patrick.net

Patrick says

True panic at the pump! Gas hits $7.59 A GALLON in California town along the Big Sur coast

Those little gas stations along the windy remote parts of Hwy 1 have ALWAYS been several bucks above normal prices. I discovered this as a road tripping on a shoestring young man.

Right now the CA government is talking about banning oil drilling in the state. I think it was the LA county board of supervisors who at the beginning of this week were confidently talking about banning all oil drilling in the county and even canceling existing leases. By mid week they had walked it back to "within 3000 feet of schools churches and blah blah".

FuckCCP89 says

With our comparatively low population density

Whose choice to live like that?

BTW, for what we get, for what we pay, $20 per gallon would still be the Bargain Of The Millenia.

At $20/gallon in a modest 20 mpg vehicle, it will cost $1 to haul a load of groceries per mile, chauffeur a load of kids to/from school, or elderly to their appointments. Bargain Of The Millenia.

Automan Empire says

Right now the CA government is talking about banning oil drilling in the state. I think it was the LA county board of supervisors who at the beginning of this week were confidently talking about banning all oil drilling in the county and even canceling existing leases. By mid week they had walked it back to "within 3000 feet of schools churches and blah blah".

EVERYBODY WILL BUY THEMSELVES A TAYCAN TURBO AND LIVE HAPPILY EVER AFTER!

HeadSet says

prices for generic food items like Walmart's Great Value brand have doubled.

So then brand items have double too or are Walmarts Great Value brands more expensive than the prime goods now?

Try the following: look at flight prices domestically and internationally.

I flew twice to the east coast the last few month (300-400 bucks round trip for main section and 1k for business). My flight to Europe with Lufthansa was 800k.
Flights are dirt cheap compared to where they were before gas went up in price.

I am not saying there isnt inflation....I am saying it normalizes in a few sectors that saw severe price spikes due to one-timers (covid/supply chain issues).....ammo/guns.....flights.....rental cars......lumber.....

FuckCCP89 says

EVERYBODY WILL BUY THEMSELVES A TAYCAN TURBO AND LIVE HAPPILY EVER AFTER!

exactly my idea....i want to buy a bitchin EV next year.

B.A.C.A.H. says

FuckCCP89 says

With our comparatively low population density

Whose choice to live like that?

Ours, of course. And any Brandon who wants to force us to live on top of each other in the name of some "climate change" should go and fuck himself.

Bitcoin says

HeadSet says

prices for generic food items like Walmart's Great Value brand have doubled.

So then brand items have double too or are Walmarts Great Value brands more expensive than the prime goods now?

For example, before the recent inflation:
Great Value bread - 60 cents per loaf, brand name about $2.40
Great Value gallon spring water - also 60 cents a jug, brand name $1.40
Great Value bag of chips - 89 cents, brand name about $2.49

The brand names had price increases as well, so even with Great Value doubling, the brand names are still more expensive.

Other Great Value products, such a eggs, cheese, and lunchmeats, had substantial increases even though not doubling in price. Still cheaper than name brands, but not the bargains they used to be,

https://babylonbee.com/news/white-house-says-you-would-be-able-to-afford-food-if-you-had-kept-the-16-cents-you-saved-on-july-4th

https://www.zerohedge.com/markets/australias-2y-bond-just-blew-after-central-bank-unexpectedly-refused-buy-it

https://www.zerohedge.com/markets/loonie-soars-after-bank-canada-ends-qe-early-accelerates-potential-timing-rate-hikes

https://notthebee.com/article/let-this-retail-worker-give-you-a-visual-of-what-bidens-inflation-looks-like

Patrick says

https://notthebee.com/article/let-this-retail-worker-give-you-a-visual-of-what-bidens-inflation-looks-like

It sounds like the commie hole that I came from prices change few times a day.

Patrick says

https://notthebee.com/article/let-this-retail-worker-give-you-a-visual-of-what-bidens-inflation-looks-like

WHAT PART OF TRANSITIONARY YOU DON'T UNDERSTAND?!!!!

FuckCCP89 says

WHAT PART OF TRANSITIONARY YOU DON'T UNDERSTAND?!!!!

Its like flattening the covid curve in 15 days!

For asset holders, inflation is a gift.....

House prices up
Stocks up (especially my tech stocks)
And CRYPTO! Bitcoin at 68k!

Do I really care about $5 per gallon if I make a million in profit on the other side (investments)?

The crypto market has grown to a 3 Trillion dollar market cap......and retail investors are not even flooding in yet.....

True, my stocks seem to have nicely compensated for inflation, while my cash lost.

Patrick says

True, my stocks seem to have nicely compensated for inflation, while my cash lost.

Paper stock gains verses real cash purchase power losses?

Bitcoin says

House prices up

Yep, so now you get higher property taxes (except those under Prop 13) and higher insurance cost for the same house. Also, if you "cash out" in a sale, you will pay higher real estate fees on the sold house and your next house, in addition to the higher cost of the next house.

Bitcoin says

For asset holders, inflation is a gift.....

House prices up
Stocks up (especially my tech stocks)
And CRYPTO! Bitcoin at 68k!

not if it leads to widespread poverty and revolution...

FortWayneAsNancyPelosiHaircut says

Bitcoin says

For asset holders, inflation is a gift.....

House prices up
Stocks up (especially my tech stocks)
And CRYPTO! Bitcoin at 68k!

not if it leads to widespread poverty and revolution...

you can say that about everything. What you would need to explain is HOW mild inflation is supposed to lead to widespread poverty.

Otherwise, it doesnt mean much. If I say, its a good thing that we are getting some rain in sunny California.
You can reply and say, Not if it leads to widespread poverty and revolution.

Bitcoin says

FortWayneAsNancyPelosiHaircut says

Bitcoin says

For asset holders, inflation is a gift.....

House prices up
Stocks up (especially my tech stocks)
And CRYPTO! Bitcoin at 68k!

not if it leads to widespread poverty and revolution...

you can say that about everything. What you would need to explain is HOW mild inflation is supposed to lead to widespread poverty.

Otherwise, it doesnt mean much. If I say, its a good thing that we are getting some rain in sunny California.
You can reply and say, Not if it leads to widespread poverty and revolution.

The majority of people don't have the zero fucks given cash they can invest into a house or crypto or stocks, they mostly depend on paycheck increases. A sizable portion of lower and lower middle class becomes impoverished from inflation. And those in the upper middle and upper class who bet on the wrong horses. If you can't safely save money at a good enough rate to outpace inflation you're at the whim of speculation/investing or of your employer and savings account

HeadSet says

Bitcoin says

House prices up

Yep, so now you get higher property taxes (except those under Prop 13) and higher insurance cost for the same house. Also, if you "cash out" in a sale, you will pay higher real estate fees on the sold house and your next house, in addition to the higher cost of the next house.

yes, i am in CA and under prop13. so property taxes are capped.
I also have no interest in selling RE. Only holding and renting out.

Inflation is good for me as a homeowner. I dont like to pay off the house because a lender is lending me money at 2.75% for 30y. Instead of paying back the loan at once, i invest my cash at much higher returns. In the meantime, inflation is eating away the value of my debt. My debt is fixed and becomes less "valuable" while income rises.

We are in a prime situation......terrible for poor people. But best conditions for people with assets and cash to invest. This is the time to make a killing and set yourself up for early retirement and generational wealth.

He brought, doempit.

https://www.youtube.com/watch?v=TRXdxiot5JM&t=30s

mell says

If you can't safely save money at a good enough rate to outpace inflation you're at the whim of speculation/investing or of your employer and savings account

Totally, the poor are fucked. Middle class has to invest in stocks, crypto and RE. no other way to stay ahead.

HeadSet says

Patrick says

True, my stocks seem to have nicely compensated for inflation, while my cash lost.

Paper stock gains verses real cash purchase power losses?

Yes.

https://notthebee.com/article/get-ready-us-electricity-costs-have-spiked-the-most-in-over-a-decade-and-its-not-even-winter-yet

https://notthebee.com/article/inflation-in-america-just-reached-its-highest-level-in-30-years

https://notthebee.com/article/president-biden-did-you-ever-think-youd-be-paying-this-much-for-a-gallon-of-gas

I didn't make it up. He really said that. And he said it on the day U.S. inflation came in at a 31-year-high.

Now THERE is a sound byte for the ages.

Food prices going up...just increase the amount of food stamps some more.

Bitcoin says

mell says

If you can't safely save money at a good enough rate to outpace inflation you're at the whim of speculation/investing or of your employer and savings account

Totally, the poor are fucked. Middle class has to invest in stocks, crypto and RE. no other way to stay ahead.

You must live in some sort of bizarro alternate world.

It’s the average Joe that would be fucked. And your premise earlier that everyone’s underwater is not correct either. 2018 and 2019 financially were some of the best years in a couple decades for the average dude. It’s why wages were record setting. Of course Covid and a likely rigged election messed that up.

But anyway, yeah inflation now. Air flight are still underpopulated so not a good measure. Otoh US measured inflation is, as is noticeable price increases at the grocery store including with entirely domestic items like dairy and fresh meat. You’d be blind not to notice.

Good luck getting the unwashed masses to invest like you state. Better would be a federal government t hat raised interest rates substantially and quit printing money left and right.

Inflation is not a “gift” for investors, but investing provides some protection against it, unlike cash in the bank.

clambo says

Inflation is not a “gift” for investors

Correct. Inflation is a gift for irresponsible debtors.

HeadSet says

Correct. Inflation is a gift for irresponsible debtors.

Debtors, irresponsible or not.

Banks had over a decade of ZIRP. It's time to give to the debtors now.

6% inflation + 3.5% fixed rate = awesome for homebuyers (assuming they get some COLA)

Savers can finally get a decent CD or be in the stock market.

CaptainHorsePaste says

Savers can finally get a decent CD or be in the stock market.

I see the inflation everywhere, but I have not see decent CD rates.

CaptainHorsePaste says

Debtors, irresponsible or not.

More the irresponsible debtors. People who borrowed to invest in business see their daily costs for that business increase. People who overextended to buy consumer goods just see their folly rewarded a bit.

HeadSet says

I see the inflation everywhere, but I have not see decent CD rates.

ZIRP will end and the CDs will have to offer above inflation to be worth a damn.

When the free bankster money stops.

HeadSet says

clambo says

Inflation is not a “gift” for investors

Correct. Inflation is a gift for irresponsible debtors.

Wage inflation is a gift for irresponsible debtors.

But do we have as much wage inflation as cost of living inflation?