Joe Biden Accomplishment Thread

[Monahorns]

Biden has pushed inflation to levels not seen since 1979.

Biden is partly to blame. But Trump started this and Biden just continued the policy.

My importantly, IT'S THE FED. Get rid of the Fed and inflation wouldn't happen because no other bank could get away with this foolishness.

That or go back on a gold standard. Or get Bitcoin accepted as payment.

 

[Horn2RunAgain]

Biden has pushed inflation to levels not seen since 1979.

Why this isn't front and center on msm is disappointing. I went to sam's with my wife today, she pointed out that most of the items she was out for were 20-25 percent higher than 60 days ago when she last bought them. They were out of boneless chicken breasts. Out.

We ate at a seafood joint in Addison today, run of the mill joint. $17 a plate. Last time we went it was $13 a plate. Prices were taped over the old pricing on the menus

People are being squeezed big time now. My wife and I teach and coach chess in the evenings pretty much for fun. We made some extra cash pre pandemic but it all came to a halt during the shutdown. We're set financially so we were cool with quitting altogether, but the $ from the lessons and classes are coming in handy now to offset the cost of living. Four evenings a week, we're back at it coaching chess

 

[Mr. Deez]

Biden is partly to blame. But Trump started this and Biden just continued the policy.

It really started when we stopped giving a crap about debt - both government and private. I blame Trump for a lot, but he didn't really start that either. He did nothing to help it, but he didn't start it.

My importantly, IT'S THE FED. Get rid of the Fed and inflation wouldn't happen because no other bank could get away with this foolishness.

The Fed has been around for over 100 years. I don't think their existence is the problem. I suspect that Congress and White House put pressure on the Fed to craft our monetary policy to try to offset the impacts of perpetually spending money like there's no tomorrow.

 

[Mr. Deez]

Why this isn't front and center on msm is disappointing.

It's because the Left has always been less concerned with inflation than the Right has been. They view it as a natural economic phenomenon that goes with growth. (They mimic Keynes.)

Also, keep in mind that though inflation is generally bad, like most things, there are winners with high inflation - big debtors, whether it's governments or individuals. (They aren't the only ones. Owners of precious metals and real estate tend to win as well.) The Left likes to spend lots of money and rack up lots of debt. If you like doing that, then inflation can save your ***. So the bottom line is that the media probably just doesn't view it as that big of a problem.

 

[Horn2RunAgain]

It's because the Left has always been less concerned with inflation than the Right has been. They view it as a natural economic phenomenon that goes with growth. (They mimic Keynes.)

Also, keep in mind that though inflation is generally bad, like most things, there are winners with high inflation - big debtors, whether it's governments or individuals. (They aren't the only ones. Owners of precious metals and real estate tend to win as well.) The Left likes to spend lots of money and rack up lots of debt. If you like doing that, then inflation can save your ***. So the bottom line is that the media probably just doesn't view it as that big of a problem.

If I had the bawls I'd have gone deep into real estate 3 years ago instead of the market. Did ok in the market, but real estate would have been a sweet ride. In the end we decided not to go thru the hassle of buying/ flipping/ renting. RE is crazy right now

 

[Mr. Deez]

If I had the bawls I'd have gone deep into real estate 3 years ago instead of the market. Did ok in the market, but real estate would have been a sweet ride. In the end we decided not to go thru the hassle of buying/ flipping/ renting. RE is crazy right now

It really is crazy. The house I bought in 2009 in Round Rock is just getting ridiculous. If you believe the online property value estimators, it has tripled in value. I find that hard to believe, but I do believe it has gone up dramatically. The appraisal sure as hell has along with my property tax bill.

 

[HornHuskerDad]

there are winners with high inflation

...and there are losers. Those of us who are retired and live on a fixed income are big losers. Yeh, we have the potential of a COLA increase in our Social Security checks (and in military pensions for us USAF retirees), but the COLA is always a lagging indicator and never seems to be a true "catch-up" against inflation.
Maybe a little common sense (and restraints on hog-wild spending) by our lawmakers would help.

 

[horninchicago]

...and there are losers. Those of us who are retired and live on a fixed income are big losers. Yeh, we have the potential of a COLA increase in our Social Security checks (and in military pensions for us USAF retirees), but the COLA is always a lagging indicator and never seems to be a true "catch-up" against inflation.
Maybe a little common sense (and restraints on hog-wild spending) by our lawmakers would help.

I'll buy your drinks at the next soiree'.

 

[HornHuskerDad]

I'll buy your drinks at the next soiree'.

Thanks, hic. It would also help if you'd pay my grocery bill, my gasoline bill, my property taxes...

 

[humahuma]

Yeah my house in Austin is 6 times what I bought it for in 1993, it’s a mile away from Apple campus. I get people calling or texting me all time if I want to sell.

 

[Sangre Naranjada]

Do it. Leave Austin in your rear view mirror. I suspect that would be the best decision you will make all year.

 

[humahuma]

I am living in Lake Jackson so that is my homestead. I don’t want to pay capital gains tax on the Austin house otherwise I would have.

 

[Mr. Deez]

...and there are losers. Those of us who are retired and live on a fixed income are big losers. Yeh, we have the potential of a COLA increase in our Social Security checks (and in military pensions for us USAF retirees), but the COLA is always a lagging indicator and never seems to be a true "catch-up" against inflation.
Maybe a little common sense (and restraints on hog-wild spending) by our lawmakers would help.

What I mentioned was pretty much an exhaustive list of the winners. Virtually everybody else loses to varying degrees. Fixed income earners are probably the worst off.

 

[HornHuskerDad]

Fixed income earners are probably the worst off.

Mr. Deez, inflation definitely hurts those (like retirees) on fixed incomes. Just for the record, I made it through the pandemic period in relatively good shape financially. My expenses went down - because our bridge club closed, I didn't pay entry fees or gasoline to play bridge, my Bible Study Fellowship class met on Zoom, saving gasoline, we didn't take our usual grandchildren trip in the summer, we didn't eat out as often, and a few other things. Now that we're starting to resume some of those activities, I'm seeing outlays creep back up - significantly impacted by inflation.
I'm hoping that the inflationary pressures ease off over the rest of the year.

 

[mchammer]

Mr. Deez, inflation definitely hurts those (like retirees) on fixed incomes. Just for the record, I made it through the pandemic period in relatively good shape financially. My expenses went down - because our bridge club closed, I didn't pay entry fees or gasoline to play bridge, my Bible Study Fellowship class met on Zoom, saving gasoline, we didn't take our usual grandchildren trip in the summer, we didn't eat out as often, and a few other things. Now that we're starting to resume some of those activities, I'm seeing outlays creep back up - significantly impacted by inflation.
I'm hoping that the inflationary pressures ease off over the rest of the year.

In Europe, there appears to be a culture of pensioners taking small jobs (likely under the table) to augment their pension. I don’t know why the US is not more open to this. Retiring at 60-65 and never working again is the anomaly, not the norm.

 

[Monahorns]

The Fed has been around for over 100 years. I don't think their existence is the problem. I suspect that Congress and White House put pressure on the Fed to craft our monetary policy to try to offset the impacts of perpetually spending money like there's no tomorrow.

The worst depressions/recessions in the history of the US were because of the actions of the Fed. The frequency and geographical scope of crises increased since we have had the Fed. The problem is the Fed. It is the open door that allows government to ruin the economy.

 

[mchammer]

The frequency and geographical scope of crises increased since we have had the Fed. The problem is the Fed. It is the open door that allows government to ruin the economy.

That is not remotely true. The creation of the Fed did the opposite. All it did was put the responsibility of this into someone’s hands.

 

[mchammer]

I noticed on Twitter that the left is getting really annoyed on the attacks on Hunter as a means to disparage Joe. The counter argument is 1/ Hunter is 51. He is no longer a kid, 2/ Joe has allowed his brother and Hunter to capitalize on his name and power, 3/ the big guy gets 10%. I think the left sees where this is heading (to argument 3/).

Note they didn’t care about Don Jr

 

[Monahorns]

That is not remotely true. The creation of the Fed did the opposite. All it did was put the responsibility of this into someone’s hands.

It is absolutely true. Bank runs before the Fed were local or regional. The geographical scope was contained. Once the Fed facilitated expansive monetary policy the depressions/recessions became systemic and they happen frequently.

There has always been responsibility, a bank or a collection of banks. Once the banking system was centralized, the problems were centralized. Abolish the Fed.

 

[horninchicago]

I noticed on Twitter that the left is getting really annoyed on the attacks on Hunter as a means to disparage Joe. The counter argument is 1/ Hunter is 51. He is no longer a kid, 2/ Joe has allowed his brother and Hunter to capitalize on his name and power, 3/ the big guy gets 10%. I think the left sees where this is heading (to argument 3/).

Note they didn’t care about Don Jr

They went after the young Trump boy as well.

 

[mchammer]

It is absolutely true. Bank runs before the Fed were local or regional. The geographical scope was contained. Once the Fed facilitated expansive monetary policy the depressions/recessions became systemic and they happen frequently.

There has always been responsibility, a bank or a collection of banks. Once the banking system was centralized, the problems were centralized. Abolish the Fed.

The economy became centralized regardless if the Fed was created or not. It was the move from regional to centralized economy that led to Fed creation. You have cause and effect backwards. To get rid of the Fed, you would have to decentralize the economy. Before doing so, you would have to weigh the benefits and costs of that move, plus get government out of business regulation that raises costs and thus increases the benefits of centralization. You are aiming at the wrong thing.

 

[Mr. Deez]

In Europe, there appears to be a culture of pensioners taking small jobs (likely under the table) to augment their pension. I don’t know why the US is not more open to this. Retiring at 60-65 and never working again is the anomaly, not the norm.

I agree. My mom is 74 and quit working for good about 4 years ago. My dad is 72, and doesn't have to work anymore, but he still teaches the violin. He doesn't keep a full-time schedule like he used to and is pretty picky about what students he takes on, but he genuinely enjoys it and likes the extra cash. I also think he does it because it forces him to keep his own skills at the top their game.

I'm all for seniors continuing to work. It's good for them. Furthermore, they're a huge resource of wisdom and good examples of work ethic for younger workers who aren't too arrogant to listen. However, they shouldn't have to do it just because we can't keep inflation under control.

 

[Mr. Deez]

The worst depressions/recessions in the history of the US were because of the actions of the Fed. The frequency and geographical scope of crises increased since we have had the Fed. The problem is the Fed. It is the open door that allows government to ruin the economy.

Obviously I wouldn't defend every move the Fed has made. However, I kinda like not having runs on banks and financial panics every few years like we had before the Fed. I also know that power vacuums don't last long. Somebody is going to set our monetary policy. Would we rather Congress or a flagrant partisan at the Treasury Department set it? I wouldn't.

 

[Monahorns]

The economy became centralized regardless if the Fed was created or not. It was the move from regional to centralized economy that led to Fed creation. You have cause and effect backwards. To get rid of the Fed, you would have to decentralize the economy. Before doing so, you would have to weigh the benefits and costs of that move, plus get government out of business regulation that raises costs and thus increases the benefits of centralization. You are aiming at the wrong thing.

The economy isn't centralized. Entrepreneurs are creating new products and businesses all the time. That is a decentralizing force. Any centralization comes in the form of cartelization which involves government agency and central banking. Central bank monetary policy centralizes things by short circuiting competition that comes through entrepreneurs. Regulations do the same thing. In both bases the issue is government intervention. Get rid of the Fed and there is nothing to prop up cartels and hold off competition. Decentralization happens organically.

 

[Monahorns]

Obviously I wouldn't defend every move the Fed has made. However, I kinda like not having runs on banks and financial panics every few years like we had before the Fed. I also know that power vacuums don't last long. Somebody is going to set our monetary policy. Would we rather Congress or a flagrant partisan at the Treasury Department set it? I wouldn't.

The problem is that before the Fed there weren't panic every few years. The frequency of problems have gone up and the scope is now the whole country.

Monetary policy is a government issue. Without a central bank there is no monetary policy per se. I don't want anyone to set policy. I want money supply to follow market forces. That is how we got to a gold standard in history. It worked fine and most of the problems came when governments tried to set policy for banks. Individual banks also act foolishly. When banks act foolishly you want them to be held responsible. Then banks have incentive to not over extend. Central banking and government intervention usually encourage foolish behavior and then it rewards it with bail outs.

There are other ways to protect people from bank runs that don't involve central banking. One way is to have banks or individuals to buy insurance policies. Another is to find ways of discourage fractional reserves in banks. 100% reserve would eliminate the problem of bank runs.

 

[AC]

It really started when we stopped giving a crap about debt - both government and private. I blame Trump for a lot, but he didn't really start that either. He did nothing to help it, but he didn't start it.



The Fed has been around for over 100 years. I don't think their existence is the problem. I suspect that Congress and White House put pressure on the Fed to craft our monetary policy to try to offset the impacts of perpetually spending money like there's no tomorrow.

And that is where you are wrong Deez. The FED is PRIVATE. PRIVATE, owned by the Rothschilds and Rockefeller's in the US. All central banks are Private. The ECB, Bank of China, Bank of Japan, Bank of Canada, Bank of Australia all of them! They fund every war. There is a letter I have read word for word written by Woodrow Wilson in 1913 after the Fed was created. In that letter he regretted giving the control of our economy and credit system to a tiny group of people. They bailed him out of WWI debt. He sold the US down the river to get a loan for WWI debt. So to understand this you have to go all the way back to WWI. DYOR!

 

[AC]

The problem is that before the Fed there weren't panic every few years. The frequency of problems have gone up and the scope is now the whole country.

Monetary policy is a government issue. Without a central bank there is no monetary policy per se. I don't want anyone to set policy. I want money supply to follow market forces. That is how we got to a gold standard in history. It worked fine and most of the problems came when governments tried to set policy for banks. Individual banks also act foolishly. When banks act foolishly you want them to be held responsible. Then banks have incentive to not over extend. Central banking and government intervention usually encourage foolish behavior and then it rewards it with bail outs.

There are other ways to protect people from bank runs that don't involve central banking. One way is to have banks or individuals to buy insurance policies. Another is to find ways of discourage fractional reserves in banks. 100% reserve would eliminate the problem of bank runs.

And the 100% reserve could be Gold or Bitcoin. Nothing else would work. But Bitcoin is digital and more scarce and more secure than Gold. Can you carry Gold on a transcontinental trip? Not economically. Bitcoin has the most secure network on the planet. I believe Satoshi Nakamoto could have possibly been a Federal employee, a white hat. But who knows. It's just speculation. If we fix our monetary system, trust me, all of this BS goes away!

 

[Mr. Deez]

owned by the Rothschilds and Rockefeller's in the US.

Yep, those greedy Jews and the Rockefellers are always causing problems, aren't they?

 

[mchammer]

The problem is that before the Fed there weren't panic every few years. The frequency of problems have gone up and the scope is now the whole country.

Monetary policy is a government issue. Without a central bank there is no monetary policy per se. I don't want anyone to set policy. I want money supply to follow market forces. That is how we got to a gold standard in history. It worked fine and most of the problems came when governments tried to set policy for banks. Individual banks also act foolishly. When banks act foolishly you want them to be held responsible. Then banks have incentive to not over extend. Central banking and government intervention usually encourage foolish behavior and then it rewards it with bail outs.

There are other ways to protect people from bank runs that don't involve central banking. One way is to have banks or individuals to buy insurance policies. Another is to find ways of discourage fractional reserves in banks. 100% reserve would eliminate the problem of bank runs.

If you remove the Fed, then only the largest companies who can afford to be self-insured will be national, much like the trusts in the early 1900’s. Even for decentralized companies, innovation will be less as more capital will be tied up in reserves in preparation for localized bank runs. Less risk will be undertaken and progress will slow. Again you are overlooking the source of the problem: too much congressional oversight and spending.

 

[Monahorns]

And that is where you are wrong Deez. The FED is PRIVATE. PRIVATE, owned by the Rothschilds and Rockefeller's in the US. All central banks are Private. The ECB, Bank of China, Bank of Japan, Bank of Canada, Bank of Australia all of them! They fund every war. There is a letter I have read word for word written by Woodrow Wilson in 1913 after the Fed was created. In that letter he regretted giving the control of our economy and credit system to a tiny group of people. They bailed him out of WWI debt. He sold the US down the river to get a loan for WWI debt. So to understand this you have to go all the way back to WWI. DYOR!

AC. The Fed is private in name only. The President appoints chairman and in many ways dictates policy. It isn't just the President either. The Federal government has a set of interests that they keep going through printing money. DOJ. DOE. DOD. They all manipulate the Fed into what they want because they have the ultimate authority. Janet Yellen is now in Biden's cabinet, right? The Fed is political. Just another example of the US government trying to cover their tracks. It's subterfuge.