The Joe Biden Presidency II : He's too old...or something like that!

I’m just posting this tweet as a citation

JUST IN: Federal Reserve cuts interest rates 50 bps, the first rate cut since 2020.
The new interest rate target is 4.75 to 5%.

—>The “dot plot” signals interest rate down to 4.25 to 4.5% by the end of the year (2 add'l cuts likely)

Vote today was 11 in favor and 1 against pic.twitter.com/qmRFhcZoAX

— Heather Long (@byHeatherLong) September 18, 2024

Note the first part; this is the first rate cut of the entire Biden presidency

what a remarkable performance on the economy from the Democrats over the last 3 1/2 years. Maybe about a 9-12 month period of inflation that was at the higher edges of “worrisome but not scary” and fantastic growth compared to peer nations, all in a tight money environment. We seem to have really found a sweet spot, ideologically, for this moment in world economic history.

 

Jokes aside it's legit hugely unethical to write this while you're having a secret affair with his opponent! I'm very glad Biden's out but jesus pic.twitter.com/TzoxZroGtq

— Max Fisher (@Max_Fisher) September 20, 2024

Yeah, if I were a Democrat of some influence, if anyone but yall (ha ha ha) gave a shit about what I think, I’d have a calendar reminder for 100 days after Jan 20 next year, to get revenge for Joe Biden. I’m not talking about merely urging him to drop out. That was an incredibly difficult decision to make, for all of the players.

Im talking about the media double standard on this topic, the dogpiling…and the Democrats who used that debate performance as a way to grow their own brands, or score points with journos with juicy leaks, rather than being a team player.

You can say what you want in the locker room, but at the post game press conference, players and coaches are expected to sing from the same songbook.

 

Note that the "one against" was a Trump appointee, and that he (Trump) called for the cut to not take place.

 

Incredible that most people won’t learn this ever…

Biden broke OPEC’s control of oil price levels. https://t.co/Ns1Scsg1DN

— Matthew Gertz (@MattGertz) September 26, 2024

 

The Biden-Harris economy…

Wow! US economic growth over the past 5 years was just significantly revised upwards.

Not only is the economy in 2024 stronger than we thought it would be back in 2020 & 2021 - it's much stronger.

The purple line is what we thought yesterday. The blue line is what we know now. pic.twitter.com/yUEjGkWj3D

— Bobby Kogan (@BBKogan) September 26, 2024

 

"Biden". Yes.. It happened during Biden's administration, but Biden did not implement any policies that would have caused this. The shale revolution basically exploded the US's oil production and, starting in 2010, it has been a fairly rapid, but consistent climb up to the current 13m barrels a day. There were a couple of drops when Trump convinced the Saudis to increase production in 2016 following Khashoggi's murder and another in 2020 during covid.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus2&f=m

Not to mention Canada going from around 3m barrels per day to almost 6m in that time frame.

 

I might be misinterpreting how important it was, but wasn't the turning point when the Biden administration accessed the oil reserves, showing they were willing to play hardball to keep the prices reasonable (while also making a profit)?



Yes, the US is now the world's biggest producer of oil (yikes), another fact that is oblivious to most of the population.

 

Kinda, but not really? He did release 160m barrels of oil in 2022, but that's only 12 days worth of production in the US. That's not to say there wasn't a short term decrease in price due to the oil flooding the market, but more impactful is the fact that the US went from 5m barrels a day in 2010 to 13m barrels a day last month.

So, what do you think is more impactful here? A one time release of 160m barrels, or an 8m barrels per day increase?

 

The trend picked up when Obama/Biden came in. Absolutely, the increased production has decreased the power of OPEC.

I think Biden using the reserves was the manifestation of OPECs diminished role. The fact the he was willing to, and broke OPEC’s will, was a big moment. This is compared to previous Presidents kissing the Saudi ring to please play nice. Like this:

 

What do y’all think of Media Matters? I checked them out a few times but feel like they post items that shade the truth, like they’re trying to trick the reader.

A better post here would have agreed with you here…instead of saying “Biden did this”* he could have written “contrary to Republicans’ constant lying about energy policy….”

*Irony unavoidable

 

Again, coincidence. Technically the rapid increase started under the Bush administration in 2008 and it just exploded from that point on. However, that had nothing to do with anything the Bush administration did. That just happened to be when the oil extraction companies implemented the technology to extract shale oil and the Shale Revolution was triggered.

There was a slow down in 2016 when Trump convinced the Saudis to increase their production on the promise of blocking Iranian oil, but, instead, Trump almost immediately granted waivers for Iranian oil. This resulted in oil prices plummeting below the extraction cost for US producers and drove a number into bankruptcy.

However, the Saudis saw the waivers for Iranian oil, cut production, and then, in 2017/18 US production started back up and it continued at a steady rate with the exception of Covid when it dropped because global demand was basically zero.

 

Media Matters has a very hard Democratic bias. They were created back in 2004 as a way to "fact check" the lies being produced by Conservative media.

 

I guess I wasn’t explicit. I agree, the production is largely apolitical.

This difference, for me, is that Biden was willing to use this new situation to the US’ advantage, whereas Trump did to his perceived immediate personal advantage.

 

Perhaps, but, again, that is all a function of the US becoming largely oil independent due to the shale revolution and Canada's oil sand pits. If it weren't for the US oil production almost tripling in the last 15 years, Biden's actions wouldn't have had the impact they did.

At it's peak in 2006, the US was importing 10b barrels of oil a day, that's now down to 6.5b barrels, with about 1b being from OPEC and the rest being Canada.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRIMUS2&f=M

If you look at net imports, the US is basically importing by choice from countries outside of Canada.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRNTUS2&f=M

This gives the US an absolute ton of power on the oil market and it has largely made OPEC toothless, but that isn't because of Biden, it's because of the freedom that the US's oil production has given any administration.

 

Biden didn't kill it like some of the Democrat base would have liked.

He helped by not getting in their way.

 

Biden couldn't have killed it. Not in 4 years. Well, short of doing what Trump did and convinced the Saudis to ramp up OPEC+ production, which just kills it in the US. The oil companies have enough licenses to extract oil from federal lands for several decades and A LOT of the US's oil production is from private property now.

 

Well, yeah but that's not good news in many other ways

 

It became necessary to destroy the environment to save it.

 

Soooo… Major Pete.

BREAKING: The Biden Harris administration was instrumental in getting the port strike settled so quickly. Both sides named Pete Buttigieg as the man who got it done. Notice there is no bragging from Biden or Harris or Buttigieg. This is what real leadership looks like. I'm amazed… https://t.co/ukG4OzdphF

— Barry Markson (@BarryMarkson1) October 4, 2024

 

That explains the timing of the latest GOP smear against him. Yesterday they started spreading the lie that he is HIV+. He isn't - it's another lie from those ********ing liars.

When I read it yesterday I couldn't think of any specific reason why they would do that, other than just their usual attempt to portray all gay men as sexually promiscuous people with AIDS, like they did in the past. But why now and why go after Pete? This settlement of the port strike provides a reason for it - throw out something negative in hopes of drowning out the positive.

 

Payroll employment rises by 254,000 in September; unemployment rate changes little at 4.1% #JobsReport #BLSdata https://t.co/ZwrVfLviqL

— BLS-Labor Statistics (@BLS_gov) October 4, 2024

 

Because the basis of the Trumplican party is "be an a$$hole all the time and loudly."

 

Yeah: That was my thinking: given what they are . . . why would they NOT got that route.

I'm surprised it took this long, actually.

 

Reconsidering, it is possible that this line of attack might turning the page on an even MORE corrupt and evil approach.... in that a long time ago, say 6th months or so - the Republicans wouldn't have put out something so immoral and yet easily refuted.

I mean, how could you claim someone has a terrible disease when it could be easily refuted and show you to have no morals whatsoever?

But now we have the eating of dogs and cats by immigrants and no amount of fact checking even matters anymore.

 

The people they are aiming this message to have no morals whatsoever so it doesn't matter if it is true. The purpose is to remind them that Butttigieg is LGBTQ+ and that Democrats are associated with him.