Noticed something funny during a recent doom scroll through social media and it's apropos for tonight's check-in . . . Here's a rare meme worth paraphrasing . . .
Most people don't see any real benefit from a rising stock market BUT when it falls they lose their jobs & savings.
Again . . . We're not trying to convince anybody of anything . . .
Another quick memory . . . I once witnessed an argument with a homeless guy about the evils of socialism. He was a rabid defender of capitalism & free markets from a corner near Westport where he begged for spare change.
But I digress . . .
The point of tonight's post is economic harsh times that are most certainly on the way.
Earlier this Summer there was a debate about the technical signs of a recession.
The way things are looking . . . This Winter there won't be any quibbling about financial harsh times for most Americans.
A quick preview . . .
Recession Watch: Fears Return As Fed Warns Americans Of 'Some Pain' As Economy Braces For More Job Cuts
Though they had recently cooled, fears of an impending recession once again escalated Friday after Federal Reserve Chair Jerome Powell warned economic growth will suffer as the central bank works to ease decades-high inflation-driving a steep stock market decline as more experts worry that even the recently strong job market could soon start to show signs of weakening.
JACKSON HOLE, Wyo., Aug 27 (Reuters) - The European Central Bank needs to act forcefully to combat inflation and preserve the public's trust, which now appears to be waning, ECB board member Isabel Schnabel said on Saturday. "Both the likelihood and the cost of current high inflation becoming entrenched in expectations are uncomfortably high," she told the U.S.
At a time when the U.S. economy is clearly slowing and inflation remains troublingly high, a new Bankrate poll suggests concerns about the economic outlook are top of mind for Americans. Nearly 7 in 10 Americans (69 percent) say they're worried about the possibility of a recession before the end of next year, with 29 percent saying they're very worried and another 40 percent saying they're somewhat worried.
Again . . .
Maybe Prez Biden, MAGA, Sen. DeSantis or Santa Claus can save us from the economic pain that politicos have been trying to avoid since about 2008 . . . 1963 for those of us who are really keeping track.
Either way . . .
Tonight we consider harsh times ahead this winter with a few of our favorite songs . . .
A 70s classic tune over a scumbag movie montage puts us in the right frame of mind to consider economic implications . . .
A hip-hop anthem offers a bit of braggadocio and flexes in front of rented cars . . .
We always appreciated this approachable cover of a much better song from the Valentine Bros who brought a bit of social consciousness to the Soul/Disco/Funk era.
Paper Planes (M.I.A. song) was a powerful international surprise hit in 2008 that earned a global audience for a defense of immigrants and a casual sound with subtly poignant lyrics . . .
Finally, a bit of wisdom and the big picture from two of our all-time favorite entertainers . . .
As always, thanks for reading this week and have a safe & fun Saturday night.