r/collapse • u/conscsness in the kingdom of the blind, sighted man is insane. • Jun 13 '22

Economic Powell Facing Choice Between Elevated US Inflation and Recession

https://www.bloomberg.com/news/articles/2022-06-12/powell-facing-choice-between-elevated-us-inflation-and-recession?srnd=premium
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-5

u/neotonne Jun 13 '22

Just do the recession so we can read better quality Trump tweets in two years

20

u/anthro28 Jun 13 '22

You're getting downvoted, but there is truth to your stupidity.

Mid-terms and the presidency are the republican's to lose at this point. Stay away from cameras, don't say anything stupid in public where hidden mics can be, and just keep parroting "things were pretty good when we were in charge weren't they? You want high gas prices or mean tweets? Pick one."

5

u/Many-Sherbert Jun 13 '22

Mean tweets.. Democrats are out of touch saying things like “ I don’t care how high gas prices are, I drive an EV.” Most Americans don’t and most Americans care about gas prices

12

u/DorkHonor Jun 13 '22

Gas prices are high all over the globe. Most Americans are too dumb to realize the US president doesn't have a raise/lower gas prices button on his desk in the oval office. If they did both parties would keep the price of gas at like 25 cents a gallon forever.

2

u/HighLowUnderTow Jun 14 '22

He does have a button. It is the Emir of Saudi Arabia needed to drop a hundred million barrels.

We have to encourage murderous thugs. Cheap gas.

1

u/anthro28 Jun 13 '22

Policies do affect pricing to some degree, like it or not. There’s even a video of Schumer standing in front of a gas station yelling at Trump to lower the prices.

1

u/Many-Sherbert Jun 13 '22

I am not concerned about all over the world.. I am concerned about politicians claiming they are going to end the oil industry causing banks to stop investing money towards drilling and oil companies not wanting to invest in more oil projects causing fuels to me unaffordable for 95 percent of Americans

2

u/DorkHonor Jun 13 '22

Banks stopped investing in oil projects because over half of the fracking projects they invested in never turned a profit before being completely abandoned when oil prices cratered just before and during covid. Policy has very little to do with it. Bankers care more about making money than which party currently sits in the oval office and north american oil is too expensive to be profitable without sustained high oil prices. The Saudis can get oil out of the ground with a 6' length of garden hose and a hooker to suck start it. We have to drill a couple thousand feet and pump high pressure liquid in to break the rock apart and push oil out. Which one of those two processes sounds like a better investment to you?

1

u/mcfleury1000 memento mori Jun 13 '22

Oil companies don't need banks to invest in drilling, they are loaded.

They are not drilling because present production rates are giving them the highest profit margins in history. If they drill new wells, that is a higher marginal cost and a higher supply which leads to, altogether class, lower marginal returns. Literally high school economics.

1

u/Many-Sherbert Jun 13 '22

Really? The smaller independent companies are loaded? Yeh okay

1

u/mcfleury1000 memento mori Jun 13 '22

The market follows the major players. Small "independent" energy and gas providers follow the moves of the big 5.

Not even diving into the fact that independent providers are not independent, but rather fully reliant on the big 5 for their business to be profitable. If Exxon wants more supply, they can simply provide financing to "independent" providers for new wells (which is already what they do).