2021 - Is inflation finally back in the conversation?

[tbone_ 14127]

Wait stassney, is your position that this idea will just stay with the gazillionaires?

[StassneyHorn 6580]

No, I’m hoping it goes to 25x millionaires.

[workswithseed 2112]

3 hours ago, StassneyHorn said:

If you can’t show examples to support your slippery slope argument,you're probably just giving a really, really shitty ideaological hot take that won’t AFFECT you. Ever. 

The slippery slope has happened with other taxes, but this one won't. 

[StassneyHorn 6580]

All you have to do is vote them out if it becomes a slippery slope and they start going after your nonexistent investment accounts. It’s the gofundme’s where I personally draw the line. It’s the last bastion for the poor, low class individuals with no safety net.

Satoshi already proved that once we instituted an income tax it only took 30 years for us to be the biggest baddest country on earth and have been for 80 years since.

Edited October 30, 2021 by StassneyHorn

[Satoshi 129]

9 hours ago, StassneyHorn said:

All you have to do is vote them out if it becomes a slippery slope and they start going after your nonexistent investment accounts. It’s the gofundme’s where I personally draw the line. It’s the last bastion for the poor, low class individuals with no safety net.

Satoshi already proved that once we instituted an income tax it only took 30 years for us to be the biggest baddest country on earth and have been for 80 years since.

Nice deflection.

if we give the government the power to tax something new they will abuse it. Period. This is known and obvious and only denied by people who want to exploit it. 
 

just own it 

[Bozo_Casanova 26472]

7 hours ago, Satoshi said:

if we give the government the power to tax something new they will abuse it.

Do you have an example of progressively abusive taxes at the Federal level? 

[jimmyjazz 45963]

It's not "new".  Marginal tax rates in the top bracket are much closer to historical lows than historical highs.  You can argue that those taxes were on income, not wealth, and you would be correct, but it doesn't mean that wealthy Americans would automatically be paying higher tax bills than ever.

Edited October 31, 2021 by jimmyjazz

[StassneyHorn 6580]

20 hours ago, Satoshi said:

Nice deflection.

if we give the government the power to tax something new they will abuse it. Period. This is known and obvious and only denied by people who want to exploit it. 
 

just own it 

You aren’t good at proving your beliefs.

[Fudge Nuggets 19195]

9 hours ago, jimmyjazz said:

but it doesn't mean that wealthy Americans would automatically be paying higher tax bills than ever.

 

They should be paying higher tax bills than ever since they control more wealth than ever.

[StruggleBus 3922]

On 10/30/2021 at 1:29 PM, StassneyHorn said:

No, I’m hoping it goes to 25x millionaires.

Lol. Jesus. Of course you do. 

[Satoshi 129]

28 minutes ago, StruggleBus said:

Lol. Jesus. Of course you do. 

He’s such a hater 

On 10/31/2021 at 7:38 AM, Bozo_Casanova said:

Do you have an example of progressively abusive taxes at the Federal level? 

In less than 40 years the top tax rate went from 1% to 90%. 
 

[Satoshi 129]

I haven’t seen this surcharge anywhere. Anyone else?

[gmr548 16580]

2 hours ago, Satoshi said:

In less than 40 years the top tax rate went from 1% to 90%. 
 

And life, like winning, was really, really hard for those at the top, amirite?

[Cheeseweasel 26438]

23 minutes ago, Satoshi said:

I haven’t seen this surcharge anywhere. Anyone else?

We see it on all of the materials we order (Polyprop, Polyester, etc). It's either in the "new" price, or it's added in as a surcharge.

[Bozo_Casanova 26472]

4 hours ago, Satoshi said:

In less than 40 years the top tax rate went from 1% to 90%. 
 

In about 40 more it went under 30%, but here's the thing: first, only about 10k people were in that tax bracket at launch. Second, not all income was subject to the rate. Third, there was almost certainly a lot of tax avoidance due to the rate being that high. So what people at the top 1% paid in 1950 wasn't a lot higher than what they pay today.

That doesn't seem progressively abusive. 

Edited November 1, 2021 by Bozo_Casanova

[StassneyHorn 6580]

6 hours ago, StruggleBus said:

Lol. Jesus. Of course you do. 

I’m cool with 10x if that’s better for you.

[StassneyHorn 6580]

3 hours ago, Cheeseweasel said:

We see it on all of the materials we order (Polyprop, Polyester, etc). It's either in the "new" price, or it's added in as a surcharge.

I for one, cannot wait to punish these millionaire owners of capital by raising their corporate taxes. Such devilish behavior

[Cheeseweasel 26438]

1 minute ago, StassneyHorn said:

I for one, cannot wait to punish these millionaire owners of capital by raising their corporate taxes. Such devilish behavior

I know this is going to anger and shock you, but we raised our prices as a result. 

[StassneyHorn 6580]

Do you state the surcharge fee on the receipt or do you have consumers take a wild guess like you did about it being baked in the price?

[Incredulity 11675]

3 hours ago, StassneyHorn said:

Do you state the surcharge fee on the receipt or do you have consumers take a wild guess like you did about it being baked in the price?

Progressivism is the haunting fear that someone somewhere is making a profit 

[Satoshi 129]

3 hours ago, StassneyHorn said:

I’m cool with 10x if that’s better for you.

 

[StassneyHorn 6580]

14 minutes ago, Incredulity said:

Progressivism is the haunting fear that someone somewhere is making a profit 

Lol

[workswithseed 2112]

57 minutes ago, Incredulity said:

Progressivism is the haunting fear that someone somewhere is making a profit 

The tax man at :46 looking at someone making a profit colorized.

[washparkhorn 9939]

Fed meets tomorrow and Wednesday. On the table: when to start the taper? Mid-Nov or mid-Dec.

[washparkhorn 9939]

2 hours ago, Incredulity said:

Progressivism is the haunting fear that someone somewhere is making a profit 

[DonkeyCigars 143]

2 hours ago, workswithseed said:

The tax man at :46 looking at someone making a profit colorized.

That is disturbing but also awesome.

[tbone_ 14127]

Paid $3.89 for regular unleaded in Scottsdale today. Just a data point.

[Cheeseweasel 26438]

22 minutes ago, tbone_ said:

Paid $3.89 for regular unleaded in Scottsdale today. Just a data point.

[Neonmoon 38129]

Paid $3.501 in Houston, Texas for regular unleaded on July 7, 2014

 

[Incredulity 11675]

[Satoshi 129]

1 hour ago, tbone_ said:

Paid $3.89 for regular unleaded in Scottsdale today. Just a data point.

From the oil baron thread. Oil demand all the way back. I guess this is why we’re going around begging people to pump more. 
 

 

[gsoda3 3262]

had a research note from JPM cross my desk today opening themselves to the possibility of an "inflation is transitory" stance.  not c&ping the entire note but they say power prices appear to be stabilizing and there are signs the worst in supply bottlenecks are moving behind us.  

 

notable, b/c it's the first bit of research and commentary from JPM to fall on this side of the line.  other than that, goldman has been on the transitory side all along.  

Edited November 2, 2021 by gsoda3

[Cheeseweasel 26438]

Everything is transitory given enough time

 

-Wayne Gretzky

[Satoshi 129]

16 hours ago, washparkhorn said:

Fed meets tomorrow and Wednesday. On the table: when to start the taper? Mid-Nov or mid-Dec.

Under this cloud. Powell on the way out?

Have to think replacement will be more dovish. Otherwise why change?

[Cheeseweasel 26438]

[Satoshi 129]

This is a good summation of this thread. 

 

[Satoshi 129]

Let’s see how far they can get 

 

[Satoshi 129]

Head of macro at Fidelity.
 

Get out of bonds. 

[washparkhorn 9939]

7 minutes ago, Satoshi said:

Get out of bonds. 

Once the Fed pledged to stabilize back in March 2020 - with $120 billion a month flowing in to prop up the markets - it was risk on for those with appropriate capacity for risk. With the upcoming slow down in purchases by the Fed (down to $105 billion a month from $120 billion a month beginning mid-November), we will see how the markets react over the long haul.

___________________________________

Speaking of the Fed Decision:

Implementation Note issued November 3, 2021

Decisions Regarding Monetary Policy Implementation

The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on November 3, 2021:

• The Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 0.15 percent, effective November 4, 2021.
• As part of its policy decision, the Federal Open Market Committee voted to authorize and direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:
• "Effective November 4, 2021, the Federal Open Market Committee directs the Desk to:
• Undertake open market operations as necessary to maintain the federal funds rate in a target range of 0 to 1/4 percent.
• Complete the increase in System Open Market Account (SOMA) holdings of Treasury securities by $80 billion and of agency mortgage-backed securities (MBS) by $40 billion, as indicated in the monthly purchase plans released in mid-October.
• Increase the SOMA holdings of Treasury securities by $70 billion and of agency MBS by $35 billion, during the monthly purchase period beginning in mid-November.
• Increase the SOMA holdings of Treasury securities by $60 billion and of agency MBS by $30 billion, during the monthly purchase period beginning in mid-December.
• Increase holdings of Treasury securities and agency MBS by additional amounts as needed to sustain smooth functioning of markets for these securities.
• Conduct overnight repurchase agreement operations with a minimum bid rate of 0.25 percent and with an aggregate operation limit of $500 billion; the aggregate operation limit can be temporarily increased at the discretion of the Chair.
• Conduct overnight reverse repurchase agreement operations at an offering rate of 0.05 percent and with a per-counterparty limit of $160 billion per day; the per-counterparty limit can be temporarily increased at the discretion of the Chair.
• Roll over at auction all principal payments from the Federal Reserve's holdings of Treasury securities and reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency MBS in agency MBS.
• Allow modest deviations from stated amounts for purchases and reinvestments, if needed for operational reasons.
• Engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency MBS transactions."
• In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 0.25 percent.

https://www.federalreserve.gov/newsevents/pressreleases/monetary20211103a1.htm

 

[troph 24810]

On 11/1/2021 at 12:04 PM, Satoshi said:

I haven’t seen this surcharge anywhere. Anyone else?

Surcharges behind the scenes in supply chain yes. Reluctance to pass it on as a separate line item though. I’m in distribution (among other things) now and our suppliers charge us 10% we just roll that into the cost as booked in inventory which then leads to a price increase to our customers meaning we pass it on but it’s not a separate line item.

[Satoshi 129]

Given the supply chain situation, this seems inflationary. 

[3adays 454]

Yikes. That seems like a really bad idea. 

[Trey3216 15346]

40 minutes ago, Satoshi said:

Given the supply chain situation, this seems inflationary. 

 

[workswithseed 2112]

9 minutes ago, Trey3216 said:

 

 

[Cheeseweasel 26438]

[Satoshi 129]

1 hour ago, Trey3216 said:

 

 

[Trey3216 15346]

Let them eat cake!

 

[Cheeseweasel 26438]

Too bad we don't have any oil in the US to counter OPEC. Really poor planning on our part.

[Satoshi 129]

 

[Storm the Field 5295]

39 minutes ago, Cheeseweasel said:

Too bad we don't have any oil in the US to counter OPEC. Really poor planning on our part.

We really should order the National Oil Company to drill more.