Maybe not a recession…

Posted on July 7, 2022 by grim

Some of my favorite folks on Bloomberg:

Ritholtz: Data Doesn’t Support US Recession

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69 Responses to Maybe not a recession…

  1. Mike says:
    July 7, 2022 at 8:53 am

    Good Morning New Jersey

  2. Libturd says:
    July 7, 2022 at 9:18 am

    Frecond!

  3. Libturd says:
    July 7, 2022 at 9:42 am

    On the generator front.

    Grim is a very smart person (I think we all realize this by now). All of his advice is spot on. Especially the NG hook up. Though I have never had an issue with my 4K watt Champion from pre Sandy. Of course, I use Stabill with every fill up. Change the fuel every six months and run the generator for 5 minutes every month, so I know it will work when I need it. I never empty the tank, rather I keep it filled to the rim. This minimizes the oxidation(?) that occurs with ethanol as it requires oxygen to break down over time. True fuel would be too expensive in a generator. You can get a carb rebuild kit for <$20 on Ebay/Amazon that takes about 15 minutes to do and is easy enough for a true beginner. Plus, they throw in a few extra service parts which you should replace occasionally, such as wires and a spark plug.

    Personally, if your area is like mine, where the power lines run behind the homes (meaning, through a lot of trees), you need a generator just to save the food in the fridge/freezer. You'll come out ahead with these savings alone. The comfort you'll receive in knowing your sump pump is running, an AC, your router, TV and a few lamps is gravy.

    For most people 4K is enough. Just make sure you buy quality cables. The load will distribute further and better with heavy duty cords. This should not be your bottleneck. Plus you'll use them for the rest of your life, so don't go cheap. Expect to spend a minimum of $50 for a $50 foot extension. The better ones have LEDs built into one end so you can visually see if current is running. They will be waterproof too. They will become heirlooms.

    Our setup allows us to run the sump (2 pumps), which I attach first since it has the greatest startup needs and then cools down significantly. Then I do our two fridges and chest freezer. Then our AC or boiler. Finally, the router, our charging station (USB hub) two lamps and our giant LED TV. All of this run smoothly on 4K. Our generator holds 5 gallons of gas and it's enough to run for about ten to twelve hours with that load. I tend not to leave the generator running when I'm sleeping. I'll run it from 6am to about noon. Then again from 6pm to about 10pm. This is when we have an extended outage, which has happened three times total in the the past decade. This is enough to keep the perishables from perishing and cool down the house for sleeping, etc.

    All in, with the cables, I spent under $500 for my setup in 2011. Since then I've changed the oil twice (every 30 hours). This shows you how infrequently you will use the dumb thing.

    Dragging cables all around the house might seem like a PITA, but it's a hell of a lot cheaper than the annual maintenance a full house system will cost you. And after Sandy lots of people put in whole house systems. When the next storm hit 7 years later, about half of their systems failed. These were all $10K systems.

  4. Libturd says:
    July 7, 2022 at 9:44 am

    https://www.cabelas.com/shop/en/champion-power-equipment-3550w-weekender-portable-generator?

    This should work for you Gary. Don’t overthink it. How often is your power out?

  5. Phoenix says:
    July 7, 2022 at 9:54 am

    Lib,
    How quiet is that thing you posted?

  6. No One says:
    July 7, 2022 at 9:55 am

    I bet the 20kw whole house system is up to $15k or more with installation and a smartswitch, which is like building a whole duplicate panel or panels. And maintenance is about $300/yr I think, though I’m sure Libturd could do the maintenance himself, it’s basically oil change, spark plug, air filter. Only thing I do is during the really deep snows I go out and clear the snow from around it so air can get in and out easily.
    Anyway, my Generac has held up for at least 7 years now, and carried us through at least 3 blackouts lasting a day or longer, and a few of shorter duration.
    It’s the multi-day outages when it’s freezing or sweltering that the whole house generator really pays off, with the HVAC system also functioning as normal. And it seems like that’s when the power outages come. Thanks to the greens, expect more power outages in the years to come. Biden promised to end fossil fuel, ready or not.

  7. Mike S says:
    July 7, 2022 at 10:19 am

    I have the transfer switch into my panel with a direct outlet outside I can plug any generator into. It runs fridge, internet, heat, and a few lights. All I need to keep going if needed.

  8. Fast Eddie says:
    July 7, 2022 at 10:21 am

    Lib,

    Thanks for the input and advice.

  9. Mike S says:
    July 7, 2022 at 10:25 am

    I think in whatever next house I buy I will get a solar battery backup system or a generac. Especially in the work from home era, I don’t want to be without what I need

  10. Juice Box says:
    July 7, 2022 at 11:03 am

    re: “work from home era”

    Guy I know went crazy with a battery system wanted commercial grade UPS for his home as he is a trader and wants no chance of an outage. He now has a top of the line online UPS System etc backed up by Generac etc.

    For the battery system like the Tesla Powerwall there is a 26% federal solar tax credit on the cost. But there is a catch to get the credit, the Powerwall type battery systems in a home installation must be 100% charged by solar. You cannot use a generator or street power to charge it to get the credit on the initial cost.

    Not to say you could not modify it after a year or so of claiming the credit so you can charge it up with street power or a generator on cloudy days. I don’t think Tesla sells them anymore without solar either so you will have to spend $$$$ to get it, but there are lots of other options for battery backups.

    It will be interesting to see how cheap they get, from what I have read China is bringing online over 160 factories to process and make lithium batteries. We might expect prices on solar/battery systems to drop even more, but then again not so cheap either.

  11. Libturd says:
    July 7, 2022 at 11:20 am

    Phoenix,

    It’s pretty quiet actually. Not Honda 4K quiet, but it doesn’t keep you or the neighbors awake. My neighbor would continually buy one of those 10K watt Chinese machines from Harbor Freight every couple of years and those things were louder than a leaf blower. Mine sounds more like a very small lawnmower. Think more like a power washer than a mower. Most list an audible rating and this one I think was under 70. My neighbors behemoth was over 80. You couldn’t even tell if mine was running when his was on.

  12. The Great Pumpkin says:
    July 7, 2022 at 11:28 am

    Grim, how are we not in a recession when we are looking at two quarters of negative growth based on the ATL fed’s projections of second quarter growth going negative. That will be two quarters of negative growth.

  13. grim says:
    July 7, 2022 at 11:35 am

    Barry’s position on that is how much of that negative growth is being driven by factors like inflation, supply chain dislocation (inventory build and sell-off), and reduction in imports, as opposed to seeing big negative impacts to consumer/business demand or employment-led factors.

    I agree with his position in that this is a very different kind of recession, at this point it’s not a consumer-led recession.

  14. grim says:
    July 7, 2022 at 11:43 am

    For example, Ian Shepherdson argued something similar – that supply chain dislocations caused huge inventory shifts last year, and that caused serious ripples in inventory build, inventory selloffs, and current imports. Nobody was able to manage inventory well through H2 last year, and that’s caused huge GDP impacts. Hell, it’s still causing major issues.

  15. 3b says:
    July 7, 2022 at 11:43 am

    Grim: I would imagine that when student loan payments resume, that will have some negative impact for those with large balances, even with the 10k forgiveness.

    For those with smaller balances and the 10k forgiveness wipes out all or a big chunk of their debt, that now available money, could lead to more demand and more inflation.

  16. grim says:
    July 7, 2022 at 11:48 am

    Hell, inflation is going to be short-term positive to GDP, even if it’s negative long-term as it causes busines investment to shrink. That’s the irony of it I think. This ain’t consumer led, spending is not down, even though confidence is. Discretionary spend may fall as a result of inflation squeezing wallets, but you would imagine it’s IMPORTS that are going to be hammered as a result, which is what we are seeing. People buying less shit from China because Gas and Chicken is expensive.

  17. 3b says:
    July 7, 2022 at 11:54 am

    Rents are still rising, have not reached peaked inflation at least for that component of CPI, no way the Fed does not continue tightening, at least through the September meeting, and then go from there. Powell has said he will take the risk on a recession if it means restoring price stability, and the deflating of the asset bubbles is a plus. Powell knows he needs to restore Fed credibility in my view.

  18. The Great Pumpkin says:
    July 7, 2022 at 11:59 am

    Absolutely agree with that, grim. This is not your normal recession. That’s why it should be light and quick. The Fed isn’t trying to kill inflation, they are just trying to bring it down to desirable levels.

    I just hope they don’t overshoot and bring on real pain to the economy that is difficult to recover from.

  19. The Great Pumpkin says:
    July 7, 2022 at 12:01 pm

    The supply chains are the single source of why everything is f’ed up right now. They should never ever shut the economy down again. Hope a lesson has been learned here.

  20. grim says:
    July 7, 2022 at 12:01 pm

    Look at the BLS UE data for Jan – May

    Jan
    SA UE – 4.0%
    SA Participation Rate – 62.2%

    May
    SA UE – 3.6%
    SA Participation Rate – 62.3%

  21. No One says:
    July 7, 2022 at 12:05 pm

    If Cathie still is managing $9b, she’s generating revenue of about $90m per year, and I’d imagine her costs are pretty low. Stimulating spending in the St. Petersburg Florida economy.

    This in today’s FT:
    Investors ploughed $1.5bn into Cathie Wood’s flagship Ark fund in the first half of 2022, even as a brutal tech sell-off hammered its top holdings.

    Shares in Ark’s Innovation exchange traded fund — known by its ticker ARKK — have dropped more than 50 per cent since the start of the year, and more than 70 per cent since their all-time high in February 2021, against a backdrop of souring sentiment towards speculative assets.

    Some of the fund’s biggest bets, including electric vehicle maker Tesla, have been badly hit as central banks jack up interest rates aggressively to curb scorching inflation. In turn, assets under management at ARKK have shrunk to less than $9bn from a peak of almost $28bn.

    But in a sign that many believe Wood’s legacy is not yet behind her, ARKK still attracted nearly $1.5bn of inflows year-to-date, according to TrackInsight — with enthusiasts focusing on the longer-term opportunities of thematic ETF investing.

  22. grim says:
    July 7, 2022 at 12:06 pm

    I’m beginning to think that Tesla will not survive the e-onslaught of the major manufacturers.

    They are being out-innovated from every direction right now.

  23. The Great Pumpkin says:
    July 7, 2022 at 12:12 pm

    They were pushed into full on survival mode by Tesla. Let’s see what happens now that Tesla is being pushed into survival mode. Disruptive innovative tech field is brutal competition.

  24. The Great Pumpkin says:
    July 7, 2022 at 12:20 pm

    Ark survived when many thought they wouldn’t. Going to be an amazing story when all said and done with the rollercoaster ride she has stayed on.

    The key to active investors is to pick a strategy and stick to it through good times and bad times. Those are the big winners over the long run. The big losers, which is most people, are the ones that jump in and out of what is en vogue aka winning at any given moment. Most don’t have the guts or conviction to ride out the bad times and stick to said strategy.

    I have never swayed in my high growth strategy. I even abandoned my ark position and took on more risk by going all in on DNA. That’s the kind of conviction I have. I will be back to building my ark position, but right now it’s only dna for me with a sprinkle of ETH. That’s all i hold.

  25. The Great Pumpkin says:
    July 7, 2022 at 12:28 pm

    Mad at myself for messing up again with DNA. Was hoping for a 2 buy and short covering face ripper rally just happened. Oh well…chit happens.

  26. No One says:
    July 7, 2022 at 12:28 pm

    I was going to go to a TopGolf event hosted by the Tampa Bay CFA society a couple of weeks ago, and was wondering if any of Cathie’s (very few) CFA charterholders would show up. But I had to back out due to a conflict. Only 4 of 17 on their research team shows the CFA designation, unusually low I think.

  27. The Great Pumpkin says:
    July 7, 2022 at 12:38 pm

    No one,

    It’s not your typical outfit. It’s different on purpose.

  28. Libturd says:
    July 7, 2022 at 12:44 pm

    Grim,

    It’s a Summer with pant-up demand. Let’s see what happens two month from now. How are revolving debt numbers looking this Summer?

  30. Trick says:
    July 7, 2022 at 12:57 pm

    Tesla over extended, how many large plants just opened and are running at 1/4 production while trying to ramp up. They are blowing through $ and have no new models. OEM’s will have models at every level. While tesla has basically 2 models in sedan and suv form.

  31. 3b says:
    July 7, 2022 at 12:57 pm

    Lib: As of first quarter 2022, consumer debt increased to 52 billion, a record increase and 14 percent higher than a year earlier. Revolving credit which includes credit cards surged 21.4 percent. I would imagine 2nd quarter won’t be any better and perhaps worse.

  32. Libturd says:
    July 7, 2022 at 12:58 pm

    New number (for May) comes out tomorrow.

  33. Libturd says:
    July 7, 2022 at 12:59 pm

    This all leads me to believe that the Fall will be the final fall.

  34. 3n says:
    July 7, 2022 at 1:05 pm

    Lib: What happens to all the stimulus money Jamie Dimon and others say people saved up?

  35. Libturd says:
    July 7, 2022 at 1:06 pm

    I see an awful lot of Audis and Maseratis lately.

  36. 3b says:
    July 7, 2022 at 1:15 pm

    Lib: Just pay the monthly payments and you can pretend to be rich!! A Bentley dealer just opened in Paramus.

    Speaking of Maseratis , some asshole had just purchased one and was speeding in Teaneck and crashed into an SUV driven by an elderly driver and killed him.

  37. 3b says:
    July 7, 2022 at 1:20 pm

    June CPI expected to be 7.6 ; Fed won’t like that one either. If so 75 bp increase is likely for July

  38. Libturd says:
    July 7, 2022 at 1:27 pm

    It is likely already. My multi should be listed on Monday if all goes well with the final touches. Shame I might have the missed the top by a smidgen, but we’ll see how the offers play out. Damn oil tank.

    When I close, I will share with you all an absolute nightmare of a story. Will never invest in real estate again.

  39. 3b says:
    July 7, 2022 at 1:36 pm

    Lib: We missed the top with my mother in laws house, due to sibling stupidity. Stupid is one thing, stupid and arrogant is another and dangerous. Good luck with the sale of the multi!

  40. Fast Eddie says:
    July 7, 2022 at 1:39 pm

    James Caan sleeps with the fish.

  41. Libturd says:
    July 7, 2022 at 1:40 pm

    Thanks. I think I’ll do alright, but that damn oil tank cost me an arm, a leg and pretty much every appendage. I’ll explain in 90 days or so. I also owe you all the story about my son’s schooling. That too is probably about 90 days away. Good times.

  42. Juice Box says:
    July 7, 2022 at 1:41 pm

    re: Tesla

    some twitter humor today.

    More Musk kids have been delivered in 2022 than Cybertrucks, Roadsters, and Semis combined

    Elon Musk to rename SpaceX to SpaceXXX after impregnating a top executive at the company

    Saying “who’s your daddy” near a SpaceX/Tesla/Neuralink factory is basically fact-checking.

  43. Juice Box says:
    July 7, 2022 at 1:45 pm

    missed this one.

    BREAKING: Tesla announces plan to pay travel costs for employees seeking out-of-state impregnations by the CEO.

  44. The Great Pumpkin says:
    July 7, 2022 at 1:50 pm

    Lib,

    Don’t sell now. Hold out for 2024 mania stage that should run through 2026/27. Just my two cents.

  45. The Great Pumpkin says:
    July 7, 2022 at 1:51 pm

    But if you have to sell…then sell. This isn’t the top…it’s a small correction on its way to the top.

  46. The Great Pumpkin says:
    July 7, 2022 at 2:15 pm

    US Mortgage Rates Plunge to 5.3% in Biggest Drop Since 2008

  47. Libturd says:
    July 7, 2022 at 2:31 pm

    “US Mortgage Rates Plunge to 5.3% in Biggest Drop Since 2008”

    Music to my ears. I wonder what it will increase to after the FEDs next .75 move?

  48. Bystander says:
    July 7, 2022 at 3:07 pm

    Here you go 3B. WFH forever.

    “Dutch govt poised to Make WFH a Legal Right”

  49. The Great Pumpkin says:
    July 7, 2022 at 3:17 pm

    Shocker…

    *Bullard: Possible Rate Cuts Could Follow Once Inflation Moderates

  50. The Great Pumpkin says:
    July 7, 2022 at 3:19 pm

    Lmao…are they trying to kill their economy? I don’t follow dutch politics…did hardcore lefties hijack that govt? How does everyone wfh? How does this not destroy their economy?

    Bystander says:
    July 7, 2022 at 3:07 pm
    Here you go 3B. WFH forever.

    “Dutch govt poised to Make WFH a Legal Right”

  51. joyce says:
    July 7, 2022 at 3:25 pm

    “Mayors and council members who want to lower property taxes are missing an opportunity to do so,” he said.
    https://www.nj.com/politics/2022/07/nj-towns-are-illegally-paying-out-thousands-in-banked-sick-and-vacation-time-watchdog-says.html

  52. 3b says:
    July 7, 2022 at 3:39 pm

    Bystander: Not surprised, WFH is not going away, and neither is geographically dispersed. We just hired an excellent person outside of the 2 hours from an office that was previously the requirement. Incredibly strong candidate, and no attitude.

  53. 3b says:
    July 7, 2022 at 3:42 pm

    Joyce: That is disgraceful, that taxpayers have to fund these peoples unused sick and vacation days. Either use them or loose them, like the real world. And then to make it worse they were supposed to address the new state policy and just ignored it, with no consequences.

  54. The Great Pumpkin says:
    July 7, 2022 at 3:50 pm

    Honestly, like most trends, wfh will eventually reverse. It’s cool at first, but it’s get old quick. Could you imagine doing it for 10 years straight, just working out of a room in your house. Not talking to anyone but your screen. Groundhog day over and over. Same repetitive, and i mean highly repetitive, day in and day out.

    Imagine spending your 20s or 30s locked in your house. Talk about depressing. Not many people can handle it, just the ones that don’t like being around people. Seeing and talking to people makes your day more enjoyable. Esp if you have a hot piece of ass that you work with. Always fun to have a friendly flirty interaction. This generation is def going to be sad.

  55. The Great Pumpkin says:
    July 7, 2022 at 3:53 pm

    Lmao…exactly what i thought. Crazy lefties. Enough said.

    “Two Dutch lawmakers are proposing a legislation to establish work-from-home as a legal right, which would make the Netherlands one of the first countries to grant remote working flexibility by law.

    The legislation will be introduced by Steven van Weyenberg, a member of pro-European D-66 Party, and Senna Maatoug, a lawmaker for the Green Party, Weyenberg told Bloomberg on Wednesday. The two will submit the proposal to parliament before the house enters summer recess on July 3.”

  56. The Great Pumpkin says:
    July 7, 2022 at 3:56 pm

    Wtf?! I know my job is capped out at 7500. This is hilarious. Wonder how they are getting away with it..

    joyce says:
    July 7, 2022 at 3:25 pm
    “Mayors and council members who want to lower property taxes are missing an opportunity to do so,” he said.
    https://www.nj.com/politics/2022/07/nj-towns-are-illegally-paying-out-thousands-in-banked-sick-and-vacation-time-watchdog-says.html

  57. The Great Pumpkin says:
    July 7, 2022 at 3:58 pm

    “We have the green light for this new law thanks to the support we received from both employees and employers’ unions,” said Weyenberg. “We are very hopeful it will pass before the summer.”

    The pandemic has fueled a shift in attitudes about work, with many workers seeking to maintain some of the flexibility they’ve enjoyed over the last two years. But with companies seeking to respond to surging demand as the pandemic recedes, the topic is becoming an increasingly polarizing issue. Earlier this month, Tesla founder Elon Musk issued an ultimatum for staff at the company to return to the office — or leave.

  58. The Great Pumpkin says:
    July 7, 2022 at 6:32 pm

    This is huge.

    Decentralised power is the future!

    “25,000 PG&E $PCG and Tesla $TSLA customers have been invited to form the world’s largest distributed battery to support electric grid reliability according to Bloomberg”

    “PG&E-TESLA LAUNCHED PILOT PROGRAM FOR VIRTUAL POWER PLANT – Bloomberg”

  60. The Great Pumpkin says:
    July 7, 2022 at 7:24 pm

    Sucks for tesla. Capital going to this bs.

    “Twitter $TWTR says it intends to close its deal with Elon Musk at the agreed terms according to Bloomberg

    Twitter reiterated it will continue to share info with Elon”

  61. The Great Pumpkin says:
    July 7, 2022 at 7:49 pm

    Oh god…this f’er hopping on my train.

    “STOCKS
    Nobel Prize-winning economist Paul Krugman says fears of runaway inflation are hugely overblown – and dismisses the risk of stagflation

    Paul Krugman dismissed the idea that inflation expectations are out of control.

    The economist highlighted Treasury-bond data showing markets are expecting moderate inflation.

    Krugman shrugged off concerns about stagflation, or high inflation and declining economic growth.”

  62. The Great Pumpkin says:
    July 7, 2022 at 7:50 pm

    Paul Krugman rejected the idea that inflation expectations are getting out of hand, and downplayed the risk of stagflation, in a slew of tweets on Wednesday.

    “5 year breakeven at 2.48. Out of control inflation expectations my … asset,” he tweeted, referring to the current level of the St. Louis Fed’s 5-year breakeven inflation rate, which measures expected inflation based on Treasury note data.

    The inflation indicator dropped from 3.34% in March to 2.48% on July 6, marking its lowest reading since August last year.

    The Consumer Price Index (CPI) hit a 40-year high of 8.6% in May, fanning fears that employees would start demanding wage increases, and businesses would begin hiking prices in anticipation of their costs rising and competitors raising prices. Those trends could spark a dangerous combination of rapidly rising prices and slowing economic growth known as stagflation.

    Krugman, who won the Nobel Prize for economics in 2008, dismissed Bill Ackman’s warning in late May that inflation was out of control, and inflation expectations were getting out of control.

    “Not sure people realize how dramatically the runaway inflation narrative has now collapsed,” he tweeted on Wednesday. “Market expectations are way down.”

    The economics professor and columnist noted that markets aren’t necessarily correct about the rate of future price increases, but they show “no sign of expectations of inflation getting entrenched, which is what you need for stagflation.”

    Krugman added that the “stagflation narrative is really collapsing,” but argued it was being propped up by commentators who have been “waiting years for the chance to posture sternly against runaway inflation, and really, really won’t want to back down.”

  64. The Great Pumpkin says:
    July 7, 2022 at 9:42 pm

    “So the new playbook I’m hearing about for the rest of the year is volatility and lower prices through the fall.

    Then a huge rip higher into year end after the GOP take back the House during the midterm elections and a less hawkish Fed.

    It’s certainly plausible.”

  65. The Great Pumpkin says:
    July 7, 2022 at 9:49 pm

    “.@CathieDWood got flak last year for saying “technologically-enabled innovation is deflationary”

    She missed the M2 $ issue (and Ukraine), but unlike many, she knew that logistics software, digital marketplaces etc keep prices checked

    Didnt exist in 1970s”

    “Now we believe that three sources of deflation will overcome the supply chain-induced inflation that is wreaking havoc on the global economy. Two sources are secular, or long term, and one is cyclical. Technologically enabled innovation is deflationary and the most potent source.”

    https://twitter.com/cathiedwood/status/1452492768719343618?s=21&t=qIfR65pGhGeiGY8HoQyFrQ

    Artificial intelligence (AI) training costs, for example, are dropping 40-70% at an annual rate, a record-breaking deflationary force. AI is likely to transform every sector, industry, and company during the 5 to 10 years.

    When costs and prices decline, velocity and disinflation – if not deflation – follow. If consumers and businesses believe that prices will fall in the future, they will wait to buy buy goods and services, pushing the velocity of money down.

    The second secular source of deflation could be creative destruction, thanks to disruptive innovation. Since the tech and telecom bust and the Global Financial Crisis in 2008-09, many companies have catered to short-term oriented shareholders who want profits/dividends now…

    They leveraged their balance sheets to pay dividends and buy back shares, “manufacturing” earnings per share. They have not invested enough in innovation and probably will be forced to service their debts by selling increasingly obsolete goods at discounts: deflation.

    The third and most controversial source of deflation is cyclical. Because businesses shut down and were caught flat-footed as goods consumption took off during the coronavirus crisis, they still are scrambling to catch up, probably double- and triple-ordering beyond their needs.

    As a result, once the holiday season passes and companies face excess supplies, prices should unwind. Some commodity prices – lumber and iron ore – already have dropped 50%, China’s crackdowns are one of the reasons. The oil price is an outlier and psychologically important.

    Oil has had three sources of support on the SUPPLY side. Global DEMAND for oil is below that in 2019 and is unlikely to return to its old high, partly because its price has broken a string of lower highs and is above the $77 hit in 2018, therefore destroying demand.

    On the supply side, ESG (environmental, social, and governance) mandates have forced energy companies to shift capital spending from mature fossil fuels to nascent renewables. Meanwhile, banks have deprived fracking companies of funding after their near-death experience in 2020.

    In response to the near quadrupling of oil prices since the low last year, electric vehicle adoption has accelerated, sowing the seeds of a serious oil price decline longer term.

    Truth always wins!

  66. The Great Pumpkin says:
    July 7, 2022 at 9:51 pm

    That thread was from last year. 10/25/21. I think cathie knows what she is talking about and shouldn’t be treated like a fool or an idiot. She is absolutely correct.

  67. The Great Pumpkin says:
    July 7, 2022 at 9:53 pm

    Again, the Fed is at war with deflation…the deflationary forces are so strong. Had this supply chain issues happened in 1970..we would be f’ed with insane levels of inflation. We didn’t even crack double digit inflation.

  68. The Great Pumpkin says:
    July 7, 2022 at 11:14 pm

    BREAKING: Former Prime Minister Shinzo Abe has been shot in the city of Nara, NHK reports.

  69. The Great Pumpkin says:
    July 7, 2022 at 11:15 pm

    UPDATE: Former Prime Minister Shinzo Abe was attacked by a man from behind while he was making a stump speech on a street in Nara on Friday.

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