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Sizeable .5 pt cut? Seriously! Its been at a record high for like ever and I don’t want to hear about a soft landing. Prices are still incredibly high and not sure anyone is looking but unemployment is going up. Manufacturing is losing jobs and corporations are AGAIN looking to Mexico. Stellantis is in big trouble and unions are about telling their people to strike. Biden created this monster and wont be around to fix it. Lovely
totally agree. the rate cut will push realtors to dump a story on home buyers. And Bla Bla Bla.
i agree with you Mike.
You people complain no matter what:
Interest rates increase: *THE WORLD IS ENDING, GIVE ME BACK MY FREE MONEY NOW!*
Interest rates decrease: *THE WORLD IS ENDING, KEEP INTEREST RATES HIGH!*
__
Stellantis is in a lot of trouble because its foreign ownership has no clue how to make cars that Americans actually want. The government should’ve never facilitated a foreign buyout of Chrysler after it was bailed out. So we can blame Obama for that.
More broadly, the car industry is struggling because it got greedy over the last few years. Dealerships have been especially greedy, which is evident by inane markups & premiums for everything on the lot. New & used dealerships alike have been making a killing over the last few years, but in doing so, they created a giant bubble in the car market. Now that things are reverting back to the mean, dealerships are crying foul about reckless the consequences of their own actions.
If there is any enemy in the car industry, it’s car dealerships. Not the UAW. Dealerships have regulatory capture that ensures that their business model stays relevant. In a free market, most dealerships would disappear & manufacturers would sell directly to consumers. American consumers generally hate dealing with traditional dealerships. They’re unnecessary middlemen who try to sell consumers on BS add-ons such as to: 1) Funnel as much money as possible to the handful of families that own the bulk of car dealerships nowadays; 2) To pay for floorplan interest that wouldn’t exist if not for dealerships; & 3) To pay the salaries of salesmen that most people just don’t want to deal with & who can be very shady.
Let the market do its thing. Which means that the labor market can organize & dealerships can fend for themselves without protectionism/regulatory capture.
1) It’s not a “record high.” Not even close. The Fed rate was 20% in 1971. End the hyperbole.
2) Yes, prices are high! There’s work to be done. Some things have come down, some haven’t, and there needs to be a methodical approach to getting those prices down without pushing the country into a recession. You can freak out about the “soft landing” all you want, but it worked. The Inflation Reduction Act worked incredibly well and it’s probably one of the best pieces of legislation to pass in 20 years. We managed to get our inflation down at twice the rate of our peer Western nations without plunging ourselves into a recession. That’s an incredible feat.
3) Since 2021, there has been a net increase if 175,000 manufacturing jobs (I’m not counting the 589,000 manufacturing jobs recovered from 2019). So, no, manufacturing isn’t losing jobs. You’re just lying.
4) Stellantis is in big trouble because they’re a poorly managed foreign company and car manufacturers are repeating their mistakes of 2008. Stellantis has outright failed to uphold its end of the labor bargain that they struck with the UAW last year, I don’t see how that’s Biden’s fault.
Way to go Kamala; you’ve got my vote!
Can you say election time? You just can’t make it up, pandering to their base right in cue!!
Yes, the Republican picked by Bush and named the chairman by Trump is carrying water for Harris.
Makes perfect sense to the “they’re eating cats in the basement of a pizza parlor in DC” crowd.
Joe, you can’t expect them to actually know what they’re talking about. They get all of their talking points from Fox News.
The people who whine about fake news get nothing but fake news. It’s comical.
Thank god the inflation fight is over. It reminds me of when the NFL heroically ended racism by painting slogans in the end zones
Chuck I haven’t notice that, of course I don’t watch so maybe that is the issue!
Just in time for the election. Inflation causes prices to rise. Well have we ever experienced prices to come down even though interest rates are reduced. Not on your life. the cost of money yes, but everyday prices NO. They never return to pre inflationary prices.
Deflation is not the goal and has never been the goal. The fed is trying to ensure that the economy grows faster than inflation. That’s all that matters.
Deflation would literally mean that our economy is collapsing. Bad idea.
Eat more dogs and cats people!
As long as the legislative branch of the Federal Government can spend money we don’t have, then inflation will never be in control!
Higher prices is a by product of the devalued dollar!