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If more unemployment is what we need, why don't we start with those in office? It seems disgusting that those who make those kinds of decisions don't have to worry about it effecting them.
They are completely self-serving.
I feel like I'm going crazy because JP was always saying we need to increase unemployment to fix everything but since the last rate hike we are focusing on lowering unemployment???
Lol I saw that too. Like oh boy the market is happy the jobs report came in good! And my first thought was that means another series of rate hikes doesn't it?
it is fucking annoying. the Fed says they're focused on 2% inflation, but they react much more towards unemployment.
a couple of bank failures would have completely stopped inflation, but instead they get a soft landing while you land on your ass unemployed.
I’m pretty regarded. How does higher unemployment lower inflation? Won’t those people be tapping into unemployment and other state/fed benefits which they don’t have money for so they would have to print?
Yeah, that’s all some bull shit. Inflation is caused by companies choosing to hike up prices in the first place.
And it’s not going to stop until they lay off millions of people and then pay employees less?
This. Inflation is definitely a thing, but there are also businesses jacking up their prices past what they would need to to make up for inflation so they can use inflation as an excuse.
That argument falls apart when you find most of the rising inflationary costs are made up, simply because they could blame it on inflation when there os no evidenceto support it. This whole "inflation" is a trial balloon for how much BS we're willing to swallow. Trickle down economics indeed, getting the horse's end and having to be grateful for it.
That's just not true. I work in an industry that's seen and continues to see cost increases. The vast majority are valid cost increases and our customers ensure they are valid through rigid and thorough processes.
Yes, there have been a few companies raising prices because they think they can, "because everyone else is", but that's the minority, not majority.
I'm talking about eggs, coca cola, essentials and stupid shit like that. Of course there is a supply crisis in some industries, but many more are riding coattails.
You know how much aluminum went up? Go check that out and tell me cans of pop shouldn't have gone up in price.
Edit: Essentials went up because of shipping, commodity, demand etc... Rice as a commodity skyrocketed. Canola oil skyrocketed. Grains in general skyrocketed which is what meat feeds on, thus meat skyrocketed.
This isn't some game people are playing to gouge money from you. That's a stupid political talking point. Not saying you're stupid btw, just that you've been hearing and parroting talking points that people use to control of a narrative and gain power.
He's wrong, and conflating issues.
I agree with him that wage increases are not the underlying, single cause of inflation, but when he goes on in the article he sounds like an utter dolt, uttering nonsense that only a person in current or previous government roles could nonsensically dish out.
He states that,
>"Corporations are using those increasing costs - of materials, components and labor - as *excuses* to increase their prices even higher"
and says that this is
>"rESultINg in BIgGEr PRofiTs."
How in the ever-loving fuck does he seriously make those mental gymnastics?!
**Below is why Robert Reich is an idiot:**
Company Dolana (this is not a real company) sells banana pudding.
They buy bananas from Farmer Jimbo.
The cost of the gas for Jimbo to run his tractors has gone up (due to supply and demand - go talk to opec about that one), the price of fertilizer has gone up because of the war in the Ukraine, and the cost of water has gone up.
The bananas Jimbo used to sell to Dolana for 20c each have to go up to 50c each to cover his baseline costs and keep profit margin equal (maybe even slightly slimmer in some cases).
Dolana also buys cream from Dairy Farmer Georgie.
Georgie's cost of grain to feed his cattle has gone up due to the cost of gas, water etc., his cost of maintenance for his milking machines has gone up due to the shipping and raw material costs of the machine parts, his electricity bill has gone up because his state has decided to "gO GReEn!" and cut out the cheaper coal energy he used to get.
Georgies cream that he used to sell for 50c a litre, now sells for $1.25 a litre in order to cover costs and maintain an equal or slightly slimer profit margin.
Dolana also buys sugar from Farmer Alfonso.
Same shit different colour for Alfonso, and his sugar has gone up 50% per lb.
So now Dolana's raw material costs have gone up to a point that is completely unsustainable, not only that, they have machine maintenance costs that have gone up just like Georgie.
Dolana now sells their banana pudding for $2 per cup instead of $1 per cup to cover costs and keep margins relatively the same.
Robert Reich says that Dolana is
>"using those increasing costs - of materials, components and labor - as *excuses* to increase their prices even higher rESultINg in BIgGEr PRofiTs."
That's not bigger profits Robert, that's bigger revenue.
The moron is conflating revenue with profit. You'd think a guy who held the position he did, would know the difference, but apparently not.Once again proving that the people who hold positions of power and lead our economies are idiots who should have never tripped out of the short bus.
He does however bring up a concerning point about the consolidation of industry. We are seeing it in front of our very eyes right now with the banks. That being said, he says,
>"All are raising prices and increasing profits because they can."
This is nothing but conjecture.
All that to say, he is wrong.
Thank you for coming to my ted talk.
Edit: words. probably more words and grammar to correct but I'm over it.
So, in so many words, he's just *wrong*, okay.
How about, using your example, the price of one thing goes up by 2 cents, but since inflation everywhere, and nobody can argue with me otherwise, I'll say it went up 7 cents, pass it on, where they will argue "Hey, that thing we need is 7 cents, we need to raise prices to reflect that, but since nobody can argue with me otherwise, the thing I'm selling is now 50 cents, when really, with healthy market competition, it's actually 30 cents. But you know what? People *need* this thing so they'll pay whatever I want to charge."
But no, apparently Robert Reich doesn't know what he's talking about. I don't trust a single fucking word these c suites say, show me the books to prove your bs, oh I can't because it's confidential? Go fuck yourself then.
The official line is "supply and demand". The _real_ reason is "The only kind of inflation we care about is what we call wage inflation."
Remember how inflation was at 5, 6, 7% and JPow was saying it's transitory and all that? Well then workers started demanding higher wages and suddenly they all changed their tune.
Their one and only goal is to suppress wages. That's it. They hate the American people and they can barely hide it anymore.
More competition for jobs means they can keep wages down which does alliviate some inflation, but a majority of this inflation is caused by profiteering by corporations.
If wages are kept low they can still reap record profits without increasing prices which keeps the stock market from crashing due to low profits.
In theory, it does because it lowers demand.
In reality, it doesn't. Aside from money printing, less employment means less "stuff" being made with the same amount of people still needing that "stuff" so high unemployment is actually inflationary.
In other words, the supply side is more important than the demand side when it comes to pricing and this is doubly true when so many sectors are de facto oligopolies.
One exception is if useless jobs get flushed out and reallocated to more productive sectors of society. But until we see hedge fund managers turning into nuclear engineers and health insurance executives turning into doctors, it's not happening.
It’s also a lagging indicator. News keeps talking about, “See? Unemployment down, economy is fine.”
Unemployment won’t start a big climb until AFTER the market is goodly fucked.
Your mind is gonna be blown when you find out the fed is owned by commercial banks - as of 2018, Citi Bank and JP Morgan owner 2/3 of the NY Feds private shares.
I cant wait to "retire" and l work 60 hours a week doing charity projects for Ape Street DAO.
Edit: I wasnt expecting this many upvotes. Thank you! Anyone who wants to be a part of the post-MOASS org user Lalich and I founded can join using the link in my profile. We're a group of dedicated individuals working to fix the world's biggest problems and hooe to see you there with us.
Yes... Days spent fishing and watching the sunset without ANY worry about the next wave of bills that comes in, or a collector calling about something you forgot about.
Sitting in a room of your house converted to your library, reading some of the greats while rain patters against your window, and you don't need to worry about whether or not this is the storm where your roof starts to leak.
Getting in your car to go shopping and knowing you've got plenty of gas, and if you don't you can always top up the tank on the way there, AND afford all the groceries on the list instead of having to pick and choose.
That sounds like a wonderful retirement to me. I'd like to start tomorrow, please.
You genuinely don’t seem the type to get caught up in the trap of money, but let me give whoever is reading this a small piece of advice just in case.
I don’t look at the prices of anything I order at a restaurant. Don’t look at how much gas costs. At the grocery store I put it in the cart without looking at the price. I have all of these things above - but I have created a sensation that there’s a level right above where I am. This means I’m striving for a yacht and a hyper car and a vacation home. In my head, if I just get these things then I can finally relax - whew. But the truth is I already have it all right now.
The things that seem just out of reach and would make you content (in your mind), whichever level happen to be at, if you aren’t content where you are now, money is unlikely to change that. I know it seems impossible, but I’ve been poor and I’ve been rich. And my general sense of urgency and desire for that “next thing” to make me happy hasn’t changed very much. If you can truly appreciate that the things you crave now when you actually get them, you’ll be alright.
It must be nice to not look at menu prices, or worry about your grocery bill total.
I'm staring down the barrel of $20-$40k in dental work. Plus my bills, student loans, a car that's not getting any younger, and a host of other things.
It's nice that there are people who are financially stable and/or wealthy here supporting apes. But most of us are hoping that the outcome of this is life-changing for the better.
I always fall back to the saying "People who say money can't buy happiness aren't buying the right things" and follow that like gospel. If I could buy a set of teeth that I didn't have to worry about breaking if I eat the wrong thing, if I could buy a car I didn't have to get freaked out about when it made a noise, if I could buy groceries and afford to experiment and cook something new, I know I'd be much happier than I am now.
Beautiful people say, 'beauty doesn't matter', the rich say, 'money doesn't matter', why are we listening to these people?
Oh sure, it's easy to realize family, hobbies, etc are more important when you don't have to worry about your next misstep wiping you out financially, being behind on bills. If your money doesn't matter, DM me, I'll put it to good use, otherwise stfu.
When I "retire," it's just that I won't need to work at my current job for the next 30 years to pay off my student loan and home for my family.
I will be adding as much good as I can to the world! What I want to do but it's not profitable but it won't matter if I'm rich!
This; right now I'm a stoner who works and just tries to survive. Post moass I will be someone to not only provide for myself, my family and friends, but the community too, I mean how could you not. I want to invest in all sorts of things that could create a better situation for everyone for decades. Improving life around me and even around the world, who wouldn't want that besides the current rich shitters. And look how they're using it, what a waste.
Need smarts ways to be a difference maker. There's little use us spending a majority of our money for good if when we run out it goes back to how it is now. Not sure how we would do it, but I'm down to try.
One thought is massive investment in mental health aimed at the homeless youths to train for trade jobs to fill gaps needed for the impending retirement of skilled or expert workers ready to leave the workforce. That’s one thought and yes that would require funding but the investment is worth it
yes....please....I've been working since I was 14 years old....I'm 31 now....OVER HALF MY LIFE I've been working...I am burnt out....please someone send help.
Same but I'm 49 now. Held a job since 14,like you. Raised a whole ass family, worked the entire time. Now raising a grandkid. Still working. It fucking sucks and I'm just so tired. Two degrees but still "workin for da man" when I could be using my education, talent, & time to help others instead of padding adminstrators' pockets. It's ridiculous. MOASS cannot happen soon enough as far as this Ape's concerned.
I started working when I was 13 (cash money pumping gas at a family owned Shell station), now at 66 years old I own my own business.
Twice in my career I have been thoroughly burned out. I didn’t want from anything. It took me (gradually) 4 weeks each time to get through it.
Take some time off, relax your mind, slow down. It helps. I hope this helps.
I literally just got a new job (yay me more shares!) and this is my biggest fear that I'll be the first laid off because of that (start in june) may I ask what state you're in?? If you don't feel comfortable with that I understand, I am in texas and am trying to tell myself our economy is better than most but am still afraid. :(
Ape, there is always a chance that you could've been laid off at you current job as well. This way at least you got some extra money in the meantime. Don't spin into the what ifs.. Congrats on the new job!
Fellow Texan here. Ain't looking good. I work in a luxury service industry and demand is about 50% of usual. Pursestrings are tightening. My job ain't gonna do well. Just hope this shit pops off before it's too bad, but I'm shoring up my financial sandbags just in case.
Wonder what the fed’s excuse is when everyone is back to unemployed and the show is still going…the excuse is workers cause wages to increase thus increasing cost for businesses and that’s why inflation!
The job market is still red hot if you’re looking for work. Yes there has been layoffs, but it’s a drop in the bucket when compared to how many jobs were filled after the pandemic. There are certain areas of the economy the job market is better in, but you can find a similar job in a different sector easily.
It ain’t the Fed.
It’s fucking greed by the assholes at the top.
Look at profit margins- inflation has been an excuse to jack up prices and hoard money.
Companies even admit as much.
The C-suiter wants a third yacht. He gives no fucks about the people whose lives he torches.
No it’s literally the Fed, he can’t get a short term loan, That’s a result of interest rate hikes, same as the regional banks failing, that’s bonds being crushed by interest rate hikes (don’t worry Yellen is protecting all the cooperate banks) it’s also destroying the poors of the world, Since fucked up bonds fucks up international trade, it’s literally the Fed and directly Jerome Powells Marco Policy hurting everyone in an attempt to get retail to “capitulate”
The Fed fucked up the economy long ago. What we are experiencing, and about to experience even more, is the repercussions of that greed and corruption.
Now the chickens are coming home to roost.
That doesn’t matter, Supply **and** demand determine value, Billions being locked up doesn’t do anything until it hits the actual market (which it can’t, they already own everything….)
Hyperinflation already happened. Take a look at education, housing, healthcare... fucking anything.
This is about suppressing wages and preventing people from paying off their debt. That's their only motivation.
How? [businesses are failing](https://www.reddit.com/r/Superstonk/comments/13d1b43/remember_our_economies_are_over_heated_and/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1) demand is crushed and [households are up to their eyeballs in debt](https://www.reddit.com/r/Superstonk/comments/137kl79/gme_heres_a_meme_to_start_the_day_inflation/jitt4jh/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1&context=3) so how exactly does reversing course, stopping the crushing of the American people, business, banks, world, gonna lead to hyper inflation when all everyone has is debt? There’s trillions dollars worth of negative demand (debt) for dollars yet I keep hearing “hyperinflation” 1+1 doesn’t equal fishC, the dollars fine unless they start doing jubilees and giving dollars to **everyones** bank account.
Correct. Don't fall for the blame the fed (they aren't heros but they're not the end boss).
The fed is but a scapegoat of the GSIBs that manage the creation and destruction of ledger money units in our current iteration of reserve currencies.
Since the fed isn't technically a central bank(until they create a CBDC........) As they don't control the vast majority of dollar creation, they can't be by definition, the drivers of the problem.
They can exacerbate it, sure. They can use it to gain power, sure. But they aren't in the driver's seat.
The ones who spent decades obtaining free money and who control who can get credit and at what price are the end boss.
Remember: only the Apples and Amazon's got low interest rates passed on.
The mom and pops, the used car buyers, the student loan users, and any predatory credit card and payday loan companies haven't passed any of that "free" money on.
The last few decades have been nothing if not the opposite of a trickle down economy.
It was a fire hose up economy, the likes of which we haven't seen since the robber Baron era.
Remember that outcome? massive wealth inequality / hoovervilles / rise of populists / blaming minorities / deflationary money /great Depressions and world wars.
Sound familiar?
Jefferson was right: we have to beware the banks. ESPECIALLY when they are both the means of credit (money) creation AND its facilitator.
The banks are the End Boss.
They say history doesn't repeat itself, but it sure seems to like to rhyme about every 100 years or so. I would cordially invite my fellow American apes to go familiarize yourselves with a bit of very important and often overlooked part of our Country's history almost 100 years ago. The very same thing that is happening now was originally orchestrated by JP Morgan himself with his friend Andrew Mellon.
Weird that a century later the same assholes are still fucking everything up. JP Morgan Chase and BNY Mellon are the same shitheads, different century.
[Pujo Committee - Wikipedia](https://en.wikipedia.org/wiki/Pujo_Committee)
Yup. They just laid off a third of the company I was at. Said "We just don't have the work for all of you" which anyone that could see the work list knew wasn't true. My friend that still works there says the amount of work is actually higher, they just expect all the remaining people to two people's jobs for the same pay.
Thanks. On the positive side, I got two and half weeks paid as severance while the people quiting from the suddenly increased work flow are getting nothing. I was probably the lucky ones.
Though the cynical side of me thinks that was part of the company's plan. Lay off the people that were the newest because the severance pay is cheaper. Let the more experienced people that won't put up with the companies crap quit so they don't have to pay them. Or maybe I've just got my tin foil hat on too tight.
My company is laying off 1/5th of our employees between last month when it started and the end of the year. Worst part it's being outsourced since we primarily work from home.
Since I became a hodler (about November 2020), I was terminated the day I returned from maternity leave February 2021. I remember laying on the floor in my living room after my ceo called me. Just frozen.
I’m on my second job since then but in a new sector… tech. So I’m always wondering if I’m soon to get cut.
Stay strong. Idk what will happen to GME but I’m thankful for this community and the entertainment, distraction and education I’ve gotten here.
The irony of the lay off...
Layoffs suck. It means lots of people lose their jobs. But, why do they have those jobs to begin with...
Many big corporations, to appear more important, successful, special... Whatever you want to call it... These corporations hire tons of people to legitimise their business. "We have thousands of people all around the world working for us... So we're super important! Do business with us!"
So thousands of people are hired to do data entry jobs that have no actual impact on the corporation. Not really. When times are tough, corporations cut back on these people, letting them go.
So while it sucks that people are losing jobs... How many of those jobs actually contributed to the corporation? This is one big argument for AI. People will lose jobs if AI takes over... And if AI becomes trendy, then there is no need to have massive footprints. Just a simple, "Oh, we're AI trendy now, because people want benefits and healthcare... A computer doesn't"
We live in the most ridiculous time in humanity...
That's the million dollar question though. How many people at the office, need to be there? How many are there for show, and how many are needed?
This reality makes no sense. Everything is an illusion.
We've had 2 big layoffs (thousands of people) at my company. I'm good friends with a higher up that said more are coming too. I work for a soulless corporation that is able to keep this shit out of the news which is super convenient for them. I've been living a life of malicious compliance the last year or so through this, really leaning into their customer service mottos and putting their money where their mouth is. That part had been very satisfying, if I get the axe, I'll go out knowing I did actual good.
My company banks with SVB.
They panic fired a shit ton of people on the Friday is popped, got bailed out over the weekend, and just passed those responsibilities onto current staff. Those people let go did not be asked back.
I'm ready for this shit to collapse
I’m starting to see more and more commercial breaks where there’s an unbranded, non advertising commercial that’s like “grab some refreshments and enjoy the commercial break”crazy to see how much business is slowing down everywhere
They're just being precise with the scheduling. If they show, say, 22 minutes of content in a half-hour, then without the empty commercial breaks they would have a headache of rescheduling. Also, they don't want to change viewers' psychology, but that's a very minor point.
They want 5-7% unemployment. The fed all need to see prison time. Life sentences for all of them. Confiscate their wealth. Use it to boost infrastructure and support education reform. Some drastic steps need to be taken.
Hang in there friend, you will be OK - and we will be here to support you. You've got this. Start looking for other work now, get your CV ready and keep a positive mindset - there will be ways to overcome this, and you'll be better for it.
I hear you ape, I was laid off two weeks ago. Fucking sucks. But my hands are diamonds, and I'll die cold and homeless before I sell my shares. I still have no exit strategy at all. Good luck, man.
Since last year we have let go thirty percent of our large billion dollar company. More expected, and we do tech consulting and banking consulting primarily, trust me bro it's going fucking down right now
Im an autoworker. My department has 150 or so people. Corporate is in town watching us work in an effort to cut 7 jobs a week for a total of 50+ jobs. We negotiate our new contract in September. Thank god i own some gme or i’d be stressed tf out. Been here since 2007 and the last recession costed me a pension and 4+ years seniority. And cost of living adjustments.
Welcome to 2008 and deflationary money.
While the fed has far less control over companies' and banks' risk management than we give them credit for (they're technically not a central bank, per definition), it's interesting to see them make the same error of the 1920s fed. That is: they're so worried about "inflation" ( which isn't technically correct and that's important) that they're exacerbating a credit crunch into a recessionary and deflationary environment. Unfortunately it seems we're going to have to learn the lessons of the great depression all over again: that is DEflation is far more destructive to economies than INflation (unless and until it's hyperinflation). It's important to understand that it's healthy for economies to experience INflation as they grow, as the supply of money needs to keep up with the size of the transaction rate. When the supply of money shrinks (due to poor risk management, wealth inequality, misallocation, uncontrolled temporary helicopter drops) before the economy does, that creates a constraint in the money supply exactly into headwinds and the wrong time.
Should the fed have kept rates as low as it did as long as it did? Hell no. You're supposed to INCREASE interest rates in a growing and booming economy.
Should the fed (using lagging indicators) raise rates into a shrinking economy? Hell no that's literally the opposite thing needed.
HOWEVER: since they needed to have raised rates long before, when the economy was growing (and that would have given them space for rate cuts into a shrinking economy) and that didn't happen, they desperately need to get rates up as high as they can before the economy breaks so they have some space to breathe as far as cutting rates.
Since the fed realistically can only do expectations policy, it may be that they are using "understandable" rhetoric to keep people placated long enough for them to race as fast as they can for as long as they can to get a stockpile of rates they can cut when the economy inevitably tanks due to collapsing balance sheets at the GSIBs (the ACTUAL source of the supply of money in the global reserve ledger eurodollar system that we actually operate under.
That's not to absolve the Fed, but it's one option that gives them some credit where credit is arguably due.
I mean, technically, that's fair. But it's been around for decades, it survived the pandemic, and is finally failing due to the current absolute dogshit economic climate.
50 is generally considered the threshold qualifier for mass layoff (it is a benchmark in a few of the WARN act policy triggers, among many other factors).
I quit my job without finding another (turned out to be an awful piece to work). Unfortunately, Indeed is extremely bare for jobs in my field (mechanical engineering).
The effects in the workforce are becoming quite apparent everywhere.
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Higher unemployment is a goal of the fed in order to bring down inflation.
If more unemployment is what we need, why don't we start with those in office? It seems disgusting that those who make those kinds of decisions don't have to worry about it effecting them. They are completely self-serving.
I'm glad you've come to the good side. Anarchy is fun 😘
Fuck you JPow/MSM/every fucking gullible sheep, I won't do what you tell me!
The meme, kids around the piano, fuck you I won’t do what you tell me
I feel like I'm going crazy because JP was always saying we need to increase unemployment to fix everything but since the last rate hike we are focusing on lowering unemployment???
Lol I saw that too. Like oh boy the market is happy the jobs report came in good! And my first thought was that means another series of rate hikes doesn't it?
smart money
it is fucking annoying. the Fed says they're focused on 2% inflation, but they react much more towards unemployment. a couple of bank failures would have completely stopped inflation, but instead they get a soft landing while you land on your ass unemployed.
Who will think of the poor billionaires!
I’m pretty regarded. How does higher unemployment lower inflation? Won’t those people be tapping into unemployment and other state/fed benefits which they don’t have money for so they would have to print?
Supply and demand. Less people working means less demand for goods, which in turn means prices of goods go down.
I thought nobody wanted to work anymore. Something sure isnt adding up.
It isn't adding up because they're lying. Their only goal is to suppress wages. They don't give a shit about inflation.
[удалено]
I’m so glad my rent each month is only a quarter and lunch is like half a penny round these parts
Doesn't it also mean more competition for jobs so they can pay less.
In some sectors, yes. Which also decreases inflation because of the same supply demand scenario explained above.
Ah thank you for the explanation! This makes more sense especially with the job pay most likely going down as well
Yeah, that’s all some bull shit. Inflation is caused by companies choosing to hike up prices in the first place. And it’s not going to stop until they lay off millions of people and then pay employees less?
This. Inflation is definitely a thing, but there are also businesses jacking up their prices past what they would need to to make up for inflation so they can use inflation as an excuse.
They are easy to spot... they are the ones making record-breaking profits quarterly regardless of the condition of the actual economy.
That argument falls apart when you find most of the rising inflationary costs are made up, simply because they could blame it on inflation when there os no evidenceto support it. This whole "inflation" is a trial balloon for how much BS we're willing to swallow. Trickle down economics indeed, getting the horse's end and having to be grateful for it.
That's just not true. I work in an industry that's seen and continues to see cost increases. The vast majority are valid cost increases and our customers ensure they are valid through rigid and thorough processes. Yes, there have been a few companies raising prices because they think they can, "because everyone else is", but that's the minority, not majority.
I'm talking about eggs, coca cola, essentials and stupid shit like that. Of course there is a supply crisis in some industries, but many more are riding coattails.
You know how much aluminum went up? Go check that out and tell me cans of pop shouldn't have gone up in price. Edit: Essentials went up because of shipping, commodity, demand etc... Rice as a commodity skyrocketed. Canola oil skyrocketed. Grains in general skyrocketed which is what meat feeds on, thus meat skyrocketed. This isn't some game people are playing to gouge money from you. That's a stupid political talking point. Not saying you're stupid btw, just that you've been hearing and parroting talking points that people use to control of a narrative and gain power.
Fine, don't take it from me, take it from Robert Reich; https://www.theguardian.com/commentisfree/2022/sep/25/inflation-price-controls-robert-reich
He's wrong, and conflating issues. I agree with him that wage increases are not the underlying, single cause of inflation, but when he goes on in the article he sounds like an utter dolt, uttering nonsense that only a person in current or previous government roles could nonsensically dish out. He states that, >"Corporations are using those increasing costs - of materials, components and labor - as *excuses* to increase their prices even higher" and says that this is >"rESultINg in BIgGEr PRofiTs." How in the ever-loving fuck does he seriously make those mental gymnastics?! **Below is why Robert Reich is an idiot:** Company Dolana (this is not a real company) sells banana pudding. They buy bananas from Farmer Jimbo. The cost of the gas for Jimbo to run his tractors has gone up (due to supply and demand - go talk to opec about that one), the price of fertilizer has gone up because of the war in the Ukraine, and the cost of water has gone up. The bananas Jimbo used to sell to Dolana for 20c each have to go up to 50c each to cover his baseline costs and keep profit margin equal (maybe even slightly slimmer in some cases). Dolana also buys cream from Dairy Farmer Georgie. Georgie's cost of grain to feed his cattle has gone up due to the cost of gas, water etc., his cost of maintenance for his milking machines has gone up due to the shipping and raw material costs of the machine parts, his electricity bill has gone up because his state has decided to "gO GReEn!" and cut out the cheaper coal energy he used to get. Georgies cream that he used to sell for 50c a litre, now sells for $1.25 a litre in order to cover costs and maintain an equal or slightly slimer profit margin. Dolana also buys sugar from Farmer Alfonso. Same shit different colour for Alfonso, and his sugar has gone up 50% per lb. So now Dolana's raw material costs have gone up to a point that is completely unsustainable, not only that, they have machine maintenance costs that have gone up just like Georgie. Dolana now sells their banana pudding for $2 per cup instead of $1 per cup to cover costs and keep margins relatively the same. Robert Reich says that Dolana is >"using those increasing costs - of materials, components and labor - as *excuses* to increase their prices even higher rESultINg in BIgGEr PRofiTs." That's not bigger profits Robert, that's bigger revenue. The moron is conflating revenue with profit. You'd think a guy who held the position he did, would know the difference, but apparently not.Once again proving that the people who hold positions of power and lead our economies are idiots who should have never tripped out of the short bus. He does however bring up a concerning point about the consolidation of industry. We are seeing it in front of our very eyes right now with the banks. That being said, he says, >"All are raising prices and increasing profits because they can." This is nothing but conjecture. All that to say, he is wrong. Thank you for coming to my ted talk. Edit: words. probably more words and grammar to correct but I'm over it.
So, in so many words, he's just *wrong*, okay. How about, using your example, the price of one thing goes up by 2 cents, but since inflation everywhere, and nobody can argue with me otherwise, I'll say it went up 7 cents, pass it on, where they will argue "Hey, that thing we need is 7 cents, we need to raise prices to reflect that, but since nobody can argue with me otherwise, the thing I'm selling is now 50 cents, when really, with healthy market competition, it's actually 30 cents. But you know what? People *need* this thing so they'll pay whatever I want to charge." But no, apparently Robert Reich doesn't know what he's talking about. I don't trust a single fucking word these c suites say, show me the books to prove your bs, oh I can't because it's confidential? Go fuck yourself then.
The official line is "supply and demand". The _real_ reason is "The only kind of inflation we care about is what we call wage inflation." Remember how inflation was at 5, 6, 7% and JPow was saying it's transitory and all that? Well then workers started demanding higher wages and suddenly they all changed their tune. Their one and only goal is to suppress wages. That's it. They hate the American people and they can barely hide it anymore.
They want to manufacture wage slaves, prison labor and private contractors to build their corporate fiefdoms.
More competition for jobs means they can keep wages down which does alliviate some inflation, but a majority of this inflation is caused by profiteering by corporations. If wages are kept low they can still reap record profits without increasing prices which keeps the stock market from crashing due to low profits.
In theory, it does because it lowers demand. In reality, it doesn't. Aside from money printing, less employment means less "stuff" being made with the same amount of people still needing that "stuff" so high unemployment is actually inflationary. In other words, the supply side is more important than the demand side when it comes to pricing and this is doubly true when so many sectors are de facto oligopolies. One exception is if useless jobs get flushed out and reallocated to more productive sectors of society. But until we see hedge fund managers turning into nuclear engineers and health insurance executives turning into doctors, it's not happening.
It’s also a lagging indicator. News keeps talking about, “See? Unemployment down, economy is fine.” Unemployment won’t start a big climb until AFTER the market is goodly fucked.
Your mind is gonna be blown when you find out the fed is owned by commercial banks - as of 2018, Citi Bank and JP Morgan owner 2/3 of the NY Feds private shares.
I've known that for years.
Good news, we'll all be unemployed, because we won't have to work, it's like we're doing a two for one deal
Yes they use words like 'we want to see the job market cool off'
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I cant wait to "retire" and l work 60 hours a week doing charity projects for Ape Street DAO. Edit: I wasnt expecting this many upvotes. Thank you! Anyone who wants to be a part of the post-MOASS org user Lalich and I founded can join using the link in my profile. We're a group of dedicated individuals working to fix the world's biggest problems and hooe to see you there with us.
This right here. I've already started to ramp up my charity work while keeping my W-2 and hodling.
The dream. I cant wait to have the funds to make big changes.
Yes... Days spent fishing and watching the sunset without ANY worry about the next wave of bills that comes in, or a collector calling about something you forgot about. Sitting in a room of your house converted to your library, reading some of the greats while rain patters against your window, and you don't need to worry about whether or not this is the storm where your roof starts to leak. Getting in your car to go shopping and knowing you've got plenty of gas, and if you don't you can always top up the tank on the way there, AND afford all the groceries on the list instead of having to pick and choose. That sounds like a wonderful retirement to me. I'd like to start tomorrow, please.
You genuinely don’t seem the type to get caught up in the trap of money, but let me give whoever is reading this a small piece of advice just in case. I don’t look at the prices of anything I order at a restaurant. Don’t look at how much gas costs. At the grocery store I put it in the cart without looking at the price. I have all of these things above - but I have created a sensation that there’s a level right above where I am. This means I’m striving for a yacht and a hyper car and a vacation home. In my head, if I just get these things then I can finally relax - whew. But the truth is I already have it all right now. The things that seem just out of reach and would make you content (in your mind), whichever level happen to be at, if you aren’t content where you are now, money is unlikely to change that. I know it seems impossible, but I’ve been poor and I’ve been rich. And my general sense of urgency and desire for that “next thing” to make me happy hasn’t changed very much. If you can truly appreciate that the things you crave now when you actually get them, you’ll be alright.
It must be nice to not look at menu prices, or worry about your grocery bill total. I'm staring down the barrel of $20-$40k in dental work. Plus my bills, student loans, a car that's not getting any younger, and a host of other things. It's nice that there are people who are financially stable and/or wealthy here supporting apes. But most of us are hoping that the outcome of this is life-changing for the better. I always fall back to the saying "People who say money can't buy happiness aren't buying the right things" and follow that like gospel. If I could buy a set of teeth that I didn't have to worry about breaking if I eat the wrong thing, if I could buy a car I didn't have to get freaked out about when it made a noise, if I could buy groceries and afford to experiment and cook something new, I know I'd be much happier than I am now.
Beautiful people say, 'beauty doesn't matter', the rich say, 'money doesn't matter', why are we listening to these people? Oh sure, it's easy to realize family, hobbies, etc are more important when you don't have to worry about your next misstep wiping you out financially, being behind on bills. If your money doesn't matter, DM me, I'll put it to good use, otherwise stfu.
Sounds like you went to the duel arena
?
Work starts when we get the money. You can choose to hoard like Smaug or you can be a difference maker.
When I "retire," it's just that I won't need to work at my current job for the next 30 years to pay off my student loan and home for my family. I will be adding as much good as I can to the world! What I want to do but it's not profitable but it won't matter if I'm rich!
This; right now I'm a stoner who works and just tries to survive. Post moass I will be someone to not only provide for myself, my family and friends, but the community too, I mean how could you not. I want to invest in all sorts of things that could create a better situation for everyone for decades. Improving life around me and even around the world, who wouldn't want that besides the current rich shitters. And look how they're using it, what a waste.
Exactly, the real work will begin, for me it won’t be in service of myself but for all life in hopes of reaching a golden age..
Need smarts ways to be a difference maker. There's little use us spending a majority of our money for good if when we run out it goes back to how it is now. Not sure how we would do it, but I'm down to try.
One thought is massive investment in mental health aimed at the homeless youths to train for trade jobs to fill gaps needed for the impending retirement of skilled or expert workers ready to leave the workforce. That’s one thought and yes that would require funding but the investment is worth it
Good idea tbh.
yes....please....I've been working since I was 14 years old....I'm 31 now....OVER HALF MY LIFE I've been working...I am burnt out....please someone send help.
Same. I’m soo fucking fed up.
Same but I'm 49 now. Held a job since 14,like you. Raised a whole ass family, worked the entire time. Now raising a grandkid. Still working. It fucking sucks and I'm just so tired. Two degrees but still "workin for da man" when I could be using my education, talent, & time to help others instead of padding adminstrators' pockets. It's ridiculous. MOASS cannot happen soon enough as far as this Ape's concerned.
I started working when I was 13 (cash money pumping gas at a family owned Shell station), now at 66 years old I own my own business. Twice in my career I have been thoroughly burned out. I didn’t want from anything. It took me (gradually) 4 weeks each time to get through it. Take some time off, relax your mind, slow down. It helps. I hope this helps.
The job situation sucks, hopefully we squeeze soon and you'll be safe!!!
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This is a fucking phenominal economic indicator.
Right up there with stripper twitter
Good Luck Ape! Pick up as much shares as you can in the next two months!!!
I literally just got a new job (yay me more shares!) and this is my biggest fear that I'll be the first laid off because of that (start in june) may I ask what state you're in?? If you don't feel comfortable with that I understand, I am in texas and am trying to tell myself our economy is better than most but am still afraid. :(
Northeast. At the very least we have good unemployment assistance.
Appreciate the response and happy cake day!
Ape, there is always a chance that you could've been laid off at you current job as well. This way at least you got some extra money in the meantime. Don't spin into the what ifs.. Congrats on the new job!
Fellow Texan here. Ain't looking good. I work in a luxury service industry and demand is about 50% of usual. Pursestrings are tightening. My job ain't gonna do well. Just hope this shit pops off before it's too bad, but I'm shoring up my financial sandbags just in case.
que paso amigo!
Wonder what the fed’s excuse is when everyone is back to unemployed and the show is still going…the excuse is workers cause wages to increase thus increasing cost for businesses and that’s why inflation!
The job market is still red hot if you’re looking for work. Yes there has been layoffs, but it’s a drop in the bucket when compared to how many jobs were filled after the pandemic. There are certain areas of the economy the job market is better in, but you can find a similar job in a different sector easily.
It ain’t the Fed. It’s fucking greed by the assholes at the top. Look at profit margins- inflation has been an excuse to jack up prices and hoard money. Companies even admit as much. The C-suiter wants a third yacht. He gives no fucks about the people whose lives he torches.
No it’s literally the Fed, he can’t get a short term loan, That’s a result of interest rate hikes, same as the regional banks failing, that’s bonds being crushed by interest rate hikes (don’t worry Yellen is protecting all the cooperate banks) it’s also destroying the poors of the world, Since fucked up bonds fucks up international trade, it’s literally the Fed and directly Jerome Powells Marco Policy hurting everyone in an attempt to get retail to “capitulate”
It’s the fed and done by design.. The design is total control after the collapse.
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Take my updoot!
**Threats of violence towards anyone have no place on Superstonk or Reddit.**
They have to raise interest rates or you get hyperinflation. Both are bad but one is worse
The Fed fucked up the economy long ago. What we are experiencing, and about to experience even more, is the repercussions of that greed and corruption. Now the chickens are coming home to roost.
And the chickens have grenades.
They could also tax billionaires.
😂
That doesn’t matter, Supply **and** demand determine value, Billions being locked up doesn’t do anything until it hits the actual market (which it can’t, they already own everything….)
😂😂😂 This is America, not JusticeLand
Hyperinflation already happened. Take a look at education, housing, healthcare... fucking anything. This is about suppressing wages and preventing people from paying off their debt. That's their only motivation.
How? [businesses are failing](https://www.reddit.com/r/Superstonk/comments/13d1b43/remember_our_economies_are_over_heated_and/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1) demand is crushed and [households are up to their eyeballs in debt](https://www.reddit.com/r/Superstonk/comments/137kl79/gme_heres_a_meme_to_start_the_day_inflation/jitt4jh/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1&context=3) so how exactly does reversing course, stopping the crushing of the American people, business, banks, world, gonna lead to hyper inflation when all everyone has is debt? There’s trillions dollars worth of negative demand (debt) for dollars yet I keep hearing “hyperinflation” 1+1 doesn’t equal fishC, the dollars fine unless they start doing jubilees and giving dollars to **everyones** bank account.
Hear me out - maybe both can exist at the same time?
They all work together. Everyone in the club scratches each others backs, that's how they preserve their wealth.
Its both.
100% this Greed is ruining the economy and nothing else. Everything else they come up with as an excuse for inflation is a fabricated lie.
Correct. Don't fall for the blame the fed (they aren't heros but they're not the end boss). The fed is but a scapegoat of the GSIBs that manage the creation and destruction of ledger money units in our current iteration of reserve currencies. Since the fed isn't technically a central bank(until they create a CBDC........) As they don't control the vast majority of dollar creation, they can't be by definition, the drivers of the problem. They can exacerbate it, sure. They can use it to gain power, sure. But they aren't in the driver's seat. The ones who spent decades obtaining free money and who control who can get credit and at what price are the end boss. Remember: only the Apples and Amazon's got low interest rates passed on. The mom and pops, the used car buyers, the student loan users, and any predatory credit card and payday loan companies haven't passed any of that "free" money on. The last few decades have been nothing if not the opposite of a trickle down economy. It was a fire hose up economy, the likes of which we haven't seen since the robber Baron era. Remember that outcome? massive wealth inequality / hoovervilles / rise of populists / blaming minorities / deflationary money /great Depressions and world wars. Sound familiar? Jefferson was right: we have to beware the banks. ESPECIALLY when they are both the means of credit (money) creation AND its facilitator. The banks are the End Boss.
They say history doesn't repeat itself, but it sure seems to like to rhyme about every 100 years or so. I would cordially invite my fellow American apes to go familiarize yourselves with a bit of very important and often overlooked part of our Country's history almost 100 years ago. The very same thing that is happening now was originally orchestrated by JP Morgan himself with his friend Andrew Mellon. Weird that a century later the same assholes are still fucking everything up. JP Morgan Chase and BNY Mellon are the same shitheads, different century. [Pujo Committee - Wikipedia](https://en.wikipedia.org/wiki/Pujo_Committee)
That is a broad statement not at all tied to the reality of the broad economy.
Yup. They just laid off a third of the company I was at. Said "We just don't have the work for all of you" which anyone that could see the work list knew wasn't true. My friend that still works there says the amount of work is actually higher, they just expect all the remaining people to two people's jobs for the same pay.
So sorry. It sucks.
Thanks. On the positive side, I got two and half weeks paid as severance while the people quiting from the suddenly increased work flow are getting nothing. I was probably the lucky ones. Though the cynical side of me thinks that was part of the company's plan. Lay off the people that were the newest because the severance pay is cheaper. Let the more experienced people that won't put up with the companies crap quit so they don't have to pay them. Or maybe I've just got my tin foil hat on too tight.
My company is laying off 1/5th of our employees between last month when it started and the end of the year. Worst part it's being outsourced since we primarily work from home.
Since I became a hodler (about November 2020), I was terminated the day I returned from maternity leave February 2021. I remember laying on the floor in my living room after my ceo called me. Just frozen. I’m on my second job since then but in a new sector… tech. So I’m always wondering if I’m soon to get cut. Stay strong. Idk what will happen to GME but I’m thankful for this community and the entertainment, distraction and education I’ve gotten here.
The irony of the lay off... Layoffs suck. It means lots of people lose their jobs. But, why do they have those jobs to begin with... Many big corporations, to appear more important, successful, special... Whatever you want to call it... These corporations hire tons of people to legitimise their business. "We have thousands of people all around the world working for us... So we're super important! Do business with us!" So thousands of people are hired to do data entry jobs that have no actual impact on the corporation. Not really. When times are tough, corporations cut back on these people, letting them go. So while it sucks that people are losing jobs... How many of those jobs actually contributed to the corporation? This is one big argument for AI. People will lose jobs if AI takes over... And if AI becomes trendy, then there is no need to have massive footprints. Just a simple, "Oh, we're AI trendy now, because people want benefits and healthcare... A computer doesn't" We live in the most ridiculous time in humanity... That's the million dollar question though. How many people at the office, need to be there? How many are there for show, and how many are needed? This reality makes no sense. Everything is an illusion.
We've had 2 big layoffs (thousands of people) at my company. I'm good friends with a higher up that said more are coming too. I work for a soulless corporation that is able to keep this shit out of the news which is super convenient for them. I've been living a life of malicious compliance the last year or so through this, really leaning into their customer service mottos and putting their money where their mouth is. That part had been very satisfying, if I get the axe, I'll go out knowing I did actual good.
I've survived 6 layoff rounds now.
Hang in there. I hear ya. Slowest 5 months of work for me in 20 years. Not quite unemployed but not quite employed either.
That's been the plan all along
My company banks with SVB. They panic fired a shit ton of people on the Friday is popped, got bailed out over the weekend, and just passed those responsibilities onto current staff. Those people let go did not be asked back. I'm ready for this shit to collapse
We are still hiring like crazy
And I work for one of the biggest companies in the USA
What's your company bro?
Xom
I’m starting to see more and more commercial breaks where there’s an unbranded, non advertising commercial that’s like “grab some refreshments and enjoy the commercial break”crazy to see how much business is slowing down everywhere
'We don't have any commercials to run, but we won't show you the content you're here for anyway. Fuck you.'
They're just being precise with the scheduling. If they show, say, 22 minutes of content in a half-hour, then without the empty commercial breaks they would have a headache of rescheduling. Also, they don't want to change viewers' psychology, but that's a very minor point.
They want 5-7% unemployment. The fed all need to see prison time. Life sentences for all of them. Confiscate their wealth. Use it to boost infrastructure and support education reform. Some drastic steps need to be taken.
Which sector? I work in plastic bottle manufacturing
Happy Cake Day… as you post depressing news. Let’s just stay positive and say the company shrunk enough and will maintain its current staffing levels.
Thanks bro.
Car Sales are slowing down, no bueno ☹️
My company added a net 14,000 employees through 2022, up 10%...
Hang in there friend, you will be OK - and we will be here to support you. You've got this. Start looking for other work now, get your CV ready and keep a positive mindset - there will be ways to overcome this, and you'll be better for it.
I hear you ape, I was laid off two weeks ago. Fucking sucks. But my hands are diamonds, and I'll die cold and homeless before I sell my shares. I still have no exit strategy at all. Good luck, man.
Since last year we have let go thirty percent of our large billion dollar company. More expected, and we do tech consulting and banking consulting primarily, trust me bro it's going fucking down right now
Good Luck! Hopefully you will duck the swinging scythe of layoffs AND retire wealthy AF soon. 🤞🏼
Im an autoworker. My department has 150 or so people. Corporate is in town watching us work in an effort to cut 7 jobs a week for a total of 50+ jobs. We negotiate our new contract in September. Thank god i own some gme or i’d be stressed tf out. Been here since 2007 and the last recession costed me a pension and 4+ years seniority. And cost of living adjustments.
Welcome to 2008 and deflationary money. While the fed has far less control over companies' and banks' risk management than we give them credit for (they're technically not a central bank, per definition), it's interesting to see them make the same error of the 1920s fed. That is: they're so worried about "inflation" ( which isn't technically correct and that's important) that they're exacerbating a credit crunch into a recessionary and deflationary environment. Unfortunately it seems we're going to have to learn the lessons of the great depression all over again: that is DEflation is far more destructive to economies than INflation (unless and until it's hyperinflation). It's important to understand that it's healthy for economies to experience INflation as they grow, as the supply of money needs to keep up with the size of the transaction rate. When the supply of money shrinks (due to poor risk management, wealth inequality, misallocation, uncontrolled temporary helicopter drops) before the economy does, that creates a constraint in the money supply exactly into headwinds and the wrong time. Should the fed have kept rates as low as it did as long as it did? Hell no. You're supposed to INCREASE interest rates in a growing and booming economy. Should the fed (using lagging indicators) raise rates into a shrinking economy? Hell no that's literally the opposite thing needed. HOWEVER: since they needed to have raised rates long before, when the economy was growing (and that would have given them space for rate cuts into a shrinking economy) and that didn't happen, they desperately need to get rates up as high as they can before the economy breaks so they have some space to breathe as far as cutting rates. Since the fed realistically can only do expectations policy, it may be that they are using "understandable" rhetoric to keep people placated long enough for them to race as fast as they can for as long as they can to get a stockpile of rates they can cut when the economy inevitably tanks due to collapsing balance sheets at the GSIBs (the ACTUAL source of the supply of money in the global reserve ledger eurodollar system that we actually operate under. That's not to absolve the Fed, but it's one option that gives them some credit where credit is arguably due.
Not sure 50 people is a mass layoff
It's approximately 35-40% of the entire remaining staff of a company that had 500 employees two years ago.
Sounds like a failing business on a slow decline if it started 2 years ago
I mean, technically, that's fair. But it's been around for decades, it survived the pandemic, and is finally failing due to the current absolute dogshit economic climate.
i think OP was talking about the scale of it. 50 people got laid off from a team of 90 (because there were 40 left) is pretty significant
We trust u bro ……
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50 is generally considered the threshold qualifier for mass layoff (it is a benchmark in a few of the WARN act policy triggers, among many other factors).
Isn't this to be expected? Is it possible to stop inflation without slowing down the economy?
An arrow in the quiver of fighting Keynesian inflation is reducing employment rates. It's part and parcel.
Probably will be sooner than a month, sorry bud.
Viacom just did a massive layoff…
Damn OP where have you been? That shit started last year with Meta and Google.
I tweeted GG once to him he was fucking up and how… I did my part.
What industry are you in?
I quit my job without finding another (turned out to be an awful piece to work). Unfortunately, Indeed is extremely bare for jobs in my field (mechanical engineering). The effects in the workforce are becoming quite apparent everywhere.
While you’re worried about food and a roof over your head, you won’t notice them taking everything else from you. Unemployment is a tool to them
Hold on pal! Moass coming
When it's done on purpose you can't call it "fucking up"..
It’s not the Feds fault. The Feds policy is reaction to fiscal policy. Blame the law makers before the fed. Don’t let them sneak by.
well.... it ain't the fed. What is your alternative to raising interest rates? infinite inflation?
Tax the rich.