Is Biden at fault for the worse inflation rate in 40 years?

[toobfreak]

Is Biden at fault for the worse inflation rate in 40 years?​

He's in office, that makes it his fault.

In 2020, every Covid death was Trump's fault right? Even though he didn't even have a vaccine and we know now that all the vaccines and masks in the world would make little difference.

Did you ever hear Biden in 2020 saying that once elected, don't be surprised but don't blame him because the pandemic was going to cause massive inflation and economic meltdown?

Things are what they are now because:

1. Democrats locked down the nation insisting everything close for a year. Lot good that did.
2. Biddum had no plan for getting the country running again.
3. Biddum has thrown money hand over fist by the trillions, driving up inflation even higher.

There will be hell to pay this Fall.

 

[healthmyths]

Yes, it was simple. The idea was by having you find that number, you would see for yourself how ridiculous it was for you to blame the CRA for the real estate crash given such a small percentage of subprime loans were CRA.

So? Did you learn?

I guess you didn't read what one of the politicians that created CRA said so here read and tell him!

For years, Barney Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession.
But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added,
"I had been too sanguine about Fannie and Freddie."

Barney Frank Comes Home to the Facts | RealClearPolitics

Can you teach an old dog new tricks? In politics, the answer is usually no. Most elected officials cling to their ideological biases, despite the real-world facts that disprove their theories time...

www.realclearpolitics.com

Not my words. Explain to Barney ok and make him feel better.

 

[Faun]

I guess you didn't read what one of the politicians that created CRA said so here read and tell him!

For years, Barney Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession.
But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added,
"I had been too sanguine about Fannie and Freddie."

Barney Frank Comes Home to the Facts | RealClearPolitics

Can you teach an old dog new tricks? In politics, the answer is usually no. Most elected officials cling to their ideological biases, despite the real-world facts that disprove their theories time...

www.realclearpolitics.com

Not my words. Explain to Barney ok and make him feel better.

Where in there does Frank mention the CRA?

 

[healthmyths]

Where in there does Frank mention the CRA?

Obviously you were never aware of the relationship!
Freddie Mac's Community Reinvestment Act (CRA)-Targeted Pool may help institutions seeking to purchase a CRA-targeted investment.

The supplemental Pool data that Freddie Mac is disclosing contains informational files for certain Freddie Mac Pools that contain high concentrations of loans with household income levels that meet the low- and moderate-income definitions of the CRA. The CRA-Targeted Pool Supplemental Disclosure Guide pdf identifies and defines the additional data elements.

CRA-Targeted Pool Supplemental Disclosure

Freddie Mac's Community Reinvestment Act (CRA)-Targeted PC.

capitalmarkets.freddiemac.com

the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 indirectly affected the CRA practices at the time in requiring Fannie Mae and Freddie Mac, the two government sponsored enterprises that purchase and securitize mortgages, to devote a percentage of their lending to support affordable housing.

Community Reinvestment Act - Wikipedia

en.wikipedia.org

 

[Brain357]

Biden inflation hits 40-year high… Rick Santelli breaks it down…

At least crack pipes are free U.S. inflation accelerated in January, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptio…

citizenfreepress.com

Biden inflation hits 40-year high… Rick Santelli breaks it down…​

So why is it Biden's "inflation"? Well among many reasons here is one dominate one!
Every day Americans buy an average of about 338 million gallons per day (or about 8.05 million barrels per day).

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

So when gas rises in price nearly 40% from what it was a year ago... that means every day gas cost Americans $334 million a day MORE
than a year ago.
So why is it Biden's "Inflation"... ONE major reason...
Biden shut off oil exploration on land that produces 25% of Americans oil.
He then begs OPEC to pump more gas while restricting American oil producers!
He then releases 50 million barrels from the strategic oil reserves!
These three Biden actions CAUSED gas prices to increase for Americans by $334 million a DAY!
Folks... if that doesn't add to inflation...wow are those of you who don't think Biden's at fault... You don't understand economics...at all!

View attachment 599629

Gas prices are market driven. The president doesn’t set the price of gas. Also, the price of gas is up all over the world.

 

[healthmyths]

Gas prices are market driven. The president doesn’t set the price of gas. Also, the price of gas is up all over the world.

Let's make it simple.
You want to get gas for your car. How do you think the gas is produced?
Refined from oil at refineries.
Where does refineries get their raw oil? From companies that explore and find and drill for the oil.
Where do the companies explore for oil?
FACT that I've put here several times but evidently didn't read!
I'm not making this up! FACT!
25% of our national oil production comes from Federal lands.
Oil from federal lands tops 1B barrels as Trump eases rules
25% of US oil comes from Federal lands.
Because Biden has forbidden leases to explore on land that produces 25% of US oil, the companies
that explore pay more for private lands, which in turn they charge the refineries more, which in turn charge the gas station more WHICH MEANS YOU PAY MORE!
FACT! Please refute the process and FACTS!
MARKET DRIVEN because supply is reduced! Why do you think the dummy released 50 million barrels from the Strategic Oil Reserve? Supply.
So if he stops exploration on federal lands that supply 25% of nation's petroleum... THAT affects SUPPLY!

 

[Brain357]

Let's make it simple.
You want to get gas for your car. How do you think the gas is produced?
Refined from oil at refineries.
Where does refineries get their raw oil? From companies that explore and find and drill for the oil.
Where do the companies explore for oil?
FACT that I've put here several times but evidently didn't read!
I'm not making this up! FACT!
25% of our national oil production comes from Federal lands.
Oil from federal lands tops 1B barrels as Trump eases rules
25% of US oil comes from Federal lands.
Because Biden has forbidden leases to explore on land that produces 25% of US oil, the companies
that explore pay more for private lands, which in turn they charge the refineries more, which in turn charge the gas station more WHICH MEANS YOU PAY MORE!
FACT! Please refute the process and FACTS!
MARKET DRIVEN because supply is reduced! Why do you think the dummy released 50 million barrels from the Strategic Oil Reserve? Supply.
So if he stops exploration on federal lands that supply 25% of nation's petroleum... THAT affects SUPPLY!

The price is set by the world. Demand has increased and so has the price. Don’t be silly.

 

[healthmyths]

The price is set by the world. Demand has increased and so has the price. Don’t be silly.

Oh boy! So somewhere in the "world" is a person who says..."gas prices are going up 10 cents today"!
Wow what a conspiracy! I hope your tin foil hat hasn't created too many "false flags"!

 

[busybee01]

Trump did it by getting the country to shutdown. Is that what you want Biden to do?

And a unemployment rate of 14%. You won't have a job, but you'll have cheap gas.

 

[B. Kidd]

Biden inflation hits 40-year high… Rick Santelli breaks it down…

At least crack pipes are free U.S. inflation accelerated in January, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptio…

citizenfreepress.com

Biden inflation hits 40-year high… Rick Santelli breaks it down…​

So why is it Biden's "inflation"? Well among many reasons here is one dominate one!
Every day Americans buy an average of about 338 million gallons per day (or about 8.05 million barrels per day).

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

So when gas rises in price nearly 40% from what it was a year ago... that means every day gas cost Americans $334 million a day MORE
than a year ago.
So why is it Biden's "Inflation"... ONE major reason...
Biden shut off oil exploration on land that produces 25% of Americans oil.
He then begs OPEC to pump more gas while restricting American oil producers!
He then releases 50 million barrels from the strategic oil reserves!
These three Biden actions CAUSED gas prices to increase for Americans by $334 million a DAY!
Folks... if that doesn't add to inflation...wow are those of you who don't think Biden's at fault... You don't understand economics...at all!

View attachment 599629

Fuck an A he is!

Joey's war on fossil fuels leads the way!!

If Joey's dad was alive, he'd disown him; but first, kick his ass!

 

[busybee01]

The Democrats will blame inflation on Trump of course. Everything that goes wrong is always Trump’s fault.

The inflation is partly Trump's fault. Trump's trade war with China is one of the causes of inflation.

The reasons to end the trade war with China keep piling up. Inflation is the latest case in point: American businesses and consumers, not Chinese exporters, are bearing the cost of Trump-era tariffs in the form of higher prices on made-in-China parts and products.

Yet, more than a year into the Biden administration, tariffs on Chinese goods, first imposed in 2018, are still in place on over $350 billion of imports from China.

It is past time for President Biden to remove the tariffs. The longer he fails to act, the deeper the harm to the United States.

In addition to fanning inflation, tariffs on Chinese goods have provoked retaliatory tariffs that have sharply reduced American exports to China, allowing other nations to move in on markets once dominated by the U.S. To offset the losses to farmers and other exporters, the U.S. government has paid out subsidies, adding to the U.S. budget deficit.

The longer Trump’s China tariffs are in place, the greater the harm to America

It’s wrong to assume that negative views of China translate into support for a trade war.

thehill.com

It is also very clear that companies are raising prices because they can, not because their costs have risen. Record profits prove this is true.

“What we see is across sectors — across companies, CEOs are just crowing about how they can raise prices on consumers all while bringing in record profits,” Rakeen Mabud, Groundwork Collaborative chief economist and managing director of policy and research, told Yahoo Finance Live on Tuesday.

The bottom line is taxes need to be raised on businesses and thew rich and powerful.

 

[busybee01]

I have a client who's a Regional VP of a paint company. We met last week. He was telling me how almost every step in the production process is fucked up.

They can't get cans to put the fucking paint in. They can't get the right color ink to put on the labels that go on their cans. They can't make certain shades of paint because they can't get the right ingredients. Meanwhile, demand is stronger than ever. It was fucking mind-blowing to listen to. If the overall supply chain is as messed up for other industries as it is for his, we're a long way from this being over.

Their production and distribution process is running at about 25% of normal, everything is backordered, and their competition is in the same mess. So what are they all having to do? Increase prices at the wholesale and consumer levels, of course. Economics at its most fundamental.

They are going farther than that. They are raising prices far beyond what is necessary to cover increased costs. They are profiteering from this. Big business is screwing Americans and they have bought off Congress. We need a revolution just like Russia had in 1917.

 

[busybee01]

We do not believe your lies anymore. But you do it endlessly. Oil prices in politics. As soon as the stolen election was over the price rose. People put up with a lot of shit from Progs. You are at the point of hitting the peasants at home for survival as well as your tyranny edicts.

The price started rising when Trump was President. He brokered a deal with OPEC+ to cut production. That is where oil prices started rising. Oil companies have joined OPEC in withholding oil from the market. US oil producers have not even re-opened the rigs that were opened before the pandemic.

 

[busybee01]

He's in office, that makes it his fault.

In 2020, every Covid death was Trump's fault right? Even though he didn't even have a vaccine and we know now that all the vaccines and masks in the world would make little difference.

Did you ever hear Biden in 2020 saying that once elected, don't be surprised but don't blame him because the pandemic was going to cause massive inflation and economic meltdown?

Things are what they are now because:

1. Democrats locked down the nation insisting everything close for a year. Lot good that did.
2. Biddum had no plan for getting the country running again.
3. Biddum has thrown money hand over fist by the trillions, driving up inflation even higher.

There will be hell to pay this Fall.

The reason why Trump was responsible for the deaths in 2020 was that he downplayed the coronavirus virus and said it was the seasonal flu even though he knew it was not true. He urged his followers to violate measures taken by Republican and Democrat governors alike. Biden has taken this seriously. He has tried to get people vaccinated but crooked Republican politicians and judges have prevented him from doing so.

Things are not the way they are.

1. The reason it didn't work was because Republicans violated rules that were put in place. New Zealand instituted a lockdown and they beat it in less than 2 months. There is nothing wrong with the economy
2. Biden's plan has been blocked by Republicans so Republicans are responsible.
3. The rich and powerful have gained trillions of wealth taken from the middle class. The Fed programs pumped money into big businesses. Yet you claim spending trillions to help people is wrong. The pandemic aid ended last summer. The child tax credit expired this year, yet inflation is going up? It shows you arwe totally wrong.

If voters are going to put fascists in power, then this country is dead.

 

[Brain357]

Oh boy! So somewhere in the "world" is a person who says..."gas prices are going up 10 cents today"!
Wow what a conspiracy! I hope your tin foil hat hasn't created too many "false flags"!

Markets determine the price and gas is a world market.

 

[Brain357]

The current price of gas is pretty average for the last 10 years. Not a big deal with all the hybrid and electric cars.

 

[busybee01]

Let's make it simple.
You want to get gas for your car. How do you think the gas is produced?
Refined from oil at refineries.
Where does refineries get their raw oil? From companies that explore and find and drill for the oil.
Where do the companies explore for oil?
FACT that I've put here several times but evidently didn't read!
I'm not making this up! FACT!
25% of our national oil production comes from Federal lands.
Oil from federal lands tops 1B barrels as Trump eases rules
25% of US oil comes from Federal lands.
Because Biden has forbidden leases to explore on land that produces 25% of US oil, the companies
that explore pay more for private lands, which in turn they charge the refineries more, which in turn charge the gas station more WHICH MEANS YOU PAY MORE!
FACT! Please refute the process and FACTS!
MARKET DRIVEN because supply is reduced! Why do you think the dummy released 50 million barrels from the Strategic Oil Reserve? Supply.
So if he stops exploration on federal lands that supply 25% of nation's petroleum... THAT affects SUPPLY!

You are the one who cannot apparently read.

FACT: Biden does not have the power to cancel current oil leases.

Biden is not stopping any production on federal lands. He does not have the legal authority to do so. Production of oil went up during the Obama Administration. That was due to drilling on private lands, yet gas prices were not perceptibly higher.

FACT: Oil companies are cutting exploration budgets. They have not even re-opened the rigs that were running before the pandemic.

In Dec 2019, there were 805 rigs in operation. Due to the drop in demand, the number of rigs dropped to 251 in June 2020. When Biden took office, there were 384 rigs in operation. In Jan 2022, the number stood at 610. That is still 25% below the level it was pre-pandemic. Oil companies are withholding production from the market to fatten their profits.

U.S. oil & gas rigs in use per month 2024 | Statista

U.S. oil and gas drilling activity varies greatly depending on the month and season. Rig numbers increased in February 2024.

www.statista.com

 

[Not a Monkeys Uncle]

You are the one who cannot apparently read.

FACT: Biden does not have the power to cancel current oil leases.

Biden is not stopping any production on federal lands. He does not have the legal authority to do so. Production of oil went up during the Obama Administration. That was due to drilling on private lands, yet gas prices were not perceptibly higher.

FACT: Oil companies are cutting exploration budgets. They have not even re-opened the rigs that were running before the pandemic.

In Dec 2019, there were 805 rigs in operation. Due to the drop in demand, the number of rigs dropped to 251 in June 2020. When Biden took office, there were 384 rigs in operation. In Jan 2022, the number stood at 610. That is still 25% below the level it was pre-pandemic. Oil companies are withholding production from the market to fatten their profits.

All Lies.

 

[Not a Monkeys Uncle]

Trump made us energy exporters instead of importers for the first time in decades.

Then this:

President Biden moves swiftly to dismantle Trump's oil legacy

Shortly after becoming 46th President of the United States, Joe Biden made key interventions that will change the face of the country's oil industry.

www.nsenergybusiness.com

 

[Brain357]

All Lies.

So you can provide any facts?