Kamala Harris First Economic Plan Proposes Price Controls To "Combat Inflation" \ stacker news ~econ

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Kamala Harris First Economic Plan Proposes Price Controls To "Combat Inflation"www.zerohedge.com/economics/vp-harris-first-economic-plan-proposes-federal-price-controls-combat-inflation

1557 sats \ 61 comments \ @siggy47 15 Aug econ

Instead of curbing out-of-control government spending, which debt rises $1 trillion every 100 days, and understanding that monetary inflation driven by the Federal Reserve's money creation is the root cause of inflation, Harris deflects the actual problem: The Fed. She instead goes after big corporations for 'illegal price gouging.'

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278 sats \ 28 replies \ @grayruby 15 Aug

I thought she was campaigning as a moderate? Full on socialist move.

125 sats \ 16 replies \ @Undisciplined 15 Aug

It's a pretty standard desperation play. The last time we had wide-spread price controls was Nixon.

If they think people are pissed off about inflation, they don't want to see how Americans react to shortages.

38 sats \ 0 replies \ @grayruby 15 Aug

I think they are just trying to look like they are about issues Trump is running on.

72 sats \ 14 replies \ @kepford 15 Aug

This really exposes the economic ignorance of the public. Many republicans do not see the problems with price controls. Don't believe me? Think about how many complain about price gouging when prices spike for gas or some other item during a storm/disaster. Most see no issue with the minimum wage either. I admit that the min wage is harder to get your head around but in general the public is pretty clueless.

105 sats \ 13 replies \ @Undisciplined 15 Aug

Even my dad falls for price gouging propaganda and he's read more Thomas Sowell books than I have.

89 sats \ 12 replies \ @kepford 15 Aug

This is why they use this trope. Understanding it requires the application of game theory... and we know how hard that is for people to do. We humans have a very hard time putting ourselves in the position of someone we aren't happy with in the moment.

105 sats \ 11 replies \ @Undisciplined 15 Aug

I don't think game theory is required. We need to be better at spreading easy to understand messages.

In these cases, the easy to understand message is "You aren't helping anyone when you take away their best available option."

32 sats \ 10 replies \ @kepford 15 Aug

Trying to think like a normie. That statement doesn't make sense to me. Has it worked for you?

I have tried to explain to people that prices help equalize supply based on the need of the buyer. If an outside party arbitrarily sets prices, demand and supply are taken out of the equation.

If there is a hurricane in an area and price controls (either by the corporation due to social pressure or the state) it is likely that the supply is going to run out(shortages). Also the incentive for other companies including individuals to bring in new supply is reduced. That is if there are laws against price gouging.

If price controls are not in place the price can be increased and then people that can defer their purchase will do so. They could also broaden their search. Those that need the materials right now can buy it, all be at a higher price.

We saw this during covid without the state putting price controls in place. Due to the public's disdain for "price gouging" Costco didn't hike their prices on toilet paper even though it would have made sense. Instead they tried to limit how many people could buy. That's there choice but it shows the social side of the market and how ignorance can cause damage even without the state.

75 sats \ 8 replies \ @Undisciplined 15 Aug

That statement doesn't make sense to me. Has it worked for you?

Not really. People nod their heads, but I don't sense that they get it. Why doesn't it make sense? It seemed pretty obvious to me, when I first read it.

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0 sats \ 0 replies \ @CHADBot 17 Aug

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50 sats \ 9 replies \ @kepford 15 Aug

We're all socialist now...

55 sats \ 8 replies \ @grayruby 15 Aug

Maybe we have been for a long time but are just starting to admit it.

102 sats \ 7 replies \ @kepford 15 Aug

I mean, technically there are few true socialist countries. Most allow ownership of the means of production and private property.

But both political parties enact social welfare programs for different groups. I think people are in deep denial about how far the political right has moved towards socialist ideas. But then, I think the conservative movement was led by many "former" communists. So there's that.

55 sats \ 6 replies \ @grayruby 15 Aug

I meant more in a figurative sense rather than a literal sense. To your point western govs keep ballooning in size and scope and influence on the economy and markets regardless of what political stripes the party in power wears. Which is kind of what I was getting at.

50 sats \ 4 replies \ @kepford 15 Aug

The reason I went down this path is due to something that really concerns me.

I think the definition of socialism has shifted. And because of this there is this false idea that socialism works. The true socialists believe in the destruction of free markets and they are perfectly happy for people to be left in the dark about the bait and switch.

There are countries like Sweden that many Americans think are socialist. Sweden is not. It has a massive welfare state but in some ways has more free markets than the US. They tried socialism in the past and it did not go well. So they rolled it back.

People wonder why so many people are in love with socialism. I think it is because they do not know what it actually is and are being deceived.

55 sats \ 3 replies \ @grayruby 15 Aug

Agree. Many American self proclaimed socialists think the nordic countries are socialist nations.

50 sats \ 2 replies \ @kepford 15 Aug

I think we perpetrate this thinking by using the slur of communist/socialist politically.

Now, I'm fine with people saying "this idea is socialist". But people call Biden a communist. That's bullshit and doesn't help.

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20 sats \ 0 replies \ @kepford 15 Aug

Yep, I agree.

0 sats \ 0 replies \ @zuspotirko 15 Aug

I was surprised too. This is a surprising turnaround in both rhetoric and policy.

Maybe it was I was just mistaken about her stance and ideals before. But I think this actually is a shocking turnaround for everyone.

54 sats \ 0 replies \ @itsMoro 15 Aug

here come the commies

64 sats \ 0 replies \ @nichro 16 Aug

This is giving me deja vu like she's channeling Canada's Jagmeet Singh (leader of our New Democrat Party AKA the socialists).

All he's talked about during COVID-era bumps (and still does to this day) is how every grocery store, gas station, and corp big or small is price gouging and these greedy corps and capitalists need to be ~~told~~ forced to keep things cheap.

64 sats \ 0 replies \ @SimpleStacker 15 Aug

Some humble advice from a humble economist:

STOP THINKING ABOUT PRICE AND START THINKING ABOUT QUANTITY

Is telling companies what they can and can't charge going to increase or decrease the amount of goods and services they're willing to produce?

77 sats \ 0 replies \ @Coinsreporter 15 Aug

So, she has stolen it from Trumpanomics!

Another shameless act by her after her campaign has bought the entire US media!

43 sats \ 0 replies \ @herschel 18 Aug

Because of course her economic advisory team from BlackRock, the corporate landlords and who controls food and farmland, are going to let her do that. LOL. Taking bets on how soon after the election, Trump has BlackRock in the administration.

76 sats \ 3 replies \ @Cje95 15 Aug

Any chance you are watching CNBC right now?! This is another wild morning!

0 sats \ 2 replies \ @siggy47 OP 15 Aug

No. I have a dentist appointment. What's happening? Retail sales mania, or more bitcoin talk?

43 sats \ 1 reply \ @Cje95 15 Aug

If you can go back you have to! The retail numbers came out and Rick was talking about them like he normally does. This time though they had two other people on so it was divided into 4 screens and anyway this lady I hadn't seen before just was wilding out about how the Fed needed more control over the economy to fix the sticky inflation and how they had done a good job... their job and everything was good and Rick almost blew up. They kept going back and forth and the lady told Rick he needed to read the numbers and Rick responded no you need to.

Finally the third guy chipped in at the very end. He went I'm going to agree with Rick here the Fed hasn't done their job and they do not need more control over the economy. Continued with how the data that she was talking about wasn't showing whatever she thought it was and really just how Rick was right. The Feds only job was to soften the job market and that was finally starting to happen.

Completely wild exchange but a great one to kick off the day!

0 sats \ 0 replies \ @siggy47 OP 15 Aug

I'll try to find it. Was there any mention of the fact that every month there are downward revisions which serve to make the numbers look deceptively better?

43 sats \ 0 replies \ @Silent_Hodler 16 Aug

Scamala seems to know nothing about economy and is just parrotting whatever her overlords tell her to parrot. I really hope DT wins even though I'm not super happy with his candidacy.

43 sats \ 0 replies \ @SatsMate 16 Aug

Corporations increase prices because they input costs increase. Uh oh, looks like she doesn't understand basic econ, time for socialism everyone.

43 sats \ 0 replies \ @Bell_curve 15 Aug

She is so dumb. The left recycle bad ideas that have been debunked

43 sats \ 1 reply \ @DEADBEEF 15 Aug

So the solution to a government caused problem is more government 🤨

10 sats \ 0 replies \ @guts 15 Aug

This is what they want

43 sats \ 0 replies \ @Akg10s33 15 Aug

I think that this candidate who was left in the place of Biden's forgetful grandfather... has no way of winning these elections and I know that here I can find opinions opposite to what I am saying... but a measure like that like controlling prices and I don't believe I don't think that it is the solution in a country like the United States that is so consumerist and that it is going to solve something, we all know that the real solution is to stop printing money like crazy without any kind of support and that is what any candidate who wants to access should focus on. To the presidency of the United States on the other hand I think that the other candidate Trump has better arguments and well there are only 100 days left until the elections we will see what happens...

43 sats \ 0 replies \ @kepford 15 Aug

When it comes to inflation, to be fair, the Republican party doesn't blame the Fed either. They blame government spending. The massive increase in the money supply was under Trump's watch. Neither party acknowledges the actual problem. They do not want people to understand how it all works. Dr. Paul spent his whole career trying to just get an audit and failed. That isn't a coincidence.

43 sats \ 3 replies \ @Satosora 15 Aug

Do you think she doesnt understand? Or do you think she is just trying to push her agenda?

21 sats \ 2 replies \ @siggy47 OP 15 Aug

I don't think she has an opinion on this. Someone wrote it for her. Maybe a group of people. Probably the guys who have been running the country for 4 years, whoever they are.

0 sats \ 1 reply \ @Satosora 15 Aug

Does she do any thinking for herself? Or is it all about pleasing those around her?

0 sats \ 0 replies \ @guts 15 Aug

Pleasing those above her

43 sats \ 1 reply \ @79c9095526 15 Aug

True that this won't curb inflation. But no administration (republican or democrat) has meaningfully reduced the debt since Bill Clinton. Trump printed more money than any president in history while reducing receipts.

Instead of making it political though, let me ask a different question. Don't we all agree that the wealth gap is an issue that is only growing year after year? This is largely due to the cantillon effect. Public corporations are huge beneficiaries of the cantillon effect as they can get money for substantially cheaper than anyone else (see Michael Saylor and what he is doing by borrowing super cheap dollars and buying up valuable assets).

While I think many hate the word "wealth redistribution", it is also challenging to see, outside of abolishing the federal reserve and the ability to print currency (which I don't think will happen in my lifetime) another solution to our growing wealth gap issue.

That wealth gap is ultimately, in my opinion, the cause of so many of the other issues we have in modern society. We need to solve it or at least make it better. The super wealthy and the corporations (who own the politicians via their donations/lobbying) will never voluntarily solve this 'problem' that only affects them in a positive way.

So while Kamala's proposal will not solve inflation's root causes, I also don't have a problem with the Walton family growing their fortune by 27% this year instead of 28% because Walmart employees will not make an extra $0.50/hour. I know it isn't that black and white, but incremental change seems to be all we can ask for without some major revolution.

Is this political pandering? Largely, yes. So was Trump showing up to the bitcoin conference and honestly I couldn't understand half of his babbling. He clearly has no clue about bitcoin, seemed surprise by the words he was saying (likely never read the speech prior to giving it), and is just trying to get votes. But I'll take it. I'd rather him pander to us than not. But let's not hold politicians to a double standard. They are professional liars who say what they need to in order to get elected.

I was hopeful (and probably naive) 7 years ago when I first heard about bitcoin. I am still optimistic about the very long term effect it may have, but with the ETFs/options/etc... and more and more people holding paper representations of bitcoin (instead of their own keys) I'm not sure we will get rid of the root cause of the inflation/fiat money/cantillon problem in my lifetime.

0 sats \ 0 replies \ @siggy47 OP 15 Aug

I don't have time to address all the points you made, but thanks for a detailed, well thought out reply. I don't think we see eye to eye on everything, but I do agree that:

Wealth inequality is an issue, and the cantillon effect is a major cause
Both parties are guilty when it comes to these problems
Trump will unlikely be any better, and his support of bitcoin is almost certainly pandering bullshit.

My problem is the Weimar style blame the corporations for "price gouging" nonsense which will solve nothing but earn political points by finding a scapegoat.

43 sats \ 0 replies \ @flat24 15 Aug

The day they really want to fight inflation, they will talk about turning off the machine (Brrrrr 💵) the rest is all a siren song 🧜for unwary sailors. 😴🏦💵📉 meanwhile... We seek salvation week by week and it is not precisely a religious salvation, but a true salvation in the real world and not that of your imagination (faith) ⚡🍊 but the real power to park your energy (wealth) without it being corrupted by anyone and to be able to secure days in the future for you and yours... We already know the way, to be Stackers ⚡🍊⚡🍊⚡🍊⚡🍊

43 sats \ 0 replies \ @Leoner00955870 15 Aug freebie

Que detengan los financiamientos a las querrás y se ocupen más de sus ciudadanos y dejen tranquilos a los demás países vivir en paz.

34 sats \ 2 replies \ @IamSINGLE 15 Aug

Did you read the news about her campaign putting 'Ad banners on some fake headlines'? Also, I think now that zerohedge is little biased towards Trump. But that's fine, Trump should also have some supporters in media, in non compliance media actually!

11 sats \ 1 reply \ @siggy47 OP 15 Aug

Zero Hedge is very biased. I usually agree with their economic perspective, but the idea that Trump will solve things is nonsense. I sort of root against the powers that be. If all the media were pushing Trump everywhere, I would probably root for Harris. In the end it's meaningless. That why I won't vote.

0 sats \ 0 replies \ @IamSINGLE 15 Aug

Do you have an option of NOTA while voting?

0 sats \ 0 replies \ @Athena 15 Aug

IMO, she has great advisors. She will do as they advise. I think great move

0 sats \ 1 reply \ @BitcoinAbhi 15 Aug

Do you think it will work?

0 sats \ 0 replies \ @siggy47 OP 15 Aug

Nixon tried this along with his other brilliant move as part of the Nixon Shock. We know how well that went.

0 sats \ 0 replies \ @BitcoinAbhi 15 Aug

It is just her political agenda. Every political has some their own agendas. But no one work for country in his period with honesty. May be I am wrong. But this is what i believe.

0 sats \ 0 replies \ @Octopus 15 Aug outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.