Board 8 > Politics Containment Topic 423: Narcissistic Ass Blames Journalists

(+) Yeah! (+)

https://www.goodreads.com/book/show/45731395-the-deficit-myth

I think most economics theory is pretty shit but this is a good read.

kevwaffles posted...

So I just discovered what's causing the latest wave of economic concern in the past few hours.

The Intel CEO tweeted scripture.

Hasn't Intel been crashing since last week?

PeaceFrog posted...

Hasn't Intel been crashing since last week?

Oh for sure, didn't mean to hide they have actual problems. But apparently this moment is the tipping point.

I saw on Reddit some guy got a 700k inheritance two months ago and put it all into Intel.

Rip that man

https://gamefaqs.gamespot.com/a/forum/6/618335c6.jpg

The things I couldve done with 700k

FFDragon posted...

I saw on Reddit some guy got a 700k inheritance two months ago and put it all into Intel.

Rip that man

If it's real RIP him sure

But I was under the impression that wallstreetbets was more fictional amd exaggerated/faked claims (both profit and loss) than anything.

I can also attest that low-wage workers who already werent being paid enough cant get enough hours to make for a forty hour work week with one job.

PerfectChaosZ posted...

I can also attest that low-wage workers who already werent being paid enough cant get enough hours to make for a forty hour work week with one job.

I mean yeah but that has been the case for much longer than 2020.

LinkMarioSamus posted...

It might be too much of a change in topic but I'm honestly trying to wrap my head around the rise of the alt right specifically and what entertainment media they'd be into. It feels to me like not only are younger gamers more progressive on the whole for obvious reasons, but that older gamers are as well (or at least the kinds who were into the kind of games that this site is into like vintage platformers, RPGs, and action-adventure games). So the best I can think of is people who were into Western games in the 2000s and especially 2010s, but they strike me as a vocal minority at best.

I also still think most people on the Internet are progressive and it's just that anti-progressives skewing older and being more experienced at making things like YouTube videos causes them to attract vocal fanbases. XIII_Rocks explained to me a while back in a PM that the YouTube video format in particular is conducive to the alt right.

So the Alt-Right isn't actually into any kind of media. They typically find it to be a waste of time and a hinderence to their goals. What they do is try and cast a wide net over all types of media to lure in people that typically feel loneliness and unfulfilled with their lives, which typically tend to be young, impressionable boys/men. And what is the most common thing that a lot of male youth have in common? Loneliness, aimlessness, unfulfilling lives. So what happens is that the alt-right tends to target the media that appeals most to young men. That's why as things like Marvel/DC/Star Wars/video games/etc./things that have typically been considered "for boys" become more mainstream and accessible to everyone they lose their biggest recruitment tools. It's why when a "woke" movie isn't amazing they spend their time attacking the wokeness instead of the things that could be legitimately criticized. Its to invoke a sense of "colours/women" are ruining once great things.

Now you can take this with a grain of salt as this is based off of my personal experience with almost falling to the Alt-Right as an 18/19 year old combined with a bit of research into how people tend to fall into becoming Alt-Right

SaveEstelle posted...

Wall Streets fear gauge is hitting its highest level since 2020.

This is why its ridiculous to assert that Harris in any way has this in the bag. This is a wild election cycle, and anything can happen. NASDAQ down 5%? Not great! Remains to be seen how well this information lands with the electorate but you can obviously bet the Trump campaign is going to drop the blame squarely at Harris door somehow.

People need to remember the Nasdaq is mainly tech stocks and the tech companies have been stupidly pursuing AI with no idea of how to turn a profit off it (in fact google and openai are like actively sabotaging those efforts)

Its a necessary return to common sense.

Like the village idiot realized before the ceo that AI is useless, of course theres a correction.

That sounds about right. The issue is that Im chagrined at how superheroes and Star Wars are their idea of things meant for men as opposed to a franchise like John Wick or Mission: Impossible, but I guess those franchises arent as visible?

Lopen posted...

but I also have no incentive to lie to you as I'm not part of the elite like most economists are.

Yet you're peddling the exact same Keynesian BS that the elite have have been tricking the US people and especially the feds into.

Nasdaq has a 5% correction... down to the all time high value of 2 months ago. There is no reality in which this is a problem or a concern. Any fear is media manipulation trying to sell you something. In this case they're trying to sell you low interest rates to boost inflation so the investment class can extract more value from the working class.

They love talking about how regular people with retirement accounts will be hurt by a 5% drop, without ever mentioning that 50% of Americans have 0 investment, and the rest has very little.

Bottom line is, workers make money from wages, which are stolen via the tax of inflation. Raising interest rates to reduce inflation is a great policy for workers, despite the incessant screeching of keynesians against it. It's shocking and brave that Biden was able to raise rates in the US after decades of 0%, and if Japan is able to do it too, that's a great thing. Yes there's short term pain, but it pales in comparison to the benefits.

LinkMarioSamus posted...

That sounds about right. The issue is that Im chagrined at how superheroes and Star Wars are their idea of things meant for men as opposed to a franchise like John Wick or Mission: Impossible, but I guess those franchises arent as visible?

Part of it is the vast worldwide appeal that SW/SH/VG have established over the last 50ish years and the nostalgia associated with them.

Stock Market from Trump's Defeat until now.

https://gamefaqs.gamespot.com/a/forum/a/af5b47f3.jpg

Nobody with a brain thinks this is a problem.

PeaceFrog posted...

https://www.goodreads.com/book/show/45731395-the-deficit-myth

I think most economics theory is pretty shit but this is a good read.

Seems like standard MMT propaganda that ignores our 30% spending for military and another 30% for the medical industrial complex

No one is staying the US needs to budget like a household, but imagine what we could do if we didn't light 60% of our budget on fire every year

foolm0r0n posted...

Bottom line is, workers make money from wages, which are stolen by the via the tax of inflation. Raising interest rates to reduce inflation is a great policy for workers, despite the incessant loud screeching of keynesians against it. It's shocking and brave that Biden was able to raise rates in the US after decades of 0%, and if Japan is doing it able to do it too, that's a great thing. Yes there's short term pain, but it pales in comparison to the benefits.

logically, I agree with this.

Personally, I am annoyed that these increased rates have coincided with my and my wife finally being in a financially stable enough position to buy a house... only for the market to become particularly awful -_-

We will absolutely be buying the dip if a september rate decrease comes to fruition. And then once we finally close on something I'm sure a much larger dip will follow and I'll wish I waited longer :shrug:

But the high interest rates are definitively a good thing even if we're being told that they are not.

Yeah that's the other thing. If you're middle class and trying to buy your first house, you are partly transitioning from worker class to investment class. That's literally the American Dream and it is awesome.

But sound financial policy that stops subsidizing the investor class necessarily makes that harder.

You will definitely get your house soon though, no worries about that. So it's really not much of a sacrifice.

IfGodCouldDie posted...

Part of it is the vast worldwide appeal that SW/SH/VG have established over the last 50ish years and the nostalgia associated with them.

That checks out, especially given the Disney era of Star Wars at least at first was meant more for people who merely recognised the brand name than for longtime followers. Its just that Star Wars and superheroes were progressive from conception, were initially aimed at kids, and are now more meant for teenagers than for any other demographic so to me it makes no sense for adults to complain that its no longer for them.

Side note I think the housing market is always grass-is-greener.

I bought back when interest rates were low, and I got a great deal, but it was brutal. Everything was selling for 20-30% over listing, after 2 days on the market maximum. Most houses were sold pre market or to all-cash offers, so mortgage-based offers were pretty much playing a different game entirely. Like the kids table at Thanksgiving. We lost multiple bids to low offers that were all-cash (but our escalation clause made them pay a ton extra which was fun). The short bidding time means you absolutely could not have an inspection, so people bought really sus houses that looked nice but had mold and rot underneath.

Talking with my friends who bought this year, they could actually visit the house IRL and see it before bidding, actually get it inspected, decent contingencies in the contract. Sounds nice really.

The US spends less as a percentage GDP than other advanced economies and thats not even taking the high military spending into account. The exception being Ireland but thats caused by the inflated GDP here which is basically fake. So there is absolutely room to manoeuvre on spending. On the other hand, lol at the idea of the US (or anyone) slashing military spending in the current climate.

One of the biggest problems with regards to military spending is how, despite people probably thinking we spend too much on the military overall (although even that's questionable, given how conservative our country is with regards to hero worship of the military and police), there's never a situation where it's politically beneficial to cut military spending. You cut spending for the military, and you'd have to go after closing extraneous factories, but that means putting people out of work, and they'll blame whoever is in power when that happens. The potential upside to cutting spending in that situation is just that: potential. Whereas you can take a lot of hits and eat shit at the polls for that kind of cutting.

Now, we SHOULD be cutting down on, say, factories that produce tanks that the U.S. Military doesn't want or need, and can therefore only really be sent overseas to be used in conflicts we probably shouldn't be involved with. But that would require factory workers to realize that their industry is being entirely subsidized by the U.S. government, and we need to invest in new industries...which workers probably aren't interested in. That's the issue: most people, even if they're unhappy with their current economic condition, would rather maintain the status quo than take a risk on something that MIGHT be better in the long term.

To be clear I'm not saying rate hikes are bad

I'm saying we're due for a recession. Rate hikes "caused" it but that's only because bad actors are exploiting low rates to do dumb stuff with leverage/debt

No rate hikes just means it happens way worse 5 years from now.

I don't think the fed is bad for hiking I think they're bad for rapidly increasing spending while increasing rates. They're basically another one of the bad actors.

For something that is definitely happening rather than maybe happening, there is a huge crisis in Bangladesh right now:

https://www.theguardian.com/world/article/2024/aug/05/bangladesh-pm-has-resigned-and-left-country-media-reports-say-sheikh-hasina

The PM Sheikh Hasina has resigned and fled the country to India then London, with the military installing an interim government. This follows massive protests against effectively the end of democracy in Bangladesh and an employment law that would have reserved jobs for certain individuals and their families.

Bangladesh had been one of the great success stories of the region, it was democratic and the economy was doing extremely well, better than India. But in recent years Hasina and her party were basically chipping away at the democratic norms until the elections at the start of this year where she was effectively installed as a dictator, leading to these protests where the police have killed dozens. Hopefully this will lead to a new peaceful government and free elections, though of course you never know.

LightningStrikes posted...

But in recent years Hasina and her party were basically chipping away at the democratic norms until the elections at the start of this year where she was effectively installed as a dictator,

oh hey this looks familiar

Inviso posted...

You cut spending for the military, and you'd have to go after closing extraneous factories, but that means putting people out of work, and they'll blame whoever is in power when that happens.

There's a ton of spending in foreign areas that can be cut, like the Afghan embassy. That's effectively foreign aid.

But yeah we do have so much local industry based around the military that would be hurt in the short term. We need a lame duck like Biden to change things. He already ended the Afghanistan War so he could also cut some stuff on the way out, without affecting politics much.

Move people from military to public transportation. We need better public transportation in this country.

IfGodCouldDie posted...

So wild conspiracy theories isn't just a mafia thing eh?

Saying just what I'm thinking, again.

But hey, any day when news is so slow that Lopen has to predict the sky falling in five different ways is good, for a change. Hopefully when I look up news when I get to work nothing major has happened, I could do with an uninteresting week to just breathe.

I doubt he would have been the lick anyways, but still good on Cooper for not taking the risk.

https://twitter.com/Acyn/status/1820495723911365084?t=5Qy-Ck6gFxrz9HuJOzFK3Q&s=19

BTW here's the last time Trump talked about the stock market before today.

https://gamefaqs.gamespot.com/a/forum/a/ac248ad3.jpg

UshiromiyaEva posted...

BTW here's the last time Trump talked about the stock market before today.

https://gamefaqs.gamespot.com/a/forum/a/ac248ad3.jpg

NOW THEY WONDER IF HE WILL WIN (VERY STUPID OF THEM)

Reuters claiming its down to Shapiro or Walz. Citing three sources; who knows

from all the projections I see, everything comes down to pennsylvania, so that probably seals it

PeaceFrog posted...

Hasn't Intel been crashing since last week?

IIRC they revealed one of their latest chips has a hardware defect that degrades the chips and while they finally pushed a microcode update that stops it from continuing... there's nothing to be done about damage already incurred.

And they tried to cover it up/blame motherboard manufacturers for a while as well as laid off ~15,000 employees last week.

Thorn posted...

IIRC they revealed one of their latest chips has a hardware defect that degrades the chips and while they finally pushed a microcode update that stops it from continuing... there's nothing to be done about damage already incurred.

I think the update also essentially throttles the chips too, so they fixed the issue by making them worse

https://www.youtube.com/shorts/EJIM_oqvXD8

So yeah stock market crisis etc.

I'm poor and have no investments or assets other than a small inheritance bolstered by "work til I retire (literally)"

Did you have "more corruption by a Supreme Court Justice is found during the first week of August" on your bingo card? You're in luck!

https://www.nytimes.com/2024/08/05/us/politics/clarence-thomas-harlan-crow-private-jet.html

Harris up to 53% odds in Nate Silvers forecast now for anyone paying attention to that thing

PeaceFrog posted...

Did you have "more corruption by a Supreme Court Justice is found during the first week of August" on your bingo card?

Isn't that the free square every week?

https://www.fox2detroit.com/news/kamala-harris-vp-nominees-choice-running-mate-has-accepted-per-source

Whoever Kamala picked, reportedly has accepted.

Imagine if they declined

SaveEstelle posted...

Imagine if they declined

This has happened before, but I'd guess that anyone that made it this far in the process probably isn't going to decline. They'd have withdrawn earlier like Roy Cooper.

SaveEstelle posted...

Imagine if they declined

"sorry, but with fate/stay night getting dropped on us practically day-of i'm just not gonna have the time"

You can already sense the GOP eagerly awaiting the announcement so they can start mudslinging

Feel like Fox is actually ruining their opportunity here, because they've just been hammering that the market issues are because Trump is down in the polls, rather than saying the Biden Admin actually did anything.

https://twitter.com/RonFilipkowski/status/1820524190979813736?t=LOqk5Xvk8QbBBkGTZxgVQA&s=19

SaveEstelle posted...

Imagine if they declined

"Yeah, I don't actually want to be VP, that job sucks. I just wanted to be considered so everyone would know how great I am."