Opinion Polls: Delphi's Polling Place

Hosted by Showtalk

Opinion polls on all subjects. Opinions? Heck yes, we have opinions - but we're *always* nice about it, even when ours are diametrically opposed to yours. Register your vote today!

  • 4797
    MEMBERS
  • 114550
    MESSAGES
  • 37
    POSTS TODAY

Discussions

Are we in a recession?   The Serious You: How Current Events Affect You

Started Oct-3 by WALTER784; 92 views.
WALTER784
Staff

Poll Question From WALTER784

Oct-3

Are we in a recession?
  • Yes5  votes
    100%
  • No0  votes
    0%
  • Other (please explain)0  votes
    0%
Yes 
No 
Other (please explain) 
In reply toRe: msg 1
WALTER784
Staff

From: WALTER784 

Oct-3

Tell that to Biden! CEO of luxury furniture retailer RH says anyone who thinks US isn't in recession is 'CRAZY' as household net worth plunges by record $6.1 trillion in a quarter

By KEITH GRIFFITH FOR DAILYMAIL.COM
PUBLISHED: 07:13 BST, 10 September 2022 | UPDATED: 19:37 BST, 10 September 2022

- US household wealth fell by a record $6.1 trillion in the second quarter
- Stock market declines accounted for most of 4.1% overall decline in net worth
- Meanwhile, RH CEO Gary Friedman insists the economy is in a recession
- Sales at his luxury furniture company have been hit hard by inflation
- 'Anybody who thinks we're not in a recession is crazy,' he said on Thursday

The CEO of a luxury furniture retailer has claimed it is 'crazy' to think the US economy is not in recession, as household wealth fell by a record $6.1 trillion in the second quarter.
 
'I don't know, people keep saying, are we going to be in a recession? We're in a recession,' said Gary Friedman, the chief executive of RH, formerly known as Restoration Hardware, in an investor call on Thursday.  
 
'Anybody who thinks we're not in a recession is crazy. The housing market is in a recession, and it's just getting started. So it's probably going to be a difficult 12 to 18 months in our industry,' he said.
 
The US economy contracted for two straight quarters in the first half of 2022, which is one informal sign of a recession, but President Joe Biden continues to insist that the economy is strong. 
 
He and his administration have also sought to deflect claims the US is experiencing an economic contraction. That has sparked another culture war battle as the president's cheerleaders - including some media outlets - have sought to defend his insistence that all is well with the US economy, despite crippling 8.5 per cent inflation.  
 
'I don't know, people keep saying, are we going to be in a recession? We're in a recession,' said RH CEO Gary Friedman in an investor call on Thursday
 
The US economy contracted for two straight quarters in the first half of 2022, which is one informal sign of a recession
 
The issue has become hotly politicized, with Biden pointing to the robust job market as a sign of strength, and his critics citing soaring inflation and weak growth as signals that a recession is already underway. 
 
Despite his grim warning, Friedman maintained an upbeat note on Thursday's earnings call, and the company's stock rose 4.4 percent in Friday's session. 
 
'Like, we've been through storms before. We've been through recessions before. We've been through the Great Recession before,' said Friedman. 'We know what to do. We know how to play this game.'
 
'He turned recovery into recession!' Republicans slam...
 
RH, like other furniture retailers, has been hard-hit by inflation, which has sharply curtailed discretionary spending as consumers devote more of their household budgets to essentials such as food and gas. 
 
Friedman said that a recession of some magnitude was predictable due to the Federal Reserve's aggressive path of interest rate hikes. 
 
In its fight against inflation, the Federal Reserve has raised its policy rate four times in a row, to 2.5 percent from near zero in March, and is expected to implement another jumbo hike later this month.
 
The central bank is attempting to cool inflation without crashing the economy, a path that seems to grow more narrow with each new piece of bad economic news.
 
While it's not unusual for ex-presidents to attend the same event, both Biden and Trump have been engaged in a bitter feud since the current president's electoral triumph over his Republican rival, with each accusing the other of being a threat to the Constitution
 
President Joe Biden continues to insist that the economy is strong, citing the robust job market
 
On Friday, the Fed delivered one such negative signal in a report showing that household wealth plunged a record amount last month as the bear market wiped out trillions in savings.
 
Total household wealth in the US, defined as assets minus debts, tumbled to $143.8 trillion at the end of June from $149.9 trillion at the end of Marc
...[Message truncated]
View Full Message
Showtalk
Host

From: Showtalk 

Oct-3

Definitely yes. People are suffering.

TOP