augustus
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Posts posted by augustus
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15 minutes ago, FrankR said:
45,000 with more than $100mil in net worth. Approx 10% (4,500) with more than $500mil in net worth. Sounds like plenty to me.
That 45,000 is worldwide. About 10k in the USA. Actually, they already pay hefty taxes. Are you talking about confiscating people's wealth??!! Do you have any idea of the economic consequences of that?
The number of people with at least $100 million has doubled since 2003
WWW.CNBC.COM
Low interest rates fueled the growth in asset prices, leading to a rapid expansion in the number of centi-millionaires. -
12 hours ago, FrankR said:
The problem is we are not paying for the spending…we are funding it through lending,
Exactly! But we are not getting Sweden like income tax rates or European style VAT's here.
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You CANNOT borrow yourself to prosperity. Eco 101. It is clear that the current size of government can no longer be sustained and will inevitably lead to the financial ruin of the United States. Our “resilient” economy is a house of cards!
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2 hours ago, stevenkesslar said:
But we can thank Baby Boomers for keeping us out of a recession.
It's government deficit spending (7% of GDP) that is keeping us out of recession, and at the same time setting things up for a massive economic crisis.
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A Big Mac meal costs $18.00 in Connecticut. It was on the news. At this point, "containing" inflation is a little like "containing" the fire that has already burned down half your house.
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Starbuck's venti hot chocolate and a brownie, Jan 2021 - $6.95.
Today, only three years later? $8.88.
Increase - $1.93, or 27.8%.
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5 hours ago, EZEtoGRU said:
January inflation numbers have been released today. They show continued improvement but came in a tad higher than expected.
Well, if it came in higher than expected that's not "continued improvement". Inflation is NOT coming down - the rate has slowed. Basic necessities of life are 30-40% higher than 3 years you know.
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20 minutes ago, ANotAMouse said:22 minutes ago, ANotAMouse said:
@SouthOfTheBorder - Again, it's sad that you felt the need to accuse me of lying (and now accuse me of apparently being a scammer?) simply because I came here asking for advice in a scary situation.
Don't worry about him. That's the way he rolls.
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On 2/2/2024 at 6:43 PM, Danny-Darko said:
I gave him a like, even with the tats.......😁
- + azdr0710 and Danny-Darko
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6 hours ago, handiacefailure said:
I definitely wouldn't be buying it.
Keith Fitz-Gerald, recommends shorting it. I value his advice and have made a lot of money off his tips. He seems to think Boeing will go bankrupt, but I don't see that happening seeing the only competition they have is Airbus and they are a couple years behind in orders.
It would be disastrous if Boeing went under. It's a big contributor to our exports. We already run a trade deficit as it is. Boeing will recover I'm sure.
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50 minutes ago, cany10011 said:
Isn't this part of the regular FBAR that must be filed for offshore accounts?
No. The FBAR is just the yearly report you have to file if you have a foreign bank account, trust, etc worth 10k or more. This is a yearly tax on unrealized gains of assets, even before you sell them. It's a wealth tax.
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@stevenkesslar.... yes, but you aren't giving the whole picture. The low interest rates of the past have reduced the "Household Debt Service Payments as a Precent of Disposable Personal Income", but the nominal amount of Household Debt is at a record of over $17 trillion.
And the National Debt is well over $30 trillion now. It's horrible!
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10 hours ago, BSR said:
People form their opinions on the health of the economy based on their personal financial situation. No government report will change that. No matter how much you scream "the economy is GREAT!!", if a person's rent & groceries have increased 25% but his salary only 8%, he's gonna have a dim view of the economy.
Exactly! Inflation is masking the real decline in the standard of living, no matter what these cheerleaders say.
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17 hours ago, BSR said:
While those numbers arent awful, there is a clear disconnect between what government says about the health of the economy vs. what Americans are actually experiencing.
Very true. Nearly all the jobs being added are part-time, which actually indicates a recession. And most are government jobs, which mean the private sector is cracking.
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$10 beers, $100 steaks, $100,000 pickup trucks, and $1,000,000 houses. Things are going great!!
- + nycman and pubic_assistance
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“The first panacea of a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permeant ruin. But both are the refuge of political and economic opportunists."
Ernest Hemingway
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The federal budget deficit for the 2023 fiscal year clocked in at $2 trillion and 7.5% of GDP—roughly double what the deficit averaged as a share of the economy from 2016 to 2019. Incredibly, hundreds of billions of dollars of PPP is still going out the door, despite the Senate Finance Committee stating a couple of weeks ago that 95% of these claims are fraudulent. This is all about unsustainable federal spending and massive debt. It will end very badly.
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On 2/2/2024 at 2:44 PM, pubic_assistance said:
THAT statistic speaks more to the reality of what's going on for the average American than all these cherry-picked reports of "low unemployment". Most unemployment statistics are drawn from charts of people "actively looking for work" and ignore the millions of people who have given up trying, and instead live permanently on public assistance.
Well said!! About 1,500,000 cars are getting repossessed each year due to non-payment and people falling behind on car payments is at a 27 year high. The average family pays $11,000 a year more for the same goods and services than in 2019. Property taxes are soaring (they just DOUBLED in Columbus). I think most of us see through this "All's Well" smokescreen.
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7 minutes ago, FrankR said:
Nasdaq 100 index is up something like 80% for the year.
That is a classic bubble. And the return is about 50% for the past year.
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Things are NOT good. The economy is only humming along because of huge debt spending by the Federal Government (which is not sustainable and will itself cause a crises) and consumers going into debt.
Layoffs Hit 10-Month High As Financial And Tech Companies Slash 39,000 Jobs (msn.com)
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On 1/28/2024 at 2:16 PM, SouthOfTheBorder said:
i happen to have excellent insurance in the US - and have still been hit with staggering out-of-pocket expenses that are just not an issue in other countries. I can afford to pay - but many cannot.
If you can afford to pay, and have claimed you are wealthy, then the out-of-pocket expenses shouldn't be "staggering".
- + nycman, marylander1940, Marc in Calif and 1 other
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How long till Dow Jones hits 40,000 and S&P 5,000?
in Personal Finance & Investing
Posted
I am very concerned. Nvidia is basically a Chinese company with an address in the U.S. That $2T valuation is based on a dream. Their sales last year were 1/80 that valuation. They make everything in China and Tawain. God only knows what secrets the Chinese are hiding it those chips.