When will the economy collapse?

[We'llBeDoneIn15Minutes]

Pakistan is the proliferation threat I worry about the most, to be honest. Their government is a mess, riddled with religious extremists. Proliferation is a risk. Losing a couple of bombs to some crazy people is a risk.

I'm more worried about a Pakistani bomb blowing up New York than Mumbai or Delhi.



Of course it'd be out of the question! C'mon.

Or do you really think that Winnie-The-Pooh lookalike and first-class dingus running China would empty the silos and get his own country turned into a glass parking lot because they lost a WHOLE TRILLION DOLLARS while the US was shooting itself in the foot with a completely unnecessary default? He'd lean back with a pot of hunny and some popcorn and seize the opportunity to enhance China's standing and influence in the world.

I think we're only a few more posts away from where all stock market and economic threads end up:
Food storage, Ammunitions, Bunkers, and Prepping 😂

---

Members don't see this ad.

 

[chessknt]

I think that's just as unlikely as any other dictatorship taking over overtly in the US. I'm Catholic and I think we're as close to a schism in the Church as we've been since the Reformation. Adding to that the difference between Protestants and Protestant/Catholics the idea of a Christian dictatorship is laughable to me.

Regardless, you're clearly speaking about the Dobbs decision. That's obviously extremely contentious and many people are upset about it. However, it's really an example of how limiting federal government is beneficial, because RvW essentially made abortion a constitutional right and it solved nothing. The issue was still contentious and "pro-lifers" were not satisfied with being told how their community should live. When SCOTUS reversed it, now the onerous is on state legislators and even smaller forms of government to ask the difficult questions and try and figure out the "best answer" for their populace.

Maybe you thought that many states would be quick to "take advantage" of women by passing what many would view as too strict abortion laws, but that really hasn't been the case. Georgia had their ban struck down and are trying to figure out what kind of bill that they even want to pass. Minnesota passed pro abortion laws. Montana went a step forward and struck down a memorandum saying that providers are not obligated to provide reasonable, life sustaining care to an infant born alive, even for attempted abortions. That last one is a particularly vicious support for the essence of pro abortion advocacy.

I was thinking more Carson v. Makin and Kennedy v. Bremerton school dist. It's all fine to hold your anti-federal opinion but this SCOTUS only selectively adheres to this.

 

[TexBlazer2106]

People have argued does raising taxes increase revenues for as long as we've been in debt. But one way or another, EVERYONE will be taxed more. It's a guarantee.

We can do it the old fashioned way by directly taking a couple of hundred thousand more out of your million, or we can indirectly take a couple of hundred thousand more out of your million by inflating the currency to service the debt which thereby makes the purchasing power of your million a couple of hundred thousand less.

Plan B is what will and always happens because Plan A will be and always is rejected by the masses. In the end... we aren't escaping the debt either way (though Plan B does dump a lot of the debt onto the sucker foreign countries that bought our debt )

When I figured out that tax brackets were not indexed to inflation and what that meant, I was fuming for weeks.

 

[gasdoc77]

People have argued does raising taxes increase revenues for as long as we've been in debt. But one way or another, EVERYONE will be taxed more. It's a guarantee.

We can do it the old fashioned way by directly taking a couple of hundred thousand more out of your million, or we can indirectly take a couple of hundred thousand more out of your million by inflating the currency to service the debt which thereby makes the purchasing power of your million a couple of hundred thousand less.

Plan B is what will and always happens because Plan A will be and always is rejected by the masses. In the end... we aren't escaping the debt either way (though Plan B does dump a lot of the debt onto the sucker foreign countries that bought our debt 😉)

Also, Plan B is favored by the corporations (who own our politicians thanks to Citizens United) because it creates incentives in the population to work.

Plan B: we created our own bitcoin market, bought and sold it internally to drive up the price, all while letting a few outsiders in on tha deal.

 

[BobLoblaw78]

Did I say you did?

Huh? I read it as you possibly were implying I did since that was your response to my statement. Most people would read it that way. So I clarified if you had a point and I tried to make you aware you likely had mistaken me for someone else you were talking to. You proceeded to obfuscate further.

 

[BobLoblaw78]

Is going in to default to prove that point a net positive in your view? If we were flying a plane about to run out of gas would you demand to shorten the trip before agreeing to refuel it or let it crash and burn to the ground to make your point?

Our current obligations are what they are--if the party of fiscal responsibility wants to change that (only when they dont control the presidency of course for some reason....) then why not do that without the suicide bomber tactic? Did the dems threaten to tank the economy when the Republicans had control?

No. I think you didn't understand my point. I really want to limit government spending first and foremost. Then I am fine with increased taxes if we need to. I am willing to do whatever to get out of this mess. I just don't want to increase taxes first and expect them to do the right thing without guarantees.

It is like my kids if they ask for money. I tell them what I expect it gets spent on then I give it to them. Not vice versa. And if they spend it on the wrong things, I don't give them double just bc they ask. I make them prove they will do the right thing. I feel like this is a fairly simple and common sense process.

 

[nimbus]

Not really. Moreover, foreign assets more or less balance foreign debt. Most of that $31T is owed to Americans, or is intragovernment debt. I'm not saying it doesn't matter - because it does - but it's not a huge lever held by hostile foreigners that some people would have you believe.

In any case, it's not like anyone - foreign or not - can just "cash out" any of this debt, demand immediate payment for a bond's face value in gold doubloons. It's structured debt. A contract. No one can cash out a bond early; likewise, the US government can't "pay it back" early if the bond holder would rather collect the interest over the life of the bond. They can try to sell the bonds for market rates, but obviously (at least I hope it's obvious) if someone tried to dump $1T in bonds next Thursday, they'd have to find a buyer and they sure as hell wouldn't get $1T for them.

Foreign debt is not the problem.

Even if they were willing to take a loss on their bonds and dumped them on the market just for the sake of disruptively sowing chaos ... that's a suicide pact that probably hurts them more than us. Who buys the dump?

It's a fascinating circular thought experiment to contemplate these ideas, but the narrative that we're somehow beholden to and at the mercy of China or anyone else because of our national debt, just reflects a fundamental misunderstanding of what the debt is.



While we're speculating about what-ifs, I'll just throw out another thought experiment I like to post whenever this topic comes up:

Imagine you're an alien, watching tribes of primitive monkeyhumans on their backwards little planet orbiting a small yellow sun in the unfashionable end of the galaxy. One tribe, let's call them the nord'mericans, has spent a long time trading little green slips of paper and promises for more little green slips of paper to other tribes, in return for valuable, scarce, and/or nonrenewable resources. Like oil, or plastic lawn chairs. One day, the nord'mericans just say **** it, we're outta green paper and outta promises and we're gonna sit here looking across a couple of ocean moats, our continent is rich in natural resources, we can feed ourselves, we can make stuff (when we're bothered to get out of bed to do it) ... whaddaya gonna do?

Who do the aliens think won that exchange?

It's the biggest and most transparent con in the history of the planet. That we're the ones running the con is a little greasy, shameful, and disheartening ... but it's arguably better than being the ones getting conned.

I mostly agree with you. The scenario I described is not likely. Thanks for a very thoughtful reply to my deliberately inflammatory conjecture.

 

[TexBlazer2106]

I was thinking more Carson v. Makin and Kennedy v. Bremerton school dist. It's all fine to hold your anti-federal opinion but this SCOTUS only selectively adheres to this.

I had to look these up. I understand your hesitation and the arguments that this is a step toward state dictated religion, however these decisions only upheld negative rights even though there is a question because the situations were associated with public institutions. If you had an example of a positive right that was enforced, like Kennedy mandating everyone pray with him at the end and the SCOTUS, then I’d be much more inclined to entertain a concern for a Christian theocracy.

An ideology much closer to dictatorship status is definitely the woke culture.

 

[vector2]

Huh? I read it as you possibly were implying I did since that was your response to my statement. Most people would read it that way. So I clarified if you had a point and I tried to make you aware you likely had mistaken me for someone else you were talking to. You proceeded to obfuscate further.

Well, you read it wrong.

 

[chessknt]

I had to look these up. I understand your hesitation and the arguments that this is a step toward state dictated religion, however these decisions only upheld negative rights even though there is a question because the situations were associated with public institutions. If you had an example of a positive right that was enforced, like Kennedy mandating everyone pray with him at the end and the SCOTUS, then I’d be much more inclined to entertain a concern for a Christian theocracy.

An ideology much closer to dictatorship status is definitely the woke culture.

The coach had a position of power over those boys and should have not been empowered to put on a public display. That was not a 'negative' right. His argument that they were private was bull**** but that got ignored by the majority because it hurt the narrative that he was being oppressed when in reality he was the one levering his religion on all of his players. It is hard to get more local and granular than a school district but again their solution to the problem (they had to get rid of the guy because he refused to do anything different) was invalidated.

Also the state of Maine (their community if you will) decided that private school waivers were not usable for schools where religion was a central tenet of the educational program. A law was proposed and passed by their elected representatives but the SCOTUS told them they cannot do that and had to fund religious schools. Guess their right to run their community according to their local beliefs is invalid because the SCOTUS said so.

But yes, with abortion it's hands off let the states decide. You mention cases where abortion was protected, what about the many states with trigger laws where it is now functionally impossible to obtain an abortion? TX is a prime example. The feds have abdicated this protection to a granular local solution to what exactly? How is a global ban at 6 weeks a granular or local solution and not just a blanket application of a religious ideology that abortion is evil and should never be allowed?

US Supreme Court to consider religious discrimination case

The case involves a postal carrier who says he cannot work on Sunday due to his religious beliefs.

www.aljazeera.com

Here is another one where the ruling is essentially already known.

Where are these woke culture dictates that I keep hearing about? They definitely aren't happening at the federal level like all of the above.

 

[BobLoblaw78]

Well, you read it wrong.

Or some people can't admit when they messed up bc they are too insecure and it would damage their fragile ego. So they to blame it on other things...

 

[We'llBeDoneIn15Minutes]

No. I think you didn't understand my point. I really want to limit government spending first and foremost. Then I am fine with increased taxes if we need to. I am willing to do whatever to get out of this mess. I just don't want to increase taxes first and expect them to do the right thing without guarantees.

It is like my kids if they ask for money. I tell them what I expect it gets spent on then I give it to them. Not vice versa. And if they spend it on the wrong things, I don't give them double just bc they ask. I make them prove they will do the right thing. I feel like this is a fairly simple and common sense process.

Completely agree with you. Raising taxes first is simply feeding the beast more fuel to spend. In fact, additional spending proposals are made even before the taxes are raised, ie "We'll pay for such and such new government waste program with these new taxes."

Higher taxes never go to paying down the debt.

 

[chessknt]

No. I think you didn't understand my point. I really want to limit government spending first and foremost. Then I am fine with increased taxes if we need to. I am willing to do whatever to get out of this mess. I just don't want to increase taxes first and expect them to do the right thing without guarantees.

It is like my kids if they ask for money. I tell them what I expect it gets spent on then I give it to them. Not vice versa. And if they spend it on the wrong things, I don't give them double just bc they ask. I make them prove they will do the right thing. I feel like this is a fairly simple and common sense process.

That's a fine position to take but the issue right now isn't the future budget but funding the current budget. I think the reasonable position to take is that the USA can't pull a Twitter and just refuse to pay our obligations because we suddenly don't agree with them anymore.

 

[vector2]

Or some people can't admit when they messed up bc they are too insecure and it would damage their fragile ego. So they to blame it on other things...

You imagined an implication that didn't exist in what was a broad generality of a statement now you're stubbornly perseverating in your error.

 

[BobLoblaw78]

You imagined an implication that didn't exist in what was a broad generality of a statement now you're stubbornly perseverating in your error.

….why do you think my statement was meant for you???

(I really can’t believe you didn’t see that coming)

 

[vector2]

….why do you think my statement was meant for you???

(I really can’t believe you didn’t see that coming)

Lol did I say it was for me?

The following statement that I wrote is independent of whatever idiotic semantic game you're trying to play now:

"You imagined an implication that didn't exist in what was a broad generality of a statement now you're stubbornly perseverating in your error."

 

[TexBlazer2106]

The coach had a position of power over those boys and should have not been empowered to put on a public display. That was not a 'negative' right. His argument that they were private was bull**** but that got ignored by the majority because it hurt the narrative that he was being oppressed when in reality he was the one levering his religion on all of his players. It is hard to get more local and granular than a school district but again their solution to the problem (they had to get rid of the guy because he refused to do anything different) was invalidated.

Also the state of Maine (their community if you will) decided that private school waivers were not usable for schools where religion was a central tenet of the educational program. A law was proposed and passed by their elected representatives but the SCOTUS told them they cannot do that and had to fund religious schools. Guess their right to run their community according to their local beliefs is invalid because the SCOTUS said so.

But yes, with abortion it's hands off let the states decide. You mention cases where abortion was protected, what about the many states with trigger laws where it is now functionally impossible to obtain an abortion? TX is a prime example. The feds have abdicated this protection to a granular local solution to what exactly? How is a global ban at 6 weeks a granular or local solution and not just a blanket application of a religious ideology that abortion is evil and should never be allowed?

US Supreme Court to consider religious discrimination case

The case involves a postal carrier who says he cannot work on Sunday due to his religious beliefs.

www.aljazeera.com

Here is another one where the ruling is essentially already known.

Where are these woke culture dictates that I keep hearing about? They definitely aren't happening at the federal level like all of the above.

You're being unreasonable with Kennedy, unless there is substantial proof that he is using the group prayer as a tool to exclude those who don't participate with him, he should be able to actively express his faith. That goes for any other religion in a reasonable way. I understand what you're saying with the Maine question and think there is real teeth to your argument. There's more to the case though, the state-funded reimbursement program only applies to children who live in rural school districts without a public school. Also the law limits families choice in the matter, very questionable to limit a Christian family's wish to use the credit as they see fit, just to avoid "funding religious schools." Additionally, it prevents possible future discrimination against said religious schools to establish a principal that laws which seek to treat religious schools differently from other private schools were subject to "strict scrutiny." Seems like SCOTUS doesn't think the law passes strict scrutiny, but I agree with you that it is worthy of question.

Carson v. Makin (June 21, 2022)

The Supreme Court in Carson v. Makin ruled in June 2022 that Maine's tuition reimbursement program could not exclude parents who sent their children to religious schools.

www.mtsu.edu

These are clearly negative rights that are being protected here. An example of a potential positive right federal violation that woke culture dictates would be when the federal government strongly encouraging us to add pronouns to our login/emails/etc.

 

[BobLoblaw78]

Lol did I say it was for me?

The following statement that I wrote is independent of whatever idiotic semantic game you're trying to play now:

"You imagined an implication that didn't exist in what was a broad generality of a statement now you're stubbornly perseverating in your error."

The lies you peddle to save your fragile little ego. No one is buying them

 

[vector2]

The lies you peddle to save your fragile little ego. No one is buying them

No one even knows what you're rambling about at this point, but just to make sure we're on the same page, let me say explicitly that people like you who make hilariously bad analogies like "I think this issue is the same as what we see on a personal level. If someone runs up credit card debt..." - as if good family-of-four-kitchen-table budget balancing applies equally to the largest national economy with a federal reserve - are invariably stunningly ignorant about taxes, spending, the deficit, the debt, or for that matter, macroeconomics in general.

 

[We'llBeDoneIn15Minutes]

No one even knows what you're rambling about at this point, but just to make sure we're on the same page, let me say explicitly that people like you who make hilariously bad analogies like "I think this issue is the same as what we see on a personal level. If someone runs up credit card debt..." - as if good family-of-four-kitchen-table budget balancing applies equally to the largest national economy with a federal reserve - are invariably stunningly ignorant about taxes, spending, the deficit, the debt, or for that matter, macroeconomics in general.

Are they identical? Of course not. But the idea of either of those two running themselves needlessly into financial ruin with reckless borrowing and spending is equally idiotic and unnecessary, so yes, broad analogies can be made.

 

[ans2021]

Lots of ways to reduce spending. We can stop giving CIA and FBI unlimited allowances for travel and food that is in addition to their salary and benefits. Those guys are traveling around the world, first class, last minute purchases. So $10,000 airplane tickets. Then $100 per person allowance for food for each meal.

Or how about cutting down on the amount each person gets for food stamps. Had to go on during medical school. For my wife, kid and I we got $800/month not including chip which basically paid to feed the kid. We were buying filet mignon weekly. Still had enough food stamp money to live off of for 6 months after medical school. We also took a family that didn't qualify for food stamps, but didn't make enough shopping with us once a week. The government doesn't care how they spend other's money.

 

[linkin06]

the majority of discretionary spending is defense. makes sense to start there.

 

[chessknt]

Lots of ways to reduce spending. We can stop giving CIA and FBI unlimited allowances for travel and food that is in addition to their salary and benefits. Those guys are traveling around the world, first class, last minute purchases. So $10,000 airplane tickets. Then $100 per person allowance for food for each meal.

Or how about cutting down on the amount each person gets for food stamps. Had to go on during medical school. For my wife, kid and I we got $800/month not including chip which basically paid to feed the kid. We were buying filet mignon weekly. Still had enough food stamp money to live off of for 6 months after medical school. We also took a family that didn't qualify for food stamps, but didn't make enough shopping with us once a week. The government doesn't care how they spend other's money.

It would appear your experience is not generalizable... SNAP household state averages for SNAP benefits (FY 2018) | Food and Nutrition Service

Also FBI food allowance is how we are going to save 8 trillion dollars? Like as a guess what % of the deficit do you think FBI discretionary expenses are?

 

[We'llBeDoneIn15Minutes]

View attachment 365544
the majority of discretionary spending is defense. makes sense to start there.

With a 1.4 trillion dollar deficit in 2022 you could wipe out the ENTIRE defense spending and you're still left with a massive deficit, so start wherever you like but it all needs to be cut significantly.

 

[psychbender]

There's a ton of waste in most government programs. I recall during my time in the Army getting the yearly emails to submit purchase proposals, because we hadn't quite spent all of our money, and needed to ensure that we overspent, so the budget wouldn't be decreased the following year. Every operating room has their own Glidescope, which was upgraded to the GS Titanium within a few years. We bought brand new Epiq TEEs and 3D probes for the OR, then shut down the cardiac surgery program. A multimillion dollar amputee rehab center was built at Walter Reed just before the hospital was closed (and the closure date was well known before they even started construction on the building). If other parts of the government exhibit the kinds of wasteful behavior that every military hospital at which I worked, every VA department where my father worked, and the FDA division where my brother in law currently works, then they could easily tolerate at least a 10% across the board cut and still operate at the same degree of efficiency and competency. It won't solve the deficit, but it's a start.

 

[We'llBeDoneIn15Minutes]

There's a ton of waste in most government programs. I recall during my time in the Army getting the yearly emails to submit purchase proposals, because we hadn't quite spent all of our money, and needed to ensure that we overspent, so the budget wouldn't be decreased the following year. Every operating room has their own Glidescope, which was upgraded to the GS Titanium within a few years. We bought brand new Epiq TEEs and 3D probes for the OR, then shut down the cardiac surgery program. A multimillion dollar amputee rehab center was built at Walter Reed just before the hospital was closed (and the closure date was well known before they even started construction on the building). If other parts of the government exhibit the kinds of wasteful behavior that every military hospital at which I worked, every VA department where my father worked, and the FDA division where my brother in law currently works, then they could easily tolerate at least a 10% across the board cut and still operate at the same degree of efficiency and competency. It won't solve the deficit, but it's a start.

Nothing triggers waste like spending other people's money. That's why most government work needs to be openly and honestly bid out to the private sector.

 

[RadOncDoc21]

Nothing triggers waste like spending other people's money. That's why most government work needs to be openly and honestly bid out to the private sector.

Private sector could be more efficient and innovative but I won’t place my bet on corporate greed. They’re known to take government handouts and keep the money at the top.

 

[BobLoblaw78]

No one even knows what you're rambling about at this point, but just to make sure we're on the same page, let me say explicitly that people like you who make hilariously bad analogies like "I think this issue is the same as what we see on a personal level. If someone runs up credit card debt..." - as if good family-of-four-kitchen-table budget balancing applies equally to the largest national economy with a federal reserve - are invariably stunningly ignorant about taxes, spending, the deficit, the debt, or for that matter, macroeconomics in general.

You are just upset that you fell for a fairly simple trap to expose your hypocrisy and untruthfulness.

If you can't understand the simple principle/analogy, then I don't trust you to understand or agree with anything more complex. Especially if your mind is made up and you possibly reason backwards from your conclusion. You are arguing against holding government spending accountable and just writing them a blank check to spend taxpayer money. If we disagree on that then no further middle ground will be found. And I can only presume that you are endorsing increasing taxes without any accountability.

 

[BobLoblaw78]

Private sector could be more efficient and innovative but I won’t place my bet on corporate greed. They’re known to take government handouts and keep the money at the top.

I think the private sector is the lesser of two evils in this scenario. Government has no accountability in this scenario. At least with bidding the projects to the private sector you have competition as some form of accountability. Hopefully the bids can be transparent with plenty of lead time for all bids. The problem then shifts to ensuring the job is done correctly for the bid and there is no backdoor deals or favoritism.

 

[anbuitachi]

id much prefer private than public spending of tax dollars. look at nyc WASTE. each mile of subway takes 3-4B to build!!!!

MTA’s new stairs in Times Square subway station cost $30 million

Step right up to the newest attraction at the Crossroads of the World: A $30 million stairway. The 28 shiny steps debuted Monday as part of an overhaul of the bustling Times Square subway station. …

www.nydailynews.com

Step right up to the newest attraction at the Crossroads of the World: A $30 million stairway.

The 28 shiny steps debuted Monday as part of an overhaul of the bustling Times Square subway station.

 

[RadOncDoc21]

id much prefer private than public spending of tax dollars. look at nyc WASTE. each mile of subway takes 3-4B to build!!!!

MTA’s new stairs in Times Square subway station cost $30 million

Step right up to the newest attraction at the Crossroads of the World: A $30 million stairway. The 28 shiny steps debuted Monday as part of an overhaul of the bustling Times Square subway station. …

www.nydailynews.com

View attachment 365604

Step right up to the newest attraction at the Crossroads of the World: A $30 million stairway.

The 28 shiny steps debuted Monday as part of an overhaul of the bustling Times Square subway station.

Not saying I know the right answer:

The Problem with Public Money Going to Private Companies - Martin Babinec

The following is adapted from More Good Jobs. A long history exists of government funding that targets healthcare, environment, defense, or other societal needs. While it makes sense to allocate some public dollars toward research being conducted by colleges and companies, a grayer area creeps...

babinec.com

 

[vector2]

. And I can only presume that you are endorsing increasing taxes without any accountability.

More of your classic dishonest arguing where you invent a strawman so you can contest words that were never said. Bravo.



vvv
E:
When you @BobLoblaw78 write "If someone runs up credit card debt and is unable to save money on their current salary" then that's precisely you making a wildly erroneous "family-of-four-kitchen-table budget balancing" analogy. The type of analogy which displays obvious ignorance about basic macro.

But feel free to keep projecting / trying to disingenuously gaslight everyone.

 

[BobLoblaw78]

More of your classic dishonest arguing where you invent a strawman so you can contest words that were never said. Bravo.

Presume /pre-zoom/- suppose that something is the case on the basis of probability

as if good family-of-four-kitchen-table budget balancing applies equally to the largest national economy with a federal reserve

I can't take you seriously when you constantly do exactly what you accuse others of doing. I'm guessing you got that directly from Alinsky's rules as you follow the rest of his rules to the letter. As such, I wish you a good day and will leave you to it.

 

[ans2021]

It would appear your experience is not generalizable... SNAP household state averages for SNAP benefits (FY 2018) | Food and Nutrition Service

Also FBI food allowance is how we are going to save 8 trillion dollars? Like as a guess what % of the deficit do you think FBI discretionary expenses are?

You're right, I can't extrapolate the 50 families across multiple states exact same situation as mine when it came to food stamps. We all ate so much better than when residency started and we were kicked off. But no one was even close to that SNAP level. Must have been the kids that make the difference.

And I also pay off all of my 450k of loans at one time with a huge budget cut instead of budgeting and using that saved money to snowball off my loans.....

 

[chessknt]

You're right, I can't extrapolate the 50 families across multiple states exact same situation as mine when it came to food stamps. We all ate so much better than when residency started and we were kicked off. But no one was even close to that SNAP level. Must have been the kids that make the difference.

And I also pay off all of my 450k of loans at one time with a huge budget cut instead of budgeting and using that saved money to snowball off my loans.....

I am confused--you knew 50 other families on food stamps who were also clearing 1k/month in benefits all over the country?

As a doctor you can at least appreciate that the federal data is far more compelling than an anecdote and that 200-300/month for an entire household (avg of 2 people) with an avg monthly gross income of 850/month is hardly something that seems worthy of cutting and absolutely cannot afford to be eating steak every day like you apparently could...

 

[Drägerman]

Disney to cut 7,000 jobs in major revamp by CEO Iger

Walt Disney Co on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business profitable.

www.reuters.com

Another big layoff

 

[anbuitachi]

Disney to cut 7,000 jobs in major revamp by CEO Iger

Walt Disney Co on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business profitable.

www.reuters.com

Another big layoff

good. too many companies are WAYYY too bloated. wont be surprised if some big companies have 2nd round layoffs

 

[Lawpy]

Disney to cut 7,000 jobs in major revamp by CEO Iger

Walt Disney Co on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business profitable.

www.reuters.com

Another big layoff

That’s probably planned for a while. The old CEO tried to do this until he got fired and replaced by his famous predecessor… and then Disney is facing pretty severe activist pressure to overhaul corporate governance.

 

[anbuitachi]

A bill banning Chinese citizens from buying property has some wondering if they're welcome in Texas

Texas Senate Bill 147, which would bar Chinese citizens from buying property, evokes for critics a history of anti-Asian discrimination facilitated by laws.

www.yahoo.com

recent hot topic for some. texas proposing a bill banging chinese citizens from buying property in texas. if it passes it'll be a game changer for many people and other states may follow. chinese is one of the wealthiest groups in USA and they love buying property. looking at the comment section, most people support the bill. this will certainly have an affect on home prices in texas

"During his H1-B-visa-holding period, Wu bought a condo, he said. But if people cannot buy a house, he wondered, "How can they survive?""

 

[pgg]

"During his H1-B-visa-holding period, Wu bought a condo, he said. But if people cannot buy a house, he wondered, "How can they survive?""

Rent? Is this a trick question?

 

[pgg]

good. too many companies are WAYYY too bloated. wont be surprised if some big companies have 2nd round layoffs

I wonder if there's any connection between the massive tech industry layoffs in the last year, and the recent absence of any threads here with people bemoaning their decision to become doctors, wishing they coulda shoulda gone to work for Google for six figures right after falling off the college turnip truck.

 

[anbuitachi]

Rent? Is this a trick question?

no. its not just demonstrating how ingrained home owning is in chinese culture. you HAVE to buy a house pretty much. over 90% are homeowners in china, many have multiple homes. real estate is the biggest market in china. they take that belief overseas as well. and they have the money to do it

on a partially related note. tension with china could be the next event that causes worsening in economy

 

[anbuitachi]

I wonder if there's any connection between the massive tech industry layoffs in the last year, and the recent absence of any threads here with people bemoaning their decision to become doctors, wishing they coulda shoulda gone to work for Google for six figures right after falling off the college turnip truck.

i doubt it. every tech person i spoke with in my circle knows yea there are layoffs obviously, but the # quoted in the news include all sort of employees. many not even in tech roles but just work for big tech. like HR, marketing, contractors, sales, recruiters etc. the tech employees who get laid off get handsome severances (usually 3-4month ++ ), advanced vesting and bonus, and 6m+ healthcare covered. also i read in news, 80% of those laid off found jobs within 3 months and on average with pay HIGHER than previous job. the tech field is still hot.

 

[pgg]

no. its not just demonstrating how ingrained home owning is in chinese culture. you HAVE to buy a house pretty much. over 90% are homeowners in china, many have multiple homes. real estate is the biggest market in china. they take that belief overseas as well. and they have the money to do it

on a partially related note. tension with china could be the next event that causes worsening in economy

The detonation of their housing bubble is gonna be epic.

 

[DesiredMemberName?]

no. its not just demonstrating how ingrained home owning is in chinese culture. you HAVE to buy a house pretty much. over 90% are homeowners in china, many have multiple homes. real estate is the biggest market in china. they take that belief overseas as well. and they have the money to do it

on a partially related note. tension with china could be the next event that causes worsening in economy

That’s probably at least partly because foreign real estate investments are protected from expropriation by their government.

I don’t blame them for trying to protect their wealth from a government that could seize it all at any time for any reason, but when it distorts our real estate markets, making home ownership unattainable for many of our citizens, we should look into cracking down on the practice.

There will always be concerns about racist motives behind such a policy. However, it’s clear that the Chinese are not the only foreigners stashing a significant amount of wealth in US real estate, and they certainly shouldn’t be singled out.

Canada has already enacted a similar ban.

Canada is banning some foreigners from buying property after home prices surged

However, given how much influence the real estate industry has on our laws (just look at the tax code), I wouldn’t expect this to get too far.

 

[Fpg1245]

That’s probably at least partly because foreign real estate investments are protected from expropriation by their government.

I don’t blame them for trying to protect their wealth from a government that could seize it all at any time for any reason, but when it distorts our real estate markets, making home ownership unattainable for many of our citizens, we should look into cracking down on the practice.

There will always be concerns about racist motives behind such a policy. However, it’s clear that the Chinese are not the only foreigners stashing a significant amount of wealth in US real estate, and they certainly shouldn’t be singled out.

Canada has already enacted a similar ban.

Canada is banning some foreigners from buying property after home prices surged

However, given how much influence the real estate industry has on our laws (just look at the tax code), I wouldn’t expect this to get too far.

The laws are set up to benefit the real estate lobby and existing homeowners. Everyone else is a sucker who is subsidizing them.

 

[PainInTheAnes]

I wonder if there's any connection between the massive tech industry layoffs in the last year, and the recent absence of any threads here with people bemoaning their decision to become doctors, wishing they coulda shoulda gone to work for Google for six figures right after falling off the college turnip truck.

Anesthesia is recession proof with increasing pay in many cases. Not to mention we are helping and not responsible for the poisoning of the minds of regular people via smartphone apps

 

[We'llBeDoneIn15Minutes]

Anesthesia is recession proof.....

Oh man talk about the curse of death right there.

 

[Arch Guillotti]

Closing. Too many complaints.