Oh it's going to be extremely painful no matter what. Anybody who has been paying attention the past two years knows that.
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Oh it's going to be extremely painful no matter what. Anybody who has been paying attention the past two years knows that.
Lash the bull wheel with that bull whip.Quote:
Originally Posted by dunfree
it’s going to be but it doesn’t have to be. Economists know fuck all about supply constraints and care lessQuote:
Originally Posted by yeahman
Turns out it was 14 churches that collectively received $660kQuote:
Originally Posted by Core Shot
And yes, their tax exempt status is why I'm calling bullshit. And most - if not all - were flush with cash.
I just went down the PPP rabbit hole for Teton county and discovered that Teton Gravity Research LLC was given a $439,177 loan for their 31 employees.
Completely forgiven.
Dang.
Buy a new fucking fan, ya idgets.
31 employees?
Damn
It was free money for everyone and everyone took it, my business included, I but it is savings until it was forgiven. My accountant too some, I paid increased taxes with some, I go some new toys (used) with some and the rest is stuffed under a mattress waiting for Uncle Sam to take it back one way of the other.
It is a large reason while we are in this inflationary and supply chain mess.
My business didn't take it.Quote:
Originally Posted by Foggy_Goggles
This is such a popular take and it’s utterly impervious to evidence.Quote:
Originally Posted by Foggy_Goggles
The supply chain issue is almost purely due to Covid. Even if demand was lower the supply chain would be fucked. When China locks down the 2nd largest city in the world for a few months things tend to get backed up. And that’s happened multiple times and will continue to happen. Every time it creates a bigger log jam that takes more time to unravel. If we decrease demand to much then those supply chains won’t ramp back up. Vicious cycle. Supply chain issue is world wide. So is inflation. US economy is in better shape than most, mainly because they turned on the money printing machine.Quote:
Originally Posted by Foggy_Goggles
Yep, it's one of the reasons the economy didn't completely crash out. We learned that in 2008 when we spent our way to avoid a massive depression, as opposed to the austerity measures in Europe that tanked their economy for much longer.Quote:
Originally Posted by dunfree
Gotta love the narratives though, I'm sure plenty are already blaming Obama and Hillary for it.
Indeed. People are always blaming the money printing for our current inflation. It's almost like a religious doctrine at this point, and it's equally durable against evidence to the contrary.Quote:
Originally Posted by dunfree
I considered a PPP loan/grant but decided not to apply since my employees were still working and I personally didn't need it. Maybe that makes me a sucker, but not "everyone" took them. I generally agree with you, FG, but taking public bail out money and buying toys with it it's not a socially responsible look.
But but he is a virtue warrior?Quote:
Originally Posted by climberevan
such a tradgedy I tell you
to pretend to give a shit
Neighbors here dropped their asking price 10% after only 22 days on the market. Means something. Maybe it just means they're clueless.
It's a fine line between clueless and overly optimistic. Former co-worker has had 2 showings on his place. No offers. On the market going on 6 weeks, and he hasn't lowered the price yet. I guess the desperation hasn't set in yet.Quote:
Originally Posted by ötzi
The very definition of inflation is an increase in monetary supply.Quote:
Originally Posted by climberevan
Fact.
Consumer inflation is more complicated. But usually arrives after monetary inflation.
So you just decide your definition of "inflation" is the correct "Fact"?Quote:
Originally Posted by Core Shot
The Federal reserve's basic defintion has fuck all to due with monetary supply: "Inflation is the increase in the prices of goods and services over time."
https://www.federalreserve.gov/faqs/economy_14419.htm
WTF. No. That is no one who means anything’s definition of inflation.Quote:
Originally Posted by Core Shot
What measure of monetary supply are you using anyway? M1 is up over 17x from 20 years ago. Are you paying 17x more for goods and services than you were then? No, you are not, so money supply is not relevant to your daily life, and that’s why it’s not used as the ‘definition of inflation’.
CS:Quote:
Originally Posted by doebedoe
Attachment 420154
Were the toys business related? I can't believe the money was simply given with zero strings attached, but I guess I should know better. This is America, after all.Quote:
Originally Posted by Foggy_Goggles
My company made a pitch to “audit” the PPP loans using non-accountant staff. I had significant concerns about the approach and that it wasn’t robust enough / would result in rubber stamping the forgiveness with minimal documentation. We were proposing a cost per loan of a couple hundred $ which was outrageously low. Then the Feds just forgave them all by allowing the lenders to determine if they should be forgiven.Quote:
Originally Posted by The AD
Other than a few folks I know to be actual economists with impressive PhD's to match on here, I just assume no one knows what they're talking about in regards to financial markets and economic theory as even I'm rusty as shit these days and there are a LOT of complex factors at work.Quote:
Originally Posted by J. Barron DeJong
I have a client who received two PPP loans and significant ERC funds every quarter it was available. They reported an operating loss in 2020, with PPP forgiveness and ERC money resulting in positive NI. What do they do? Distribute all of that money to the two owners. One bought another house in Arizona and the other was using the funds to pay off debt in personally held commercial real estate. As a creditor and taxpayer this shit pisses me off. The rich get richer..
What a shock that the guy who believes 9/11 conspiracy theories is a real "expert" at monetary and economic policy.