June Inflation Highest Since February, CPI +2.7%

[Fishindude77]

Some of these discussions remind me of my dad always predicting financial doom and gloom.
He wasn't going to be happy until it took a wheel barrow full of hundred dollar bills to buy a gallon of milk and loaf of bread so he could then say .... I told you so.

[QuarterMillionMan]

WTI now $91. I should have predicted the increase and bought the ETF USO.

[ua_guy]

Gas prices are up here too. Most miles we put on our EV so we're pretty well insulated from gas prices at this point.

The Dow is limping this morning at 47,391 as I type this. It's been up/down all week as the market makes sense of the new conflict. It's not looking good... The Saudis, UAE, Kuwait, Qatar are discussing pulling out of American investments worth over $2 Trillion. They know they hold some purse strings here and they do not want the destruction or instability that we are bringing to their countries.

If they pull out, that WILL be felt in markets worldwide and will cause major damage to the US economy. I think countries are starting to understand the only way to get the US to listen and react now is through leverage and threats. That's bad for everyone, diplomacy has served us much better in the past.

[QuarterMillionMan]

WTI crude is now $84 which means gasoline in California will be over $5 a gallon again soon. 2 days ago I paid $4.79, here we again.

[ua_guy]

Looks like that tariff rebate check could be more real now. I guess Trump was right...

https://finance.yahoo.com/news/live/trump-tariffs-live-updates-judge-orders-trump-administration-to-start-issuing-more-than-130-billion-in-tariff-refunds-144305507.html?link_source=ta_first_comment&taid=69a999c72d7fea0001c94575

[myrdale]

I'm curious how we went from taking $10B in taxpayer money to form a global peace club last week to at least 6 dead American soldiers and bombing hospitals and schools. 7th country we've bombed in a year? That's got to be a record.

Maybe if Iran had joined the peace club, things would have turned out differently.

[ua_guy]

I just paid $4.70 a gallon for gas in Los Angeles, thank you Gavin Newson who imports oil from Saudi Arabia. Both Chevron & Valero refineries decided to leave California for its punitive policies, wonderful. Gas in California could easily top $10 a gallon. Add to that in 2027 California will add .10 cents for every mile driven where I drive 30,000 miles a year that'll add another $3000 a year for me. Loving California even more.

It's truly a mystery why so many people choose to remain there. I mean, the door is open if anyone were to want to leave. And now, your federal tax dollars are also supporting private security detail for commerce passing through the Strait of Hormuz, because the Iran War of Choice. That will keep gas prices level, so we're told.

[QuarterMillionMan]

I just paid $4.70 a gallon for gas in Los Angeles, thank you Gavin Newson who imports oil from Saudi Arabia. Both Chevron & Valero refineries decided to leave California for its punitive policies, wonderful. Gas in California could easily top $10 a gallon. Add to that in 2027 California will add .10 cents for every mile driven where I drive 30,000 miles a year that'll add another $3000 a year for me. Loving California even more.

[ua_guy]

The Dow took a tumble this morning, 47,763 is the current reading as I write this. Not quite the 50k it was just a handful of days ago.

[kork13]

I'm pretty sure Obama performed strikes in Yemen, Libya, and Somalia without Congressional approval. Biden followed up with more including Iraq.

Technically, all of of those actions were couched (admittedly with rather contestably-broad interpretations) under the existing AUMF granted by Congress in 2001, combating a loosely-defined "global terrorism." There have been efforts to terminate that AUMF, but unsuccessful so far. Even the strikes in Venezuela & on drug-running boats has been couched under the same 2001 AUMF.

Also, a president does have some executive latitude to begin operations prior to an AUMF when necessary, with congressional notification and accompanied by efforts to secure the necessary AUMF. The single strike on Iran's nuclear facilities last year? Pretty easily justifiable under executive authority. A major campaign being broadly billed as extending for weeks on end, without even discussion about an AUMF .... becomes more problematic. Maybe a grasping reach under the 2001 AUMF could be that Iran is one of (if not) the largest state sponsors of terrorism ... but oddly, the administration hasn't even tried to pose that argument -- they've just wrapped themselves in Old Glory & said "Let's do this."

But this is a problem for politicians to solve -- I'm just here to chat about finances. Interesting that US markets were initially resistant to the broad global stock selloff ... though with Iran attacking Strait of Hormuz traffic, it looks like the US markets' buoyancy may be short-lived.

[ua_guy]

Yeah, I'm not sure I agree with any strike where congress isn't at least notified. Other presidents have caught flak for their executive actions, but I can see where the strikes were permitted through an act, or it was done in American self defense to protect people or assets.

I'm curious how we went from taking $10B in taxpayer money to form a global peace club last week to at least 6 dead American soldiers and bombing hospitals and schools. 7th country we've bombed in a year? That's got to be a record.

[myrdale]

Also, things can be illegal but not fully prosecuted or brought to justice based on power imbalances in Congress and the justice system.

That's another great point how the federal government has been stepping in to enforce immigration laws where local municipalities have turned their backs on enforcing the law. Also that is why I said lets revisit this in 6 months and in a few years.

I'm pretty sure Obama performed strikes in Yemen, Libya, and Somalia without Congressional approval. Biden followed up with more including Iraq.

[ua_guy]

Here we go again.
Politically driven doom and gloom regarding the economy when things are churning along quite nicely.

First off, we are not at war. War can only be declared by Congress. This was a strategic strike.

Trump didn't just wake up and tell a couple of guys on a whelm to jump in their planes and bomb Iran. This was the joint efforts of the United States CIA and Israel's Mossad. In the first 30 seconds of this strategic strike Supreme Leader Khamenei and former President Mahmoud Ahmadinejad (maybe do an AI search on his quotes and see how you feel) were removed from existence.

Our allies were debriefed before hand. Great Britain said we could not launch from their bases. France said we could not fly through their air space. Nothing about this is illegal. Let's make sure we come back to this thread in 6 months and then again in 4 years to confirm the Commander In Chief who headed this operation up hasn't been prosecuted for his actions.

Strikes have to be authorized by congress else for a president to declare a strike, they have to have existing permission given by law (such as an act). At least here in my country. Also, things can be illegal but not fully prosecuted or brought to justice based on power imbalances in Congress and the justice system.

Regardless, adding to prices we pay as consumers, like the price of oil and gas, and adding market and trade instability, are the wrong things to be doing right now. That's reflected in polls, it's all very unpopular with an electorate which placed the economy and staying out of wars at the forefront of their worries.

[myrdale]

It is the illegal war waged against Iran. That's what made oil jump (almost 10% as of this morning).

Here we go again.
Politically driven doom and gloom regarding the economy when things are churning along quite nicely.

First off, we are not at war. War can only be declared by Congress. This was a strategic strike.

Trump didn't just wake up and tell a couple of guys on a whelm to jump in their planes and bomb Iran. This was the joint efforts of the United States CIA and Israel's Mossad. In the first 30 seconds of this strategic strike Supreme Leader Khamenei and former President Mahmoud Ahmadinejad (maybe do an AI search on his quotes and see how you feel) were removed from existence.

Our allies were debriefed before hand. Great Britain said we could not launch from their bases. France said we could not fly through their air space. Nothing about this is illegal. Let's make sure we come back to this thread in 6 months and then again in 4 years to confirm the Commander In Chief who headed this operation up hasn't been prosecuted for his actions.

[ua_guy]

Probably? It is the illegal war waged against Iran. That's what made oil jump (almost 10% as of this morning). This won't be helpful for reeling in inflation or anything else. What could possibly go wrong by bringing further chaos and destabilization to the Middle East?