Utopia Talk / Politics / The economy:Boom or bust...maybe both?

Habebe Member	Mon May 31 19:55:03 There's alot going on. Many large institutions/governments have been warning of an asset bubble that's about to burst. But also the US and China are supposed to be set to have huge growth. Europe is still in a recession. Inflation and debt worries are everywhere. We have moderate inflation now, however that could just be a mix of adjusting to the post pandemic recovery and specific cases of inflation due to adjusting issues left over from the pandemic. Plus a bunch of smaller shit going on, crypto, gamestonk, wholesale barrels of lube etc.
Earthpig GTFO HOer	Mon May 31 21:09:46 I only see a sample of that subset of people buying homes, primarily in the bay area. DD into their personal finances. Middle class gutting has been accelerated in the last year. One of the two spouses either has that tech/legal/stem/sales/etc job, or neither does and they are poor. That's it, not a lot in between. I did what I believe will be the last mortgage for a blue collar single mom a few months back. Mom+daughter. 1/1 condo in Vallejo, low 300s, 5% down. And that's it. 1/1 condos I the greater bay area are now out of her price range due to the last couple months of appreciation.
Dukhat Member	Mon May 31 23:30:20 Trump passes a tax cut for the rich that costs 1.5 trillion dollars and a shitty first Covid stimulus that also went striaght to the rich that cost 2 trillion dollars and now you worry about debt. Nobody cares about inflation anymore. The only people that remember the 70's are all dead unless they are Jimmy Carter. As for debt ... lol, hypocrisy much? At least Biden is getting a lower rate of interest on the spending he's proposing than Trump ever did for his dumbass tax cuts. Crypto doesn't matter. It could collapse overnight and the world economy wouldn't bat an eye. Gamestop ... lol no. As for the middle class dying, been happening for a long time and accelerated by Republicans. The best solution is universal basic income or some other form of redistribution. It's not even because of immigration. Automation and the destruction of unions means those high-paying mouthbreather jobs are gone. You could stop immigrants but the only good jobs they take are in construction. The rest of it is washing dishes and plucking chickens and that shit; don't nobody want to do that. Anyways, get skills or get fucked. Even coders have to worry about machines taking their jobs now and we ain't seeing universal income until Republicans die out as a political force (at least 10 years)
earthpig GTFO HOer	Tue Jun 01 16:00:19 Re: "even the coders have to worry..." I talk to the guys programming AI to do programming once in a while. And I'm like ummm dude you may as well be a Realtor giving money to Zillow or a taxi driver moonlighting as an uber driver.
Habebe Member	Tue Jun 01 16:15:26 I heard something about a.movie that was written by an AI program.
Cloud Strife Member	Wed Jun 02 09:09:07 I see some real estate bubbles, but most stock assets (especially outside tech and memes) seem OK. Inflation looks good, and we've had effectively zero interest rates forever, so raising them will handle it. I've not even heard of problems with debt, so I don't know where that came from. Again interest rates are zero, so raising interest rates solves whatever purported problem there is here. I see rather more speculation than usual, in e.g. GME, AMC, Crypto, Tesla, but these are all minor within the market overall. There are some structural issues with runaway wealth accumulation, but that's more of a political problem than an economic one. That problem is also easily addressed, and addressing it helps the economy, so again. People want the economy to look bad here, but it really doesn't. The only "problem" is that people who are poor don't realize they are poor, and don't want to take money from the rich.
Paramount Member	Wed Jun 02 11:12:59 ” The only "problem" is that people who are poor don't realize they are poor, and don't want to take money from the rich” In Sweden, the political party that is representing the rich told their members to not wear their expensive jewelry and fancy clothings during the election campaign some years ago. Becuase they wanted to look avarage to attract the avarage person. The rich hide their riches. If the people knew how much money, jewelry, cars, houses, yachts, purses and shoes, and luxury furnitures they have compared to the avarage person – then everyone would know that they are getting screwed.
Habebe Member	Wed Jun 02 12:08:31 "I've not even heard of problems with debt, so I don't know where that came from. " I should clarify this. So, everything is relative, so in that sense maybe we're ok. Dukhat took it to be US centric, its not.That said governments worldwide are super in debt, ratio wise way more than usual.Debt to GDP is through the roof. Inflation, looks bad, but outside of specific industries which should work themselves out, we are pretty much where we would be without the pandemic, but should keep an eye on it. As for asset prices, there was talk last year that inflation wad being hidden in asset prices. Now the US, China and I think several orgs are warning of massive asset drops coming soon.
Cloud Strife Member	Wed Jun 02 13:30:23 "The rich hide their riches. If the people knew how much money, jewelry, cars, houses, yachts, purses and shoes, and luxury furnitures they have compared to the avarage person – then everyone would know that they are getting screwed. " Never gets old when some frat boy billionaire puts on some overalls and poses with a tractor.
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