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I mean, haven't we been in a recession for a while that the priests of capitalism refuse to acknowledge even though it meets the definition?
I think by any reasonable definition US is in a recession now, and they're just playing games avoiding acknowledging this.
I thought we changed the definition of recession so the near past didn't qualify? Lol
Brilliant news, can't wait to yet again get poorer somehow despite doing literally nothing wrong. I love capitalism
It's not on the horizon. The recession already rose. He needs to look up a bit more. I'm sure he'll find it soon.
what he means is that the effects aren't visible to him personally yet
Who cares honestly, be it recession or growth the general population becomes poorer.
Who this dude?
I think he does the show Mad Money or something, a stock and trading TV show where Jim Cramer gives you totally not financial advice (for legal reasons) to make good trading choices and he nearly always fucks up. Idk if he does it on purpose or what but he is God-awful, hence the Inverse Cramer rule, if Cramer says it, do the opposite, and vice versa.
He is TV personality on some business/stock market related TV channel. He is renown for making terrible predictions.
We all here know what will happen in general as marxists, but when it happens, that depends.
All I can see is a straight road to an economic collapse. Companies across the board (especially the banking corps) have witnessed unrealized losses since 2020 (losses which don't count as losses since subsidies and debt allocation mitigate it). A super bubble which has formed in the stock market, the housing market, and the commodities market (this one is an important one). And a clear unrecovery since the start of pandemic, which has facilitated the little growth generated into pockets of oligarchs. And a impoverishment of the general populace, which even the older generation cannot spend their way out of.
The only reason why the american economy is growing is due to the huge bloated deficit spending, which numbered around 3 trillion so far. The biden administration is only prolonging the recession due to this.
I think the other big factor is that tech startups are a big chunk of the economy, and many of these startups live almost entirely on VC funding without generating much actual revenue of their own. Now that the rates are going up, these companies have to show 6-7% growth just so they don't lose money for the VCs. This is obviously resulting in less money being poured into these startups since investors are realizing they're not likely to make it back. And I think we're seeing the whole tech bubble bursting already as evidenced by constant mass layoffs in tech sector.
Funny thing is, these tech startups and VCs also have these shady junk loans from regional banks. Who then gain significant investment from big banks, and the money these big banks are investing into aren't even theirs, its the governments. As they have no generated any money since 2020 these big banks rely on government aid to continue their greedy, self-indulgent money schemes. That's why there's alarms that a super bubble has formed in the US, as its not relegated into one market/sector, buts its all encompassing in every market. Add to the fact that the general populace is far poorer than they were pre-2008 (Due to the selfish capitalist self-plundering of its own citizens) so even if a recession happens, the general populace cannot be relied on to spend their way out of it. This goes back to ellens visit to china, to encourage them to buy bonds (and probably begged them not to sell it, amazing tactic since they'll talk about human rights abuses in china next).
And the war in ukraine wasting billions which could've been spent on the recovery for the pandemic, and the knock-off effect of de-dollarisation, it'll harm government profits to properly mitigate the effects if a recession does happen. Again this is probably just my opinion, but the next recession won't be a recession, it'll be an economic collapse.
Yeah, the whole thing is one giant house of cards, and sooner or later there's going to be a catalyst event that triggers the crash at which point all of it will come crashing down in a giant chain reaction.I also expect that there is little chance of recovery once the process starts. A lot of the factors that allowed US to recover in 2008 simply aren't present today.
this post was submitted on 19 Jul 2023
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