Economic News

  • Thread starter Thread starter nycfan
  • Start date Start date
  • Replies: 3K
  • Views: 130K
  • Politics 

President Donald Trump on Tuesday threatened to allow a “major lawsuit” against Federal Reserve Chairman Jerome Powell to proceed, escalating his pressure on the central bank leader to cut interest rates.

Trump said in a Truth Social post that the suit would relate to Powell’s management of pricey renovations at the Fed’s headquarters in Washington, D.C., which the president has previously criticized.




Trump did not say when that suit could be filed or by whom.

“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump wrote in the post.

“Steve ‘Manouychin’ really gave me a ’beauty’when he pushed this loser,” Trump wrote, referring to his first-term Treasury Secretary Steven Mnuchin having encouraged him to nominate Powell as Fed chair in 2017.

“The damage he has done by always being Too Late is incalculable. Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump claimed.

“I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings.”
 
nycfan said:

With Billions at Risk, Nvidia CEO Buys His Way Out of the Trade Battle​

Jensen Huang tried diplomacy to sell chips in China, but it took a last-minute deal with the White House​

🎁 —> https://www.wsj.com/world/china/nvi...7?st=2xnsEt&reflink=desktopwebshare_permalink

“…
Huang told President Trump that restrictions on U.S. chip sales to China would backfire by pushing Chinese technology champions to achieve self-reliance. He advised the president to keep China hooked on American tech. As a sweetener, Huang said the company would invest as much $500 billion in the U.S.

Huang’s argument, along with the half-trillion-dollar offer from the world’s most valuable company, appeared to seal the deal.

The Trump administration decided last month to allow China to buy Nvidia’s H20 artificial-intelligence chip, a surprising reversal that came shortly after Huang met with Trump. Nvidia had developed the H20 to comply with past export restrictions as a less powerful chip specially designed for China. The news sent Nvidia’s stock up 4%, pushing its market capitalization further above the record $4 trillion mark.

Beijing reciprocated by allowing a $35 billion deal involving U.S. chip-software makers that it had held up for about a year. In a previously unreported development, Chinese officials also froze an inquiry into an already-completed Nvidia deal. With both moves, China’s leaders hoped Huang would keep lobbying Washington for loosened export controls.

… There was one last hitch.

At a meeting with Huang in the White House last week, Trump made one more demand—that Nvidia give the federal government 20% of its chip sales to China in exchange for issuing the export licenses. “If I’m going to do that, I want you to pay us something,” Trump said, recounting the exchange at a news conference Monday.

… The unusual pay-to-play proposal, which hadn’t been vetted by White House tech policy staff before Trump offered it, is expected to face legal and security questions.

Huang, facing a choice of paying for long-term access to a market vital to his company or walking away, countered with 15%….”
Click to expand...
Just more extortion. Funny how China is not paying for it.
 
altmin said:

President Donald Trump on Tuesday threatened to allow a “major lawsuit” against Federal Reserve Chairman Jerome Powell to proceed, escalating his pressure on the central bank leader to cut interest rates.

Trump said in a Truth Social post that the suit would relate to Powell’s management of pricey renovations at the Fed’s headquarters in Washington, D.C., which the president has previously criticized.




Trump did not say when that suit could be filed or by whom.

“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump wrote in the post.

“Steve ‘Manouychin’ really gave me a ’beauty’when he pushed this loser,” Trump wrote, referring to his first-term Treasury Secretary Steven Mnuchin having encouraged him to nominate Powell as Fed chair in 2017.

“The damage he has done by always being Too Late is incalculable. Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump claimed.

“I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings.”
Click to expand...

“The damage he has done by always being Too Late is incalculable. Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump claimed.

So...the Biden economy was pretty good. Trump started on 3rd base again, just like 2017.
 
Duke Mu said:
“The damage he has done by always being Too Late is incalculable. Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump claimed.

So...the Biden economy was pretty good. Trump started on 3rd base again, just like 2017.
Click to expand...
Meanwhile the Dow is popping off like the 4th of July because the inflation numbers were so bad that they think they will get a fed rate cut out of it.

The world is too stupid for my taste.
 
altmin said:
Meanwhile the Dow is popping off like the 4th of July because the inflation numbers were so bad that they think they will get a fed rate cut out of it.

The world is too stupid for my taste.
Click to expand...
As with Trump 1.0, the equity markets have lots of reason to love all of this, regardless of what it's doing to our long term economic health.
  • Corporate tax cuts? Check.
  • Emerging AI that will drastically cut labor costs? Check.
  • Cheap money? Check.
  • No federal regulation? Check.
  • The ability to buy access and/or preferential treatment? Check.
I totally get why the markets are doing what they're doing. But we have a vampire economy right now, and the markets can only keep sucking the blood so ling before it runs out.
 
BillOfRights said:
Wall Street is concerned about the reliability of inflation data on eve of CPI


"This week’s inflation data will be huge for markets, and not just for the numbers.

Beneath the Bureau of Labor Statistics’ reports on consumer and producer prices will be simmering questions over the data’s validity.

Those concerns have accelerated as budget cutbacks have forced the agency to change the way it collects data. On top of that, President Donald Trump’s decision to fire the BLS commissioner after the July nonfarm payrolls data was released raised worries that the bureau could be politicized.

Doubt over the accuracy and integrity of the data is a serious issue considering how much BLS work is used to formulate policy, calculate Social Security payments and inform any number of other political and economic decisions."
Click to expand...
Trump is bad for business.
 
Powell should announce that he's not going to cut interest rates until he sees actual negative job numbers and their fucking minds will explode.

And also that he will raise them until he has confidence in the economic data, just to be sure.
 
Powell and Biden had this economy under control. We were due for rate cuts and got a couple.

Then Trump, Navarro-inspired tariffs, wild-ass numbers pulled out of his ass every time he opens month, on/off, on/off, on/off, markets shorted, markets gained, business uncertainty, large business layoffs, small business folding, universal tariffs, BLS attacked, inflation numbers attacked, Powell attacked. Yet somehow, this is all Powell's doing? Are0 you buying all this MAGA, including the child sex trafficking, or you just gonna continue blaming everyone but Trump and yourselves for putting him here?
 
nycfan said:
IMG_8783.jpeg

🎁 —> https://www.wsj.com/economy/jobs/lo...6?st=RjdmQo&reflink=desktopwebshare_permalink

“Something remarkable happened in the years immediately preceding and, especially, following the pandemic: Wages for poor workers began rising much faster than they did for the rich.

That era may have now come to at least a temporary halt. And with worries about the health of the job market heightened following the disappointing July jobs report, it may have ended altogether.

Wage growth for low-income workers looks to have significantly deteriorated in recent months, while wage growth for their higher-income counterparts has held up much better. It is a shift that could matter not just for low-paid workers, but the overall economy.

The jobs report released at the start of this month was revealing. It showed that average earnings for leisure and hospitality workers, at $22.83 an hour, were up 3.5% from a year earlier. Meanwhile, average hourly earnings for workers in the information sector were up 5.4%, to $52.61.

It is a far cry from, for example, December 2021. Back then, earnings for workers in leisure and hospitality—the lowest paying of the broad sectors tracked by the Labor Department—were up 14%. Earnings in the high-paying information sector were up less than 2%.…”
Click to expand...
Not to sound like a dick but that is a good thing to me. The era of fast food restaurants begging people to work for $16+ per hour and $12 meals needs to end. We may not go back to pre-pandemic but we can’t handle the low income price increases.

I was paying maybe $12 an hour for sitting for my son a decade ago. Now it is $20. And as a UNC employee my salary is not keeping up.

These lowest end jobs are for kids. I worked plenty of jobs for minimum wage ($3.50-$4.25) back in the day. I was living at home and had almost $0 expenses. It was great. Those are what those jobs are for. Of course minimum wage and these lower level wages in general should keep up with inflation but it has become ridiculous and is squeezing out the middle class.
 
ChapelHillSooner said:
Not to sound like a dick but that is a good thing to me. The era of fast food restaurants begging people to work for $16+ per hour and $12 meals needs to end. We may not go back to pre-pandemic but we can’t handle the low income price increases.

I was paying maybe $12 an hour for sitting for my son a decade ago. Now it is $20. And as a UNC employee my salary is not keeping up.

These lowest end jobs are for kids. I worked plenty of jobs for minimum wage ($3.50-$4.25) back in the day. I was living at home and had almost $0 expenses. It was great. Those are what those jobs are for. Of course minimum wage and these lower level wages in general should keep up with inflation but it has become ridiculous and is squeezing out the middle class.
Click to expand...
The minimum wage in 1970 ( $1.60/hr.) would be the equivalent to $13.00/hr. now. Two people making minimum wage could have with a little scrimping afforded a modest house at the time. Average price was $20.000. You could get an old mill house in Carrboro for $12,000. Don't look at the little bit of history you vaguely noticed and make those sorts of privileged assumptions. It was meant to be something people could live on. Back in my day, there were plenty of young couples who got married at 16 or 17 and was starting their lives with one or two minimum wage jobs.

Yeah, you sounded like a dick.
 
ChapelHillSooner said:
Not to sound like a dick but that is a good thing to me. The era of fast food restaurants begging people to work for $16+ per hour and $12 meals needs to end. We may not go back to pre-pandemic but we can’t handle the low income price increases.

I was paying maybe $12 an hour for sitting for my son a decade ago. Now it is $20. And as a UNC employee my salary is not keeping up.

These lowest end jobs are for kids. I worked plenty of jobs for minimum wage ($3.50-$4.25) back in the day. I was living at home and had almost $0 expenses. It was great. Those are what those jobs are for. Of course minimum wage and these lower level wages in general should keep up with inflation but it has become ridiculous and is squeezing out the middle class.
Click to expand...
Too much disruption on white collar and manufacturing jobs for these low level jobs to be just for kids. AI and automation is making it a lot worse. CEOs would prefer to hire 900 robot workers and one guy to sweep the floor of his office and call it a day rather than maintaining any salary costs in the corporation. It's going to get a lot worse. Hell the low level jobs are being automated with fast food order kiosks, self checkout, and burger flipping robots.

Walmart can hire only so many greeters, and honestly that will likely be replaced by Wally the Robot or something soon.
 
superrific said:
Powell should announce that he's not going to cut interest rates until he sees actual negative job numbers and their fucking minds will explode.

And also that he will raise them until he has confidence in the economic data, just to be sure.
Click to expand...
Super, I realize that thanks to our politicized SCOTUS. Trump is allowed to do anything he wants as Prez.

But under normal circumstances, wouldn't the post by Trump to the public be obvious blackmail? Of course this type of thing goes on all the time in politics behind closed doors. It even happens within parties during negotiations.

I'm just curious if in a pre-Trump, pre-wacko world, if this obvious blackmail would have been illegal?
 
EyeballKid said:
Trump’s nominee to lead BLS thinks we should just stop reporting the jobs numbers.

No bad news will be tolerated by the regime.

Click to expand...

I think this is a bit of a mischaracterization. The new commissioner wants to stop publishing monthly job reports because he thinks they are inaccurate and not valuable. He is objectively correct that the reports are inaccurate while not valuable is a harder case to make. Plenty of people rely on the data and understand that there's an inaccuracy.

He wants to improve the accuracy rate and then start publishing again. I think that's a reasonable plan but maybe not the best one.

He does want to keep publishing the more accurate quarterly jobs report.

The White House was asked and they said that the intention was to keep publishing the monthly job reports.

 
ChapelHillSooner said:
Not to sound like a dick but that is a good thing to me. The era of fast food restaurants begging people to work for $16+ per hour and $12 meals needs to end. We may not go back to pre-pandemic but we can’t handle the low income price increases.

I was paying maybe $12 an hour for sitting for my son a decade ago. Now it is $20. And as a UNC employee my salary is not keeping up.

These lowest end jobs are for kids. I worked plenty of jobs for minimum wage ($3.50-$4.25) back in the day. I was living at home and had almost $0 expenses. It was great. Those are what those jobs are for. Of course minimum wage and these lower level wages in general should keep up with inflation but it has become ridiculous and is squeezing out the middle class.
Click to expand...
Other than the Chick-fil-a drive through line, do you see a lot of teens working at fast food restaurants?

Also, when fast food hiked wages it wasn’t a moment of kindness, it was because they couldn’t staff the restaurant. Think for a moment about the amount of money you’d require to work at your local Wendy’s for a month.
 
altmin said:

President Donald Trump on Tuesday threatened to allow a “major lawsuit” against Federal Reserve Chairman Jerome Powell to proceed, escalating his pressure on the central bank leader to cut interest rates.

Trump said in a Truth Social post that the suit would relate to Powell’s management of pricey renovations at the Fed’s headquarters in Washington, D.C., which the president has previously criticized.




Trump did not say when that suit could be filed or by whom.

“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump wrote in the post.

“Steve ‘Manouychin’ really gave me a ’beauty’when he pushed this loser,” Trump wrote, referring to his first-term Treasury Secretary Steven Mnuchin having encouraged him to nominate Powell as Fed chair in 2017.

“The damage he has done by always being Too Late is incalculable. Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump claimed.

“I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings.”
Click to expand...
IMG_8804.jpeg
 
You must log in or register to reply here.
Back
Top