Topic: The Economy is Going to Implode

[Libertas]

It's spelled r-e-c-e-s-s-i-o-n and it's 100% attributable to insane Bidenomics that Kamala Chameleon wants to triple-down on...

And while the collapse in demand is benefitting energy prices...the inflation created by Biden-Harris still remains pretty much everywhere else...

[Libertas]

https://www.zerohedge.com/markets/illinois-trucking-company-480-drivers-abruptly-ceases-operations

No big deal, just another outfit destroyed by Biden-Harris inflation and head-up-the-ass energy policy and excessive regulation...

The maintenance stats are not a surprise...when your cash flow is getting hammered by high fuel costs then throw in labor and insurance costs etc...you start cost savings by using bailing wire and duct tape to keep the fleet limping along...

Pretty sure everybody in the White House could care less about this outfit folding...

As for this...

https://www.zerohedge.com/markets/boeing-shares-rise-historic-contract-offer-union-potentially-averting-crippling-strike

...given all their other challenges...their stock goes up and I am stupid enough to have any...it's getting sold on that uptick!

[patentlymn]

https://www.zerohedge.com/markets/illinois-trucking-company-480-drivers-abruptly-ceases-operations

No big deal, just another outfit destroyed by Biden-Harris inflation and head-up-the-ass energy policy and excessive regulation...

The maintenance stats are not a surprise...when your cash flow is getting hammered by high fuel costs then throw in labor and insurance costs etc...you start cost savings by using bailing wire and duct tape to keep the fleet limping along...

Pretty sure everybody in the White House could care less about this outfit folding...

As for this...

https://www.zerohedge.com/markets/boeing-shares-rise-historic-contract-offer-union-potentially-averting-crippling-strike

...given all their other challenges...their stock goes up and I am stupid enough to have any...it's getting sold on that uptick!

were any detailed reasons given for the trucking company shut down?

[Libertas]

https://www.zerohedge.com/markets/illinois-trucking-company-480-drivers-abruptly-ceases-operations

No big deal, just another outfit destroyed by Biden-Harris inflation and head-up-the-ass energy policy and excessive regulation...

The maintenance stats are not a surprise...when your cash flow is getting hammered by high fuel costs then throw in labor and insurance costs etc...you start cost savings by using bailing wire and duct tape to keep the fleet limping along...

Pretty sure everybody in the White House could care less about this outfit folding...

As for this...

https://www.zerohedge.com/markets/boeing-shares-rise-historic-contract-offer-union-potentially-averting-crippling-strike

...given all their other challenges...their stock goes up and I am stupid enough to have any...it's getting sold on that uptick!

were any detailed reasons given for the trucking company shut down?

Not that I could find, but it is a thin margin industry and rising costs can cripple their cash flow...

[Libertas]

https://www.zerohedge.com/economics/core-inflation-comes-hotter-expected-collapsing-odds-50bps-rate-cut

Oops!

Well, that was unfortunate but not unexpected...

Bidenomics, Kamalanomics...it's just dumb and dumber...

[Libertas]

This whole thing is good, read it all.  And yes, the biggest fugly of fuglies has to be derivatives...given to us by Ivy League & MIT geniuses who found a new way of leveraging ourselves into new heights of stupidity...but it is all fugly...from the birth of the Fed demon onwards...

https://www.zerohedge.com/personal-finance/how-does-one-hedge-against-open-stupidity

There are tangible hedges against stupidity...and they'll be bartering with each other...the survivors anyway...

In a strongly related note, this too is very good, read it all too!

https://www.zerohedge.com/economics/bad-data-and-bad-models-how-fed-has-shattered-confidence

Pretty much answers why they cannot get ahead of anything at any point in the cycle or get anything right...it's dumb luck if those forces outside their control happen to moderate even a little bit the continuing chaos orchestrated by idiots...

H/T-WRSA@CF

[Libertas]

This is hilarious...

25% no good...think they can get more out of a struggling company not even done settling up for all the mishaps they've had...

Brilliant!

/

https://www.zerohedge.com/markets/spooky-boeing-workers-go-strike-first-strike-2008

Odds of this ending quickly?  Dim.

Combined with our other challenges to numerous and serious to list in several breaths...

Our deteriorating fiscal house nobody seems to GAFF about...interest on debt blows past defense spending:

Interest On US Debt Surpasses $1 Trillion For First Time Ever, Exploding August Budget Deficit To Record High




https://www.zerohedge.com/markets/endgame-interest-us-debt-surpasses-1-trillion-first-time-ever-exploding-august-budget

And we haven't even had October surprises yet (and it's triple-witching day)...

Caveat Emptor

[Libertas]

More infrastructure under attack by terrorists or by wokeness or Biden-Harris policies or any or all of the above?!

https://www.thegatewaypundit.com/2024/09/breaking-live-aerial-footage-captures-massive-explosion-chemical/

 

[Libertas]

Noted this a while back, but fun to review -

Claudia Sahm claims to have invented a recession indicator created by Ed McKelvey. Now she says the indicator is wrong. Let’s investigate.

What is the McKelvey Recession Indicator?
Take the current value of the 3-month unemployment rate average, subtract the 12-month low, and if the difference is 0.30 percentage point or more, then a recession has started.

Edward McKelvey, a senior economist at Goldman Sachs, created the indicator.

Claudia Sahm, a former Federal Reserve and White House Economist, modified the indicator from 0.3 to 0.5.

The rule triggered in August but Sahm is in denial.

Sahm Denial
Marketplace discusses Sahm’s Recession Denial.

When the monthly jobs report from the Labor Department was released in August at 8:30 a.m., it packed a punch. Something called the Sahm Rule had been triggered — it was like an economic fire alarm was going off.

“I was live on the radio, and they read the numbers out loud. I said, ‘OK, so the Sahm Rule says we would be in a recession, but Sahm says we’re not,’” said Claudia Sahm.

Sahm discovered the rule when she was studying previous recessions as part of a project to help policymakers prepare for the next one.

So why is Sahm, the economist, discounting Sahm, the rule, now?

The unemployment rate, Sahm explained, has an Achilles’ heel: It doesn’t only go up when people lose their jobs, it can also go up when the number of people looking for jobs goes up.

“When you have people enter the workforce, it can take longer to find a job, even in the best of times,” she said. “That will push up the unemployment rate.”

Sahm certainly did not discover the rule. She modified Ed McKelvey’s rule with no credit given to McKelvey.

And it might behoove Sahm to actually investigate her explanation.

In 7 of 10 recessions, the labor force was higher in the third month of recession than the start of it.

In isolation, that would tend to raise the unemployment rate as Sahm says. But it is also normal behavior.

The Covid recession only lasted 2 months and was so unusual in many other ways that it’s best to remove it for comparison purposes. But if you insist, then call the score 7 of 11.

Recessions Tend to Start Slowly
In two recessions, 1970 and 1973, employment was higher in the third month of recession than the first, by 83,000 and 353,000 respectively.

Nonfarm payrolls were up by 275,000 and 223,000 respectively.

And that is after revisions!

So, don’t claim the labor market is too strong for a recession to have started.

https://www.zerohedge.com/economics/claudia-sahms-recession-denial-theory-flunks-simple-data-test

Best fall on your petard or perhaps she favors being hoisted?   

[Libertas]

Plain to see...

What sector does the Biden-Harris regime destroy?  The private...

What does it build?  The public...

It's in their own data to see in every job release...

H/T-CTH

[patentlymn]

SOME GUY BUYS REPO CARS
He says banks/finance companies are refusing to sell at market prices bc they want to get a higher price to get their money back.
https://youtu.be/kQQIVDEfwBA

[Libertas]

This is going to be bad for the Biden-Harris regime and more importantly the Heel's-Up/NoBalz campaign...

https://www.zerohedge.com/economics/biggest-wild-card-presidential-election-just-days-left-until-crippling-port-strike

Beyond the obvious that the Trump-supporting Teamsters are unlikely to change their mind regardless of strike or no strike...if FJB intervenes the few members currently not supporting Trump could flip...and more consequential any logistical disruption impact is going to blow all over Harris.

[Libertas]

https://www.zerohedge.com/political/future-fed

Totally political, totally wrong and stupid...and yeah, their little fiefdom needs to be reigned in, principles sacked and charter revised!

Same for Treasury and the BS games they play.  And the BLS.  And...well it goes on and on!  All need strong action!

[Libertas]

Well, won't this be fun?

https://www.zerohedge.com/economics/port-new-york-new-jersey-details-strike-operations-plan

Wonder what a panicked Heel's-Up Harris will scream at Jello-head/Poopy-Pants to do about it?   

And Xi is opening the Renminbi floodgates...and is purposely vague about for how long or really how much...

https://www.zerohedge.com/markets/china-goes-all-outas-xi-vows-save-private-economy-stabilitze-real-estate-and-boost-stock

Mmm, the sweet smell of desperation!

[Libertas]

This is good, been reading Peter for a lot of years, knows his stuff...

Read it all - https://www.zerohedge.com/markets/schiff-qe-way

I cannot find fault in any of it...and if he is off in anything it may only be on timing...

And on inflation alone the Fed decision to cut rates already looks silly, their favored indicator for Core PCE Y/Y went up!

https://www.zerohedge.com/personal-finance/feds-favorite-inflation-indicator-hottest-april-govt-handouts-continue-soar

And, the 35.4T and counting ticking fiscal time-bomb keeps getting fatter and if leftists and cucks keep spending like drunken despots it will all blow up a lot sooner than people think...especially if sh*t like this Rand Corp BS is entertained by those idiots!

[Libertas]

https://www.zerohedge.com/economics/us-manufacturing-surveys-signal-stagnation-employment-weak

I'm sure Powell is eager to make things worse...pump now, pay later is the secret Fed motto...

As for this strike...

H/T-CTH



More than 45,000 International Longshoremen's Association (ILA) members from over three dozen facilities across 14 Gulf and East Coast ports went on strike early Tuesday, marking the largest labor action at US ports in nearly 50 years. The labor action, driven by disputes over automation and wages in a new multi-year labor contract, threatens to disrupt supply chains nationwide. If the strike persists for more than a week, retailers could face shortages of certain goods (read: here), potentially sparking another wave of inflation.

ILA's strike hit 36 ports across the Gulf and up and down the East Coast—this is the union's first labor action since 1977. Workers walked off the job at the Port of Philadelphia a few short minutes after midnight when ILA and the US Maritime Alliance (USMX)—a coalition of port operators and carriers—failed to agree on a new labor contract offer that would have boosted wages by 50% over six years and pledged to place limitations on port automation. The union has demanded a 77% pay bump.
https://www.zerohedge.com/markets/it-begins-us-port-strikes-erupt-first-shutdown-50-years-sparks-fears-supply-chain-crisis

There's a theory out there that this is all a scam to have Heels-Up Harris step in and save the day...

How that happens I do not know, only Jello-head poopy-pants can invoke Taft-Hartley and all Heels-Up can do is run her mouth...

So I call BS on this...Harris loses big with a strike on economic suffering...loses what is left of union support his poopy-pants invokes Taft-Hartley...

Either way they lose...

[Libertas]

https://theconservativetreehouse.com/blog/2024/10/02/dragon-riding-dockworker-strike-underway-as-alinsky-methods-deployed-against-labor-union-head-harold-daggett/

I never liked the idea of foreign owned anything remotely strategic...

Nothing much more strategic than ports, eh?  After all, controlled by a hostile foreign entity...how easy to slip in untold horrors?

[patentlymn]

https://theconservativetreehouse.com/blog/2024/10/02/dragon-riding-dockworker-strike-underway-as-alinsky-methods-deployed-against-labor-union-head-harold-daggett/

I never liked the idea of foreign owned anything remotely strategic...

Nothing much more strategic than ports, eh?  After all, controlled by a hostile foreign entity...how easy to slip in untold horrors?

In material fact, most critical ports in the USA are owned by foreign entities.  As a result, the ILA are striking against the ideological, political and financial interests of mostly foreign entities (USMX).

I recall years ago the union got automation protection from containers with massive pay increases and other money.

[Libertas]

US Port Workers Agree To End Strike After Accepting 62% Wage Increase

If you just bought 10 years worth of toilet paper, you may want to check if you still have the receipt.

Late on Thursday, 45,000 striking dockworkers at US East and Gulf coast ports agreed to return to work after port operators sweetened their contract offer, ending a three-day strike that threatened to disrupt the American economy.

The International Longshoremen’s Association and port operators, in a joint statement, said they had reached a tentative agreement on wages and union members would return to work. They said the agreement would extend the prior contract, which expired at the start of this week, through Jan. 15, 2025 while the two sides negotiate on other issues, including automation on the docks.

The breakthrough came after port employers offered a 62% increase in wages over six years, the WSJ reported citing people familiar with the matter.
https://www.zerohedge.com/markets/us-port-workers-agree-end-strike-after-accepting-62-wage-increase

https://theconservativetreehouse.com/blog/2024/10/03/ila-and-usmx-reach-tentative-agreement-on-wages-ila-suspends-strike-through-january-15th-as-negotiations-continue/

I am pleased that the union was able to find an acceptable concession to allow workers to get back to work while they hammer out the remaining details and minimize the logistical chaos and economic costs to Americans...

I cannot fault them on the automation score, sooner or later we'll all be threatened by automation and AI taking jobs.

And, the toilet paper quip was predictable but still hilarious.   

[Libertas]

https://www.zerohedge.com/geopolitical/chaos-coming-rubino-warns-trust-horizon-shrinking-everywhere

Demoscats lie, cucks lie, Fed lies, MFM lies, Bureaucrats/DeepState lies, doctors lie, scientists lie, lies everywhere...

So, yeah...trust is hard to come by and few earn it...