Does interest on US credit card debt typically float with national interest rates, or is it fixed when you apply for the card?
If it's the former, this seems like it could be an insidious trap for people who grew up in a world of 0% interest rates.
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lizzardbraind commented on U.S. credit card debt jumps 18.5% and hits a record $930.6B cnbc.com/2023/02/03/us-cr... · Posted by u/qclibre22
Why is this a surprise, Q4 of 2022 was the largest group of Boomers retiring and if you look at the demo graphics we're not going to have a labor surplus till 2040. The working world needs to kick back and enjoy because instead of the Boomers and their massive workforce driving down wages there's going to be a demand for workers and wages will have to go up, there aren't any other choices. Lastly, if you look at the open jobs 5MM of the are in food service and retail, two categories that were traditionally filled by the young and the uneducated and that demo is dwindling so don't be surprised if that number just gets bigger. Immigration could help us but Congress can govern so we can't count on it.
What happens if a wage/price spiral hits right as Boomers are moving their retirement savings into less volatile, more liquid investments to live off of?
Could they see the real value of their retirements evaporate en masse?
"Two State Farm employees told WWL-TV that the restrictions apply in Georgia, Louisiana, Oregon, Washington, and Pennsylvania. The restrictions do not apply to current policyholders, only to drivers who are looking for new policies."
Looks like it's not just Louisiana. I wonder if they'll be extending this to other states, or if other insurers will be following suit? I haven't been following this issue, but I feel like Kia and Hyundai should be doing some sort of recall to fix the problem instead of allowing their customers to suffer, it can't be good for PR.
They are preparing a recall to install immobilizers on the affected models, but it sounds like they're moving too slowly.
The insurance companies might also feel like they have media cover to do this, because how-to videos have become a social media trend. You can hotwire them more easily than a '90s car with ignition wires hanging under the dash, if you know what you're looking for.
Kia in particular might suffer some serious brand damage from this, combined with their multiple recent engine fire recalls.
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lizzardbraind commented on Astonishingly strong US jobs report sends stocks wavering cnn.com/business/live-new... · Posted by u/ianai
Did you read the article?
It’s the anticipation of higher interest rates by the stock markets that send stocks down. And the Fed may do so because they want to raise them “just so much to counter inflation without drifting into a recession”. For Tech that may mean that the focus will shift towards profitability which may increase pressure on the workforce.
What do you mean by “higher income equality”? E.g., people earning the same irrespective of their capability, effort, working hours and “value creation contribution in the economy”? Isn’t income equality (government interventions in some aspects aside) a mere reflection of people’s contribution to a economy and their ability to negotiate? So, are you assuming/applying everyone more or less has the same contribution or do you want everyone to be paid the same irrespective?
Isn't the idea behind raising rates to combat inflation that it works to reduce demand by forcing people to tighten their belts?
"We need companies to fire a lot of people so that fewer people can afford nice things" is less politically palatable than, "we are aiming for a soft landing".
Stocks went up previously because the companies believe that with all the layoffs, people were getting desperate enough that the rate hikes would slacken off and they'd be able to start hiring at fire-sale prices. The strong January jobs data makes the companies and Fed alike worry that their workers might start to get uppity and ask for raises or benefits again soon.
Would turning one off be murder? Or does that only apply to deletion?
There will probably be a gig economy, where you can pay spot rates for an idle Frank that could get a page and need to leave at any time.
Or maybe they'll handle things like call centers and 911 dispatch in their spare time.
What is a digital sharecropping service? I've never heard of that before.
It means that you're farming on someone else's land. Since you don't own the source of your income, the landowner could decide to evict you at any time, taking away your revenue.
Think about that.
Every new thing for thousands of years someone always jumped on it for short term $$$ gain.
The hustle bros have a firm place in the ecosystem and the internet has just put a magnifying glass on the movement and made the hustle faster and easier.
Don’t hate the player (or the game), for they are as old as time.
>The world belongs, however, to those who can look at the glass and say: What’s up with this glass? Excuse me? Excuse me? This is my glass? I don’t think so. My glass was full! And it was a bigger glass! Who’s been pinching my beer?
>And at the other end of the bar the world is full of the other type of person, who has a broken glass, or a glass that has been carelessly knocked over (usually by one of the people calling for a larger glass), or who had no glass at all, because he was at the back of the crowd and had failed to catch the barman’s eye.
- Terry Pratchett, The Truth