Fify
Spooooooky!!! Anyone else feel like we're in eerily similar times today as we were in 2007-2008. Only top 20% have more savings than pre Covid
- Thread starter GnauzBookOfRhymes
- Start date
GnauzBookOfRhymes
Superstar
Americans have exhausted their savings
Not only that, but Powell jacked up interest rates really fast. The whole purpose is to create a small recession to stop inflation. Wall Street begged him for 6-7 rate cuts and hes cut it ZERO times this year.Trump appointed the Fed Chair.
Crazy to think he's trying to help Biden.
"
Consumers aren’t shopping like they used to and a slew of retailers in recent weeks have announced price cuts as they strive to pull people into stores and entice them to spend money on things like new clothes, decorative items for the home and arts and crafts or hobby kits.
Shoppers have pulled back for a year now as costs have risen higher than they were three years ago and as incomes failed to keep up, said Sarah Wyeth, managing director, retail and consumer with S&P Global Ratings.
Earnings calls expose worries: Shares of Tyson Foods, one of the largest meat companies in the world, plunged nearly 6% on Monday after the meatpacker reported that consumers were under pressure from inflation, high costs and unwilling to spend like they used to.
Starbucks also saw a large drop in its stock price after the coffee house cut its full-year forecast, citing a decline in sales and tough macroeconomic conditions.
McDonald’s CEO Chris Kempczinski noted that consumers were keeping their wallets closed in the company’s earnings call earlier this month. “Consumers continue to be even more discriminating with every dollar that they spend as they face elevated prices in their day-to-day spending which is putting pressure on the [quick service restaurant] industry,” he said.
"
that's how you end greedflation. people spending regardless of price increases sent the message that they didn't jack up the prices high enough.
i'm out of stocks, and just enjoying the free 5% guaranteed return from the banks right now
this situation is precarious, and i don't like it
this situation is precarious, and i don't like it
Json
Superstar
These companies at least during Covid tried to explain the price increases as supply chain issues, but that explanation gave the idea that the increase was temporary so people just ate the cost.
Now we are years beyond that making sense and people can’t keep waiting for that finish line to pull cost back.
But also the lack of workers means they can’t pull off mass layoffs in the lower skilled workforce like they used to.
I jumped out of that and crypto, now just have silver and invested in a photography buisness, gonna be real strange to see how this plays outi'm out of stocks, and just enjoying the free 5% guaranteed return from the banks right now
this situation is precarious, and i don't like it
GnauzBookOfRhymes
Superstar
Says a guy who is associated with the heritage foundation and the federalist society. The problem is the government takes care of the top 10% corporations and wealthy individuals and forces the rest of us to subsidize them.
SP500 up 5% since this posti'm out of stocks, and just enjoying the free 5% guaranteed return from the banks right now
this situation is precarious, and i don't like it
GnauzBookOfRhymes
Superstar
Money Worries Crushing Mental Health: 7 in 10 Americans Report Peak Financial Stress
Americans are drowning in money worries, and it's taking a serious toll on their mental health. A new survey reveals that 70% of Americans say their financial stress has hit an all-time high.
studyfinds.org
Makavalli
Sinister is a system
Money Worries Crushing Mental Health: 7 in 10 Americans Report Peak Financial Stress
Americans are drowning in money worries, and it's taking a serious toll on their mental health. A new survey reveals that 70% of Americans say their financial stress has hit an all-time high.
This is nuts. Is the job market and economy that bad?
Money Worries Crushing Mental Health: 7 in 10 Americans Report Peak Financial Stress
Americans are drowning in money worries, and it's taking a serious toll on their mental health. A new survey reveals that 70% of Americans say their financial stress has hit an all-time high.
i love being unable to relate to thisi'm not like, some successful motherfukker, either
but its crazy how people are down bad like this. living paycheck to paycheck must be awful 
GnauzBookOfRhymes
Superstar
i'm not like, some successful motherfukker, either
This story focuses on the rich but I’d definitely include upper middle class as part of the economy that is relatively insulated. The only potential issue for them is that most if not all of their wealth comes from traditional employment wages whereas truly rich folks earn from existing capital as well. The fact that AI is starting to encroach on certain professions (tech related, midlevel corporate, government and profservices like accounting) is something that upper middle class types have to consider.
Last edited:
GnauzBookOfRhymes
Superstar
Subprime auto lender goes under
