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Author Topic: So much for inflation being "transitory"  (Read 3713 times)

Hards Alumni

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Re: So much for inflation being "transitory"
« Reply #150 on: September 23, 2022, 03:14:36 PM »
Maybe, But did my 20 yo college student need to get $1400 checks .... Nope

The targeting mechanism needs some refinement.

True, but getting the money out the door asap was essential.  Wasting time deciding who does and doesn't get it would have had a larger negative effect.

PBRme

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Re: So much for inflation being "transitory"
« Reply #151 on: September 23, 2022, 03:20:51 PM »
True, but getting the money out the door asap was essential.  Wasting time deciding who does and doesn't get it would have had a larger negative effect.

Agree to disagree.  Do not think it would have been wasting time and do not think it would have taken longer just would have taken smarter
Peace, Love, and Rye Whiskey...May your life and your glass always be full

Sultan Sultanberger

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Re: So much for inflation being "transitory"
« Reply #152 on: September 23, 2022, 03:23:55 PM »
Agree to disagree.  Do not think it would have been wasting time and do not think it would have taken longer just would have taken smarter


Easy thing to say 18 months later.
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

tower912

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Re: So much for inflation being "transitory"
« Reply #153 on: September 23, 2022, 03:27:31 PM »
I don't know if PBR is correct.    I do hope it is studied, learned from, and refined, if ever the need should arise again.   
Luke 6:45   ...A good man produces goodness from the good in his heart; an evil man produces evil out of his store of evil.   Each man speaks from his heart's abundance...

It is better to be fearless and cheerful than cheerless and fearful.

Pakuni

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Re: So much for inflation being "transitory"
« Reply #154 on: September 23, 2022, 03:28:56 PM »
Agree to disagree.  Do not think it would have been wasting time and do not think it would have taken longer just would have taken smarter

You don't think establishing an effective system to determine which of hundreds of millions of people should have received how much wouldn't have substantially slowed things down? I mean, it takes 3-4 months to get a simple building permit from the federal government, but they were going to pull that task off in, what ... a couple of weeks?

PBRme

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Re: So much for inflation being "transitory"
« Reply #155 on: September 23, 2022, 03:42:55 PM »
I said it then and how hard would it have been to exclude dependent children
Peace, Love, and Rye Whiskey...May your life and your glass always be full

lawdog77

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Re: So much for inflation being "transitory"
« Reply #156 on: September 23, 2022, 04:16:46 PM »
I said it then and how hard would it have been to exclude dependent children
Dependent children spend $$ as well as everyone else. -Signed my kids

Lennys Tap

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Re: So much for inflation being "transitory"
« Reply #157 on: September 23, 2022, 06:59:32 PM »
I mean, it takes 3-4 months to get a simple building permit from the federal government

Great example of why the federal government should be the solution of last resort.


Pakuni

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Re: So much for inflation being "transitory"
« Reply #158 on: September 23, 2022, 08:02:22 PM »
Great example of why the federal government should be the solution of last resort.

Based on the private sector's sterling record of looking out for people's best interests.

Lennys Tap

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Re: So much for inflation being "transitory"
« Reply #159 on: September 23, 2022, 10:47:12 PM »
Based on the private sector's sterling record of looking out for people's best interests.

Where would your beloved public sector get the resources to spend 4 years pondering the issuance of a building permit if not from the private sector?

And who do you suppose does the best job of “looking out for people’s best interest” - the sector that has made it’s citizens the wealthiest in the history of mankind or the one who confiscates wealth and squanders it?




Uncle Rico

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Re: So much for inflation being "transitory"
« Reply #160 on: September 24, 2022, 07:04:04 AM »
Based on the private sector's sterling record of looking out for people's best interests.

Golden parachutes for thee, not for me
Tis a shame, 'tis a rotton shame, for if ye can enjoy the walkin’ ye can probably enjoy the other times in yer life when ve're in between. And that's most o' the time; wouldn't ye say?

TSmith34

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Re: So much for inflation being "transitory"
« Reply #161 on: September 24, 2022, 07:14:23 AM »
And who do you suppose does the best job of “looking out for people’s best interest” - the sector that has made it’s citizens the wealthiest in the history of mankind or the one who confiscates wealth and squanders it?

Another boomer that doesn't actually understand the function of government.
Pooba of Biggot Buffons

Pakuni

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Re: So much for inflation being "transitory"
« Reply #162 on: September 24, 2022, 08:00:18 AM »
Where would your beloved public sector get the resources to spend 4 years pondering the issuance of a building permit if not from the private sector?

Huh?

Quote
And who do you suppose does the best job of “looking out for people’s best interest” - the sector that has made it’s citizens the wealthiest in the history of mankind or the one who confiscates wealth and squanders it?

Only the economically illiterate or libertarians (kind of the same thiing) think like this. The reality is that the success of the private sector is wholly reliant on a stable, effective (not perfect, effective) public sector "squandering" wealth on things like infrastructure, research, education, military protection, law enforcement, fire protection, health care, foreign trade agreements, etc.
And God knows, no corporate entity has ever fed at the public sector trough to expand its operations, build a new facility or survive an economic crisis.
I mean, maybe Lenny could establish a successful, wealth generating business without a transportation network to deliver his goods and services, or an educated workforce, or piggybacking on decades of government-funded research, or his personal police force ... but I'm kinda skeptical.
The reason our private sector can thrive is the existence of our public sector. Pray tell, how many successful, multinational corporations have been created in Somalia and Yemen, where they don't have to worry about a squandering public sector?

Though it's cute you apparently believe squandering wealth is the exclusive province of the public sector. Spoken like someone who's never attended a sales conference.
« Last Edit: September 24, 2022, 08:13:36 AM by Pakuni »

Uncle Rico

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Re: So much for inflation being "transitory"
« Reply #163 on: September 24, 2022, 08:14:04 AM »
Huh?

Only the economically illiterate or libertarians (kind of the same thiing) think like this. The reality is that the success of the private sector is wholly reliant on a stable, effective (not perfect, effective) public sector "squandering" wealth on things like infrastructure, research, education, military protection, law enforcement, fire protection, health care, foreign trade agreements, etc.
And God knows, no corporate entity has ever fed at the public sector trough to expand its operations, build a new facility or survive an economic crisis.
I mean, maybe Lenny could establish a successful, wealth generating business without a transportation network to deliver his goods and services, or an educated workforce, or piggybacking on decades of government-funded research, or his personal police force ... but I'm kinda skeptical.
The reason our private sector can thrive is the existence of our public sector. Pray tell, how many successful, multinational corporations have been created in Somalia and Yemen, where they don't have to worry about a squandering public sector?

Though it's cute you apparently believe squandering wealth is the exclusive province of the public sector. Spoken like someone who's never attended a sales conference.

See: Erie Canal
Tis a shame, 'tis a rotton shame, for if ye can enjoy the walkin’ ye can probably enjoy the other times in yer life when ve're in between. And that's most o' the time; wouldn't ye say?

tower912

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Re: So much for inflation being "transitory"
« Reply #164 on: September 24, 2022, 08:41:10 AM »
I will by more Patagonia going forward.
Luke 6:45   ...A good man produces goodness from the good in his heart; an evil man produces evil out of his store of evil.   Each man speaks from his heart's abundance...

It is better to be fearless and cheerful than cheerless and fearful.

Sultan Sultanberger

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Re: So much for inflation being "transitory"
« Reply #165 on: September 24, 2022, 09:18:50 AM »
Another boomer that doesn't actually understand the function of government.


And doesn't have a great understanding of American economic history.
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

TSmith34

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Re: So much for inflation being "transitory"
« Reply #166 on: September 24, 2022, 09:30:50 AM »
Taking profits and paying cap gains tax on a market that looks this vulnerable should never be viewed as “taking a hit”. Is watching profits turn to losses a win because you can sell and “save” on your taxes? Unless you’re on your deathbed with a big gain and you want your heirs to get a step up in the purchase price holding on (for tax purposes) to a stock you think has topped and is going south is stupid.
Yes, I agree WRT individual stocks--taking profits is perfectly fine and reasonable, whether because you feel the stock had become overvalued, you want to reduce risk, you are in the deaccumulation phase, whatever. But you've mixed your argument between individual stocks and the overall market.

I mean, if you think you can be one of the infinitesimal number of people than can successfully time the market frequently enough to beat it, go for it. 
Pooba of Biggot Buffons

rocky_warrior

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Re: So much for inflation being "transitory"
« Reply #167 on: September 24, 2022, 09:39:15 AM »
The FUD is strong in this thread.  The US economy - and its people - will be just fine.
« Last Edit: September 24, 2022, 11:18:00 AM by rocky_warrior »
“Normal is an illusion. What's normal for the spider is chaos for the fly.”  -Morticia Addams

tower912

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Re: So much for inflation being "transitory"
« Reply #168 on: September 24, 2022, 09:55:20 AM »
Yes.  There are always challenges.   There are always headwinds.  There is always room for improvement.   There are always lessons to be learned.

Luke 6:45   ...A good man produces goodness from the good in his heart; an evil man produces evil out of his store of evil.   Each man speaks from his heart's abundance...

It is better to be fearless and cheerful than cheerless and fearful.

TSmith34

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Re: So much for inflation being "transitory"
« Reply #169 on: September 24, 2022, 11:15:22 AM »
The FUD is strong in this thread.  The US economy - and it's people - will be just fine.

If anything, I think the Fed is using way too heavy of a hammer. Inflation is a global phenomenon, the Fed is trying to beat it into submission in the U.S. without recognizing it's a global economy.

https://tradingeconomics.com/country-list/inflation-rate

We can't single-handedly fix global inflation, but the Fed can single-handedly destroy the U.S. economy with the blunt force trauma it seems intent on levying.
Pooba of Biggot Buffons

rocky_warrior

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Re: So much for inflation being "transitory"
« Reply #170 on: September 24, 2022, 11:24:04 AM »
We can't single-handedly fix global inflation, but the Fed can single-handedly destroy the U.S. economy with the blunt force trauma it seems intent on levying.

To the first point - agreed.

To the second - the fed is not going to "single-handedly destroy the U.S. economy".  There will be a bit of a recession, that's it.  And given we have only had a 2 month covid recession since 2009 - that's not necessarily bad or unexpected.
“Normal is an illusion. What's normal for the spider is chaos for the fly.”  -Morticia Addams

Goose

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Re: So much for inflation being "transitory"
« Reply #171 on: September 24, 2022, 11:34:49 AM »
rocky

How do you define a bit of a recession? What does that look like to you?

rocky_warrior

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Re: So much for inflation being "transitory"
« Reply #172 on: September 24, 2022, 11:37:37 AM »
How do you define a bit of a recession? What does that look like to you?

One that I'm not particularly concerned about.  I believe the "great recession" will still have been worse.  Heck, even the covid recession may have been worse.
“Normal is an illusion. What's normal for the spider is chaos for the fly.”  -Morticia Addams

TSmith34

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Re: So much for inflation being "transitory"
« Reply #173 on: September 24, 2022, 11:40:22 AM »
To the first point - agreed.

To the second - the fed is not going to "single-handedly destroy the U.S. economy".  There will be a bit of a recession, that's it.  And given we have only had a 2 month covid recession since 2009 - that's not necessarily bad or unexpected.

Perhaps "destroy" is too loose of a descriptor. "Send the economy into a far deeper, far longer recession" would more accurately describe what I think the risk is with the Fed's current trajectory.
Pooba of Biggot Buffons

Goose

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Re: So much for inflation being "transitory"
« Reply #174 on: September 24, 2022, 11:40:47 AM »
I'm guessing you did not think the "great recession" was anything to be overly concerned over at the time, fair assumption?