Posted on 01/12/2024 12:40:12 PM PST by ChicagoConservative27
Large US banks reported mixed results Friday, dented by exceptional costs connected to job cuts and to replenishing a federal fund tapped during last year’s crisis involving midsized lenders.
But while consumer credit quality has diminished somewhat, executives continued to describe a relatively solid US economy, with talk of a recession replaced by a “soft landing” of slower growth.
“We think the soft landing is a core thesis,” Bank of America Chief Executive Brian Moynihan said on a conference call with analysts, adding that consumers are “still in the game” even as consumption has shifted from retail goods to going out and experiences.
(Excerpt) Read more at breitbart.com ...
They want a soft landing to protect their careers. Screw them. What the man on the street needs is brief period of Deflation and Contraction along with a permanent chastity belt on the Treasury.
The overstimulated economy has proven very difficult to slow. There are still more jobs available than people looking. All of that is a different subject from why people are hurting, which is inflation that is still rising though it has slowed a lot. Slowed a lot sounds good to an economist but to consumers it means things that have gone up a lot in price are still going up in price.
People have this weird idea that prices should go down to where they used to be. That will require a long and deep recession and millions more unemployed, and still would only be temporary. You can’t stop inflation without worse things happening. The secret to inflation is you have to outrun it. There are ways to do so.
“What the man on the street needs is brief period of Deflation and Contraction along with a permanent chastity belt on the Treasury.”
Not happening.
What the man on the street needs is financial education.
Education won’t help either.
Hyperinflation will solve everyone’s problem. Then it’s back to the caves and the strongest rule.
Good thing ammunition is shelf stable and stays effective for a long, long time.
Oh brother...the road to nowhere.
Leads to me!
Money supply is down since peaking in July 2022.
And M2 velocity is picking up again.
IMO, the rent is too damned high.
Wages need to improve or prices need to fall.
Pretty moot anyways as our debt continues to climb. Conditions will change soon more than likely, and whatever surprises arise will change the equation again.
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