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Trump - kcar - Nov 28, 2023 - 9:09am
 
The Dragons' Roost - GeneP59 - Nov 28, 2023 - 8:59am
 
Economix - black321 - Nov 28, 2023 - 7:38am
 
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iPad wake screen - michaelmuller - Nov 27, 2023 - 10:11am
 
the Todd Rundgren topic - Coaxial - Nov 27, 2023 - 9:36am
 
Mixtape Culture Club - ColdMiser - Nov 27, 2023 - 7:46am
 
Lyrics That Remind You of Someone - oldviolin - Nov 26, 2023 - 8:25pm
 
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Audio Problems - uaerez - Nov 26, 2023 - 12:30pm
 
Shameless Band Promotion - West Coast Division - sunybuny - Nov 26, 2023 - 11:56am
 
Guns - Red_Dragon - Nov 26, 2023 - 10:45am
 
HALF A WORLD - oldviolin - Nov 26, 2023 - 9:54am
 
AI Bill - timothy_john - Nov 26, 2023 - 3:52am
 
Would you drive this car for dating with ur girl? - KurtfromLaQuinta - Nov 25, 2023 - 8:07pm
 
Discussion Thread for the Meetup Meetup Topic - Red_Dragon - Nov 25, 2023 - 2:02pm
 
Europe - thisbody - Nov 25, 2023 - 1:08pm
 
Climate Change - R_P - Nov 25, 2023 - 12:00pm
 
Germany - thisbody - Nov 24, 2023 - 12:29pm
 
Ukraine - Steely_D - Nov 23, 2023 - 1:20pm
 
Artificial Intelligence - thisbody - Nov 23, 2023 - 9:28am
 
It's the economy stupid. - thisbody - Nov 23, 2023 - 9:17am
 
Tech & Science - thisbody - Nov 23, 2023 - 9:08am
 
Arlo Guthrie's Alice's Restaurant Massacree - islander - Nov 23, 2023 - 7:51am
 
Coffee - haresfur - Nov 22, 2023 - 7:53pm
 
Counting with Pictures - ScottN - Nov 22, 2023 - 2:08pm
 
Climate Change - thisbody - Nov 22, 2023 - 1:53pm
 
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Lazy8

Lazy8 Avatar

Location: The Gallatin Valley of Montana
Gender: Male


Posted: Dec 8, 2022 - 9:36am

 islander wrote:
I think this is the right thing to do. But it is especially ironic, as most of the beneficiaries of these policies are against 'socialism' and any government 'handouts' for people who are not them. Pretty typical "I don't care until it affects me personally" politics.

Edit to add:  We should pay for this by taxing Amazon/Walmart/ other major retailers who have made trillions of dollars in no small part by utilizing these workers.

So...a union invested poorly and wound up with an underfunded pension fund, and that's all the fault of companies that (in general) had nothing whatsoever to do with the problem:

1. Don't have unionized workforces
2. Don't have pensions—they use defined contribution (401K) retirement plans rather than defined benefit (pension) plans

...and the part that bothers you about the bailout is that the beneficiaries are no longer political allies?


islander

islander Avatar

Location: Seattle
Gender: Male


Posted: Dec 8, 2022 - 9:05am

 black321 wrote:


Disagree. 
Pensions are backstopped by PBGC, which is funded with "insurance" payments by those paying into pensions, but it's not 100%. 
The rules that allow these pensions to become so massively underfunded were allowed because cos lobbied for them, and now taxpayers pick up the tab...in the so called inflation reduction act.
and not like the last admin was any better...which also subsidized underfunded plans, and allowed the can to be kicked further down the road. 

p.s., are you implying most union workers are conservative/republicans?




If the PBGC were sufficient this wouldn't be a 36 billion dollar issue.  

Not all union workers, but I'd bet a substantial portion that are teamsters are.  

https://www.npr.org/2016/03/07... 
black321

black321 Avatar

Location: An earth without maps
Gender: Male


Posted: Dec 8, 2022 - 8:06am

 islander wrote:


I think this is the right thing to do. But it is especially ironic, as most of the beneficiaries of these policies are against 'socialism' and any government 'handouts' for people who are not them. Pretty typical "I don't care until it affects me personally" politics.

Edit to add:  We should pay for this by taxing Amazon/Walmart/ other major retailers who have made trillions of dollars in no small part by utilizing these workers.


Disagree. 
Pensions are backstopped by PBGC, which is funded with "insurance" payments by those paying into pensions, but it's not 100%. 
The rules that allow these pensions to become so massively underfunded were allowed because cos lobbied for them, and now taxpayers pick up the tab...in the so called inflation reduction act.
and not like the last admin was any better...which also subsidized underfunded plans, and allowed the can to be kicked further down the road. 

p.s., are you implying most union workers are conservative/republicans?


islander

islander Avatar

Location: Seattle
Gender: Male


Posted: Dec 8, 2022 - 7:50am

 black321 wrote:

On the one hand, regulators turn a blind eye to these schemes, until they get in trouble, and then a bailout. 
Might as well go all-in and nationalize everything

Biden to announce federal bailout for troubled union pension fund

WASHINGTON – President Joe Biden on Thursday will join labor leaders to announce a federal bailout for a pension fund largely benefiting Teamster workers and retirees.

The $36 billion for the Central States Pension Fund will prevent benefits from being cut more than in half for more than 350,000 truck drivers, warehouse workers, construction workers and others, according to the White House.

  • The bailout was made possible by the American Rescue Plan Act, the $1.9 trillion package passed last year in response to the pandemic.
  • Financially struggling multiemployer pension plans can apply to the Pension Benefit Guaranty Corporation for assistance.
  • Before the act passed, more than 200 pension plans were on pace to become insolvent in the near term, according to the White House. Now, those plans are projected to remain solvent through at least 2051.
  • The $36 billion for the Central Pension Fund is the biggest boost from the program, and the largest ever federal financial assistance for troubled pension funds, according to the White House.

What's about to happen

Teamster workers and retirees will join Biden and Labor Secretary Marty Walsh at a White House event announcing the assistance. Biden has said he’s goal is to be “the most pro-union president” in U.S. history. He held the first public event of his presidential campaign at a Teamsters hall in Pittsburgh in 2019.

Critics, like George Mason University’s Charles Blahous, say the bailouts encourage “more of the irresponsible behavior that got pensions into trouble in the first place.”

Who is being helped?

Most states have workers or retires expected to benefit. The states with the most beneficiaries are:

  • Michigan: 40,300
  • Ohio: 39,900
  • Missouri: 27,800
  • Illinois: 25,000
  • Texas: 22,500
  • Wisconsin: 21,900
  • Indiana: 19,600
  • Minnesota: 19,300
  • Florida: 18,700
  • Tennessee: 14,200





I think this is the right thing to do. But it is especially ironic, as most of the beneficiaries of these policies are against 'socialism' and any government 'handouts' for people who are not them. Pretty typical "I don't care until it affects me personally" politics.

Edit to add:  We should pay for this by taxing Amazon/Walmart/ other major retailers who have made trillions of dollars in no small part by utilizing these workers.
black321

black321 Avatar

Location: An earth without maps
Gender: Male


Posted: Dec 8, 2022 - 7:43am

On the one hand, regulators turn a blind eye to these schemes, until they get in trouble, and then a bailout. 
Might as well go all-in and nationalize everything

Biden to announce federal bailout for troubled union pension fund

WASHINGTON – President Joe Biden on Thursday will join labor leaders to announce a federal bailout for a pension fund largely benefiting Teamster workers and retirees.

The $36 billion for the Central States Pension Fund will prevent benefits from being cut more than in half for more than 350,000 truck drivers, warehouse workers, construction workers and others, according to the White House.

  • The bailout was made possible by the American Rescue Plan Act, the $1.9 trillion package passed last year in response to the pandemic.
  • Financially struggling multiemployer pension plans can apply to the Pension Benefit Guaranty Corporation for assistance.
  • Before the act passed, more than 200 pension plans were on pace to become insolvent in the near term, according to the White House. Now, those plans are projected to remain solvent through at least 2051.
  • The $36 billion for the Central Pension Fund is the biggest boost from the program, and the largest ever federal financial assistance for troubled pension funds, according to the White House.

What's about to happen

Teamster workers and retirees will join Biden and Labor Secretary Marty Walsh at a White House event announcing the assistance. Biden has said he’s goal is to be “the most pro-union president” in U.S. history. He held the first public event of his presidential campaign at a Teamsters hall in Pittsburgh in 2019.

Critics, like George Mason University’s Charles Blahous, say the bailouts encourage “more of the irresponsible behavior that got pensions into trouble in the first place.”

Who is being helped?

Most states have workers or retires expected to benefit. The states with the most beneficiaries are:

  • Michigan: 40,300
  • Ohio: 39,900
  • Missouri: 27,800
  • Illinois: 25,000
  • Texas: 22,500
  • Wisconsin: 21,900
  • Indiana: 19,600
  • Minnesota: 19,300
  • Florida: 18,700
  • Tennessee: 14,200



black321

black321 Avatar

Location: An earth without maps
Gender: Male


Posted: Nov 2, 2022 - 4:07pm

Those who have are spending their cash

Bentley CEO: ‘Never seen spending patterns’ like this before with luxury consumer

Pras Subramanian·Senior ReporterWed, November 2, 2022 at 10:24 AM

For British luxury automaker Bentley (VOW.DE), 2022 may leave a strong 2021 in the dust.

Through the first nine months of 2022, Bentley reported record operating profit of €575 million ($577,129,608), more than double the amount from a year ago. The previous full-year record high for operating profit was €389 million ($383,651,250.00). Revenue through the first nine months came in at €2.490 billion ($2,455,762,500.00), a jump of 28% from a year ago.

For Bentley CEO Adrian Hallmark, the results are astonishing because the automaker only increased sales of cars by 3%, yet profitability soared.

“The exciting part for me is that we've doubled the profit year to date, with only a 3% increase in , and that's all about quality of margin,” Hallmark says to Yahoo Finance. “It's all about these higher price cars with more personalization, order bank driven, not stock build driven; and we've got the right formula, and we're going to be ruthless about maintaining that pool.”

"I've been in this industry and in this sector for nearly 28 years. I've never seen spending patterns like it and not just in Bentley,”


miamizsun

miamizsun Avatar

Location: (3283.1 Miles SE of RP)
Gender: Male


Posted: Nov 2, 2022 - 10:09am

 rexi wrote:

jeez, just saw this



been a subscriber to capitalisn't for a while
because luigi...
rexi

rexi Avatar

Location: Zurich, Switzerland


Posted: Oct 31, 2022 - 6:34am

A different Story of Inflation


R_P

R_P Avatar

Gender: Male


Posted: Oct 27, 2022 - 4:38pm

Putin Is Onto Us (NYT, Friedman)
haresfur

haresfur Avatar

Location: The Golden Triangle
Gender: Male


Posted: Oct 26, 2022 - 12:40am

 westslope wrote:

The Russian economy has suffered.  Wealth has suffered.   The Russian economy will likely suffer for years, possibly decades to come.    

As an aside, please do note that not all Russians wanted this war.  Think of the subcultures in the USA and other rich western countries that have opposed war or the nuclear arms race and one finds the same subcultures in Russia.

The important point from the perspective of the welfare of Europeans and North Americans is that Russia can economically last for a very long time.   That has to be part of the strategic calculation on the part of US-lead NATO going forward.     Any illusions of a quick, inexpensive military victory in Ukraine should be dismissed or assigned an extremely low probability of materializing.

This conflict could easily escalate with conventional weapons alone into highly destructive and risky directions.        



Yeah, well Putin seems to long for the days of the cold war. Last one took around 40 years. That's his choice until someone figures out how to get rid of him, provided someone as bad doesn't take his place. Putin could fix this easily but he won't.

Obama ignored Russian aggression in Crimea and that just lead to aggression in the rest of Ukraine. The alternatives appear to be either Russia takes over Ukraine and probably the rest of Eastern Europe or support Ukrainian self-determination, even if it means digging in for the long haul. Yeah, it is dangerous but so are the other options.
westslope

westslope Avatar

Location: BC sage brush steppe


Posted: Oct 25, 2022 - 8:39pm

The Russian economy has suffered.  Wealth has suffered.   The Russian economy will likely suffer for years, possibly decades to come.    

As an aside, please do note that not all Russians wanted this war.  Think of the subcultures in the USA and other rich western countries that have opposed war or the nuclear arms race and one finds the same subcultures in Russia.

The important point from the perspective of the welfare of Europeans and North Americans is that Russia can economically last for a very long time.   That has to be part of the strategic calculation on the part of US-lead NATO going forward.     Any illusions of a quick, inexpensive military victory in Ukraine should be dismissed or assigned an extremely low probability of materializing.

This conflict could easily escalate with conventional weapons alone into highly destructive and risky directions.        


Lazy8

Lazy8 Avatar

Location: The Gallatin Valley of Montana
Gender: Male


Posted: Oct 25, 2022 - 7:52pm

 R_P wrote:
As Europe falls into recession, Russia climbs out
Real-time data show a subdued but strengthening economy

Surprise, dumping massive amounts of currency into the military sector raises GDP—hence the durable fallacy that wars are good for the economy.

An awful lot of Russians who should be doing productive work are either dodging shrapnel in Ukraine or already casualties, and the work they should be doing is going undone. But GDP counts their military pay and the expenditures for weapons and fuel and boots, even if the soldiers they're being bought for never get them because they were stolen by a corrupt procurement  apparatus or blown up on the way.

So GDP looks great! Money is being spent! The fact that it is buying nothing of any earthly use matters not at all to that tabulation. Russia is becoming poorer by the minute, squandering its future to run in place, but the number look great.

Reality always wins in the end.
miamizsun

miamizsun Avatar

Location: (3283.1 Miles SE of RP)
Gender: Male


Posted: Oct 25, 2022 - 10:01am

now the flip side of russia's economic situation
and the call is coming from inside the house...



westslope

westslope Avatar

Location: BC sage brush steppe


Posted: Oct 25, 2022 - 9:18am

 R_P wrote:
As Europe falls into recession, Russia climbs out
Real-time data show a subdued but strengthening economy




The EU economy is getting hammered.   But the USA is not that far behind in terms of heading into recession (if not already there).   

Well done President Biden.  Chalk up another victory for US Exceptionalism.    Please continue to target a military victory in Ukraine and let's see where the chips fall.  
Lazy8

Lazy8 Avatar

Location: The Gallatin Valley of Montana
Gender: Male


Posted: Oct 24, 2022 - 8:17am

 black321 wrote:

Comment from Matt Maley at Miller Tabak sums it (current and recent past economy)  up:
“If we had tried maintain what we had a year ago, it would have been like getting drunk…and then trying to stay drunk…to avoid a hangover. What the Fed is trying to do is to keep a bad hangover from becoming a horrendous one…but they’re also trying to make sure we don’t get drunk again……….It’s a very tough job,”


And all it has in the medicine cabinet is more alcohol. But this time is different!
black321

black321 Avatar

Location: An earth without maps
Gender: Male


Posted: Oct 24, 2022 - 6:50am

Comment from Matt Maley at Miller Tabak sums it (current and recent past economy)  up:
“If we had tried maintain what we had a year ago, it would have been like getting drunk…and then trying to stay drunk…to avoid a hangover. What the Fed is trying to do is to keep a bad hangover from becoming a horrendous one…but they’re also trying to make sure we don’t get drunk again……….It’s a very tough job,”
R_P

R_P Avatar

Gender: Male


Posted: Oct 23, 2022 - 12:41pm

As Europe falls into recession, Russia climbs out
Real-time data show a subdued but strengthening economy


R_P

R_P Avatar

Gender: Male


Posted: Oct 11, 2022 - 3:11pm

We (Still) Think The Price Is Worth It
Protests Rage Across Europe, As Sanctions-Fuelled Inflation Surges and Economic Crisis Deepens
Last Friday (October 7), the 82-year old French writer Annie Ernaux won the Nobel Prize in Literature, for what the panel described as an “uncompromising” 50-year body of work exploring “a life marked by great disparities regarding gender, language and class”. A feminist and politically committed writer, Ernaux is the first French woman to win the award.

The news of her triumph was cause for celebrations, albeit brief, at the Élysée Palace, whose current resident, President Emmanuel Macron, tweeted:

“For 50 years, Annie Ernaux has written the novel of the collective and intimate memory of our country. Her voice is the voice of the freedom of women and forgotten figures of the century”.
Ernaux herself responded to the news by describing writing as a political act, a means of opening our eyes to social inequality. To that end, she uses language like “a knife”, to tear apart the veils of imagination. The next day (October 8), she turned that knife on Macron. (...)

westslope

westslope Avatar

Location: BC sage brush steppe


Posted: Oct 6, 2022 - 4:57pm



Belarus dictator Lukashenko BANS price increases with immediate effect to curb rampaging inflation amid Western sanctions

  • Belarus has been targeted by sanctions for helping Putin in his war in Ukraine
  • Inflation has soared 18 per cent since last year in the former Soviet nation
  • Lukashenko outlawed price increases from today, which could lead to shortages



westslope

westslope Avatar

Location: BC sage brush steppe


Posted: Oct 6, 2022 - 1:59pm

 NoEnzLefttoSplit wrote:


 isn't there something delightfully ironic about our in-house communist wailing about government intervention and making a desperate plea for a return to a free market?

Sorry, even with an open market, a return to business as usual ain't going happen. Russia breached trust. That's not something you can easily repair.


You are such a high priest of elevated morality.


And your understanding of economics and international relations is pretty damn weak.

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