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Business, Economics, and Taxes: Capitalism. Yay? >=(

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Handyman said:
So glad we keep giving oil companies subsidies...

https://twitter.com/blkahn/status/1411074599803142146

Yeah that is images of the Gulf of Mexico on fucking fire.
Click to expand...

https://www.rigzone.com/news/wire/f...offshore_platform-02-jul-2021-165857-article/

"Production has been declining at Ku Maloob Zaap as fields mature and Pemex lacks resources to invest in new extraction technologies. Pemex has seen output fall every year for a decade and a half and has the largest debt of any oil major, at almost $114 billion."

I have a hunch they don't really give a sh** about the cleanup...
 
aparch said:
https://www.rigzone.com/news/wire/f...offshore_platform-02-jul-2021-165857-article/

"Production has been declining at Ku Maloob Zaap as fields mature and Pemex lacks resources to invest in new extraction technologies. Pemex has seen output fall every year for a decade and a half and has the largest debt of any oil major, at almost $114 billion."

I have a hunch they don't really give a sh** about the cleanup...
Click to expand...

Don't worry, I have it on good authority that Mexico will pay for it...
 
Don't know if this makes me smart or a pansy (or both, guess time will tell) but I bought shares in Newegg shortly after its IPO about 6 weeks ago expecting to hold it long term. But it's fluctuated a ton, often 5-10% daily, which is more volatility than I usually go for, but it was all movement around what I bought it for so whatever. Could live with being up 100 or down 200 expecting it to level out and then hopefully grow over time

Well something happened this last week to cause it to skyrocket, and i couldn't tell what (the last bit today was at least some WSB-influenced meme trading, but prior to that I couldn't find anything pointing to what was going on) so I cashed out.

Feels weird. I don't like treating even my "fun" account like a casino making short term trades like this, but on the other hand how do I not lock in that gain and get out when I have no idea what's causing all the movement.
 
unofan said:
Feels weird. I don't like treating even my "fun" account like a casino making short term trades like this, but on the other hand how do I not lock in that gain and get out when I have no idea what's causing all the movement.
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This is the best way to look at it. Do your due diligence, (brokerage newsfeed, twitter, and reddit) as to what's causing it. If you can't figure it out or can't assess whether it's a long term or short term effect and don't care about short term CGs, then yeah, I'd probably lock it in and get out. These WSB things are often fleeting and you'll never know which way they're going to go.


Edit: holy fuck. It doubled today and tripled over the last week? Sell that shit and never look back (which it sounds like you did). Don't think of it as a casino unless you're trying to make short term plays. You intended to go long term and life just made those gains happen sooner. I'd do the same thing if any of my stocks went WSB/meme and doubled overnight.
 
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Wells Fargo is ending all personal credit lines.

Not only will they open false accounts in your name and charge you fees for them, now they’ll hurt your credit score too!

I’ve said it before, but I cannot believe anyone continues to bank with them. Some people with mortgages don’t really have a choice if theirs was bought by WF, but willingly choosing them is astounding.

https://www.cnbc.com/amp/2021/07/08...edit-accounts-.html?__twitter_impression=true
 
Spartanforlife4 said:
Wells Fargo is ending all personal credit lines.

Not only will they open false accounts in your name and charge you fees for them, now they’ll hurt your credit score too!

I’ve said it before, but I cannot believe anyone continues to bank with them. Some people with mortgages don’t really have a choice if theirs was bought by WF, but willingly choosing them is astounding.

https://www.cnbc.com/amp/2021/07/08...edit-accounts-.html?__twitter_impression=true
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Far be it for me to defend Wells Fargo, but if they want out of a particular line of business, that's a pretty standard business decision made thousands of times a day by all sorts of companies.

That their decision will impact people's credit scores sucks, but isn't inherently their fault that it does so, and that speaks more to how farked credit scores are than how bad Wells Fargo is.
 
aparch said:
Peak capitalism...

https://www.cnn.com/interactive/2021/07/us/american-south-biomass-energy-invs/

US South is being clear cut to produce biomass pellets which are sent to Europe so the EU can achieve carbon "nutrality." Meanwhile the US, the southern US especially, wind up with pollution from the creation of those pellets AND clear-cut forrest land with little to no tree regrowth to capture carbon naturally.
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The story also demonstrates how there are two Americas. Great journalism that most people won't bother to read because "Sucks to be you" and "CNN iz fake newz!1!11!!"
 
Kepler said:
This may actually be peak capitalism.

But I'm going to put up a poll for what rich is to you.
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I agree with this tweet.

I live in NYC. We have a mortgage on our lovely home, our kids go to preschool & camp, we go on a few vacations a year, we have a car, we save for retirement, we have savings, we shop at Whole Foods. We have extra spending money. We make nowhere near $400,000. This is nonsense.
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https://twitter.com/TWLadyGrey/status/1413258375081644034

Anyone who says 400K for a family of 4 isn't wealthy is drunk, high, and more American Stupid.
 
My fave:

"Lmao imagine thinking 400,000 isn’t wealthy? Bruh you can afford a penthouse in SoHo. What a ridiculous tweet."

another good one:

"my dude the median income for a household in NYC is less than $64,000."

Oh and:

E50GnzUXMAgivmK
 
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Kepler said:
Save the US economy with this one weird trick.

hyugetuul5b71.png
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The problem is that it takes effort, and as we have all accepted, most Americans want do put forth the least effort possible.

I've seen this actively in reference to fishing gear actually. I invest a significant amount in gear. But I'll also pay, on average, 20-30% less than MSRP on these products. In order to do so, I have a quiver of about 8-9 small and mid-size websites I order from. All do have physical storefronts as well in their respective locations. My baseline for MSRP is Bass Pro, Cabela's, the official product websites. I end up researching products for an hour or two before making a purchase. I've also spend a lot of time just window shopping, so I'll know the going rates on things off the top of my head. When there is a good deal to be had, I'll strike without much hesitation. These sites all have their own recurring sales, so timing of this is kinda known (Tackle Warehouse runs significant sales during the Holidays. Tackle Supply Depot likes Memorial Day and July 4th for example). I'll also use coupon code acquisition apps like Capital One Shopping to get codes.

I've explained this process across many fishing forums over the years and many people (more casual hobbyists) state that it's just too much effort for them to save $3-5 on a $10-15 purchase. But then those same people turn around and b*tch about the price of the item at Cabela's. They want their cake and to eat it too. But for me it's worth it as I am saving a several hundred bucks per year at least vs MSRP.
 
I always assume Bass Pro, Orvis, and Cabela's are charging the price their target demo - upper middle class suburban dads just getting into fly fishing or prepping for a guided hunting trip - will pay. Which means they are almost always 10-20% overpriced.
 
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