Economy is in the tank, banks are reeling, inflation is sky-high and there's more Biden isn't telling you

[Social Media]

Are you angry yet? You should be. Our economy is slowing, banks are reeling, inflation remains scorching-high, real incomes are dropping, home prices are falling and Americans everywhere are becoming poorer by the minute.

On top of everything else, now we have the failures of Silicon Valley Bank and Signature Bank, infuriating bailouts and the resulting panic over banks. As with nearly everything that has gone wrong on their watch, including the inexcusable border chaos, the catastrophic pullout from Afghanistan and harmful inflation, the go-to response by the White House has been to blame President Trump.

[ozimoron]

Biden White House largely blames Trump admin for troubled U.S. troop withdrawal from Afghanistan

 

A new report from the National Security Council largely blamed former President Donald Trump's administration for the breakdown that occurred after U.S. troops withdrew.

 

The 12-page report by the National Security Council summarizes the administration's assessment of the withdrawal and largely blamed former President Donald Trump's administration for the chaos that unfolded as U.S. troops were leaving and as Americans and Afghans evacuated from the country.

 

"President Biden’s choices for how to execute a withdrawal from Afghanistan were severely constrained by conditions created by his predecessor," the report said.

 

Similar reports on the withdrawal — prepared by the Pentagon and the State Department with classified material — are being shared with lawmakers on Capitol Hill following requests from congressional committees, officials said Thursday.

 

https://www.nbcnews.com/politics/white-house/pentagon-release-declassified-report-afghanistan-withdraw-rcna78559

[thaibeachlovers]

On 3/22/2023 at 3:12 AM, Social Media said:

home prices are falling

I disagree that that is a bad thing. IMO house prices should fall by a great deal, so ordinary people have a shot at owning a home without mortgaging their future. If people paid too much for theirs, that's down to them thinking nothing would change. Many have been aware that cheap loans would not last forever, but some thought they knew better, apparently.

 

I doubt any government that wants to get re elected is going to tell the truth about a sagging economy, and Trump makes a convenient scapegoat, despite the economy apparently doing well on his watch.

[SunnyinBangrak]

On 3/21/2023 at 9:12 PM, Social Media said:

Our economy is slowing, banks are reeling, inflation remains scorching-high, real incomes are dropping, home prices are falling and Americans everywhere are becoming poorer by the minute.

On top of everything else, now we have the failures of Silicon Valley Bank and Signature Bank, infuriating bailouts and the resulting panic over banks. As with nearly everything that has gone wrong on their watch, including the inexcusable border chaos, the catastrophic pullout from Afghanistan and harmful inflation, the go-to response by the White House has been to blame President Trump.

exactly why "the distraction" was so desperately needed

[Tug]

Sounds just like something fake Fox News would push obviously trump poisoned the well so to speak on the afghan withdrawal. all countries on our Little Rock are suffering from inflation it is a worldwide problem not just here yes .I’m angry but not at the Biden administration they are doing a remarkable job with the hand trump ,Covid ,and Putin delt us I’m angry with the organizations that support the big lie instead of the country 

[SunnyinBangrak]

Just now, Tug said:

Sounds just like something fake Fox News would push obviously trump poisoned the well so to speak on the afghan withdrawal. all countries on our Little Rock are suffering from inflation it is a worldwide problem not just here yes .I’m angry but not at the Biden administration they are doing a remarkable job with the hand trump ,Covid ,and Putin delt us I’m angry with the organizations that support the big lie instead of the country 

Can you point out the lies in the OP? Or are they uncomfortable truths and hence the anger?

[Tug]

1 minute ago, SunnyinBangrak said:

Can you point out the lies in the OP? Or are they uncomfortable truths and hence the anger?

Hence fake Fox News seeding the anger spinning their usual division why don’t they speak up about trump poisoning the withdrawal?or trump running up the deficit 25% in a tax (grift) to his rich pals?there’s a big chunk of our deficit now there’s something to be angry about lm sure that’s contributing to our inflation as well sorry dude anything Fox says is suspect to me

[thaibeachlovers]

10 minutes ago, Tug said:

.I’m angry but not at the Biden administration they are doing a remarkable job with the hand trump ,Covid ,and Putin delt us

Hmmmm.

I can understand covid being a problem, and Trump makes a convenient scapegoat to blame all bad things on, but perhaps you can explain how Putin is interfering with the US economy?

[Tug]

3 minutes ago, thaibeachlovers said:

Hmmmm.

I can understand covid being a problem, and Trump makes a convenient scapegoat to blame all bad things on, but perhaps you can explain how Putin is interfering with the US economy?

Really???Inflation is happening WORLD wide in a majority of countries a large part of inflation is fuel prices and food both directly affected by Putin’s criminal war of conquest trump EARNED the animus directly by his hasty unplanned surrender of Afghanistan and freeing the enemy from the talaban prisioners

[placeholder]

1 hour ago, SunnyinBangrak said:

exactly why "the distraction" was so desperately needed

Wow! A conspiracy post from you of all people! Who woulda thunk it?

[vandeventer]

52 minutes ago, Tug said:

Really???Inflation is happening WORLD wide in a majority of countries a large part of inflation is fuel prices and food both directly affected by Putin’s criminal war of conquest trump EARNED the animus directly by his hasty unplanned surrender of Afghanistan and freeing the enemy from the talaban prisioners

This is happening worldwide yes but why?

 https://www.prageru.com/video/the-bankrupting-of-america?utm_source=youtube&utm_medium=paid&utm_campaign=5minvideos&utm_term=the+bankrupting+of+america&gclid=EAIaIQobChMItobXpsOW_gIVj34rCh2lQgPMEAAYAiAAEgKRffD_BwE

[placeholder]

The economy is growing, unemployment is at near record low levels, and inflation has been declining. And which administration was it that loosened regulations on banks?

[placeholder]

1 hour ago, vandeventer said:

This is happening worldwide yes but why?

 https://www.prageru.com/video/the-bankrupting-of-america?utm_source=youtube&utm_medium=paid&utm_campaign=5minvideos&utm_term=the+bankrupting+of+america&gclid=EAIaIQobChMItobXpsOW_gIVj34rCh2lQgPMEAAYAiAAEgKRffD_BwE

A talk by Stephen Moore?

Why one editor won’t run any more op-eds by the Heritage Foundation’s top economist

https://archives.cjr.org/united_states_project/stephen_moore_heritage_foundation_paul_krugman_kansas_city_star.php

 

His career is riddled with nonsense and falsehoods. Here's just one:

 

"In September 2018, Moore wrote a Wall Street Journal opinion piece entitled, "The Corporate Tax Cut Is Paying for Itself," in which he asserted that "faster-than-expected growth has produced a revenue windfall." Corporate tax receipts for the fiscal year ended September 2018 were down 31% from the prior fiscal year, the largest decline since records began in 1934, except for during the Great Recession when corporate profits, and hence corporate tax receipts, plummeted.[49][50][51][52]"

https://en.wikipedia.org/wiki/Stephen_Moore_(writer)

Plenty more of his nonsense is listed in this article.

[300sd]

2 hours ago, vandeventer said:

This is happening worldwide yes but why?

 https://www.prageru.com/video/the-bankrupting-of-america?utm_source=youtube&utm_medium=paid&utm_campaign=5minvideos&utm_term=the+bankrupting+of+america&gclid=EAIaIQobChMItobXpsOW_gIVj34rCh2lQgPMEAAYAiAAEgKRffD_BwE

When Trump is gone will they blame the moon?

[ozimoron]

4 minutes ago, 300sd said:

When Trump is gone will they blame the moon?

Do we still blame Nixon?

[Jingthing]

Just simple minded Trumpist talking points from a "news" network proven to be in the business of lying for dollars.

[heybruce]

4 hours ago, SunnyinBangrak said:

Can you point out the lies in the OP? Or are they uncomfortable truths and hence the anger?

The first four words of the title are a lie.  The economy is not in the tank.

[placeholder]

6 minutes ago, heybruce said:

The first four words of the title are a lie.  The economy is not in the tank.

Whaddya mean? Unemployment is not at a record low level. I think it's 0.1% above that. It's a disaster!!!

And inflation is rapidly coming down. Disaster!!!

And the previous 2 quarters showed strong economic growth. Disaster!!!

 

[VocalNeal]

^ Many on here emanate from what they think is " The Whole World"????

 

[thaibeachlovers]

I was referring specifically to the US, and the US usually does well economically from war. The big arms manufacturers must be going gangbusters on this one.

Hasn't Biden been saying how well the US economy is doing, or is he wrong?

[Hawaiian]

On 4/6/2023 at 5:18 PM, ozimoron said:

Do we still blame Nixon?

I blame Nixon for taking the U.S. off the gold standard, which is often called the "Nixon shock."

[Berkshire]

2 hours ago, thaibeachlovers said:

I was referring specifically to the US, and the US usually does well economically from war. The big arms manufacturers must be going gangbusters on this one.

Hasn't Biden been saying how well the US economy is doing, or is he wrong?

The US economy is doing well.  I'd believe President Biden over Fox News every day of the week, twice on Sundays.

[Pedrogaz]

I am very worried about Thailand's banks. The deposit insurance is down to 1 million baht per person, per account, per bank. It is pitiful. After the last crash in 1997, deposit insurance covered your entire deposits to attract foreign investors. I am going to start to withdraw my deposits, transfer some back to my home countries, keep them in the safe deposit box at the bank or buy physical gold.

[nigelforbes]

7 minutes ago, Pedrogaz said:

I am very worried about Thailand's banks. The deposit insurance is down to 1 million baht per person, per account, per bank. It is pitiful. After the last crash in 1997, deposit insurance covered your entire deposits to attract foreign investors. I am going to start to withdraw my deposits, transfer some back to my home countries, keep them in the safe deposit box at the bank or buy physical gold.

You answered your own point, the DPA protection was very high initially, because banks wanted to attract deposits, that job done the level of protection has been reduced to a more normal level. Today, less than 1.5% of all consumer bank accounts contain more than THB 1 mill, the current level of DPA insurance so why set the level any higher?

 

https://www.bot.or.th/App/BTWS_STAT/statistics/BOTWEBSTAT.aspx?reportID=188&language=ENG

 

Thai banks are a much safer bet than their western counterparts, their balance sheets are much stronger, they have implemented Basel III liquidity rules and they don't engage in foreign currency lending the same way that western banks do. Somebody will be along shortly to point out that Thailand Consumer lending is higher than many other countries and if consumers begin to default on the 56% of loans that are unsecured, the banks will have problems. Chartchai covered this subject in his column this week (disappointingly), if 20% of consumer debt defaulted, banks would have to begin to raise capital. 20% is a HUGE amount, the current NPL rate is under 3% and special watch loans under 6%. Even in an extreme case scenario of 20%, BOT is well capitalized with one of the highest FCY Reserve levels of any similar sized economy.

 

By all means withdraw your money and put it in a safe deposit box back home but that will mean its value will be eroded by inflation plus you will pay exchange rate costs and loose out on any currency appreciation. Personally, my money is flowing West to East, not the other way around.

 

 

[nigelforbes]

And before somebody mentions the declining Dollar and how the currency will end this year, let's get some perspective shall we. USD has declined from a short term high, it is now approaching fair value, nothing more than that. https://www.marketwatch.com/investing/index/dxy

 

[nauseus]

1 hour ago, Berkshire said:

The US economy is doing well.  I'd believe President Biden over Fox News every day of the week, twice on Sundays.

Two wrongs don't make a right.

[Skipalongcassidy]

1 hour ago, Berkshire said:

The US economy is doing well.  I'd believe President Biden over Fox News every day of the week, twice on Sundays.

Haha... Good luck with that... the truth from Biden is like winning the lottery... one in a billion chance

[candide]

3 hours ago, Skipalongcassidy said:

Haha... Good luck with that... the truth from Biden is like winning the lottery... one in a billion chance

It's not what Biden says, It's what economic indicators say. Strong GDP growth, low unemployment, inflation is high due to global context but decreasing (and lower than G7 average), energy production and exports have significantly increased, etc... not to mention a coherent industrial policy.

[Phoenix Rising]

4 hours ago, Skipalongcassidy said:

Haha... Good luck with that... the truth from Biden is like winning the lottery... one in a billion chance

So still way better than his predecessor then.

[Hanaguma]

2 hours ago, candide said:

It's not what Biden says, It's what economic indicators say. Strong GDP growth, low unemployment, inflation is high due to global context but decreasing (and lower than G7 average), energy production and exports have significantly increased, etc... not to mention a coherent industrial policy.

Wow, sounds just like 2016-19!  Except the inflation part.  And gas is $3.50 a gallon, not $2.50.  So maybe Biden is doing almost as well as Trump did.