by Phil Rosen
1. Let's start with the CEO of Goldman Sachs, David Solomon. (click here) He just issued a warning that inflation's not going down anytime soon, and it's going to stay around longer than Americans — and the Fed — want.
On an annual basis, inflation hovered at 4.9% in April, lower than its peak of 9.1% last year but still more than double the central bank's 2% goal....
So, what are your thoughts about a recession? (click here)
The "R" word has been cropping up a lot lately as the general feeling moves away from "if" and more toward "how bad."
A survey conducted by The Harris Poll and HarrisX from May 17-18, 2023 among 2,004 registered voters found that only 21% of respondents believe the U.S. will be able to avoid a recession.
Two-thirds of respondents believe that the economy is heading in the right direction, and the strength of the economy is perceived at below 50%.
The same poll, by the way, said Twitter owner and Tesla CEO Elon Musk is now the most popular political figure in the United States, ahead of former President Donald Trump and current President Joe Biden....
1. Let's start with the CEO of Goldman Sachs, David Solomon. (click here) He just issued a warning that inflation's not going down anytime soon, and it's going to stay around longer than Americans — and the Fed — want.
On an annual basis, inflation hovered at 4.9% in April, lower than its peak of 9.1% last year but still more than double the central bank's 2% goal....
..Naturally, Wall Street mogul Jamie Dimon of JPMorgan, who's no stranger to credit crunches and bank rescues, said that any further constricting in lending conditions will likely come down hard on real estate....
May 23, 2023
By Rob Lenihan
The "R" word has been cropping up a lot lately as the general feeling moves away from "if" and more toward "how bad."
A survey conducted by The Harris Poll and HarrisX from May 17-18, 2023 among 2,004 registered voters found that only 21% of respondents believe the U.S. will be able to avoid a recession.
Two-thirds of respondents believe that the economy is heading in the right direction, and the strength of the economy is perceived at below 50%.
The same poll, by the way, said Twitter owner and Tesla CEO Elon Musk is now the most popular political figure in the United States, ahead of former President Donald Trump and current President Joe Biden....
U.S. gdp growth rate for 2020 was -2.77%, a 5.06% decline from 2019.
U.S. gdp growth rate for 2019 was 2.29%, a 0.65% decline from 2018.
U.S. gdp growth rate for 2018 was 2.95%, a 0.7% increase from 2017.
Date Value
April 30, 2023 1.401 M
April 30,2019 1.28 M
April 30,2019 1.28 M
The national average U.S. income in 2021 was $97,962. The median U.S. income in 2021 was $69,717.
Chief executives and nurse anesthetists earned over $200,000 a year on average in 2021, making them the highest paid occupations.
The median male salary in 2021 was $50,391, 27% higher than the median female salary of $36,726.
Male residents of Washington, D.C. made a median income of $83,567, the highest of any state or territory in the U.S. Arkansas posted the lowest median male income of any state at $40,736.
Two-person families have the lowest average family income, earning $75,143 on average. Four-person families earn the most on average by family size with an income of $105,901.
Americans between 56 to 64 years of age earned $83,812, the highest median income of any age band.
Asian Americans had the highest income in 2021, earning a median of $100,572. white Americans earned a median income of $74,932.
Next time financial investment institutions like Goldman and Chase are interviewed be sure to ask how their depositors are doing? Don't ask the CEOs what they think because they are always looking for sympathy and government money.
This is what is bothering the investment banks.
May 24, 2023
By Tristan Bove
If only Wall Street could find more ways to rob the Middle Class they would feel better. The fact of the matter is there was rampant greed that robbed Americans of their status. It has been a bit of a difficult climb for many Americans to regain their footing after the pandemic, but, there was also an upside. Many Americans; that is many used to working two to three jobs to maintain their household budgets; never had the experience of not working and enjoying the households they worked hard to build.
The pandemic allowed them to breath easy even in the midst of tragedy all over the world, but, that tragedy struck the USA the hardest. I thought the USA House under the competent leadership of Nancy Pelosi was remarkable in it's inventiveness to support Americans through a very difficult time. An impossible time, actually. I am proud of that Congress and the American people. While the extremist population of the country took some of the hardest hits in contracting the virus and succumbing to it, there was a pause in the country that allowed a perspective about life that changed the way Americans valued time and how they spent it.
The current economy is doing fine. People have decided to work again and there are many options for employers that need people including immigrants with visas.
The USA has the largest Middle Class in the world. It is why so many other countries seek to be a part of life in the USA. That Middle Class is economically impossible to stop. Besides the actual magnificence to the American Middle Class a renaissance of sorts has been occurring in bringing equity to minorities and shifting economic opportunity for people normally suffering from the lack of opportunity.
So, basically, while Wall Street and the Republican cronies are spastic about the world, the USA population is stable and mostly flourishing. It is a stabilizing force in the world when so much of the world is experiencing upheaval. That upheaval isn't just the war in Ukraine, but, also climate and the strife that comes with it.
There is no recession. There has been and maintains a shift in wealth and economic opportunity to facilitate that wealth. Whether anyone wants to realize it or not, the Biden Administration is exercising every attempt to revitalize the Middle Class and opportunity. You know, the NORMAL Middle Class where one or two jobs are all that is needed to balance the household budget so parents can actually be parents to their families.
Life is still not perfect, but, we are getting there and for the first time in a long time, the climate crisis is taking shape as an existential threat to our children and it matters. The petroleum industry is going down kicking and screaming while they wave methane in the face of Americans as the real green energy. We are getting there and it is right, moral and necessary to move away from traditional fuels and into alternative options. A huge shift such as this in energy and transportation is enormous. It always has been, but, it is finally happening and we need to hope it is in time.
We are doing fine. I don't mind if Morgan and Goldman are having spasms of fear. They can deal with it themselves.
