2020 US Presidential Election

[Juan]

I read foreign press too and I do not understand why The Guardian opens its online edition every single day with the war in Ukraine, when the UK is suffering a cost of living crisis that is way more relevant for its citizens.

And also suffers from the calamity of Brexit, on top of having useless politicians like Boris Johnson and Rishi Sunak ruling the country...

Here in Spain I do not want to read about Ukraine anymore, or Russia or some other BS.

I want the problems of the Spanish people solved:

- Cost of living crisis
- Very high taxes
- Poor healthcare. Waiting lists for medical treatment. Some appointments scheduled for... 2024!!!
- Rampant inflation
- Real estate bubble
- Stagnant salaries
- Falling real wages (adjusted by inflation)
- Absurd interest rates, too low

 

[Ed209]

From what I have been told, Europeans see a lot of liberal media articles from the US and FOX News. We see much of the same, but local feeds do have to print local real news events.

Been told by Europeans that they think that San Francisco is a wonderful city, but the truth is many neighborhoods are the pits, thanks to their local and national representatives.

I saw at least one illegal drug related death every hospital shift I worked, but few were statistically recorded and reported as cause of death.

I think most major cities/counties are the same, to be honest. They have their tourist parts which often take the spotlight, but they also have deprived ghetto areas that are full of crime. Every major city in the UK is like it, and so are most European and American cities.

Even some of the tourist areas aren't immune. When we went to the walk of fame on Hollywood Boulevard, my wife couldn't wait to leave because of all the hustlers. It gets tiring after a while as they use all the same old scams and intimidation tactics. A gang tried to surround me because they wanted $20 for a CD which I didn't ask them to sign (because I know the scam). I continued walking but they signed it anyway and then said that it's already signed now so I have to pay. I said no and made it clear that I know how the scam works and that I wouldn't budge. In the end, they gave up, only to have about 10 other people try the same thing, quite literally. In the end, we ordered an Uber and left because we were spending more time avoiding hustlers than enjoying the walk, lol.

I didn't experience this anywhere else in the States, but a friend of mine frequently goes to New York and he said that hustlers tried the same scam on him there.

London has a huge problem with Romanian pickpocketers in some of the tourist areas. Crime will never be eradicated, it's just a case of controlling it as best as possible.

I read foreign press too and I do not understand why The Guardian opens its online edition every single day with the war in Ukraine, when the UK is suffering a cost of living crisis that is way more relevant for its citizens.

Newspapers are all biased rags pushing their own agendas. I don't remember the last time I bought one, and I take most articles with a pinch of salt. I always try to find or read the source to an article that may spark my interest, but I'm mostly exposed to them via my own searching or via social media. I don't actively read any newspapers either online or printed, and I certainly don't have a tribal affiliation to any publication like we commonly see.

The Bank of England has a lot to answer for for the cost of living crisis, and so do all politicians and central banks around the world.

 

[Ed209]

Talking about funny stories @Greg Sacramento, I've just remembered something that had us in stitches. We were in a US supermarket somewhere and there was a newspaper headline by the checkout saying that the Queen was gravely ill (would have been around August 2013). We immediately thought someone from home would have brought this to our attention, surely, so we phoned home when we got back to our hotel and said what's wrong with the Queen? My wife's family were puzzled, and said what do you mean? We said it says over here that she's dying and are making out that she's on her death bed. They goes, what on Earth are you talking about? We knew is was most likely bullshit but couldn't believe the audacity of it .

We said there are Americans walking past that checkout right now thinking our Queen is on deaths door and she's probably out galloping on a horse or something

That pretty much sums up a lot of the media for me. Sensationalist, and sometimes outright and outrageous bullshit.

 

[Juan]

The Bank of England has a lot to answer for for the cost of living crisis, and so do all politicians and central banks around the world.

These are also real problems:

'Same nightmare week after week': UK firms fed up with post-Brexit EU trade

 

[ZFire]

Anyone else bothered by the police response in this shooting? The perpetrator was in the elementary school for almost an hour while police stood outside doing nothing. They swore an oath to protect and serve yet acted like a bunch of cowards. Imagine firefighters being reluctant to engage fire because the fire was too hot...

At least the DoJ will be conducting their own review on this matter. If reports start to come out that some of the kids bled to death, wow... The entire Uvalde police department need to turn in their badges. Families should sue the state for everything got.

How has the ownership class passed law and policy to destroy the poor? Our lawmakers have done this. Sadly, it's been calculated and purposely done.

Big Business controls government. How do you think Pfizer and Moderna were granted immunity from litigation if something were to go wrong with their vaccines? They paid top dollars to make that happen. Big Business spends hundreds of million dollars lobbying each year to influence policy, public officials, and judges and it's working. Total lobbying expenditures in 2021 were at an all time high of $3.77 billion. Politicians spends so much time campaigning and fundraising, they have to cater to the people funding them, and when some of those people have no limits imposed on their spending, you know who's going to get the most attention, and it's not going to be their constituents.

The wealth gap continues to widen and now the top 10% own 70% of the country's wealth. The rich are getting richer at a rapid pace, while everyone else lags behind. Low income families have been grappling with wage stagnation for decades now, and there's hardly any growth. Forcing people to work multiple jobs because of shit wages.

 

[Greg Sacramento]

One of my former hospital employers is offering $50,000-$60,000 a year for non-medical positions. No college education needed. Six weeks of paid vacations or cash, matching retirement funds, pension, free complete medical and for family and so much so. They can't full these positions. My other former hospital employer for non-medical does even better and includes medical for parents and grandparents and for their hearing aids. They are unable to full positions.

 

[Ed209]

Anyone else bothered by the police response in this shooting? The perpetrator was in the elementary school for almost an hour while police stood outside doing nothing.

I mentioned this in a recent post, and it's why I don't think the arming a teacher argument stands up. If trained police officers needed to wait for back up to take out an 18-year-old armed with an AR-15 then there's a big problem. The clear and obvious solution is not to give the guy such a deadly weapon in the first place; he bought it shortly after his 18th birthday. If new laws aren't brought in after this then it's nothing short of a disgrace, and those poor children's lives will have been taken in vain just like all the others. America needs to wake up on this issue and stop ignoring it.

 

[Juan]

Eurozone inflation hits 8,1% and Lagarde is hiding somewhere... Christine Lagarde should be in jail already for the damage she is doing on purpose to all the EU citizens, for neglecting her job, for not complying with the ECB mandate of keeping inflation at 2%.

Inflation multiplies by four the ECB objective!!!

 

[Ben Johnson]

Anyone else bothered by the police response in this shooting? The perpetrator was in the elementary school for almost an hour while police stood outside doing nothing. They swore an oath to protect and serve yet acted like a bunch of cowards. Imagine firefighters being reluctant to engage fire because the fire was too hot...

At least the DoJ will be conducting their own review on this matter. If reports start to come out that some of the kids bled to death, wow... The entire Uvalde police department need to turn in their badges. Families should sue the state for everything got.

Big Business controls government. How do you think Pfizer and Moderna were granted immunity from litigation if something were to go wrong with their vaccines? They paid top dollars to make that happen. Big Business spends hundreds of million dollars lobbying each year to influence policy, public officials, and judges and it's working. Total lobbying expenditures in 2021 were at an all time high of $3.77 billion. Politicians spends so much time campaigning and fundraising, they have to cater to the people funding them, and when some of those people have no limits imposed on their spending, you know who's going to get the most attention, and it's not going to be their constituents.

The wealth gap continues to widen and now the top 10% own 70% of the country's wealth. The rich are getting richer at a rapid pace, while everyone else lags behind. Low income families have been grappling with wage stagnation for decades now, and there's hardly any growth. Forcing people to work multiple jobs because of shit wages.

Everything you said falls at the feet of elected officials and unelected bureaucrats. Big business can't buy anything if it's not for sale... The DC swamp needs a nuke dropped on it.

 

[ZFire]

Everything you said falls at the feet of elected officials and unelected bureaucrats. Big business can't buy anything if it's not for sale... The DC swamp needs a nuke dropped on it.

They buy politicians to do their bidding and in return the politician gets to stay in office. You're going to need massive funds if you're constantly seeking re-election.

During Trump's 2016 campaign run, he originally made the promise that he would "drain the swamp" by curtailing the influence of lobbyists. I was somewhat intrigued to see whether he would actually do it once he got into office, but as expected it was a big fat lie. Really good campaign rhetoric though...

Instead, he actually brought the swamp inside his administration. The amount of corporate shills in his cabinet was pretty staggering to witness. People like Rex Tillerson (Exxon Mobil), Ajit Paj (Verizon), Mnuchin (Goldman Sachs) whose interests certainly don't align with the little guy. They went out their way to further the interests of the rich and powerful. Like the pathetic repeal of net neutrality so ISPs can capitalize on it in the future or the lowering of corporate tax rates.

 

[Paul1980]

Anyone else bothered by the police response in this shooting? The perpetrator was in the elementary school for almost an hour while police stood outside doing nothing. They swore an oath to protect and serve yet acted like a bunch of cowards. Imagine firefighters being reluctant to engage fire because the fire was too hot...

At least the DoJ will be conducting their own review on this matter. If reports start to come out that some of the kids bled to death, wow... The entire Uvalde police department need to turn in their badges. Families should sue the state for everything got.

I disagree. The people who want AR-15s on the streets put them in this situation. That is why cops opposed Abbott when he got rid of gun permits. That is why cops support assault rifle bans. That is why people that want assault rifles are not "Backing the Blue."

We don't pay cops to get killed. Yes, save lives, but they are taught to save their own lives when they can. This is also why cops are quitting. The people that bring that up seem to be the ones that are causing that situation: we love the cops, but we want them to run into a hail of bullets from an army grade gun. Cops don't regularly carry assault rifles, if I am not mistaken. They had to call an army in, in this case the border patrol, to handle this. Bulletproof shields don't stop AR-15. You need a tank.

Prevent these from happening first - ban assualt rifles. Cops will go into shootings with rifles, I don't expect them to "charge" like they are the light brigade.

 

[Wrfortiscue]

Bulletproof shields don't stop AR-15. You need a tank.

You don't need a tank lol.

This level 4 shield stopped one .300 round + ten 5.56 rounds and still maintained integrity. Usually these guys will have plate armor for rifle rounds, which is maybe 1-3 extra shots. You need tanks for 50 cals which I have yet to see in a mass shooting.

 

[Greg Sacramento]

@ZFire, with more investment projects appearing affordable and profitable at the lower corporate tax rate, they will put more capital in place, requiring more labor. The added capital will boost labor productivity, making it possible for companies to raise workers' wages to attract the needed employees.

How-Lowering-Corporate-Tax-Rates-Encourages-Economic-Growth.pdf (taxfoundation.org)

This administration doesn't want to see more labor, more employment and for those that do work, they support unions which are dependents of their party. They want to buy votes and have a lower class be dependent on the government. This is why the most powerful groups of unelected bureaucrats are rights attorneys. Rights attorneys don't represent the disable or elderly as there's no money in it for them.

This administration has said they don't watch the stock market. So, this means they could care less about inflation and a near recession.

The Canadian pipeline would have been finished six months ago and inflation would be 2.3% less.

Supply chain crises: Government restrictions that were put in place that impacted the ability to run a factory and shutdowns on occasion. And then to get that merchandise transported, there were a lot of restrictions that were placed on not just the cargo shipping sector, but also in the trucking sector as well. If you are looking to buy a new washer, dryer, vehicle, clothing, so much of that is reliant on imports. Even if it's manufactured here, it's reliant on components that come from overseas.

If corporate taxes are raised with support for union representation to raise wages - the consumer would be hit with even higher retail prices - more inflation. Innovation would slow and all this would be a gift to competitive China.

It's better to have a lower corporate rate boosting more capital, raising wages and attaching more labor. Downside is finding responsible and trusting employees.

I'm all for taxing of higher income individuals, including CEOs, elected officials and Hollywood where many either have a hidden tax deferred plan or take deductions for donations where the money is still in trust.

 

[Ed209]

Prevent these from happening first - ban assualt rifles. Cops will go into shootings with rifles, I don't expect them to "charge" like they are the light brigade.

Assault weapons were banned in 1994, but pressure from the NRA meant the law was overthrown in 2004. There's a study which looked at the changes in mass shooting deaths during this 10-year federal ban which can be read here:

Changes in US mass shooting deaths associated with the 1994–2004 federal assault weapons ban: Analysis of open-source data

Here's the results and the final conclusion:

RESULTS
Assault rifles accounted for 430 or 85.8% of the total 501 mass-shooting fatalities reported (95% confidence interval, 82.8–88.9) in 44 mass-shooting incidents. Mass shootings in the United States accounted for an increasing proportion of all firearm-related homicides (coefficient for year, 0.7; p = 0.0003), with increment in year alone capturing over a third of the overall variance in the data (adjusted R2 = 0.3). In a linear regression model controlling for yearly trend, the federal ban period was associated with a statistically significant 9 fewer mass shooting related deaths per 10,000 firearm homicides (p = 0.03). Mass-shooting fatalities were 70% less likely to occur during the federal ban period (relative rate, 0.30; 95% confidence interval, 0.22–0.39).

CONCLUSION
Mass-shooting related homicides in the United States were reduced during the years of the federal assault weapons ban of 1994 to 2004.​

You have to question why this law was changed because someone has blood on their hands. Weapons of this nature have no place in civilian hands, especially teenagers who have yet to develop a criminal history. Their criminal intentions are exposed after they've legally purchased these weapons and murdered a bunch of people. Having a valid ID and then conducting a cursory check on someone's background before handing out such a devastatingly destructive weapon is reprehensible.

There is no valid defence to this argument, and anyone who supports the NRA on this matter can be considered evil in my eyes. It's a case of wanting deadly mass-destructive weapons over the safety of kids and others. Leave those kinds of weapons for the military.

 

[Juan]

Ex-central banker and self-criticism... for a change: she was WRONG. Like Lagarde is WRONG.

US Inflation

Yellen admits she was 'wrong' about inflation threat

 

[Juan]

Canada just raised interest rates.

 

[Ed209]

Ex-central banker and self-criticism... for a change: she was WRONG. Like Lagarde is WRONG.

US Inflation

Yellen admits she was 'wrong' about inflation threat

What's surprising about this? I was talking about this over two years ago, but nobody paid any attention. Too many dollars were being printed which is why I could see some of the smart money moving into Bitcoin and other crypto assets.

Those that made the change have more than tripled the value of their money since those posts were made as Bitcoin has outperformed everything. Those that kept their inflated dollars in savings accounts have lost big time. The government has effectively taxed/stolen their money, and it's something that I kept warning people about. You were still under the illusion that crypto couldn't be spent in shops at the time.

The bad quality money, as you put it, has stood up much better thus far in terms of retaining value. Bitcoin can drop below $20k and it would still be doing a lot better, but there's not enough liquidity for it to be used as a primary currency which is why it doesn't behave like one. The only chart that matters is the logarithmic one, and then you have to adopt a longterm view in order to adjust for the volatility.

The central bankers and politicians in control of our treasuries have been away with the fairies for too long. Something had to give, and it did. I'm glad I protected the value of my money because I'd be wrecked now with all this inflation (courtesy of the Bank of England, the ECB, and the Fed).

 

[Juan]

The bad quality money, as you put it, has stood up much better thus far in terms of retaining value. Bitcoin can drop below $20k and it would still be doing a lot better, but there's not enough liquidity for it to be used as a primary currency which is why it doesn't behave like one. The only chart that matters is the logarithmic one, and then you have to adopt a longterm view in order to adjust for the volatility.

Wait for the FED to raise interest rates to 5% and you will see.

 

[Ed209]

Wait for the FED to raise interest rates to 5% and you will see.

They can't/won't do that because it will bankrupt the USA. Their debt-to-GDP is now standing at a whopping 143%; that's a 13% growth in a matter of months. What makes matters worse is that as they remove liquidity from the economy through QT this number will get larger because it will increase the debt and the costs of maintaining it. Remind me again how many times they had to raise the debt ceiling last year because of the huge budget deficits?

Most people have little to no understanding of economics. I can guarantee you that the vast majority of US citizens will not know what their debt-to-GDP was during the Paul Volcker era, and they certainly won't know what it is now, or they likely won't even care. The problems they are now facing, however, have everything to do with the issues that common people don't pay attention to, namely the government's fiscal and monetary policies.

There is a significant chance that the Fed will raise the rates and begin QT, and when the world starts to collapse, they will very likely pivot. People's money has to flow somewhere, and this represents a problem when assets are sinking and so are fiat currencies. Are bonds going to be the place to retain one's wealth? Will it be precious metals? Who knows? Nobody can answer these types of questions without a crystal ball, but Bitcoin is a legitimate contender.

 

[Juan]

They can't/won't do that because it will bankrupt the USA. Their debt-to-GDP is now standing at a whopping 143%; that's a 13% growth in a matter of months. What makes matters worse is that as they remove liquidity from the economy through QT this number will get larger because it will increase the debt and the costs of maintaining it. Remind me again how many times they had to raise the debt ceiling last year because of the huge budget deficits?

Most people have little to no understanding of economics. I can guarantee you that the vast majority of US citizens will not know what their debt-to-GDP was during the Paul Volcker era, and they certainly won't know what it is now, or they likely won't even care. The problems they are now facing, however, have everything to do with the issues that common people don't pay attention to, namely the government's fiscal and monetary policies.

There is a significant chance that the Fed will raise the rates and begin QT, and when the world starts to collapse, they will very likely pivot. People's money has to flow somewhere, and this represents a problem when assets are sinking and so are fiat currencies. Are bonds going to be the place to retain one's wealth? Will it be precious metals? Who knows? Nobody can answer these types of questions without a crystal ball, but Bitcoin is a legitimate contender.

The FED will reach 5% or higher. Wait and see.

 

[Greg Sacramento]

Forgot to mention this in my last post - above. The corporate tax rate in the US is 21%. This was reduced from 35% back in January 2018. To support what I mentioned in my post above - corporate taxation of 35% is too high and there's many economic models that support this.

Some pay little or no corporate tax, but all corporations in the US have other taxes that must be paid including employment and earning taxes.

Fifteen states and the District of Columbia have cut corporate taxes since 2012, and several more made tax rate cuts in 2020.

 

[just1morething]

I don't have a gun or pistol and don't understand why an average American would need one, especially an AR-15. I did read Senator Lindsey Graham has one but he could live in a high crime area and he is somewhat of an outspoken person and well known. Most things he says make sense though. Having a pistol for self defense seems okay to me, especially in high crime areas.

The tragedy in Texas may not have happened if the gunman could only have gotten a pistol. I quite frankly don't know what types of guns are available with a good background check. I don't know who the AR-15 is designed for?

 

[Juan]

Lagarde should follow the FED:

Top Fed official warns half-point rate rise may be needed in September

 

[Ed209]

I don't have a gun or pistol and don't understand why an average American would need one, especially an AR-15. I did read Senator Lindsey Graham has one but he could live in a high crime area and he is somewhat of an outspoken person and well known. Most things he says make sense though. Having a pistol for self defense seems okay to me, especially in high crime areas.

The tragedy in Texas may not have happened if the gunman could only have gotten a pistol. I quite frankly don't know what types of guns are available with a good background check. I don't know who the AR-15 is designed for?

How are you doing, Columbo? I know you weren't in a good place before so I hope things have improved for you somewhat.

 

[JohnDoe8776059]

Ya it's time to take action. I just don't know how to do it. Only thing that can be done is completely banning all firearms. Where I live they do background checks and call you in a few days if you're approved.

Most gun crime is from a criminal who already got that firearm illegally. Plus, we have more guns than people in America. Significantly lowering gun deaths through a ban will take decades for it to be possibly effective. Until then the guns will still be easily attainable for the criminals. Just look at the war on drugs which began in 1971 and it's proven to be a disaster.

Universal healthcare is one of the few left leaning policies I agree on since people don't deserve to die or receive lack of mental health care because they're too poor to pay for it. I can understand however why people believe their taxes shouldn't pay for trivial things like someone's useless college degree that the student chose to get and is now drowning in debt without a job.

 

[just1morething]

How are you doing, Columbo? I know you weren't in a good place before so I hope things have improved for you somewhat.

Hello Ed. I am so so. I hope you are well. I had surgery on my elbow ulner nerve on my right elbow and at the same time had carpal tunnel to my right hand in February.That worked out well and my fingers don't seem to tingle much anymore in my right hand.

I had a pretty big surgery on my lower back on May 3rd. It was a 2 level fusion with laminectomy. I have some toe numbness like my hand that I'm hoping my back surgery might help with with time. time. I am still dealing with tinnitus primarily in my left ear. Sometimes it goes away from unknown reasons, maybe partially from the strong painkillers I was on. I was taking Oxycodone plus some Diazepam.

I know I've been kinda quiet on this forum but I was on for 8 years or so. I don't know if this forum has been breaking even or not. I was trying to see how I do on my own so my donations dropped. I'm still looking at left TMJ possibly causing tinnitus to my left ear. Bone on bone on left side.

'Take care Ed. I hope your health is reasonable as I wish the same to all other members of this forum.

 

[ZFire]

Hey, Greg, just wanted to say I enjoy reading many your posts.

Forgot to mention this in my last post - above. The corporate tax rate in the US is 21%. This was reduced from 35% back in January 2018. To support what I mentioned in my post above - corporate taxation of 35% is too high and there's many economic models that support this.

Some pay little or no corporate tax, but all corporations in the US have other taxes that must be paid including employment and earning taxes.

Fifteen states and the District of Columbia have cut corporate taxes since 2012, and several more made tax rate cuts in 2020.

How do we know for sure that the need for a lower corporate tax rate will automatically mean investments into new jobs. They have no economic motive to expand unless or until consumers want to buy more, but consumer spending likely gets strained because the middle class keeps shrinking and the median wage when adjusted for inflation keeps declining. They could be sitting on billions of dollars in cash for all we know because they have no idea what to do with it so they hoard it. Or even better yet for them, rather than investing in expansion, it's likely they could be buying back their own stocks or increasing dividends.

Also most US corporations are no longer American companies in the strict sense. Most have heavy international ties now and they could create way more jobs abroad than in the US. A growing percent of their customers are outside the U.S. Their investors are global. And they place their profits whichever place taxes are the lowest another reason they pay so little in tax.

 

[Greg Sacramento]

@ZFire, good discussion, but with many metrics of a new order - this adminstration, the US may become a second world nation with no country being first. So much social to be considered, but most fundamental economists believe that corporations need to attain a low tax rate.

Some thought, but not complete due to a changing new order to your post above.

Decoding corporate share buybacks: Is it at the cost of investment?

 

[Luman]

How anybody in their right mind could have voted for a ticket with this woman as the VP candidate, is simply beyond my ability to comprehend.

 

[Juan]

Biden used to say that the Kingdom of Saudi Arabia is ruled by evil people who do not respect human rights, which is true...

Now Biden will have to travel to Saudi Arabia and kneel before Mohammed Bin Salman to beg a reduction in oil prices.

This is what happens when central banks do NOT do their jobs and politicians fail to strike agreements with other nations: then it is only time for begging and asking for forgiveness...

Forgot to add... Biden also used to say that he was going to ley a 15% global corporate tax. We are still waiting. We won't see that approved. "The rich" (I suppose he meant Elon Musk, Bezos etc) also were going to pay more tax... our eyes won't see that either. Biden the sneaky liar.