Biden and The Fed steered US away from recession

[TC Talks]

It seems Biden and The Fed has avoided a recession and reeled in inflation.

A highly-dreaded U.S. recession is no longer in the works, according to Bank of America CEO Brian Moynihan.

The nation's second-largest bank is not predicting an economic downturn "anymore," Moynihan told CBS' Margaret Brennan on "Face the Nation" Sunday. "Last year, this time, it was a recession," he stated. "This year we talked about now there's no recession."

BofA's latest prediction suggests the Federal Reserve's efforts at taming inflation while keeping the U.S. economy afloat are working.

[paul8539]

Economists have predicted 11 of the last 7 recessions.

[TC Talks]

Economists have predicted 11 of the last 7 recessions.

I like Honeycombs Cereal

[TC Talks]

It looks like the economy is on fire. Inflation has been contained and it's time to turn up the heat...

[Mega Hertz]

I've never claimed to be any kind of expert, but I have a number of new home builder customers, and they can't get the homes built and closed fast enough. At least two of them will be having record setting years this year. I've been with this company now for nearly a decade, we have never been so busy. That seems like a fairly decent sign that the economy isn't in the crapper.

[Rate This]

I've never claimed to be any kind of expert, but I have a number of new home builder customers, and they can't get the homes built and closed fast enough. At least two of them will be having record setting years this year. I've been with this company now for nearly a decade, we have never been so busy. That seems like a fairly decent sign that the economy isn't in the crapper.

Another drip drip for that… it’s one of the things that makes Trumps argument about the US as a third world country with a terrible economy hard to defend. If we keep getting good news it’s gonna lessen his odds. The entire premise almost relies on us doing bad.

[craig11152]

One could argue they steered us away from a recession they were steering us toward.
But in the end economists and charts don't pick the president, people do.
If people think the cost of living has greatly out paced their pay check they will blame somebody, fair or not.
Some guy building a bunch of houses doesn't impress somebody who can't afford to buy one.

[zzand]

I have noticed grocery prices slowly coming down as well as gas prices. I wish the people bitching about how great gas prices were under Trump would remember that the country was on covid lockdown and hardly anyone was using gas and that is a big reason they were so low. My best gas price during lockdown was 98 cents a gallon with Kroger points.

[Rate This]

One could argue they steered us away from a recession they were steering us toward.
But in the end economists and charts don't pick the president, people do.
If people think the cost of living has greatly out paced their pay check they will blame somebody, fair or not.
Some guy building a bunch of houses doesn't impress somebody who can't afford to buy one.

That first sentence is part of why we have a Fed that cuts or raises interest rates and enacts other monetary policy. Things were far more volatile in terms of boom and bust cycles, panics and depressions before they established it.

Mega can let us know but I think most houses that are actually built have somebody ready to move into them rather than sitting there like a car on a lot.

[Mega Hertz]

Yeah, it's not just "some guy building houses". The lots are sold, the homes are produced and are closed and moved into. Most homes are in the 500k-700k range, but we do cater to multi million dollar builders.

In contrast, in 2008, the company had to shut down and lay the staff off. There's plenty of work and people are buying them. Things can't be all that bad.

[MotorCityRadioFreak]

One could argue they steered us away from a recession they were steering us toward.
But in the end economists and charts don't pick the president, people do.
If people think the cost of living has greatly out paced their pay check they will blame somebody, fair or not.
Some guy building a bunch of houses doesn't impress somebody who can't afford to buy one.

Anyone with half a brain is aware that worldwide inflation is NOT the fault of the Democrats.

[craig11152]

One could argue they steered us away from a recession they were steering us toward.
But in the end economists and charts don't pick the president, people do.
If people think the cost of living has greatly out paced their pay check they will blame somebody, fair or not.
Some guy building a bunch of houses doesn't impress somebody who can't afford to buy one.

Anyone with half a brain is aware that worldwide inflation is NOT the fault of the Democrats.

I assume you think you have a whole brain. Explain the cause of worldwide inflation and the cure.
Never mind that American voters don't care about worldwide inflation. They care about their personal cost of living vs their personal paycheck. If they perceive a problem they will vent their frustrations in the voting process.
And even people with less than "half a brain" are allowed to vote.

[Matt]

One could argue they steered us away from a recession they were steering us toward.
But in the end economists and charts don't pick the president, people do.
If people think the cost of living has greatly out paced their pay check they will blame somebody, fair or not.
Some guy building a bunch of houses doesn't impress somebody who can't afford to buy one.

Anyone with half a brain is aware that worldwide inflation is NOT the fault of the Democrats.

I assume you think you have a whole brain. Explain the cause of worldwide inflation and the cure.
Never mind that American voters don't care about worldwide inflation. They care about their personal cost of living vs their personal paycheck. If they perceive a problem they will vent their frustrations in the voting process.
And even people with less than "half a brain" are allowed to vote.

I have seen many of those people. They self identify by flying multiple Trump flags.

[Rate This]

One could argue they steered us away from a recession they were steering us toward.
But in the end economists and charts don't pick the president, people do.
If people think the cost of living has greatly out paced their pay check they will blame somebody, fair or not.
Some guy building a bunch of houses doesn't impress somebody who can't afford to buy one.

Anyone with half a brain is aware that worldwide inflation is NOT the fault of the Democrats.

I assume you think you have a whole brain. Explain the cause of worldwide inflation and the cure.
Never mind that American voters don't care about worldwide inflation. They care about their personal cost of living vs their personal paycheck. If they perceive a problem they will vent their frustrations in the voting process.
And even people with less than "half a brain" are allowed to vote.

While that is true the consumer sentiment surveys have been rising for some time which indicates that the pain is abating.