Consumer Blows Out Expectations in Julywww.cnbc.com/2024/08/15/retail-sales-july-2024-.html
271 sats \ 7 comments \ @Cje95 15 Aug econ
Anyone else getting a kick out of how every single day the news and talk is the polar opposite of the day earlier? I mean yesterday all the news was the recession, Tuesday was soft landing, Monday more recession. No one can make up their mind and the data is all over the place according to the "experts".
Also did anyone see the exchange Rick Santelli had when announcing the numbers this morning? I love that man and boy was it a good one with one of the guests lol!
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0 sats \ 0 replies \ @Satosora 15 Aug
They contradict each other daily. Its even more hilarious when you compare graphs and data about the same thing. One can by off by quite a bit.
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0 sats \ 5 replies \ @grayruby 15 Aug
The consumer is propped up by credit. Their debt binge has to end at some point.
Definitely some wild swings in market perception lately. I think we are in for a raucous few months especially with the election coming.
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50 sats \ 2 replies \ @Cje95 OP 15 Aug
Yeah debt was able to go crazy with rates so low for so long. Now that rates are up people are sol when it comes to help. Even if they cut them 100 points it would still be in the 4s which is rough. Credit card debt is way up as well and these rates have further increased putting more and more people in the hole. The buy now pay later helped buy people time but again those rates are catching up to them big time.
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0 sats \ 1 reply \ @grayruby 15 Aug
Completely agree.
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0 sats \ 0 replies \ @Cje95 OP 15 Aug
Tis a trap!
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20 sats \ 1 reply \ @79c9095526 15 Aug
I've been thinking that debt binge has to end for almost 7-8 years. I imagine I'll be right... someday!
It is odd that the market is ripping and bitcoin is hanging out well under inflation adjusted all time highs.
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0 sats \ 0 replies \ @grayruby 15 Aug
Good point. But I do think covid did provide a bit of a reset in the debt numbers. They did drop quite a bit and savings rates increased quite a bit during that time. It was like sobering up for a few hours before going out to party again.
In terms of Bitcoin. I am not surprised we are just ranging. We had the big run to 74k post etfs and then after the halving there was a lot of miner rebalancing to reflect the reward paradigm so a lot of supply came to market. Then you had German gov selling coins. US gov moving coins (whether to sell or not, who knows) and Mt Gox distributions. I think the supply overhangs are weighing on price. Once they get cleared up and the fed starts the cutting cycle, I think we are off to the races. But who knows.
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