Biden doctrine

[Marvin the Martian]

Fareed Zakaria wrote an editorial for WaPo criticizing the Biden economic doctrine.

https://www.washingtonpost.com/opinions/2023/05/05/biden-doctrine-sullivan-protectionism-economy/

The general idea, America has no economic problem compared to the world. In 1990, the US was 25% of the world GDP. That figure is true today. In 1990, the average American made 17% more than the typical Japanese. That number is 54% more today.

He covers using government to invest in industry. My phone isn't allowed indent, so the paragraph between dotted lines:
--------------------------
Ironically, only a couple of weeks before Sullivan made his speech, the Economist had a cover story on “America’s astonishing economic record.” It begins with 1990 — often used as the start of the rot in the narrative of decline — and points out that despite the rise of huge new economies such as China and India, the United States’ share of global gross domestic product has stayed roughly the same since then: around 25 percent. During that same period, America’s share of the Group of Seven’s economic output increased substantially, from 40 percent to 58 percent. Today, eight of the world’s 10 biggest companies are American. In 1989, only four were American (and six were Japanese). As for building, during these decades, the United States created and built the information economy, surely one of the greatest transformations and advances in human history
-----------------------------

Zakaria discusses protectionism too:
---------------------------
The greatest challenge for Americans over the past few decades has been that middle-class wages have not kept up with rising costs of living. That problem will surely get exacerbated by raising costs of goods throughout the economy through tariffs and industrial policy. As former treasury secretary and Post contributing columnist Lawrence H. Summers points out, protecting the 60,000 workers in the American steel industry sounds smart, but when you do it by raising the price of steel, the 6 million workers who use steel as an input in their goods all suffer. A foreign policy that produces persistent, systemic inflation will fail to deliver for the middle class, who are, as Joe Biden often says, its intended beneficiaries.
---------------------------------

 

[Marvin the Martian]

I pasted the wrong paragraph in the first spot, it should have been this one:

The second worry I have is of the efficacy of large-scale government intervention in the economy. Sullivan outlines the need for federal subsidies in certain areas, either to maintain the technological lead or for national security reasons. Brilliant people such as Sullivan might think they are well-positioned to identify the key strategic industries that need support. But historically, these kinds of interventions have not gone so well. Companies focus on lobbying the government rather than responding to the market, subsidies once in place become eternal, and innovation slows down. In the 1980s and 1990s, Japan’s much-admired technocrats picked industries and companies to push the country into the lead. Their strategic investments in artificial intelligence, maglev trains, micromachines and HDTV all proved to be “multimillion dollar debacles” in the words of a Harvard Business Review essay.

 

[mcmurtry66]

Fareed Zakaria wrote an editorial for WaPo criticizing the Biden economic doctrine.

https://www.washingtonpost.com/opinions/2023/05/05/biden-doctrine-sullivan-protectionism-economy/

The general idea, America has no economic problem compared to the world. In 1990, the US was 25% of the world GDP. That figure is true today. In 1990, the average American made 17% more than the typical Japanese. That number is 54% more today.

He covers using government to invest in industry. My phone isn't allowed indent, so the paragraph between dotted lines:
--------------------------
Ironically, only a couple of weeks before Sullivan made his speech, the Economist had a cover story on “America’s astonishing economic record.” It begins with 1990 — often used as the start of the rot in the narrative of decline — and points out that despite the rise of huge new economies such as China and India, the United States’ share of global gross domestic product has stayed roughly the same since then: around 25 percent. During that same period, America’s share of the Group of Seven’s economic output increased substantially, from 40 percent to 58 percent. Today, eight of the world’s 10 biggest companies are American. In 1989, only four were American (and six were Japanese). As for building, during these decades, the United States created and built the information economy, surely one of the greatest transformations and advances in human history
-----------------------------

Zakaria discusses protectionism too:
---------------------------
The greatest challenge for Americans over the past few decades has been that middle-class wages have not kept up with rising costs of living. That problem will surely get exacerbated by raising costs of goods throughout the economy through tariffs and industrial policy. As former treasury secretary and Post contributing columnist Lawrence H. Summers points out, protecting the 60,000 workers in the American steel industry sounds smart, but when you do it by raising the price of steel, the 6 million workers who use steel as an input in their goods all suffer. A foreign policy that produces persistent, systemic inflation will fail to deliver for the middle class, who are, as Joe Biden often says, its intended beneficiaries.
---------------------------------

I know almost nothing about economics but agree with what you posted. To me the biggest issue we face is the rising costs of homes. It’s literally the American dream. I’m not sure foreign policy implicates housing

 

[Cortez88]

I know almost nothing about economics but agree with what you posted. To me the biggest issue we face is the rising costs of homes. It’s literally the American dream. I’m not sure foreign policy implicates housing

I’d throw college costs in there too. Put those two together, it creates a real failure to launch scenario for young adults.

 

[Cthulhu85]

I'm not sure about housing but government is largely responsible for the cost of student loans.

 

[CO. Hoosier]

Fareed Zakaria wrote an editorial for WaPo criticizing the Biden economic doctrine.

https://www.washingtonpost.com/opinions/2023/05/05/biden-doctrine-sullivan-protectionism-economy/

The general idea, America has no economic problem compared to the world. In 1990, the US was 25% of the world GDP. That figure is true today. In 1990, the average American made 17% more than the typical Japanese. That number is 54% more today.

He covers using government to invest in industry. My phone isn't allowed indent, so the paragraph between dotted lines:
--------------------------
Ironically, only a couple of weeks before Sullivan made his speech, the Economist had a cover story on “America’s astonishing economic record.” It begins with 1990 — often used as the start of the rot in the narrative of decline — and points out that despite the rise of huge new economies such as China and India, the United States’ share of global gross domestic product has stayed roughly the same since then: around 25 percent. During that same period, America’s share of the Group of Seven’s economic output increased substantially, from 40 percent to 58 percent. Today, eight of the world’s 10 biggest companies are American. In 1989, only four were American (and six were Japanese). As for building, during these decades, the United States created and built the information economy, surely one of the greatest transformations and advances in human history
-----------------------------

Zakaria discusses protectionism too:
---------------------------
The greatest challenge for Americans over the past few decades has been that middle-class wages have not kept up with rising costs of living. That problem will surely get exacerbated by raising costs of goods throughout the economy through tariffs and industrial policy. As former treasury secretary and Post contributing columnist Lawrence H. Summers points out, protecting the 60,000 workers in the American steel industry sounds smart, but when you do it by raising the price of steel, the 6 million workers who use steel as an input in their goods all suffer. A foreign policy that produces persistent, systemic inflation will fail to deliver for the middle class, who are, as Joe Biden often says, its intended beneficiaries.
---------------------------------

I don’t think market cap is a relevant way to measure size, For example, Tesla is #9 in market cap but does not make the top 100 in revenue. Nor is our share of G7 output relevant. If the G7 output compared to the world is taking a hit, our share of it doesn’t mean anything.

The strength of the economy gets back to a few things Z doesn’t really mention IMO. Energy and banking. The biggest banks in the world are Chinese and our energy policy is crazy. Creditors (banks) have enormous power and influence. I haven’t dug into it, but I’m thinking the huge and record setting national debt is hurting our banking system. (Silicon Valley Bank and First Republic). Energy is the currency of economic power.

 

[TomEric4756]

I don’t think market cap is a relevant way to measure size, For example, Tesla is #9 in market cap but does not make the top 100 in revenue. Nor is our share of G7 output relevant. If the G7 output compared to the world is taking a hit, our share of it doesn’t mean anything.

The strength of the economy gets back to a few things Z doesn’t really mention IMO. Energy and banking. The biggest banks in the world are Chinese and our energy policy is crazy. Creditors (banks) have enormous power and influence. I haven’t dug into it, but I’m thinking the huge and record setting national debt is hurting our banking system. (Silicon Valley Bank and First Republic). Energy is the currency of economic power.

And the policy is to move to the most expensive forms of carbon free energy sources while China and India continue to build coal fired power plants.

 

[TomEric4756]

Fareed Zakaria wrote an editorial for WaPo criticizing the Biden economic doctrine.

https://www.washingtonpost.com/opinions/2023/05/05/biden-doctrine-sullivan-protectionism-economy/

The general idea, America has no economic problem compared to the world. In 1990, the US was 25% of the world GDP. That figure is true today. In 1990, the average American made 17% more than the typical Japanese. That number is 54% more today.

He covers using government to invest in industry. My phone isn't allowed indent, so the paragraph between dotted lines:
--------------------------
Ironically, only a couple of weeks before Sullivan made his speech, the Economist had a cover story on “America’s astonishing economic record.” It begins with 1990 — often used as the start of the rot in the narrative of decline — and points out that despite the rise of huge new economies such as China and India, the United States’ share of global gross domestic product has stayed roughly the same since then: around 25 percent. During that same period, America’s share of the Group of Seven’s economic output increased substantially, from 40 percent to 58 percent. Today, eight of the world’s 10 biggest companies are American. In 1989, only four were American (and six were Japanese). As for building, during these decades, the United States created and built the information economy, surely one of the greatest transformations and advances in human history
-----------------------------

Zakaria discusses protectionism too:
---------------------------
The greatest challenge for Americans over the past few decades has been that middle-class wages have not kept up with rising costs of living. That problem will surely get exacerbated by raising costs of goods throughout the economy through tariffs and industrial policy. As former treasury secretary and Post contributing columnist Lawrence H. Summers points out, protecting the 60,000 workers in the American steel industry sounds smart, but when you do it by raising the price of steel, the 6 million workers who use steel as an input in their goods all suffer. A foreign policy that produces persistent, systemic inflation will fail to deliver for the middle class, who are, as Joe Biden often says, its intended beneficiaries.
---------------------------------

Seems some on the left understand Govt. Isn’t serving an objective good.

 

[hoot1]

Fareed Zakaria wrote an editorial for WaPo criticizing the Biden economic doctrine.

https://www.washingtonpost.com/opinions/2023/05/05/biden-doctrine-sullivan-protectionism-economy/

The general idea, America has no economic problem compared to the world. In 1990, the US was 25% of the world GDP. That figure is true today. In 1990, the average American made 17% more than the typical Japanese. That number is 54% more today.

He covers using government to invest in industry. My phone isn't allowed indent, so the paragraph between dotted lines:
--------------------------
Ironically, only a couple of weeks before Sullivan made his speech, the Economist had a cover story on “America’s astonishing economic record.” It begins with 1990 — often used as the start of the rot in the narrative of decline — and points out that despite the rise of huge new economies such as China and India, the United States’ share of global gross domestic product has stayed roughly the same since then: around 25 percent. During that same period, America’s share of the Group of Seven’s economic output increased substantially, from 40 percent to 58 percent. Today, eight of the world’s 10 biggest companies are American. In 1989, only four were American (and six were Japanese). As for building, during these decades, the United States created and built the information economy, surely one of the greatest transformations and advances in human history
-----------------------------

Zakaria discusses protectionism too:
---------------------------
The greatest challenge for Americans over the past few decades has been that middle-class wages have not kept up with rising costs of living. That problem will surely get exacerbated by raising costs of goods throughout the economy through tariffs and industrial policy. As former treasury secretary and Post contributing columnist Lawrence H. Summers points out, protecting the 60,000 workers in the American steel industry sounds smart, but when you do it by raising the price of steel, the 6 million workers who use steel as an input in their goods all suffer. A foreign policy that produces persistent, systemic inflation will fail to deliver for the middle class, who are, as Joe Biden often says, its intended beneficiaries.
---------------------------------

Watched the Zakaria program cited in the thread as per usual this morning. Zakaria was far from complimentary about the Sullivan/Biden economic approach to the world economy which Zakaria called "America first".

This isn't the first time Zakaria has likened the Biden approach to that of Trump with which Zakaria disagrees. The other being Biden's foreign policy which Zakaria also thinks is pro American at the expense of having the rest of the world not look to America as a world leader.

IMO it is natural for a Biden or Trump to persue an America first policy whether it be to promote our economy or foreign policy in the eyes of the voters. It all goes with being a democracy whereby voters vote for the guy most interested in making a better life for them.

 

[Marvin the Martian]

I don’t think market cap is a relevant way to measure size, For example, Tesla is #9 in market cap but does not make the top 100 in revenue. Nor is our share of G7 output relevant. If the G7 output compared to the world is taking a hit, our share of it doesn’t mean anything.

The strength of the economy gets back to a few things Z doesn’t really mention IMO. Energy and banking. The biggest banks in the world are Chinese and our energy policy is crazy. Creditors (banks) have enormous power and influence. I haven’t dug into it, but I’m thinking the huge and record setting national debt is hurting our banking system. (Silicon Valley Bank and First Republic). Energy is the currency of economic power.

I am confused.He argues against government intervention and for free trade. Two items that used to be as Republican as apple pie and baseball. and you are arguing he's wrong?

Energy isn't nearly as important as it once was. It is still important. But a lot of what is created today is information. The internet requires power, but not nearly as much as smelting iron and shipping it across the country. I suspect one of the items that define post-industrial society is that energy is less critical.

 

[Marvin the Martian]

And the policy is to move to the most expensive forms of carbon free energy sources while China and India continue to build coal fired power plants.

Yes, but China also spends FAR more on green energy than the US, about 4 times more:

China Invests $546 Billion in Clean Energy, Far Surpassing the U.S.

China accounted for nearly half of the world's low-carbon spending in 2022, which could challenge U.S. efforts to bolster domestic clean energy manufacturing

www.scientificamerican.com

So they are relying hard on green too.

 

[CO. Hoosier]

Yes, but China also spends FAR more on green energy than the US, about 4 times more:

China Invests $546 Billion in Clean Energy, Far Surpassing the U.S.

China accounted for nearly half of the world's low-carbon spending in 2022, which could challenge U.S. efforts to bolster domestic clean energy manufacturing

www.scientificamerican.com

So they are relying hard on green too.

That Scientific American article isn’t very scientific. China spends more on all energy. The relevant statistic is the spending ratio between green and other. Do you have that?

 

[Marvin the Martian]

That Scientific American article isn’t very scientific. China spends more on all energy. The relevant statistic is the spending ratio between green and other. Do you have that?

You can find it, no matter what I find you hate and fight against. Out of the 10,000 articles I've linked, I've never seen you think any of them worth a damn. Unless it fits your pre-conceived notion, you oppose it. No room for, "hmm, that's interesting, I will have to consider that".

 

[CO. Hoosier]

I am confused.He argues against government intervention and for free trade. Two items that used to be as Republican as apple pie and baseball. and you are arguing he's wrong?

Energy isn't nearly as important as it once was. It is still important. But a lot of what is created today is information. The internet requires power, but not nearly as much as smelting iron and shipping it across the country. I suspect one of the items that define post-industrial society is that energy is less critical.

Crypto mining takes enormous amounts of power. I suspect the future digital/AI world will be similar.

Bitcoin Mining: How Much Electricity It Takes and Why People Are Worried

Crypto consumes a ton of power to keep things running.

www.cnet.com

 

[CO. Hoosier]

You can find it, no matter what I find you hate and fight against. Out of the 10,000 articles I've linked, I've never seen you think any of them worth a damn. Unless it fits your pre-conceived notion, you oppose it. No room for, "hmm, that's interesting, I will have to consider that".

Right. Like Biden I’ve acquired a helluva lot of wisdom in my more than 80 trips around the Sun. I know more than most people.

 

[TomEric4756]

Crypto mining takes enormous amounts of power. I suspect the future digital/AI world will be similar.

Bitcoin Mining: How Much Electricity It Takes and Why People Are Worried

Crypto consumes a ton of power to keep things running.

www.cnet.com

I think crypto mining is antithetical to green goals ... It also essentially says shiny objects deserve electrical power more than the poor many who can’t afford the price of a digital wallet (crypo capable cell phone) much less a bitcoin in the first place.

 

[Marvin the Martian]

Crypto mining takes enormous amounts of power. I suspect the future digital/AI world will be similar.

Bitcoin Mining: How Much Electricity It Takes and Why People Are Worried

Crypto consumes a ton of power to keep things running.

www.cnet.com

Electricity consumption in the US has been flat since 2005 even though the US economy has grown a lot, and crypto mining has also grown.

U.S. electricity consumption 2021 | Statista

Electricity consumption in the United States totaled 3,930 terawatt hours in 2021, a two-percent increase in comparison to the previous year.

www.statista.com

A large part of that use is heating and air conditioning (home, business, manufacturing). Though certainly NG plays a huge role in heating.

California is the largest state in population and in overall economic activity and its per capita usage of electicity is one of the lowest in the country. Obviously, weather plays a big part. But that goes to the point, weather drives our energy use more than economic activity:

U.S. Energy Information Administration - EIA - Independent Statistics and Analysis

www.eia.gov

 

[bawlmer]

Fareed Zakaria wrote an editorial for WaPo criticizing the Biden economic doctrine.

https://www.washingtonpost.com/opinions/2023/05/05/biden-doctrine-sullivan-protectionism-economy/

The general idea, America has no economic problem compared to the world. In 1990, the US was 25% of the world GDP. That figure is true today. In 1990, the average American made 17% more than the typical Japanese. That number is 54% more today.

He covers using government to invest in industry. My phone isn't allowed indent, so the paragraph between dotted lines:
--------------------------
Ironically, only a couple of weeks before Sullivan made his speech, the Economist had a cover story on “America’s astonishing economic record.” It begins with 1990 — often used as the start of the rot in the narrative of decline — and points out that despite the rise of huge new economies such as China and India, the United States’ share of global gross domestic product has stayed roughly the same since then: around 25 percent. During that same period, America’s share of the Group of Seven’s economic output increased substantially, from 40 percent to 58 percent. Today, eight of the world’s 10 biggest companies are American. In 1989, only four were American (and six were Japanese). As for building, during these decades, the United States created and built the information economy, surely one of the greatest transformations and advances in human history
-----------------------------

Zakaria discusses protectionism too:
---------------------------
The greatest challenge for Americans over the past few decades has been that middle-class wages have not kept up with rising costs of living. That problem will surely get exacerbated by raising costs of goods throughout the economy through tariffs and industrial policy. As former treasury secretary and Post contributing columnist Lawrence H. Summers points out, protecting the 60,000 workers in the American steel industry sounds smart, but when you do it by raising the price of steel, the 6 million workers who use steel as an input in their goods all suffer. A foreign policy that produces persistent, systemic inflation will fail to deliver for the middle class, who are, as Joe Biden often says, its intended beneficiaries.
---------------------------------

His last paragraph suggests America does have an economic problem, it's just not what the Administration thinks it is (lack of competitiveness). Rather, Zakaria says middle class wages falling further every year below the cost of living is the main economic issue in the US.

Ironically, the Administration would say it's economic doctrine is intended to address that gap by bringing back high-wage manufacturing jobs. Good luck with that in a global economy. As others said above, what's really needed is to bring down the cost of living.

Unfortunately, much of those costs are consumer-driven. Estimates are that up to 40% of car costs are electronics. We should be able to build cars really cheaply now, but every efficiency gain seems to be offset by costly new technologies.

 

[i'vegotwinners]

Fareed Zakaria wrote an editorial for WaPo criticizing the Biden economic doctrine.

https://www.washingtonpost.com/opinions/2023/05/05/biden-doctrine-sullivan-protectionism-economy/

The general idea, America has no economic problem compared to the world. In 1990, the US was 25% of the world GDP. That figure is true today. In 1990, the average American made 17% more than the typical Japanese. That number is 54% more today.

He covers using government to invest in industry. My phone isn't allowed indent, so the paragraph between dotted lines:
--------------------------
Ironically, only a couple of weeks before Sullivan made his speech, the Economist had a cover story on “America’s astonishing economic record.” It begins with 1990 — often used as the start of the rot in the narrative of decline — and points out that despite the rise of huge new economies such as China and India, the United States’ share of global gross domestic product has stayed roughly the same since then: around 25 percent. During that same period, America’s share of the Group of Seven’s economic output increased substantially, from 40 percent to 58 percent. Today, eight of the world’s 10 biggest companies are American. In 1989, only four were American (and six were Japanese). As for building, during these decades, the United States created and built the information economy, surely one of the greatest transformations and advances in human history
-----------------------------

Zakaria discusses protectionism too:
---------------------------
The greatest challenge for Americans over the past few decades has been that middle-class wages have not kept up with rising costs of living. That problem will surely get exacerbated by raising costs of goods throughout the economy through tariffs and industrial policy. As former treasury secretary and Post contributing columnist Lawrence H. Summers points out, protecting the 60,000 workers in the American steel industry sounds smart, but when you do it by raising the price of steel, the 6 million workers who use steel as an input in their goods all suffer. A foreign policy that produces persistent, systemic inflation will fail to deliver for the middle class, who are, as Joe Biden often says, its intended beneficiaries.
---------------------------------

DON'T POST PAYWALL ARTICLES THEN ASK FOR DISCUSSION OF THEM DUMBASS.

as for the impact of tariffs on prices, the impact of tariffs is virtually zero compared to the impact on prices of runaway monopolization of industries.

and tariffs improve jobs and wages, and are needed to maintain any semblance of US sovereignty what so ever.

only a total idiot today would not grasp that. (not that the country lacks total idiots).

anyone against doing what's needed to bring our manufacturing base back on shore is 100 times more a traitor to the country than anyone who ever sold military or national secrets.

if one can't grasp that today, they are totally ignorant of everything going on today.

that said, Fareed works for an entity that lies 24/7/365 about virtually anything economics based, and Fareed knows it.

unabashedly lies 24/7/365.

 

[bawlmer]

DON'T POST PAYWALL ARTICLES THEN ASK FOR DISCUSSION OF THEM DUMBASS.

as for the impact of tariffs on prices, the impact of tariffs is virtually zero compared to the impact on prices of runaway monopolization of industries.

and tariffs improve jobs and wages, and are needed to maintain any semblance of US sovereignty what so ever.

only a total idiot today would not grasp that. (not that the country lacks total idiots).

anyone against doing what's needed to bring our manufacturing base back on shore is 100 times more a traitor to the country than anyone who ever sold military or national secrets.

if one can't grasp that today, they are totally ignorant of everything going on today.

that said, Fareed works for an entity that lies 24/7/365 about virtually anything economics based, and Fareed knows it.

unabashedly lies 24/7/365.

Tariffs do nothing for me but raise prices. I was a 17 year old UAW member in the 70s. But I went to college and never looked back.

 

[i'vegotwinners]

Tariffs do nothing for me but raise prices. I was a 17 year old UAW member in the 70s. But I went to college and never looked back.

typical conservative.

it's all about ME, and only ME.

ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME.

a defining character trait of conservatives, and what differentiates them from liberals as much as anything.

never mind the destroyed tax bases, ex manufacturing cities, the national sovereignty of the US rather than being China's bitch on everything all the time because we are DEPENDENT on them, even if you care nothing about your fellow citizens.

you're so totally consumed by your own self absorption, that you're blinded to the far bigger and wider picture.

 

[bawlmer]

typical conservative.

it's all about ME, and only ME.

ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME.

a defining character trait of conservatives, and what differentiates them from liberals as much as anything.

never mind the destroyed tax bases, ex manufacturing cities, the national sovereignty of the US rather than being China's bitch on everything all the time because we are DEPENDENT on them, even if you care nothing about your fellow citizens.

you're so totally consumed by your own self absorption, that you're blinded to the far bigger and wider picture.

No. I'm just looking for problem solutions that will work. I give the Biden Administration credit for also working to reduce the costs of housing, transportation, childcare, and health care.

The reality is there are plenty of jobs in this economy, but the basic essentials are too expensive. Wages need to be higher, for sure. But cutting ourselves off from the rest of the world economy will make us less efficient when we need to become more efficient and use fewer resources per capita.

 

[JamieDimonsBalls]

I don’t think market cap is a relevant way to measure size, For example, Tesla is #9 in market cap but does not make the top 100 in revenue. Nor is our share of G7 output relevant. If the G7 output compared to the world is taking a hit, our share of it doesn’t mean anything.

The strength of the economy gets back to a few things Z doesn’t really mention IMO. Energy and banking. The biggest banks in the world are Chinese and our energy policy is crazy. Creditors (banks) have enormous power and influence. I haven’t dug into it, but I’m thinking the huge and record setting national debt is hurting our banking system. (Silicon Valley Bank and First Republic). Energy is the currency of economic power.

So many flaws here:

• Market Cap vs. Revenue - the idea of measuring a company by a metric is highly subjective and varies significantly based on market biases, perceptions, financial expertise, etc. There is certainly a debate that Revenue could be more important than Market Cap, but it's silly to suggest that it isn't a "relevant way" to measure size. How do you think market indicies are created?

Moreover, why wouldn't Profitability be (regardless if you use Net Income, EBITDA, EBIT, EBITDAR, EBITDAX, Gross Profit, Contribution Profit, etc., etc.) more important than Revenue? That demonstrates how effectively a company turns revenue into shareholder value.

Lastly, the idea of Market Cap is actually quite interesting. I've never been a Tesla long, but the idea that investors believe $1 of Tesla earnings is worth more than $1 of some shitty Chinese company is a good thing. That demonstrates value. The U.S. still leads the world when it comes to value and value add, which means something. Revenue at the end of the day is just a financial fact. But, assuming revenue was equivalent, would you rather invest in a Chinese Shitco making commoditized plastic junk or a U.S. manufacturer of medical devices? Don't you go commmie now!

• Who gives a shit what the asset values are for the largest global banks? None of those loser Chinese banks have a place at the table for major lending and investment banking and securities activities in Europe, Asia (including the MIddle East), Australia, etc. They have no talent because Chinese aren't trained to be created and provide unique advisory solutions.

Also, let's not forget that asset values are meaningless unless they are marked to a true market value - in which case, most of those Chinese assets would trade for a significant discount if they were to try and sell them to other multinational banks.

U.S. banking strength has never been greater with the failure of Credit Suisse, demise of Deutsche Bank, HSBC remains in ruins and U.S. firms (asset-based and advisory-focused) are gaining market share.

• Since you haven't dug into it, why don't you do some reading on the collapse of SVB and First Republic? Several of us have posted good articles that detail why they failed. I'll give you a hint, the national debt (while I acknowledge it worries me), was not a factor.

 

[JamieDimonsBalls]

His last paragraph suggests America does have an economic problem, it's just not what the Administration thinks it is (lack of competitiveness). Rather, Zakaria says middle class wages falling further every year below the cost of living is the main economic issue in the US.

Right on queue

Real Earnings News Release - 2024 M02 Results

www.bls.gov

Real average hourly earnings decreased 0.5 percent, seasonally adjusted, from April 2022 to April 2023.
The change in real average hourly earnings combined with a decrease of 0.6 percent in the average
workweek resulted in a 1.1-percent decrease in real average weekly earnings over this period.

25 straight months of YoY declines in real average hourly earnings

 

[JamieDimonsBalls]

Yes, but China also spends FAR more on green energy than the US, about 4 times more:

China Invests $546 Billion in Clean Energy, Far Surpassing the U.S.

China accounted for nearly half of the world's low-carbon spending in 2022, which could challenge U.S. efforts to bolster domestic clean energy manufacturing

www.scientificamerican.com

So they are relying hard on green too.

They're cranking out shitty EVs like Dollar Store crap

 

[JamieDimonsBalls]

Tariffs do nothing for me but raise prices. I was a 17 year old UAW member in the 70s. But I went to college and never looked back.

Anyone who is pro-tariff might as well support higher income and other taxes too. At least be consistent.

 

[JamieDimonsBalls]

Right. Like Biden I’ve acquired a helluva lot of wisdom in my more than 80 trips around the Sun. I know more than most people.

Not about finance and economics.

 

[JamieDimonsBalls]

I'm not sure about housing but government is largely responsible for the cost of student loans.

spot on... I'd call it a contributor to housing costs, but harder to assess its true impact since it covers many forms vs. student loans where Federally subsidized and backed loans created the bubble in college and university pricing

 

[larsIU]

DON'T POST PAYWALL ARTICLES THEN ASK FOR DISCUSSION OF THEM DUMBASS.

it's all about ME, and only ME.

ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME ME.

i mean, I love ya IGW, but there's a little congnitive dissonance here.

edited to remove capitalization

 

[JamieDimonsBalls]

No. I'm just looking for problem solutions that will work. I give the Biden Administration credit for also working to reduce the costs of housing, transportation, childcare, and health care.

Hard to really show that it has done any of that. Housing costs are now higher for prime borrowers (to subsidize subprime borrowers), child care costs are at all time highs (trust me, I know), health care inflation has slowed, but quality has deteriorated significantly over the past 24 months (there are several articles like this) and transportation costs haven't gone down (car prices, gas prices all significantly higher).

Clearly anyone reasonable wouldn't blame all of that on Biden (and his team), but he's certainly not living up to many of his promises IYAM.

 

[i'vegotwinners]

Right on queue

Real Earnings News Release - 2024 M02 Results

www.bls.gov

Real average hourly earnings decreased 0.5 percent, seasonally adjusted, from April 2022 to April 2023.
The change in real average hourly earnings combined with a decrease of 0.6 percent in the average
workweek resulted in a 1.1-percent decrease in real average weekly earnings over this period.

25 straight months of YoY declines in real average hourly earnings

40 plus straight yrs of declines would be more accurate.

and the declines are always greater than publicized, being that actual inflation is greater than the fake made up official total BS inflation number every yr.

 

[i'vegotwinners]

Housing costs are now higher for prime borrowers (to subsidize subprime borrowers),

the pathological liars club, also known as conservatives.

conservatives have this love affair with lying.

what exactly is with that?

oh yeah, because lying works much better than truth, when truth doesn't support their agenda.

and conservatives attach no negative connotation what so ever to liars, and just consider them as doing what's smart, and being competitive.

but then, that says as much about conservatives as a whole in regards to truth.

on a side note, the media makes a big deal daily that 2/3rds of Pubs think Trump won the 2020 election.

as ignorant and biased as Pub voters are, i don't believe for 2 seconds that stat is actually correct.

yes, there are no doubt a few percent of Pubs who believe only what they want to believe, just as with Dems and all idiots, but imo the majority of Pubs claiming Trump won don't actually believe that, but just claim to as a pretext to justify acting on that belief, from 1/6 to voter suppression laws.

point being, while i think conservatives are obviously that dishonest, (in large part because they don't attach any negative personal character connotation with dishonesty), on the other hand, i don't think they are all actually that stupid.

 

[JamieDimonsBalls]

@mcmurtry66 come get your boy

 

[BradStevens]

Some more Biden economic policy--using the Defense Production Act to combat inflation?

Biden plans to use cold-war era law in attempt to lower US prices

Defense Production Act of 1950, passed to streamline production during Korean war, was last used during Covid pandemic

www.theguardian.com

 

[mcmurtry66]

Some more Biden economic policy--using the Defense Production Act to combat inflation?

Biden plans to use cold-war era law in attempt to lower US prices

Defense Production Act of 1950, passed to streamline production during Korean war, was last used during Covid pandemic

www.theguardian.com

Good!

 

[Joe_Hoopsier]

Good!

HOW the eff is this a good thing? Isn't this a pure communistic move? What am I missing, and this sure wasn't what that act was intended for, was it?

 

[mcmurtry66]

HOW the eff is this a good thing? Isn't this a pure communistic move? What am I missing, and this sure wasn't what that act was intended for, was it?

i don't know. i just skimmed that htey are trying something to make things better and improve the cost of everything

 

[Joe_Hoopsier]

i don't know. i just skimmed that htey are trying something to make things better and improve the cost of everything

We use our overreach to intentionally make everything shit, so that we can then "fix" the problem we created by more over reach using a totally unrelated power to force free markets into bending to our whims. FOR A PROBLEM WE INTENTIONALLY CREATED. What am I missing? Talk about democracy hanging by a thread.

 

[mcmurtry66]

We use our overreach to intentionally make everything shit, so that we can then "fix" the problem we created by more over reach using a totally unrelated power to force free markets into bending to our whims. FOR A PROBLEM WE INTENTIONALLY CREATED. What am I missing? Talk about democracy hanging by a thread.

I’ll read it later

 

[JamieDimonsBalls]

Some more Biden economic policy--using the Defense Production Act to combat inflation?

Biden plans to use cold-war era law in attempt to lower US prices

Defense Production Act of 1950, passed to streamline production during Korean war, was last used during Covid pandemic

www.theguardian.com

Now? It's a bit too late. Inflation is already headed the right direction, even if stubbornly slow.

This is going to exacerbate the Fed's monetary policy and increase the likelihood of deflation and recession.