought, maybe it'd be better if he didn't shake his bloated derriere in public. Ugh...

The twit will tweet it is all Hillary's fault for losing the election.

Finally, Donny can claim a “greatest” without lying. Greatest single-day point drop in the Dow’s history. MAGA! :rolleyes

Good one! :p

Trump's Upcoming Tweet
 

It's the Dems fault.

More fun, a Politico article

It’s a conspiracy by his enemies to discredit his great economic plan. They will pay! Traitors!

Whell is searching his far-right websites for the true story now. He’ll explain it to us soon...

Interest rates have been too low for too long says this low risk investor. About time for the low interest rate portion of the market's bubble to burst. Remember the old adage - don't put money in the market you can't afford to loose.

This is just absolutely f'ing hilarious. I remember your "thank you Obama" posts back when the economy was growing at about 1.5%, and unemployment was over 6%, and wage growth was flat.

We now have statistically full employment, 2.6% GDP growth in the most recent complete calendar quarter, increasing demand for labor, rising wages and projections for more of the same in 2018 and beyond, and you're going to bitch about that?

Too funny.

These statistics reveal exactly why the tax cuts financed by an additional $1.5 trillion is deficit spending was exactly the wrong thing to do at the time.

‘The president clearly set himself up’: Trump’s stock market miscalculation

https://www.politico.com/story/2018/...et-down-324880

...it was still a large and shocking decline. It arrived amid growing concern that an economy juiced by a massive corporate tax cut, and already at full employment, could overheat and require forceful action from a new and untested Federal Reserve chairman — installed by Trump — to cool things down.

On top of concerns about rising inflation, the tax cuts are already increasing the federal government’s need to borrow and accelerating the date by which Congress must raise the federal debt limit. And as of Monday, there was still no plan in Washington to raise the limit and avoid a catastrophic default.

Anyone think Trump will brag about the sharpest one week decline of the stock market under any President. Nah, le't blame Obama on this one too, in Trump We Dread. :rolleyes:

It's not close to the sharpest one week percentage decline. Maybe he can do something with that.

Perhaps he will.

White House spokesman: Trump has not focused on the stock market

He is too busy with F&F and tweeting in the mornings, golfing in the afternoons and watching Apprentice reruns in the evenings. What a fraud of a POTUS.
Notice the statement is to Fux News.

http://thehill.com/homenews/administ...e-stock-market

Should they have made the statement to CNN or MSNBC? :D

Neither, I am a print journalism supporter. Started working in the printing industry part time while in undergraduate school so am partial. :)

Now for some great news,
This is probably because of a profit agreement UAW made with GM for the wage concessions they made. Either way good for the workers.

Now the Dotard will claim all of the credit. Yes part of the profits are from the tac cuts but the main reason for UAW to be in this position is because of Obama's bailout of GM from which the US government made a tidy profit. But I am sure these details will be forgotten.

This is from whell's home town paper, hope i beat him to it. :D

https://www.freep.com/story/money/ca...8-b/309855002/

Baloney and John Maynard Keynes claptrap.

Wait. A month ago, you folks were bragging that the good economic numbers were fully attributable to Obama. Now you're saying that yesterday's decline is all Trump's fault?

So, I guess today's move upward from yesterday's close is back to being Obama's? :rolleyes:

Just another anecdote if you ask Finn. :rolleyes:

Yes, the profit sharing bonuses have been around a while - I think they go back to the mid - late '80's. The average payment is about $2100 or so, so profit sharing checks over $10,000 are relative whoppers.

If Trump's going to take credit for the gains he deserves blame for the losses.

Trump said he’d shrink the trade deficit with China. It just hit a record high.

FAKE NEWS, BENGHAZI, TRUMP HATERS, FAILING NEWS, OBAMA, NANCY & CHUCK, WITCH HUNT, COMEY, MC_CABE, MUELLER, HILLARY, ...............am I getting warm yet? :D

This is to hide the bad news, shout it down. :)

https://www.washingtonpost.com/news/...=.5f01125d2cd0

Guess you forgot about that little tax “reform” bill that was passed last month, then... You’re such a moron.

I suspect he'd be OK with that since the Dow was up over 500 Pts today, and is still way up from where it was a year ago.

On the other hand, I recall some folks around here blaming Bush for the sad state of the economy for years after Barry took office. :rolleyes:

Nah, I didn't forget. My paycheck will start getting bigger this month. :p

Don’t spend the $1.50 all in one place.

The bitchers are gonna bitch. Would you prefer Obama's and geithner's claim that high unemployment and low wage growth as the "new normal"?

Clueless little troll. This is what you sound like when you parrot Nancy Pelosi, which seems like most of the time.

Do a bit of research, and you'll find out what the numbers actually look like. For someone like me, it'll be about $1300, which is like getting an extra paycheck or two in a year. If you don't think that'll be felt by the average Joe and be very helpful to the average family, you're a lost cause.

Paul Ryan said what he said about a $1.50 pay raise. Don't pin Ryan's cluelessness on Chicks.

BTW, your article shows that a person earning $50k per year gets a 1.4% raise ($570), whereas a person earning $500K gets a 4.3% ($21,240). It seems this article supports Chicks' assertion and refutes yours.

Whell no doubt missed the Ryan reference. Doubt it was mentioned by his “news” sources. Clueless, indeed.

Trump needs to be consistent. If Obama unemployment number was phony then do not celebrate the unemployment report which uses the same methodology.

And what with this more money for military in the time of tax cut?
BTW the Military just report that it cannot account for 800 million dollars.

Trump is not serious. He is just kicking the can down the road. Nobody is dealing with the mounting debts, deficits and the printing of phony money.
It was laughable yesterday to hear the chorus of pundits saying "fundamentals are sound".

One thing is certain the people overseas are wising up to the fact that we are naked and are going to be very wary to buy our increasing debts.

Excellent post!

Donald J. Trump
@realDonaldTrump
In the “old days,” when good news was reported, the Stock Market would go up. Today, when good news is reported, the Stock Market goes down. Big mistake, and we have so much good (great) news about the economy!
6:59 AM · Feb 7, 2018

WTF? Sigh.

For the Dotard, money and economics has never been his strong suit and why he had to declare bankruptcy frequently. Here is a very informative article, doubt the dotard has the attention span even if some one explained to him what is going on. I very mucn doubt that this swing is temporary nor the uptick yesterday real. Seemed more like a market manipulation than an adjustment though it did make whell happy. Chances are whatever whell pay ckeck will go up by will be more than swallowed up by higher interest rates and inflation.

The Era of Easy Money Is Ending, and the World Is Bracing for Shocks
Sad but true. Better to have stable prices and low inflation rather than raising wages.

Also with the rising employment rates, the treasury revenues also increases and spending it on tax cuts was wasteful. If it could have been reinvested by spending on infrastructure, this would have continued to increase employment and sustained increased tax revenue. As it stands now, tax revenues are substantially reduced, the money given back to corporations and the wealthy will never see the light of day in the economy and as such is permanently squandered.

Expect states and local governments to start hurting again.

https://www.nytimes.com/2018/02/06/b...T.nav=top-news

If I had been offered $1300 to vote the Trump ticket, I would have turned it down.

It cost me $61+ for a fill up yesterday, quite a shock. Been under $55 for quite some time. Had not had to fill up in over two weeks so did not see the prices creep up. There goes the big fat raise that I had given myself from Trump tax cuts.

Of course I will be net negative in a big way since my property tax write off has been capped.

Yes, hopefully this will be a huge issue for the likes of Devin Nunes and his hateful ilk. Assuming voters who elected them have any sense whatsoever, which is unlikely.