The U.S. stock selloff deepened Wednesday as investors digested a spike in U.S. inflation. Consumer prices for April rose 4.2% year over year, making for the biggest annual increase since September 2008. Prices rose 0.8% from the prior month. Both exceeded economists’ expectations. The report has investors weighing the possibility that the Federal Reserve may have to alter its asset purchase plan and course for interest rates.
Jonathan Garber for FOXBusiness:
The Dow Jones Industrial Average fell 421 points, or 1.23%, while the S&P 500 and the Nasdaq Composite were lower by 1.54% and 2.28%, respectively.
Mega-cap tech stocks including Apple Inc. [-2.46%] and Microsoft Corp. [-2.81%] remained in focus as investors continued to rotate out of growth stocks and into value plays.
Overseas markets were mostly higher.
Britain’s FTSE 100 was out in front in Europe, advancing 0.82%, while Germany’s DAX 30 and France’s CAC 40 ticked up 0.2% and 0.19%, respectively. China’s Shanghai Composite rose 0.61% and Hong Kong’s Hang Seng index gained 0.78%.
MacDailyNews Take: Again, it’s best to get a handle on inflation, if you know how, while you still can.
Inflation is repudiation. — Calvin Coolidge
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
You’re wellington… uh… wheelbarrow… uh… welcome.
U.S. Presidential elections purchased by Mark Zuckerberg have consequences.
There is no evidence supporting The Big Lie. The notion of flawed election software throwing elections was hatched by Laura Pressley after she lost her 2014 race for the Austin City Council by 30%. Clearly, there must have been cheating. The fact that almost all of her supporters (including the American-Statesman) had withdrawn their endorsements after she went on Infowars to discuss 9/11 Truthiness had nothing to do with it. Her fraud claims were rejected as frivolous and sanctionable by the district court and Court of Appeals. The 100% Republican Texas Supreme Court found that they were completely unsupported by any admissible evidence.
She then peddled her theories to Russell Ramsland, who was best known up to that point as a losing congressional candidate who went on the conservative lecture circuit to claim that the Deep State was hatched during World War II by a conspiracy including Prescott Bush, the Muslim Brotherhood, and George Soros (who was a 14-year-old in Axis-occupied Hungary at the time). He put his security firm onto the scent and sold the election fraud idea—including a whole collection of easily disprovable falsehoods—to folks around the President, who spread it to the Conspiracy Theorist-in-Chief. The President and his allies filed nearly a hundred lawsuits and have not persuaded any court anywhere that there was any misconduct that puts the election outcome in question.
Nevertheless, Mr. Trump then made lip service to The Big Lie an entrance requirement for access to the not-so-big Republican tent. The focus has changed from the courts to the state legislatures, who have enacted a bunch of provisions expressly designed to make it more difficult for citizens to vote and providing criminal penalties against election officials who try to increase turnout. The basis for this is the “concern about the fairness of the 2020 election” that they themselves stirred up, without any evidence, for purely partisan political advantage. Completely groundless claims have convinced tens of millions of Americans that our democratic republic has failed and needs to be replaced by a government of “the right sort” of rich white men.
Whether you are inclined to believe the Washington Post or not, their article this week on the conspiracy to destroy the confidence of Americans in our electoral system provides plenty of citations to public documents.
https://www.washingtonpost.com/investigations/interactive/2021/trump-election-fraud-texas-businessman-ramsland-asog/
Tex says “There is no evidence supporting The Big Lie.”
Even if there IS a mountain of evidence, for some reason, I think Tex will still be in denial.
Kind of reminds me of this Austin Powers scene…
I guess we’ll never know, since there isn’t a mountain of evidence. Nearly a hundred judges, at least half of whom were appointed by Republicans, have concluded that there is no evidence at all. No judge–not one–has found any fault with the election that could have affected the outcome.
TXloser, the depth of your stupidity never ceases to amaze
Blah, blah, blah, cherry picking — FAKE REPUBLICAN. You totally “embody the Big Lie” and are not the one to PREACH. You never acknowledged even ONE Trump accomplishment in four years and said so in several posts, so much for credibility at ZERO and no sense of self-awareness…
Oh look, the market is bouncing back… You’re welcome.
The stock market is not the economy…
I think I shat myself again.
This applies to “both sides” and, without waking up and shedding the partisan “explanations,” things won’t end well.
“Stimulus” needs to be reset in people’s minds. It’s not an unending comfort-tool that will make things better.
It serves a purpose, but we are beyond the need. We are beyond the weight of debt we can handle. Despite what’s being said in the WH, people are indeed not working because of the “stimi” to cover the hardship brought on by Covid.
For those that embrace MMT and think such debt numbers are just lines on the ledger, please ask yourself what happened to the leading economies in history that came and went because of their uncontrolled spending. I guess they just forgot, didn’t know, simply didn’t erase those undesirable numbers on the ledger? Debt has real effect…real weight…real consequences. It’s math.
Think of all the inflation we suffered with during Trump’s four years. Only 3 1/2 more with Biden. He has pleeenty of time to get things back under control… wink, wink. Wink.
Um guys, it’s one month of aberrant data. Let’s not panic the horses until we get a trend.
In any case comparing a change to a very strange year last year is not sensible.
Maybe we can compare data to the three years prior to last year.
Our debt is no short term, non-trending, aberrant data.
Time to reassess what was posted. I’d guess you are the one not following the trend.
There’s no such thing as an I Dream of Genie tweak of the nose to make debt disappear.
You suddenly started worrying about debt now?
Where was your concern over deficit spending as you watched the GOP over and over start foreign wars?????? Don’t forget all the fun little proxy wars and arms smuggling your true dementia president tried to pull off. The paranoid GOP has been literally bleeding America dry for decades, spending more than the dummycrats on even more wasteful things. There is no fiscally responsible political party, so stop pretending the other team is evil.
Who was the president who DOUBLED the federal debt?
Oh yeah. Obama.
Obama added as much debt as every president before him combined.
Progressive political philosophy –
How to create a socialist state by Saul Alinsky:
There are 8 levels of control that must be obtained before you are able to create a socialist state.
The first is the most important.
1) Healthcare — Control healthcare and you control the people
2) Poverty — Increase the Poverty level as high as possible, poor people are easier to control and will not fight back if you are providing everything for them to live.
3) Debt — Increase the debt to an unsustainable level. That way you are able to increase taxes, and this will produce more poverty.
4) Gun Control — Remove the ability to defend themselves from the Government. That way you are able to create a police state.
5) Welfare — Take control of every aspect of their lives (Food, Housing, and Income).
6) Education — Take control of what people read and listen to — take control of what children learn in school.
7) Religion — Remove the belief in the God from the Government and schools.
8) Class Warfare — Divide the people into the wealthy and the poor. This will cause more discontent and it will be easier to tax the wealthy with the support of the poor
Provide actual quotations from Alinsky that a reasonable person would summarize as any of those propositions. It’s as likely you can find those quotes in The Collected Works of the Easter Bunny.
Alinsky is one of those reliable figures like George Soros and the Rothschild family that conspiracy theorists can blame for everything. Wonder what they have in common?
“Provide actual quotations”
Despite your consistent FAKE high up vote numbers, that defy REALITY you have no right or credibility to command anyone here.
You should remember that…
I’m waiting for the citations.
You’ll grow old and die first before I OBEY one of your ridiculous Leftist DEMANDS. Typical arrogant self righteous holier than thou LIBTARD that has nothing…
So you admit you haven’t any facts to support your ridiculous claims.
Yes, thanks jmk for the textbook reminder used by Obama, AOCs squad and now Biden. ALL Democrats with no RESPECT for U.S. history totally out to destroy our constitutional republic and replace it with iron fist WOKE socialist rule.
Rules for Radicals: A Pragmatic Primer for Realistic Radicals is a 1971 book by community activist and writer Saul D. Alinsky about how to successfully run a movement for change. It was the last book written by Alinsky, and it was published shortly before his death in in 1971. -Wiki
Saul’s book is Democrat Dinosaur 50 years old so called ideas because the party is in no way progressive, under Biden and the squad they are totally REGRESSIVE turning the clock back to policies fully discredited. Obviously, they are to stupid to understand.
Now that the largest generation (Baby Boomers) just retired and many millions more soon to retire are in the ideal voting demographic that votes more often and more conservative in greater numbers than ever.
Woke Democrats, IMHO socialism no way Jose and the RECKONING for your irresponsible policies soon to be felt in U.S. voting booths the only way Democrats listen. Wait, take the listen part back…
Yes, GeoB, I know the book. I read the book as a Social.Sciences major 50 years ago. I disagreed with a lot of it then, and I still do, but not a single one of the 8 propositions jmk listed are present in Rules for Radicals under any reasonable reading. He is misrepresenting Alinsky’s views and you are supporting the misrepresentation. If you think I am mistaken, point out where Alinsky clearly argued for any of those 8 things. You can’t do it, because those quotes are nowhere to be found.
Don’t you get tired of lying and misinterpreting posts then redirecting words not there through your Leftist filter?
Show US one word in my post where I agreed with jmk interpretation and opinions of Saul’s book. I leave that up to him to have his say and leave it on face value. I provided additional facts on the topic you did not DISPUTE. Got it?
Once again you are not correcting anything and once again you are too stupid to understand what I and many others are simply saying in a mix of facts and opinions. You practice the SAME more than anyone around here but you have a huge ego and zero self-awareness…
“Thanks, jmk, for the textbook reminder”
If Democrats stole the election, then why did they lose seats in the house & senate, and not pick up any state legislatures? Hmmmmmm?
What the fuck do libturds know about facts?
My favorite fact-they-don’t-like is that they are spending a fortune ($150,000 in taxpayer funds) to investigate misdeeds by the Maricopa County Recorder that supposedly threw Arizona to Biden, when the evil genius in question couldn’t even manage his own re-election.
Take particular notice TimApple, TxUseless has no snappy smug retort for facts he cannot dispute and go against his Leftist beliefs and make the Democrat Party look BAD.
DEFLECTION is his only ARTFORM and totally irrelevant…
Attn: libdurts, you are about to see the effects of your stupidity, if you are bright enough to understand it
Attn readers: forgive the local troll. Little Halliburton forgot to take his medication. His delusions of adequacy are coming on again, and all he can do is project his limp dick misery.
When a country spends trillions on things that just go BOOM, is it no wonder that eventually that country will just go BOOM?
Chickens are coming home to roost, you stupid libturds
you repeat yourself