In Biden's first year, economic growth reached a 37-year high

AssHatZombie said:
A potemkin economy

https://seekingalpha.com/article/4484634-potemkin-economy-costs-and-consequences

Summary
In politics and economics, a Potemkin village is any construction (literal or figurative) whose sole purpose is to provide an external façade to lead the population to believe the country is faring better than reality.
The Fed is now discussing reversing monetary policy (by hiking interest rates and reducing their balance sheet) to quell inflation.
Not surprisingly, given that the current spike in inflation, and economic growth, was a function of massive liquidity infusions, the reversal will be deflationary.
stock market investment graph with indicator and volume data.
monsitj/iStock via Getty Images

A Potemkin economy has lured the Fed, economists, and Wall Street analysts into a potentially dangerous assumption of economic normalcy. However, with a review of how we got here, we can better understand the costs and consequences of monetary interventions.

“In 1783, after the Russian annexation of Crimea from the Ottoman Empire and the liquidation of the Cossack Zaporozhian Sich, GrigoryPotemkin became governor of the region. Crimea, devastated by the war, and the Muslim Tatar inhabitants became viewed as a potential fifth column of the Ottoman Empire. Potemkin’s major tasks were to pacify and rebuild the country by bringing in Russian settlers.

In 1787, as a new war was about to break out between Russia and the Ottoman Empire, Catherine II, with her court and several ambassadors, made an unprecedented six-month trip to New Russia. One purpose of this trip was to impress Russia’s allies prior to the war. Another purpose was to familiarize herself, supposedly directly, with her new possessions. To help accomplish this, Potemkin set up “mobile villages” on the banks of the Dnieper River. As soon as the barge carrying the Empress and ambassadors arrived, Potemkin’s men, dressed as peasants, would populate the village. Once the barge left, the village was disassembled, then rebuilt downstream overnight.” – Wikipedia

While there is some debate about the accuracy of the story, in politics and economics, a Potemkin village is any construction (literal or figurative) whose sole purpose is to provide an external façade to lead the population to believe the country is faring better than reality.

A reasonable amount of data suggests the Federal Reserve and the Government created such a facade.

Wall Street Breakfast
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Yes, as I said, it's a golden oldie. Here it is being deployed back in early 2013, to suggest the bottom was about to fall out of the economy:

http://www.doctorhousingbubble.com/...-real-estate-bubbles-canada-spain-ireland-us/

As you know, the economy continued to grow for 7 years after that.

Here's basically the same argument from 2014:

https://geroldblog.com/2014/03/23/canadas-next-great-recession/

Or another from 2013:

http://www.turbulenceahead.com/2013/06/

It was a claim made over and over again by wingnuts in the Obama years:

https://mathbabe.org/2015/06/22/fuck-trigonometry/

And your dude, Lance Roberts, has been hanging out at Seeking Alpha the whole time, so you just have to check their archives to see him spending pretty much the entirety of the Obama years shrieking about an imminent stock market collapse and recession, even as, in reality, we experienced one of the finest bull markets in history, and the longest growth cycle on record:

https://seekingalpha.com/article/303578-recession-still-likely-despite-bump-in-gdp
https://seekingalpha.com/article/600611-market-issues-confirmed-sell-signal
https://seekingalpha.com/article/300187-economic-data-paints-weak-economic-picture

People like Lance Roberts aren't there to teach you about the world. They're there to feed your prejudices. He knows wing-nuts want to hear their the current economic growth is fake, so that's what he's saying.
 
Mina said:
Yes, as I said, it's a golden oldie. Here it is being deployed back in early 2013, to suggest the bottom was about to fall out of the economy:

http://www.doctorhousingbubble.com/...-real-estate-bubbles-canada-spain-ireland-us/

As you know, the economy continued to grow for 7 years after that.

Here's basically the same argument from 2014:

https://geroldblog.com/2014/03/23/canadas-next-great-recession/

Or another from 2013:

http://www.turbulenceahead.com/2013/06/

It was a claim made over and over again by wingnuts in the Obama years:

https://mathbabe.org/2015/06/22/fuck-trigonometry/

And your dude, Lance Roberts, has been hanging out at Seeking Alpha the whole time, so you just have to check their archives to see him spending pretty much the entirety of the Obama years shrieking about an imminent stock market collapse and recession, even as, in reality, we experienced one of the finest bull markets in history, and the longest growth cycle on record:

https://seekingalpha.com/article/303578-recession-still-likely-despite-bump-in-gdp
https://seekingalpha.com/article/600611-market-issues-confirmed-sell-signal
https://seekingalpha.com/article/300187-economic-data-paints-weak-economic-picture

People like Lance Roberts aren't there to teach you about the world. They're there to feed your prejudices. He knows wing-nuts want to hear their the current economic growth is fake, so that's what he's saying.
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you can do a lot of tricks with fiat money to keep kicking the can down the road.

we have a potemkin economy.
:truestory:
 
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AssHatZombie said:
did you forget about the housing bubble, collapse, and bailout?
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No. I remember Obama inheriting that mess from Bush and leading the nation back to prosperity. Isn't it interesting how often Democrats inherit unmitigated disasters from their Republican predecessors and have to clean things up?
 
AssHatZombie said:
you can do a lot tricks with fiat money to keep kicking the can down the road.
Click to expand...

Funny how the wingnuts didn't say anything like that in the Trump years. Yet the Trump years were marked by more currency manipulation than any on record. Always before, when unemployment got low, the Fed raised interest rates to try to cool the economy, so that inflation expectations wouldn't take hold. That's certainly what they did in the late Clinton and Obama years, when economic strength triggered multiple rate hikes. But 2019 was different. The Fed worked to super-heat the economy to try to give Trump a second term. Even with unemployment rates already low, and inflation already above the Fed target, they pushed through multiple rate CUTS. It was utterly unprecedented in the history of the Central Bank. Yet not a word of "Potemkin economies" by the Republicans, as you'll recall. Instead, they were crowing about how great the Trump economy was, even as it was fueled by ever larger deficits and rising money supply.

If Republicans didn't have double standards, they'd have no standards at all.
 
Mina said:
Funny how the wingnuts didn't say anything like that in the Trump years. Yet the Trump years were marked by more currency manipulation than any on record. Always before, when unemployment got low, the Fed raised interest rates to try to cool the economy, so that inflation expectations wouldn't take hold. That's certainly what they did in the late Clinton and Obama years, when economic strength triggered multiple rate hikes. But 2019 was different. The Fed worked to super-heat the economy to try to give Trump a second term. Even with unemployment rates already low, and inflation already above the Fed target, they pushed through multiple rate CUTS. It was utterly unprecedented in the history of the Central Bank. Yet not a word of "Potemkin economies" by the Republicans, as you'll recall. Instead, they were crowing about how great the Trump economy was, even as it was fueled by ever larger deficits and rising money supply.

If Republicans didn't have double standards, they'd have no standards at all.
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no argument presented. you're stupid.
 
gemini104104 said:
Despite repukes and their media sources of anti-Biden lies, smear tactics and disinformation from the beginning of the sewer element, this deplorable influence cannot get around the facts versus its lies to attempt the manipulate the thinking of society for uncivilized and evil reasons:

Kevin McCarthy argued last year that Joe Biden's policies "have stalled our recovery," adding, "Bidenomics is bad for America." Yeah, about that...

As a presidential candidate in 2016, Donald Trump made bold predictions about the kind of economic growth the United States would see if he were elected. Americans would celebrate, the Republican said, as annual GDP growth reached 4 percent for the first time in decades.

It was among the most jarring of Trump's broken promises. Even before the pandemic, GDP growth in Trump's first three years failed to reach 3 percent."

Bottom line:

But as it turns out, the U.S. economy was able to reach growth rates unseen in a generation, but it happened under President Joe Biden."

https://www.msnbc.com/rachel-maddow...economic-growth-reached-38-year-high-n1288089
Click to expand...

 
evince said:
And he employed Republican economic ideas


DEREGULATION
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oh yeah.

extreme banker malefeasance for sure.

shirking due diligence on loans (pressured by dems), but then also making these known bad loans into investment products and selling them as grade A investments.

and then developing credit default swaps to control how the collapse occurs.

the finance industry is garbage humans.


keynesian bubble and bust cycle creation. blatant.

bubblecrafting.
 
gemini104104 said:
Despite repukes and their media sources of anti-Biden lies, smear tactics and disinformation from the beginning of the sewer element, this deplorable influence cannot get around the facts versus its lies to attempt the manipulate the thinking of society for uncivilized and evil reasons:

Kevin McCarthy argued last year that Joe Biden's policies "have stalled our recovery," adding, "Bidenomics is bad for America." Yeah, about that...

As a presidential candidate in 2016, Donald Trump made bold predictions about the kind of economic growth the United States would see if he were elected. Americans would celebrate, the Republican said, as annual GDP growth reached 4 percent for the first time in decades.

It was among the most jarring of Trump's broken promises. Even before the pandemic, GDP growth in Trump's first three years failed to reach 3 percent."

Bottom line:

But as it turns out, the U.S. economy was able to reach growth rates unseen in a generation, but it happened under President Joe Biden."

https://www.msnbc.com/rachel-maddow...economic-growth-reached-38-year-high-n1288089
Click to expand...

 
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