[Steve_American]

Biden's economy is better in 9 out of 10 metrics of economic performance, compared to the 1st yr of the last 7 Presidents. By my count this goes back to Pres, Carter's 1st yr. That is Biden's econ. is in the top 1 or 2 in 9 out of 10 metrics of econ. well being.
Just 6 min. long. Surely you have 6 min. to watch this.

Also, the US is doing better than all other advanced nations. IIRC.

It's a BOOM.

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[late]

Trump left behind a disaster, Biden has done a good job at pulling things back together. Not perfect, but lots better than I expected.

Now watch the Karens start whining..

[Rancid]

The economy is barely controlled by the president. Barely. Ascribing credit or blame for the performance of the economy onto any president, is basically dumb.

[BlutoSays]

Biden's economy is better in 9 out of 10 metrics of economic performance, compared to the 1st yr of the last 7 Presidents. By my count this goes back to Pres, Carter's 1st yr. That is Biden's econ. is in the top 1 or 2 in 9 out of 10 metrics of econ. well being.

[Steve_American]

https://www.youtube.com/watch?v=Rwxn_dutTtE

Lurkers, this reply is the most extreme example of a 1 line post possible. It contains no work by Bluto at all.

I suppose he means, This is a fairytale. But, this is just another of his naked assertions with zero to support it.

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[BlutoSays]

Steve, you must be a hoot at parties!

[Unthinking Majority]

The economy is barely controlled by the president. Barely. Ascribing credit or blame for the performance of the economy onto any president, is basically dumb.

I came here to post this.

POTUS can't even veto money bills. Or vote on/introduce any legislation whatsoever. And doesn't control the central bank, let alone the entire private sector which is the entire engine of the economy.

Want to give someone credit? Credit the working men and women and consumers.

[pugsville]

The Numbers don't really reflect on the current president so much, Economic management takes a fair time, policy frameworks, the big decisions take decades.

1st year president's have generally very little impact on the numbers, it's a big economic big trends at play.

[wat0n]

GDP recovers after lockdowns are lifted, so surprising!

[BlutoSays]

I came here to post this.

POTUS can't even veto money bills. Or vote on/introduce any legislation whatsoever. And doesn't control the central bank, let alone the entire private sector which is the entire engine of the economy.

Want to give someone credit? Credit the working men and women and consumers.

No one believes that. It's just something democrats say when things are going poorly, and they have to somehow save face.

POTUS has a council of economic advisors for no reason. He's has a zillion nobel laureates he quotes to back his failing economic plans and edicts for no reason. He has a national economic council for no reason.

His executive orders to close ANWR and squeeze leases of fracking in favor of renewable power (which no one is willing to pay for freely, so he has to put the gubmint gun to people's heads to FORCE bad policy) have no impact. It's all just fairy dust from ivory towers.

But if that fairy dust was producing great economic numbers, he of course wouldn't be taking credit for it.

If shortages occured out of thin air, and not because of his policies, pushed by the far-left wing of his party that know nothing about economics, then he certainly wouldn't be tapping the strategic oil reserves to buffet that bad policy.

If his administration didn't have the power to put in a helluva bureaucracy that drives the time it takes for govt permitting of projects way up, then of course, he certainly has no power to affect large projects.

And reams of regulations the White House introduces (written by competitors against other competitors using legislation as a weapon) certainly doesn't happen.

He and the squad certainly don't steer union labor for political gain.

Yes, POTUS doesn't control the central bank. He just appoints people favorable to his agenda and who ever the DNC and their affinity groups tell him to appoint.

He doesn't have agendas pushed through meetings with congressional aides and congress critters to move certain legislation in congress. Uh huh.

Yes, his choices literally have no economic impact.

April 2022

Executive Order on Strengthening the Nation’s Forests, Communities, and Local Economies (April 22, 2022)
Executive Order on Continuing to Strengthen Americans’ Access to Affordable, Quality Health Coverage (April 5, 2022)

March 2022

Executive Order on Advancing Economy, Efficiency, and Effectiveness in Federal Contracting by Promoting Pay Equity and Transparency (March 15, 2022)
Executive Order on Ensuring Responsible Development of Digital Assets (March 9, 2022)


The pofo delusion and ass covering continues.

[Steve_American]

I came here to post this.

POTUS can't even veto money bills. Or vote on/introduce any legislation whatsoever. And doesn't control the central bank, let alone the entire private sector which is the entire engine of the economy.

Want to give someone credit? Credit the working men and women and consumers.

If this is not snark, then what can I say?

AFAIK, the President can veto money bills. Can propose legislation but has to find 2 Rep. and 1 Senator to introduce them and this is very easy. And sort of does control the central bank. That is the Fed and Treas. Dept. must work together. The Pres. does appoint the leaders of the Fed. I think he can fire them also. We just don't do that or do it much. But. IIRC he can.
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[Unthinking Majority]

AFAIK, the President can veto money bills. Can propose legislation but has to find 2 Rep. and 1 Senator to introduce them and this is very easy.

The President certainly doesn't control the economy. He and Congress have modest power to influence it. The private sector drives the economy.

If your ultimate argument is "Biden gave out free money, the economy is going well", well his contribution is some deficit spending to stimulate the economy. But deficit spending doesn't by itself drive an economy, it can help it along a bit. Consumer spending is worth far more than the US gov can give to people in free cheques. The US gov has been stimulating the economy every recession since I can remember. This is still Keynesian, not MMT.

[Steve_American]

The President certainly doesn't control the economy. He and Congress have modest power to influence it. The private sector drives the economy.

If your ultimate argument is "Biden gave out free money, the economy is going well", well his contribution is some deficit spending to stimulate the economy. But deficit spending doesn't by itself drive an economy, it can help it along a bit. Consumer spending is worth far more than the US gov can give to people in free cheques. The US gov has been stimulating the economy every recession since I can remember. This is still Keynesian, not MMT.

OK, now you seem to be saying what you meant in the 1st place.

Yes, I agree that the Pres. doesn't control the economy.
. . . I'd go much further and point out that the budget was approved in the year he was sworn in (even before the election). The US fiscal year is like the car model year, from Oct. to Oct.

My post was created by Beau in response to people blaming the bad economy on Biden, when it had gotten much better since Trump left office.

Yes, the stimulus checks and plus up to UE checks are Keynesian. And, I agree that the US is not using MMT, BECAUSE the only policy that MMT demands be used to do MMT is its national/local Job Guarantee Program. However, when it comes to how the Gov. finances work, MMT is just describing what is being done and has been done since 1972 when the US was off the gold standard. Again I repeat, MMT is just describing how the US Gov. does its spending, taxing, and selling bonds.
. . . However, MMT asserts that all the BS about "paying for programs" when they help the American people, but not when they help American (and Global) Corporations is just rhetoric intended to keep the Gov. from helping the American people, so that the corps can exploit the desperate mass of the people. So that the rich can get richer.

Do you disagree that MMT is correctly describing how the US Gov. taxes, spends, and sells bonds?
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[BlutoSays]

Negative GDP numbers of -1.4 percent. Many thanks to the Democratic National Committee! How can we ever thank you? Winner winner, chicken dinner.

[pugsville]

Negative GDP numbers of -1.4 percent. Many thanks to the Democratic National Committee! How can we ever thank you? Winner winner, chicken dinner.

You don't understand economics at all.

GDP numbers are extremely blunt expression of economy and 1st year presidents, the number actually owes more to trump than Biden (which is how I responded to people praisesed Biden for these numbers)

[BlutoSays]

You don't understand economics at all.

GDP numbers are extremely blunt expression of economy and 1st year presidents, the number actually owes more to trump than Biden (which is how I responded to people praisesed Biden for these numbers)

Stop. There's no talking this away. even in a speech today, Biden sait the economy is growing. HULLO??? Negative GDP, asshats. Don't lecture anyone on not understanding economics.

Even the WH knows there's a recession on the way. They just have a spin machine to turn out lies.... now they have an OFFICIAL lie machine: The Department of Homeland Security Disinformation Governance Crock-o-Shit Board. The coming months will be entertaining if nothing else.

[BlutoSays]

Don't worry. We have a booming housing sector!!!

Wells Fargo confirms mortgage staff layoffs

Wells Fargo confirmed Friday it’s laying off an undisclosed number of home lending employees due to mortgage market conditions, one week after reporting a major decline in origination volume.

The bank in a brief statement didn’t specify which employees were affected nor the amount of staff displaced, and didn’t immediately respond to follow-up questions Friday afternoon.

It’s the third major mortgage player this week to announce cuts in response to sliding mortgage volumes, following embattled lender Better.com and technology firm Blend.

“The home lending displacements this week are the result of cyclical changes in the broader home lending environment,” the bank said in a statement. “The employees affected by these changes have each been an essential part of our success. We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling.”

Wells in an earnings report last week disclosed a 33% drop in origination volume, a freefall CEO Charlie Scharf said was “one of the largest quarterly declines that I can remember.” The bank’s net origination income fell to $538 million in Q1 2022 from $1.38 billion over the same period last year. While the lender reported positive servicing income compared to net loss a year earlier, its Q1 2022 mortgage banking income totalled only half the amount it made in the first quarter of last year.

Reports of the layoffs first emerged on social media, where posts indicated the cuts included 550 mortgage processors.

A number of mortgage firms have laid off employees in response to the end of the refinance boom, with Blend cutting 10% of its workers and Better.com shedding over a third of its entire workforce in a series of large layoffs. PennyMac, Interfirst and Guaranteed Rate have also reduced their head counts in recent months.

Wells has also been under fire in the past two months over allegations of discrimination in handling Black homeowner refis. The bank is facing scrutiny from New York City officials and Capitol Hill, and is responding to two federal class action lawsuits.

[BlutoSays]

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[jimjam]

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FINALLY !!! A Pluto post that makes sense .

[Puffer Fish]

Maybe it's because Democrat governors are not shutting down the economy with their "coronavirus shutdown" of businesses?