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Off-Topic Stock Market & Crypto Discussion

hotshot said:
Seems like I've been hearing about Republicans eliminating two or three current Cabinet-level Departments for decades. Maybe it'll finally happen under Trump?? Dept of Education was one.
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Here are the departments, at least 1/3 and maybe half should go bye bye or be consolidated. Labor, HUD, Energy and Education are no brainers.

  • Justice (1789)
  • State (1789)
  • Treasury (1789)
  • Interior (1849)
  • Agriculture (1889)
  • Commerce (1903; originally included Labor)
  • Labor (1913)
  • Defense (1947)
  • Health and Human Services (1953)
  • Housing and Urban Development (1965)
  • Transportation (1967)
  • Energy (1977)
  • Education (1979)
  • Homeland Security (2003)
 

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mr.h said:
But JPM has Jamie…just kidding
LLY and NVO hit record highs and weight loss meds heart benefits …These are newer meds that aren’t approved yet, but these drug companies can’t me demand.
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First, JPM wasnt downgraded. Second, I didnt answer you earlier because its easier to agree to disagree, but you have Dimon confused with Chuck Prince, Stan Oneal, Angelo Mozilo, etc., who btw were never prosecuted by the Obama administration. Even during the GFC, JPM did not want or need any government assistance, but were asked by the Bush administration to take the money to calm the public about the banks, and they were the first to pay it back.
 
mr.h said:
But JPM has Jamie…just kidding
LLY and NVO hit record highs and weight loss meds heart benefits …These are newer meds that aren’t approved yet, but these drug companies can’t me demand.
Click to expand...

There are a lot of interesting drugs, treatments, equipment in development, many by biotech companies
 
SpikeUM said:
First, JPM wasnt downgraded. Second, I didnt answer you earlier because its easier to agree to disagree, but you have Dimon confused with Chuck Prince, Stan Oneal, Angelo Mozilo, etc., who btw were never prosecuted by the Obama administration. Even during the GFC, JPM did not want or need any government assistance, but were asked by the Bush administration to take the money to calm the public about the banks, and they were the first to pay it back.
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I’m pretty sure that JPM lost billion’s during the bank crises, but I was just razzing you…
Im not a fan of banks because of the fees they implemented when interest rates were low, hurting small checking and savings account holders.
 
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SpikeUM said:
Here are the departments, at least 1/3 and maybe half should go bye bye or be consolidated. Labor, HUD, Energy and Education are no brainers.

  • Justice (1789)
  • State (1789)
  • Treasury (1789)
  • Interior (1849)
  • Agriculture (1889)
  • Commerce (1903; originally included Labor)
  • Labor (1913)
  • Defense (1947)
  • Health and Human Services (1953)
  • Housing and Urban Development (1965)
  • Transportation (1967)
  • Energy (1977)
  • Education (1979)
  • Homeland Security (2003)
Click to expand...

www.wsj.com

A 143-Year-Old Portrait Fuels an Absurd Government Turf War

Two federal agencies claim to be the rightful owners of a painting of the now-obscure Hugh McCulloch
www.wsj.com www.wsj.com
 
mr.h said:
I’m pretty sure that JPM lost billion’s during the bank crises, but I was just razzing you…
Im not a fan of banks because of the fees they implemented when interest rates were low, hurting small checking and savings account holders.
Click to expand...

You are again confusing capitalism with communism/socialism. So you are advocating they become a charity? What about their shareholders?

I do agree with you that banks are not a good investment, but the reason is government regulation and interference. Fintech and PE are now involved in the most profitable products of banks and they dont have to deal with all types of lending and ESG regulations, CRA, and stuff like this:

www.cnbc.com

Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach

Wells Fargo, a relatively small player on Wall Street, racked up the most fines Tuesday, with a total of $200 million in penalties.
www.cnbc.com www.cnbc.com
 
SpikeUM said:
You are again confusing capitalism with communism/socialism. So you are advocating they become a charity? What about their shareholders?

I do agree with you that banks are not a good investment, but the reason is government regulation and interference. Fintech and PE are now involved in the most profitable products of banks and they dont have to deal with all types of lending and ESG regulations, CRA, and stuff like this:

www.cnbc.com

Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach

Wells Fargo, a relatively small player on Wall Street, racked up the most fines Tuesday, with a total of $200 million in penalties.
www.cnbc.com www.cnbc.com
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To steal someone else’s quote, “banks want socialism for themselves, and capitalism for everyone else”.
I know the difference between the two, but “to big to fail” is socialism.
I do agree with you list of gov’t agencies that could be cut. You can add the military, that we so desperately need, but are above budget on everything that they purchase.
The cuts will never happen because of the money given to our elected officials, who have no term limits.
 
mr.h said:
To steal someone else’s quote, “banks want socialism for themselves, and capitalism for everyone else”.
I know the difference between the two, but “to big to fail” is socialism.
I do agree with you list of gov’t agencies that could be cut. You can add the military, that we so desperately need, but are above budget on everything that they purchase.
The cuts will never happen because of the money given to our elected officials, who have no term limits.
Click to expand...
Jeebus, I agree with you.
 
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mr.h said:
To steal someone else’s quote, “banks want socialism for themselves, and capitalism for everyone else”.
I know the difference between the two, but “to big to fail” is socialism.
I do agree with you list of gov’t agencies that could be cut. You can add the military, that we so desperately need, but are above budget on everything that they purchase.
The cuts will never happen because of the money given to our elected officials, who have no term limits.
Click to expand...

Mr. H., are you feeling ok? Did someone steal your CIS password?
 
SpikeUM said:
Sorry thats socialist dogma bull****. If we live in a meritocracy, then there are always going to be disparities in pay. I am perfectly happy paying Jamie Dimon and Tim Cook whatever they want to run their companies, and too bad they arent the country. I suspect you dont care that Tim Cook makes a lot of money.

Want the worker bees to make money? Forget getting all of the bull**** degrees and get a STEM degree.
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Or just don't get a degree (and debt) and learn a trade. It needs to stop being one size fits all.
 
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I’m back….lol
Today….
(Bloomberg) -- US oil production this year will rise faster than previously expected, providing additional crude supplies to a market that has tightened because of Saudi Arabian output cuts, according to a new government forecast.

Higher-than-expected well productivity and rising crude prices will help boost US production to a record 12.8 million barrels a day in 2023, up from a previous forecast of 12.6 million, according to a monthly report from the US Energy Information Administration released Tuesday. The US averaged about 11.9 million barrels a day in 2022.
 
Politico-6 hours ago

As tensions rise, U.S. imports from China plummet​

Down 25% this year.

U.S. goods imports from China fell 25 percent during the first six months of 2023, the Commerce Department reported Tuesday, as companies looked to other countries to de-risk and diversify their supply chains amid rising friction between Washington and Beijing.

The sharp decline in 2023 - one year after Russia's war in Ukraine highlighted the close partnership between Moscow and Beijing - could mark a turning point where rising geopolitical tensions finally persuaded many American companies of the need to find other suppliers. The Biden administration and Congress have imposed new trade restrictions on China in recent years, ranging from export restrictions on U.S. microchips and other high-tech items that could fuel Beijing's military to new scrutiny of Chinese-made clothing imports because of human rights violations.

"There's a lot at play here, but I do think for the most part companies are really trying to move away," said Beth Hughes, vice president trade and customs policy at the American Apparel and Footwear Association, a trade association that represents U.S. companies, many of which manufacture products in China. "They hear the message from Congress and the administration."
 
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