Who's feeling a little richer today???

[OutdoorDad]

I am.

China cuts yuan rate against US dollar for second day

this isn't a 3.5% reduction in the interest rate. It's a 3.5% reduction in the total debt; public and private..

 

[olhorseman]

And think, that is $45 billion and still only a little more than half of Bill Gates net worth.

 

[indiucky]

I woke up and put two feet on the ground today...Yes I feel richer...

 

[singlemalt]

Until we quit running a tab on the federal credit card, no it doesn't make me feel richer. On a side note, I just bought a new truck last weekend thinking the fed was going to raise rates and wanted to get in before the hike. Original plan was to wait a year.

 

[miguel]

Since gas is $2.99 today versus $2.29 yesterday, I don't really feel richer.

 

[Bennettjh]

Since gas is $2.99 today versus $2.29 yesterday, I don't really feel richer.

Yeah what's the deal there? Highly annoying.

 

[miguel]

Yeah what's the deal there? Highly annoying.

BP ****s America again...

https://www.indianagunowners.com/forums/break-room/390708-$-$-bp-refinery.html

 

[Leadeye]

Stock market went down, old retired folks are feeling poorer.

 

[devious169]

Richer with debt. Does that count? Seems almost like yester (8 years ago) day I couldn't work enough. No worries at all ,making great money , just started a new business. Ahhhh. The good ol' days! Wtf happened america?

 

[AA&E]

I am.

China cuts yuan rate against US dollar for second day

this isn't a 3.5% reduction in the interest rate. It's a 3.5% reduction in the total debt; public and private..

If only I could grocery shop and fill my gas tank up in Beijing

 

[AA&E]

Since gas is $2.99 today versus $2.29 yesterday, I don't really feel richer.

Yeah what's the deal there? Highly annoying.

BP ****s America again...

https://www.indianagunowners.com/forums/break-room/390708-$-$-bp-refinery.html

Price in the southern portion of the state has been trending downward over the past week or two. From a high of approximately of $2.69 to $2.49 this morning.

 

[AA&E]

I spoke too soon. I came to work yesterday morning at 0400. Gas in Loogootee Indiana (I pass through on the way to base) was $2.49/gallon. By the time I left and went through @ 1600 it was $2.99/gallon. Fifty cent jump in one day? I don't care if the well ran dry, this is bull**** and price gouging. There are never any factors that drop price this rapidly. Why?

 

[Libertarian01]

China's rate cut will do nothing but hurt manufacturing jobs in the USA. This makes it cheaper to produce in China than it was last week, thus trying to attract more jobs from overseas (that means US.)

China has been hemorrhaging jobs to other, poorer countries for years. Yes, while we find it hard to fathom it is getting TOO EXPENSIVE for companies who use low skilled workers to manufacture in China, so they have been moving to other Asian countries and Africa. Link(Reason #4): PTCVoice: Six Reasons Why China Is Losing Its Edge In Manufacturing

There was an NPR stories several years ago telling how one (1) Chinese province lost 1,000 shoe factories that year due to cheaper costs in Pakistan and Thailand, IIRC. That is factories, not jobs!!! Consider how that affected the province.

Plus, we now have the massive explosion in Tianjin. The Chinese people are probably going to be demanding some sort of safety reforms. They won't have the pull that American Unions used to, or American public outrage in general, but it will be far more than it was just 20 years ago. This will be an additional push to get China to modernize its laws and regulations on chemical storage and safety, all of which will add costs to companies looking for a competitive advantage in cost.

If we could only get Americans to understand that by spending more money up front on high quality, made in America goods they would actually SAVE money in the long run and come out better. Alas, Wal-Mart has sold us on the idea that cheap today saves us money. We are fools.

Regards,

Doug

 

[AtTheMurph]

I am.

China cuts yuan rate against US dollar for second day

this isn't a 3.5% reduction in the interest rate. It's a 3.5% reduction in the total debt; public and private..

With a gold backed currency system it would be immaterial. Trade imbalances would self regulate as gold flows from countries running account deficits.

With our FIAT system countries like the USofA can seeming run trade deficits ad infinitum simply because we have reserve currency status. Some would argue that it is reserve currency status that causes the trade imbalances in the first place as other countries have to buy dollars to settle trades.

In any event, reserve currency status is never permanent.

 

[Cameramonkey]

Slight OT...

I do... I have my health and family, and that makes me a VERY rich man!

Ive got an old friend who I grew away from philosophically, and I thought I had finally started to turn him to our side. He was a hard core Dem who prattled on in the Facebooks world about how obamacare was so awesome, as is the namesake. He was also in the "nobody needs to carry a gun around" and "No, 'Monkey they are not trying to take away your guns" crowd. Even though due to our severe political differences he unfriended me a year or two ago, he sought me out for gun advice.

I got a PM on Facebook several weeks ago asking if a P3AT was a good gun for his nightstand because it fit his budget of $200-ish. We had a nice chat about why he needed something bigger, and that he needed to increase his budget just a little. I also tossed some articles his way to help steer him in the right direction.

I was wondering why I didnt hear back from him regarding some better options. Fast forward a couple weeks to this AM...

I got a text today that he passed away. (Please save your condolences so we dont hijack this thread entirely, I know you all appreciate it, and thank you in advance for thinking of me.) Although he was only in his late 40s, he had long term health issues such as obesity, diabeetus, and cardiac issues and so it wasnt completely surprising. In a way I feel better knowing he is now at peace and not suffering any longer. So my initial sadness has blossomed into happiness that he is in a better place and free of his broken body.

So instead of condolences here, simply say a prayer for his soul, and his brother whom I believe was his last close family.

/threadjack

 

[bwframe]

Stock Market: Dow Plunges 530 Points and More Than 1,000 for the Week - NBC News