Does anyone care about the economy?

[simple schoolboy]

Tfw Dogecoin is not actually Shiba Inu futures.

Shiba Inus are dicks, so I would short the shit out of them.

[96583UP]

i tried to buy dogecoin but coinbase doesn’t offer it

then i gave up

[BurtReynolds]

i tried to buy dogecoin but coinbase doesn’t offer it

then i gave up

Yeah you have to go to shadier places to get that one.

[BurtReynolds]

A lot of people are like "wait...the stock goes down after the artificial pump?!"

[Bi_3]

Anyone who made 7 figures and didn’t bail because “we need change” is a dipshit

Bear’s repeating

[BurtReynolds]

We can't have just anyone manipulate the markets. Only the elites can do that.

[Bi_3]

We can't have just anyone manipulate the markets. Only the elites can do that.

You cannot remove the human from the loop, so you cannot make markets tamper-proof, and it will be the elites that can afford the top-tier PhDs to figure out where the cracks in the regulations are. BUT, simple rules like "any security owned for less than 24 hours is subject to a 1% transaction tax" would go a long way to leveling the playing field.

[96583UP]

the whole narrative around gamestop and the need for more regulation is obnoxious

[spike]

so every time a hedge shorts a stock, this Reddit crew - or a similar crew - is going to pull the same gambit? I like the idea, but doesn’t seem sustainable.

[4/5]

so every time a hedge shorts a stock, this Reddit crew - or a similar crew - is going to pull the same gambit? I like the idea, but doesn’t seem sustainable.

It doesn't. And I know Elon Musk disagrees but short selling isn't necessarily a bad/evil thing that always deserves to be attacked.

[BurtReynolds]

It probably only works once, but to say it constitutes market manipulation is ridiculous to me. There is nothing to fix in that regard.

Short selling is fine, but I heard naked short selling is illegal in this instance though? How do they get away with it? I haven't looked into it.

[spike]

who watches the watchmen

[surfndestroy]

We can't have just anyone manipulate the markets. Only the elites can do that.

You cannot remove the human from the loop, so you cannot make markets tamper-proof, and it will be the elites that can afford the top-tier PhDs to figure out where the cracks in the regulations are. BUT, simple rules like "any security owned for less than 24 hours is subject to a 1% transaction tax" would go a long way to leveling the playing field.

I just figure they'll make the percentage a stock is shorted private information to individuals but not hedge funds/brokerages. It is currently public. That way you (individuals) won't be able to make educated purchasing decisions.

[washing machine]

Not exactly a glowing endorsement of raising the minimum wage from the CBO.

https://www.cbo.gov/system/files/2021-0 ... m-Wage.pdf

I'm not well versed in economic theory to really dig in to that report, but I get the gist of it from this analysis.

Specifically, the CBO estimates that raising the minimum wage would cost 1.4 million jobs, reducing total national employment by 0.9 percent in 2025, the first year in which the full $15 hourly wage would be in effect. Some people's wages would increase, lifting about 0.9 million people out of poverty in the process; the evidence suggests these higher wages would be largely paid for by consumers in the form of higher prices. The knock-on effects to employment, taxation, and various federal programs would raise the deficit by about $54 billion over the next decade.

I am being somewhat hyperbolic when I call this a bombshell; this conclusion is not a shock or much of a surprise at all. You can always argue with the CBO's estimates and models, and at times it's been quite wrong. But it's fairly obvious that substantially raising federal wage requirements would result in some number of employers choosing to employ fewer people, especially in rural areas with lower costs of living where employers are likely to be more sensitive to increased labor costs. Of course hiking the minimum wage would cost jobs.

Those of you for the minimum wage hike, I assume you know this argument well? It's the one I see come up the most, and I can't say I disagree with it. What's the counterpoint take?

[simple schoolboy]

Not exactly a glowing endorsement of raising the minimum wage from the CBO.

https://www.cbo.gov/system/files/2021-0 ... m-Wage.pdf

I'm not well versed in economic theory to really dig in to that report, but I get the gist of it from this analysis.

This is notable, given the unique structure of America's current economic predicament, which has hit younger, less educated, lower earning workers especially hard. As I have previously written, a Penn Wharton Budget Model (PWBM) analysis of the economic effects of President Joe Biden's $1.9 trillion COVID relief plan—which includes hiking the minimum hourly wage to $15—noted the large amount of research finding that "unemployment has been disproportionately concentrated among lower wage and young workers in specific sectors, e.g., retail and leisure and hospitality." A dramatic hike in the minimum wage would cost jobs in the very same group that is currently suffering the worst effects of the COVID-induced recession.

Backers of the plan might argue in response that the plan phases in a minimum wage increase over a period of years, and would presumably not take hold until well after the current crisis has ended. But that's just another way of saying that minimum wage boosters want to hit today's younger, lower-income workers with a double blow to their prospects—first the recession, and then the minimum wage hike.

Those of you for the minumum wage hike, I assume you know this argument well? If so, what's the counterpoint take?

It wouldn't make a huge difference in coastal areas. It would severly disrupt inland labor markets, that seems pretty obvious.

Defenders could point to the CBO making a similarly big deal when Obamacare was pared back, but nothing much came of it.

[washing machine]

I changed the quote I used to more specifically reflect what I took from the report, schoolboy. Just fyi.

[96583UP]

i think perhaps a counterpoint could be scarcity of labor

we were at full employment not long ago

wages were going up on their own due to market dynamics

U.S. has a declining birth rate

and it's difficult to grow a company with less employees

the things i have read about the minimum wage hike describe it as occurring in phases, like gradual over a 5-year period

if it's a gradual increase over a 5-year period that is accompanied by inflation anyway (which is looking increasingly likely) then it becomes somewhat of a cosmetic exercise at the end of the day

[washing machine]

I have no issue whatsoever with wages going up due to market dynamics. A federally imposed wage hike, treating all businesses as equals, is the big fear for me I think.

[96583UP]

Fear is your only god

[tragabigzanda]

FUCK ICE