The Nation's Financial Condition

[Brooklyn]

https://www.chicagotribune.com/business ... story.html



US economy shrank 33% in April-June period, the worst quarterly plunge in history




Thank you tRUMP.

[CU88]

MAGA?

https://www.newsweek.com/us-gdp-collaps ... es-1521668

U.S. gross domestic product plunged by more than 30 percent in the second quarter of this year, putting the country on track to perform poorly compared to other top ten economies hit by the global coronavirus pandemic.

Data released by the Bureau of Economic Analysis on Thursday showed that U.S. GDP contraction hit an annual rate of 32.9 percent in the three months between April and June, a huge spike on the economy's 5 percent fall in the first quarter of this year.

SO MUCH WINNING!

[Peter Brown]

Dems are close to their dream state of eating rats and dogs for lunch

Oh, Donald Trump has delivered the Dems "dream state" opportunity alright...he has single handedly exacerbated a pandemic, crashing the economy in the process.

Question is, can the Dems successfully accept the opportunity and sweep the GOP out of power for a generation? The Orange Cheato bumps up the chances of this happening EVERY. STINKIN'. DAY. lately...

..

If history is any guide, the pendulum is going to swing hard (if not in the first couple of years, thereafter) and there will be an opening for a return of competition in due course.

While it's hard to imagine the next set of politicians in power exhibiting the same sorts of epic incompetence and corruption as the Trumpist GOP, it's likely that, with some time, there will be dissatisfaction again. There will be mistakes and there will be corruption.

But yeah, the GOP is in great danger of losing a generation if it remains committed to a white, older, less educated set of voters and ideological messages designed to attract them. Huge demographic mistake.

Trumpism and all it entails need to be rejected wholesale if the GOP is to successfully reemerge as a credible, ideological competitor.

I'm not currently sanguine about how fast the GOP can clean house given the current trajectory, but it's the only path back to long term relevance IMO.

The faces on November 4th will be so long. If you thought the media's despair and gloom the night Trump won was bad, wait til you see all the people convincing themselves today of a similar outcome. It's going to be epic.

[a fan]

But yeah, the GOP is in great danger of losing a generation if it remains committed to a white, older, less educated set of voters and ideological messages designed to attract them. Huge demographic mistake.

They have a chance to capture Urban voters by stepping in and fixing policing in troubled cities. Not all police departments have these issues, mind you, but this is a Golden Opportunity to recover the soul of your party, and actually govern for a change.

The "anti-Big Government" plank is gone. They can't run on that anymore. Because if they don't continue spending and maintaining a large government, rural American will fall apart...and those rural voters will move to cities where all the jobs are. And studies show...they will become liberals shortly after moving to cities.

So imho? They can run on fiscal responsibility, and competent management of government assets.

So start doing things like attaching royalties to drugs if taxpayers fund R&D. And busting police unions to get better outcomes for both the police, and the communities they serve.

I'm not holding my breath. It will take leadership. And McConnell and Trump aren't leaders. But the good news for them is, neither is Pelosi. So there's hope!

[Jim Malone]

Yeah; and, a virus from across the sea had nothing to do with it.

Your prejudice is part of the problem with country today.

Old folk are prejudiced one way or the other.

Young folk who have no idea of the country's history; nor, respect for life, property or limb are lemmings for agitators.

https://www.chicagotribune.com/business ... story.html



US economy shrank 33% in April-June period, the worst quarterly plunge in history




Thank you tRUMP.

[MDlaxfan76]

But yeah, the GOP is in great danger of losing a generation if it remains committed to a white, older, less educated set of voters and ideological messages designed to attract them. Huge demographic mistake.

They have a chance to capture Urban voters by stepping in and fixing policing in troubled cities. Not all police departments have these issues, mind you, but this is a Golden Opportunity to recover the soul of your party, and actually govern for a change.

The "anti-Big Government" plank is gone. They can't run on that anymore. Because if they don't continue spending and maintaining a large government, rural American will fall apart...and those rural voters will move to cities where all the jobs are. And studies show...they will become liberals shortly after moving to cities.

So imho? They can run on fiscal responsibility, and competent management of government assets.

So start doing things like attaching royalties to drugs if taxpayers fund R&D. And busting police unions to get better outcomes for both the police, and the communities they serve.

I'm not holding my breath. It will take leadership. And McConnell and Trump aren't leaders. But the good news for them is, neither is Pelosi. So there's hope!

Agreed.

However, it's going to take some time before the GOP gets another shot at leadership.
They blew this shot badly. Very badly.

And demographics are destiny, so the GOP needs to substantially realign across the board. And that means rejecting the racist wing of Trumpism.

[MDlaxfan76]

Yeah; and, a virus from across the sea had nothing to do with it.

Your prejudice is part of the problem with country today.

Old folk are prejudiced one way or the other.

Young folk who have no idea of the country's history; nor, respect for life, property or limb are lemmings for agitators.

https://www.chicagotribune.com/business ... story.html



US economy shrank 33% in April-June period, the worst quarterly plunge in history




Thank you tRUMP.

Yeah, those young folks...

Jim,
Germany's had a 10% contraction, it's worst as well.
The US is 3X worse.
And Germany is on the upswing due to its serious approach to the the "virus from across the sea" while we continue to dither...

Can't blame the dithering on the virus.

[a fan]

Yeah; and, a virus from across the sea had nothing to do with it.

I said at the start of this stupid thing that we needed to go big with financial resource, flooding the US citizens with cash. Because economic damage like this snowballs, and "fixing the damage later" will cost exponentially more than simply flooding the US with cash.

And as usual, our leaders can't freaking figure that out. And that means D's and R's are on the hook for failure.

So we'll be shoveling money at the problem all freaking winter, and into the spring.

What's more, we're paying the price for American culture when it comes to handling the virus.

[Brooklyn]

Yeah; and, a virus from across the sea had nothing to do with it.

Your prejudice is part of the problem with country today.

Old folk are prejudiced one way or the other.

Young folk who have no idea of the country's history; nor, respect for life, property or limb are lemmings for agitators.

https://www.chicagotribune.com/business ... story.html



US economy shrank 33% in April-June period, the worst quarterly plunge in history

Thank you tRUMP.

Perhaps if your hero the Idiot-In-Chief had listened to wise counsel and tried to adopt the methods used by, say, the government in South Korea, the outbreak in the USA would have been considerably more benign and over 100,000 lives could have been saved. This would have made its impact on the economy considerably less damaging.

But no, let us blame - what did you say - "young folks" "old folks"? Yeah, let's do that and blame Obama as well.

Like it or not, responsibility goes to the top. And it is your hero tRUMP who is responsible for the proliferation of the disease and for all those deaths. No, it's not me that is the problem - it's your hero that is the problem.

[CU77]

I said at the start of this stupid thing that we needed to go big with financial resource, flooding the US citizens with cash. Because economic damage like this snowballs, and "fixing the damage later" will cost exponentially more than simply flooding the US with cash.

And as usual, our leaders can't freaking figure that out. And that means D's and R's are on the hook for failure.

Sorry, no. This is totally on the R's. The D's in the House have passed a $3 trillion rescue package, and every D in the Senate would vote for it if McConnell (R, Kentucky) would bring it to the Senate floor. Which he won't.

[RedFromMI]

I said at the start of this stupid thing that we needed to go big with financial resource, flooding the US citizens with cash. Because economic damage like this snowballs, and "fixing the damage later" will cost exponentially more than simply flooding the US with cash.

And as usual, our leaders can't freaking figure that out. And that means D's and R's are on the hook for failure.

Sorry, no. This is totally on the R's. The D's in the House have passed a $3 trillion rescue package, and every D in the Senate would vote for it if McConnell (R, Kentucky) would bring it to the Senate floor. Which he won't.

I have to agree with CU77 - the Rs also could have taken up the House bill, amended it and gone to a quick conference, but that would place things out of McConnell's control...

[a fan]

I said at the start of this stupid thing that we needed to go big with financial resource, flooding the US citizens with cash. Because economic damage like this snowballs, and "fixing the damage later" will cost exponentially more than simply flooding the US with cash.

And as usual, our leaders can't freaking figure that out. And that means D's and R's are on the hook for failure.

Sorry, no. This is totally on the R's. The D's in the House have passed a $3 trillion rescue package, and every D in the Senate would vote for it if McConnell (R, Kentucky) would bring it to the Senate floor. Which he won't.

I have to agree with CU77 - the Rs also could have taken up the House bill, amended it and gone to a quick conference, but that would place things out of McConnell's control...

That's today, fellas. I'm talking about April. Think of what this $3 Trillion could have done back then? How much damage would have been spared, businesses saved, rents paid, meals bought.....

This won't be the last bailout, unless the virus goes away in the next two months.

[CU88]

Funny, no r's on this topic recently...

GDP.jpg (90.43 KiB) Viewed 1216 times

[Peter Brown]

Remind me to send Gavin Newsome and all the birdbrain California Democrats a Christmas Card this year!

I wake up and they've increased my Florida property investments! I didn't have to do anything other than hear that they want to raise the top combined income tax to 54% (cap gains too!) on California's job creators!

https://www.cnbc.com/2020/07/30/tax-hik ... -rate.html

Welcome to Florida, boys, the water is warm and our Governor would sooner die than raise a tax! Is it any wonder Texas and Florida lead the nation on the economic front!??!

Is there really any difference between an American Democrat and Venezuelan socialist? Neither has any appreciation of freedom or success. Let's be real.

Anyway, good luck chocking to death your most productive citizens! Democrats are the enemy of success. Surely no one like Elon Musk or Joe Rogan will decamp for more hospitable business environemnts. Oh wait...

[jhu72]

EU GDP down 12% while US is down more than 30%. MAGA

[ardilla secreta]

Good news and bad news for the bottom half of America. The bad news is that they missed out on Apples rise in value today of 10.47%. The good news is that the stock will have a 4 to 1 split making the price a more affordable $106 from $425. So stock up folks.

[jhu72]

You remember that 30+% drop in GDP in Q2, the tech companies which appeared before the senate yesterday?? Aggregated they made profits of $28 billion in Q2.

[Typical Lax Dad]

Good news and bad news for the bottom half of America. The bad news is that they missed out on Apples rise in value today of 10.47%. The good news is that the stock will have a 4 to 1 split making the price a more affordable $106 from $425. So stock up folks.

Great news!

[ardilla secreta]

Good news and bad news for the bottom half of America. The bad news is that they missed out on Apples rise in value today of 10.47%. The good news is that the stock will have a 4 to 1 split making the price a more affordable $106 from $425. So stock up folks.

Great news!

Good time for middle America to sell that kidney.

[jhu72]

It sure looks like the republican party committed suicide today. Senate going on August vacation the day unemployment insurance assistance is ending. Dems have got the high ground on this one. They passed their bill 11 weeks ago.