COVID Economy

[Pakuni]

This “Not Trump” is the perfect candidate to get people to cross the aisle.  I think the Dems got it right this time.

Yeah. Joe Biden is about as vanilla as they come. Which is exactly what we need. He's not going to shake things up, but neither will he f--- things up. We just need someone to restore stability and normalcy for a while.

[GooooMarquette]

We just need someone to restore stability and normalcy for a while.

Agree. The last four years have been surreal and exhausting. A calm term with an emphasis on science, rebuilding trust with our allies, and gradual shifts to the left would be just fine by me. Even if it doesn’t lead to big changes, we’d be better off than we are now.

The biggest specific goals - after getting past the pandemic - are ‘Obamacare 2’ and positive movement on the environment.

That kind of stability and predictability is good for the economy.

[MU82]

This “Not Trump” is the perfect candidate to get people to cross the aisle.  I think the Dems got it right this time.

Disgust with Trump let the Dems flip the House in 2018. Women, especially, are repulsed by him.

[SERocks]

https://www.dallasnews.com/business/local-companies/2020/10/26/before-filing-for-bankruptcy-at-least-18-companies-hand-out-135-million-in-executive-bonuses/

Shameful. Rigged economy.

It is just this type of crap that got me to vote blue for the first time in my life.   Voted independent last time.  Been having a dramatic change in views over the last ten or so years on our system of capitalism.   

[TSmith34, Inc.]

It is just this type of crap that got me to vote blue for the first time in my life.   Voted independent last time.  Been having a dramatic change in views over the last ten or so years on our system of capitalism.

The landscape has most definitely been changing. Its commendable, and frankly rare, to modify your views as facts continue to change.

[shoothoops]

Some specifics about the COVID-19 relief discussions:

https://twitter.com/apalmerdc/status/1321760996747288577?s=19

[pacearrow02]

https://www.jsonline.com/story/money/2020/10/29/gdp-u-s-economy-grew-33-1-annualized-q-3-businesses-reopened/6064109002/

Great economic news across the board with weekly jobless claims also continuing to decline.

Crazy to think that while still stuck in the middle of a global pandemic our economy has almost fully recovered.  While the federal response has been far from perfect they deserve a tip of the cap here. 

[jesmu84]

https://www.jsonline.com/story/money/2020/10/29/gdp-u-s-economy-grew-33-1-annualized-q-3-businesses-reopened/6064109002/

Great economic news across the board with weekly jobless claims also continuing to decline.

Crazy to think that while still stuck in the middle of a global pandemic our economy has almost fully recovered.  While the federal response has been far from perfect they deserve a tip of the cap here.

Our economy is not anywhere near recovered. Holy crap this is a terrible comment.

Wall street or the stock market does not equal the economy.

[MU82]

https://www.jsonline.com/story/money/2020/10/29/gdp-u-s-economy-grew-33-1-annualized-q-3-businesses-reopened/6064109002/

Great economic news across the board with weekly jobless claims also continuing to decline.

Crazy to think that while still stuck in the middle of a global pandemic our economy has almost fully recovered.  While the federal response has been far from perfect they deserve a tip of the cap here.

The economy is an effen dumpster fire.

If Biden wins the election, the current administration will be the first in eons to exit with fewer employed Americans than it started with. Just this month, Exxon Mobil, Boeing, Disney, American Airlines, United Airlines and several other major corporations announced huge job cuts.

Control the pandemic, save the economy. This administration has done neither.

[Hards Alumni]

https://www.jsonline.com/story/money/2020/10/29/gdp-u-s-economy-grew-33-1-annualized-q-3-businesses-reopened/6064109002/

Great economic news across the board with weekly jobless claims also continuing to decline.

Crazy to think that while still stuck in the middle of a global pandemic our economy has almost fully recovered.  While the federal response has been far from perfect they deserve a tip of the cap here.

Fundamental misunderstanding, willfully ignorant, or intellectual dishonesty.  I'm not sure which, today.

[4everwarriors]

Write, wee hafta kontrol da virus. Obviously, George kant due it. C'mon man, hey?

[The Hippie Satan of Hyperbole]

Pace apparently has a lack of understanding of math.

Of course the improvement during the 3rd quarter was great.  Its because the 2nd quarter was an absolute dumpster fire.  Overall GDP is still well below where it was pre-pandemic, and is likely going to stall or retreat in the coming quarters due to high unemployment and lack of additional stimulus spending.  And I don't hold out a lot of optimism because we are backsliding so quickly against the pandemic right now.

[Skatastrophy]

Q1 we also had a YoY contraction of about 5%

The economy is currently still worse off than the crisis in 2008. And that's after we pumped trillions into the economy.

We're going to need another stimulus package in the next few weeks. I'd rather not see riots this winter.

[TSmith34, Inc.]

Fundamental misunderstanding, willfully ignorant, or intellectual dishonesty.  I'm not sure which, today.

When isn't Chicos intellectually dishonest?

[pacearrow02]

Our economy is not anywhere near recovered. Holy crap this is a terrible comment.

Wall street or the stock market does not equal the economy.

Article doesn’t mention stock market once.  Did you even read it?

GDP is still 3.5% below what it was pre-pandemic but being that we are not post pandemic yet but squarely in the middle of this thing with a lot of states still largely shut down I think it’s a helluva accomplishment to be within ear shot of prepandemic GDP numbers.  Once this is behind us and all states fully open that 3.5% gap should close quickly. 

In the article Barclays estimates 4th quarter GDP growth at about 3% which means after going through a once in a life time epidemic we will be ringing in the new year largely at the same level of GDP performance as we started 2020 in, not too shabby.

Consumer spending in the 3rd quarter increased 40% topping the 33% decline in the second quarter, economists from TD Ameritrade credited the stimulus package passed by the administration for that record bounce back and yes they acknowledged there needs to be another round of it lost election which I’m sure congress will get figured out no matter who wins next week.

Business investment jumped 20%, best quarterly jump since 1983.  With investments in factory equipment, computers, etc climbing 70%.

Housing construction and renovation increased 60% and the article states this industry is the brightest spot right now in the economy. 

See, not a single mention of the stock market my friend.

[MU82]

Write, wee hafta kontrol da virus. Obviously, George kant due it. C'mon man, hey?

Sometimes it's hard to be a Scooper
Giving all your love to just one man.
You'll have sad times,
And he'll have raving mad times
Doin' things only a stable genius can.

But if you love him
You'll be so proud of him
When he says, "Person woman man camera TV."
And if you blindly love him
Say Covid was handled superbly by him
'Cause, "It affects virtually nobody."

Stand by your man
Give him two terms to kill you
And porn stars to write checks to
When Mel makes nights cold and lonely

Stand by your man
And show the world you love him
Keep giving all the love you can!
Stand by your man!!

[Pakuni]

1. Today's economic news is good
2. Attempting to spin today's economic news as evidence the economy is in good shape, or soon will be, is complete foolishness.

It's like a basketball team celebrating that it's cut a 50-point deficit in half, while ignoring the fact you're still trailing by 25 points.

[Billy Hoyle]

Write, wee hafta kontrol da virus. Obviously, George kant due it. C'mon man, hey?

keep running with the George lie:

https://apnews.com/article/joe-biden-george-lopez-social-media-27e0006230358f0d0d98bf0e4c5959ca

Yes, Biden did say “George,” which some social media users concluded was a reference to former President George W. Bush. But many of these posts omit a critical detail: The interviewer was named George too.

[jesmu84]

Article doesn’t mention stock market once.  Did you even read it?

GDP is still 3.5% below what it was pre-pandemic but being that we are not post pandemic yet but squarely in the middle of this thing with a lot of states still largely shut down I think it’s a helluva accomplishment to be within ear shot of prepandemic GDP numbers.  Once this is behind us and all states fully open that 3.5% gap should close quickly. 

In the article Barclays estimates 4th quarter GDP growth at about 3% which means after going through a once in a life time epidemic we will be ringing in the new year largely at the same level of GDP performance as we started 2020 in, not too shabby.

Consumer spending in the 3rd quarter increased 40% topping the 33% decline in the second quarter, economists from TD Ameritrade credited the stimulus package passed by the administration for that record bounce back and yes they acknowledged there needs to be another round of it lost election which I’m sure congress will get figured out no matter who wins next week.

Business investment jumped 20%, best quarterly jump since 1983.  With investments in factory equipment, computers, etc climbing 70%.

Housing construction and renovation increased 60% and the article states this industry is the brightest spot right now in the economy. 

See, not a single mention of the stock market my friend.

Most of those numbers are useless. You do realize that housing or other bubbles exist or have existed and are ultimately bad for the economy? You do realize that investments can be tied to concentrating wealth and power in the hands of a few which can be ultimately bad for the economy?

How is the average american, or the bottom 50% of americans, faring right now, economically? 

That's the important stuff.

GDP specific critique: https://youtu.be/fn39vHu0tm8

Anyway, you're notorious from arguing from disingenuous positions. So I guess you're consistent?

[pacearrow02]

1. Today's economic news is good
2. Attempting to spin today's economic news as evidence the economy is in good shape, or soon will be, is complete foolishness.

It's like a basketball team celebrating that it's cut a 50-point deficit in half, while ignoring the fact you're still trailing by 25 points.

I acknowledged it’s not back to where it was or needs to be.  But if economist predictions of 3-4% 4th quarter growth holds true we will have gone through a year long crapfest of a pandemic without seeing any contraction in the overall economy, that would be stunning.

When you look deeper into the figures it’s obvious that the foundation remains solid, just need to get the virus in the rear view and we will be fully back humming along.  Another big round of 4th quarter stimulus to get us by until the spring will be key.

I’m not spinning anything, just quoting data and economist predictions.  The news is so good it doesn’t need to be spun. 

[pacearrow02]

Most of those numbers are useless. You do realize that housing or other bubbles exist or have existed and are ultimately bad for the economy? You do realize that investments can be tied to concentrating wealth and power in the hands of a few which can be ultimately bad for the economy?

How is the average american, or the bottom 50% of americans, faring right now, economically? 

That's the important stuff.

GDP specific critique: https://youtu.be/fn39vHu0tm8

Anyway, you're notorious from arguing from disingenuous positions. So I guess you're consistent?

I think avg Americans are surviving economically as evidence of the strong housing market and historically high balances in their savings account albeit that has dipped a bit recently because stimulus program running out but generally speaking I think we’re all doing ok.  Unemployment rate way to high but to be expected when large swaths of the country and still shut down, i imagine once things open back up fully that will drop to record lows again, question is can congress get it together to pass a last round of stimulus to keep these folks afloat until they have the opportunity to get back to work.

[The Hippie Satan of Hyperbole]

I acknowledged it’s not back to where it was or needs to be.  But if economist predictions of 3-4% 4th quarter growth holds true we will have gone through a year long crapfest of a pandemic without seeing any contraction in the overall economy, that would be stunning.

Sigh.  No.  You are bad at math.

https://www.brookings.edu/blog/up-front/2020/10/26/dont-let-flashy-3rd-quarter-gdp-growth-fool-you-the-economy-is-still-in-a-big-hole/

[jficke13]

I checked out of this part of the board a while ago, but it seems that Pace got outed as Chicos?

Gotta tell ya, that scans.

Impressive work on pretending to be a healthcare worker back when it was apt to give you the most possible praise. I thought you were merely the kind shortsighted person I might genuinely have a few disagreements with but who is otherwise earnest in their beliefs, but now that I know you were actually putting on an act... A little impressed, a little genuinely confused as to why you do this.

[pacearrow02]

I checked out of this part of the board a while ago, but it seems that Pace got outed as Chicos?

Gotta tell ya, that scans.

Impressive work on pretending to be a healthcare worker back when it was apt to give you the most possible praise. I thought you were merely the kind shortsighted person I might genuinely have a few disagreements with but who is otherwise earnest in their beliefs, but now that I know you were actually putting on an act... A little impressed, a little genuinely confused as to why you do this.

You are insane.  I’m neither Chico’s nor a healthcare worker, never said or pretended to be one. 

You might be surprised to hear that hospitals are full of people who don’t work as frontline healthcare workers.

[Pakuni]

I acknowledged it’s not back to where it was or needs to be.  But if economist predictions of 3-4% 4th quarter growth holds true we will have gone through a year long crapfest of a pandemic without seeing any contraction in the overall economy, that would be stunning.

When you look deeper into the figures it’s obvious that the foundation remains solid, just need to get the virus in the rear view and we will be fully back humming along.  Another big round of 4th quarter stimulus to get us by until the spring will be key.

I’m not spinning anything, just quoting data and economist predictions.  The news is so good it doesn’t need to be spun.

Your math is off.
If the economy slumps 10 percent one quarter, rebounds 6 percent the next and 3 percent the one after that, we're not almost even. Because the 10 percent drop is being calculated against a higher figure than the 6 percent and 3 percent increases.