I bet you thought this economic expansion would fail following the 2008 crisis. Most people back then were convinced the fucking world was about to implode and now here we are, sitting fat and sturdy at the top of the mountain — pissing down on the world.
Longest economic expansion ever, faggots. Take that losers.
The U.S. is officially in its longest expansion, breaking the record of 120 months of economic growth from March 1991 to March 2001, according to the National Bureau of Economic Research.
Starting in June of 2009, this record-setting run saw GDP growing cumulatively by 25%, far slower than previous expansions.
While the unemployment rate has dropped to 3.6% in May, the lowest since 1969, job growth has been relatively slower than during other post-war recoveries.
This generation will be known for economic growth, brought on by the invention of the internet. Everything else about this era will fade away — but that’ll stick. Five hundred years from now they’ll teach kids about the early years of the internet and how it produced unmatched economic growth, with ever even mentioning Dr. Benjamin Bernanke and the Federal Reserve jimmy-rigging shit through money creation and low interest rates. History is written by the victors.
Happy Tuesday, fucked faces.
UPDATE: Betsy Ross and her stupid flag were racists!
The Governor of Arizona has ordered the state to rescind financial incentives for Nike in Arizona following the company’s decision to pull its upcoming Betsy Ross Flag sneaker after intervention from Colin Kaepernick $NKE pic.twitter.com/ykJOEOUlsY
— Squawk Box (@SquawkCNBC) July 2, 2019
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Atop the mountain! Yo Fly I know you like them SAAS plays, so what do you think about DOMO??? Seems its just plummeting bdespite so many analysts with lofty price targets
Atop the mountain! Yo Fly I know you like them SAAS plays, so what do you think about DOMO??? Seems its just plummeting despite so many analysts with lofty price targets
Actually no, Mr Fly, you are mistaken. (But first, in 90 percent seriousness, I burn a pinch of symbolic incense (just symbolic because I won’t waste money) to “Musca Optimus Maximus!” – which in Latin means, “Housefly, Best and Greatest!” of all mortal traders.) But that said?…
…Actually THE GREATEST (although not the longest) economic expansion ever recorded in any official histories, was China’s “Great Leap Forward”, 1958 to 1960: When Chairman Mao said and then commanded, that China’s economy shall overtake and surpass America within several years. AND CHINA’S OFFICIAL ECONOMIC STATISTICS SAID THAT IT HAPPENED! And meanwhile during the Great Leap Forward, China’s official news proclaimed inter alia that some peasants had grown gigantic vegetables, by following Mao’s wisdom such as “In the right temperature an egg can turn into a chicken, but no amount of heat can turn a stone into a chicken, because each has a different basis.” (And was Mao not correct? Actually those words of Mao made more sense than any US Federal Reserve statements have ever done!) And here is a propaganda poster of that time, which PROVES (because it was published by the government) that the Great Leap Forward was based on material reality!: https://chineseposters.net/images/pc-1958-024.jpg …All of which now reminds me of a deal (cf Trump and Mnuchin, “DEAL! WE’RE CLOSE TO A DEAL!”) – a deal that I made in Beijing in year 2002:
At the Night Market in WanFuJing (in walking distance from The Forbidden City, the old Ming and Qing Dynasties’ palace, in front of which is TienAnMen Square) – a vendor offered to sell me a Chairman Mao Wristwatch, like a Mickey Mouse Watch, for 40 RMB (around five US Dollars at that time.) It had a face of Mao AND his hand was the minute-hand waving! So then I said to the vendor (in a mix of Mandarin and English): “China’s ruling party now says that Chairman Mao was only 70 percent correct, yes?” And he said, “Yes, Chairman Mao is seventy percent correct!” Then I said, “Okay so that means this Mao wristwatch is only 70 percent correct, so I’ll give you 70 percent of 40 Yuan, I’ll give you 28. Deal?” DEAL! And then three weeks later the Mao wristwatch broke down and I threw it away – which is my prophecy of what will happen to Trump’s “deal” with Xi JinPing. (A reprise of the link to the Great Leap Forward poster, here: https://chineseposters.net/images/pc-1958-024.jpg
Below Zero Bond Yields and talk of even further rate cuts. China created this mess by throwing Massive Stimulus at the World and the World Central Bankers fed it by saying hey if we keep lowering rates in a Grand Experiment we will have no more recessions and everything will be great. All they have done is to creat the largest bubble ever. Future historians will look at all of this and say, yes this is how the global depression started. When it pops…only the ark will be left.
500 years from now, they’ll mention how the Baby Boomers’s greed – starting with Reaganomics and trickle-down economics – created the corporate takeover of the federal government and the largest wealth inequality in US history, leading to the Greater Depression and how it took a new Millenium President (not in 2020) to rein in Defense spending to get us out of it.
Defense spending is the key, because reducing the only other giant money sinkholes – Medicare and Social Security – will only serve to further increase inequality. And for warhawks that think defense spending makes us safer, tell me how threathened Panama, Namibia, or Laos feel from potential North Korean or Iranian nukes.