POLITICS Inflation /General Finance Insanity

Loading and unloading, handling and working facilities for large animals and the time between animals makes it not as economic.


His stories are funny though.

Had someone pay a couple hundred dollars to save a chicken. He’s like it was a 10 dollar hen, and could but 15 or 20 more chickens for what this would cost. But she still wanted to do the procedure even after being told all that.

 

You have to drive out to the farm a lot of times. Our two main vets always told us they liked large animals better though.

 

Modified title to be more of a catch all for all things crazy about finance /stock market/ our economy these days.

To that end, holy f**king shit this FTX story is completely insane. I feel bad for all the normal people out there who didn’t see the scam they were walking into and lost every penny they put in. It’ll be interesting to see how the reporting on this goes because from Sam Bankman-Fried’s family to all of Democratic political contributions it’s obvious if they follow all the money around this guy for the past couple years they’re gonna find some crazy stuff.

 

Any truth to the rumor that he was Biden's 2nd biggest donor for the 2020 race?

 

Hold up. Anyone want to follow the insurance companies', big pharma's, and oil companies' contributions?

I have never heard of this person until this last week and have always been cold to crypto BS. If the spin is going to be that somehow this is all part and parcel with politics of the democrats, well, that's just partisan bullshit.

 

Woah, hold up there man. That’s not really the angle I’m taking here. As far as I know the right is more involved in crypto scammy stuff.

I’m simply saying this is a huge story. He was the second biggest D donor this cycle, only behind Siros. He was cozied up to financial regulators. And he just perpetrated possibly the biggest fraud (that we’re aware of) since Madoff. It’s a massive, massive story.

 

"whoa, hold up there man."

(repeats bullshit)

Massive, massive story that has [uck fay] all to do with politics. Unless, you know, one wants to twist it into such a story.

 

Goodness IP. Who pissed in your Cheerios this morning. Perhaps it was unclear, but I meant that the (potentially) biggest fraud since Madoff is a massive story.

The guy’s contributions to D’s and his being tight with regulators is not as big based on what we know now. The link to politics isn’t THE story, but it’s still a story.

 

I am out of the loop, but I thought everyone knew crypto was rife with scams.

 

This is roughly one million times bigger than run of the mill coins that are at the end of the day pump and dump schemes. The guy broke god only knows how many laws but rumor has it he walked out the door with over a billion in investors money.

 

I’ve seen plenty of reputable sources say it, so yes I believe so.

 

When I think of crypto I immediately think of a conversation I had at my kids’ school with a dad who is a professor of psychology at the university. His quote was something like “I research non-drug-related addictions, sports gambling, crypto, etc.”. The way he just immediately lumped it in there struck me.

 

While it could have other applications, it is operating like a lottery for most people.

 

It reminds me of when the market is growing at 10% a year and everyone is an armchair competent day trader. Same thing with crypto. When it is growing, those buying fool themselves into thinking they're clever, skilled, or just know something no else knows. Then when the market turns down or just gets turbulent, there is a sense betrayal or that someone is stealing. Which is true rarely in the stock market but in an unregulated crypto space, it seems to be somewhat common

 

There’s going to be some winners from it but it’s just the 90’s internet boom right now and most of the crypto stuff will go to zero.


This is the first time the industry has lived in a tightening monetary environment so there’s going to be a lot of shake up.

There’s going to be a lot of blood in every asset class due to 12-14 years of easy money drying up and a lot of zombie companies dying.

 

I agree there are winners. Some folks got in early enough to be able to cash in so that even if they lose millions, they also made more.

 

some of these technologies will also win but there’s a lot of people chasing easy money without knowing what they’re doing or understanding self custody and the risk of leaving stuff on the exchanges.

 

Can the economic gurus answer me a question:

I understand that increasing the money supply will increase the cost of products, aka inflation. But in my everyday life, I have not had an increase in my money supply. My neighbors haven't. So what can justify the increase in food costs? Those that gathered up all the created money cannot all buy frozen pizzas that have doubled in price in 20 months.

 

I’m no guru but Americans have seen the fastest nominal wage increase in decades but “real” wages haven’t kept up with inflation.

biggest reason is that we dramatically increased the supply of money and then put it out in the publics hands, while Covid stopped productivity.

So you had a dramatic increase in demand while goods and services were limited due to the pandemic.

 

I think part of it is also that we are now competing globally for some resources that contribute to a frozen pizza, like energy and raw materials that go into the basics of most industries. So you and your neighbors haven't seen an increase in supply, and are now competing against billions in Asia, the ME, and Africa in ways you didn't before. As poverty alleviates in the rest of the world, there is a squeeze on consumers who were already out of poverty.