ABC News’ chief business correspondent Rebecca Jarvis discusses the biggest impact of inflation and what that means for people trying to save up to buy a home or car.
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48 thoughts on “New report shows inflation soaring to 8.5%”
May be time to start voting democrat. Saw some black dudes bitching about the price of food today. If they feel the pain, it may be time to get down!
I lived through the Carter inflation. I had to share a house with three poeple just to pay the rent. I ate once a day–macaroni and cheese or flour with water. There was no eating out. Anyone who voted for Biden–I pray that if you suffer economic pain you will use it for good. Please make the connections between your choices and your pain. It's Biden's fault, just like it was Carter's fault. It took Reagan and Volcker four years to get out of Carter's mess and usher in the prosperous mid-80s to late 90s. Clinton and Bush Jr. ruined it, and Obama made the malaise permanent. Trump overspent, but inflation was low and wages were picking up. Biden is the worst of the lot. He overspent more than Obama/Trump, but unlike the others he declared war on energy using the EPA as a weapon.
Biden's Team is so lost – again trying to spin the "Not my fault" wheel – now its Texas, they are responsible for Inflation due to trucks. being inspected, causing a delay in products – they better inspect the trucks, how many more illegals are we going to let into the country – Biden and his crew are totally lost – everything is a disaster..
Border – busted / and during a World Wide Pandemic putting US Citizens at risk of illness or deaths.
Inflation – Highest in 40 years, Billy Beer.
Gas – Per Gallon Cost – highest in history of the US.
Law Enforcement – Defunded
Children – Being exposed to CRT, Sexual Content and Gender assignment, Trans forced content at schools.
Children forced to ware mask needlessly
War / Ukraine, Russia – International Relations a disaster – Saudi Arabia long time friend will not pick up the phone for Biden, actually making fun of him and Kamala on TV…
Taxes going up – looking to raise taxes on Oil Industry, Corporations and you – Taxes on any Corporation will be passed onto goods that you purchase, so you pay the tax – do not fall for the Biden Smoke…this just adds to the on going inflation..
Interest Rates going up to highest levels in the last 40 years…will need to be higher than the Inflation Rate which is 8.4% today – so think of that 8-9% to buy a home, not too many will be sold, so Recession……
Biden has no clue as to what started this Inflation run – Day One he went to war with the Oil, Natural Gas and Coal industry – without a plan to make long term steps for Green Energy, something that will take 30-50 years to build energy storage, power lines and updated transmission hubs, new Nuclear Plants – he just went to war and started to restrict energy in the US, Oil and Natural Gas, Coal by stopping pipelines, leases, and adding taxes – this day one started the World Oil Price per barrel to start going up, this in turn started the inflation run as "everything" we do requires oil – gas, petroleum, large production, farming, shipping and transpiration, rubber, tires, poly, everything involves oil…Biden started the inflation run…..and with the continued ongoing spending to give money away to the"Sit on the Front Porch" – "You Owe Me" hate the USA group – No More Giveaway Money – everyone get to work……Biden stop spending…
Don't you all feel cheated !
Nope, 8.5 was recalled. It’s 11.2%
Don’t worry it’s not happening, it’s transitory.
At least your wages went up…or did they?
Lmao still a net loss of 2% for wage earners after all those “gains”
Thank you Joe!!
The Federal Reserve gave $60 TRILLION to AIG for their clients in a back door bailout ("naked" credit default swaps).
Inflation occurs with excessive creation of dollars. $60 trillion is almost $200,000 for every man woman and child in the US. Instead .. bankers took that money while people lost their jobs and houses.
The Federal Reserve and US Treasury reported that the AIG bailout required $180 billion and yielded a profit of $20 billion. The likely truth is that the AIG bailout resulted in a loss of $59,980 billion and the massive losses were intentionally withheld from disclosure by the Federal Reserve.
Extraordinary assertions require extraordinary proof so I start with the evidence.
Magnitude of Undisclosed AIG Losses
The massive undisclosed losses are detailed in AIG Bailout Oversight Hearing, Panel 1, Oct. 8, 2008. The nature of "naked" (no collateral) credit default swaps and staggering amounts are clearly set forth. https://www.youtube.com/watch?v=T_RJ44ap400
Eric Dinalo participated in AIG negotiations as NY State Insurance Superintendent and estimated the “secret” AIG bailout (naked credit default swaps) at $60 TRILLION. Six other participants state similar amounts: Maloney (57), Yarmuth (62), Turner (63), Braley (63), Welch (62), Sarbanes (62 trillion).
The troubling nature of the “naked” credit default swaps is also set forth (“essentially gambling”, no collateral, no ownership of asset, no cap relative to asset). These "naked" derivitves clearly provided no return value for the $60 trillion… all .. gone.
This amount is impossibly huge that it is compared to the “entire value of the NYSE” and “world economic output for a year” so that there is no mistake as to the magnitude.
The absurdity of this amount is glaring when AIG was worth (2008/2009) only $5 billion yet got $60,000 billion in a “bailout".
Federal Reserve Intentionally Withheld the $60T Bailout from Disclosure in SEC Filings
The “extraordinary” withholding of disclosure is detailed in US House of Representatives, Committee on Oversight and Government Reform, Public Disclosure as a Last Resort: How the Federal Reserve Fought to Cover Up the Details of the AIG Counterparties Bailout from the American People, Special Report, US House, January 25, 2010. https://republicans-oversight.house.gov/wp-content/uploads/2012/01/20100125aigstaffreportwithcover.pdf
When the SEC sought full disclosure of the secret bailout and receiving parties ("counterparties") the FRBNY responded that this “requirement is giving us some pause, since we haven’t otherwise disclosed this information to Congress.” The “FRBNY clearly hoped to prevent Congress from fully understanding the payments to AIG’s counterparties” (pg 13).
The Committee concluded that the “fact that a quasi-government agency, unaccountable to the American people, likely wasted billions of taxpayer dollars and went to great lengths to prevent Congress and the American people from learning about these actions demonstrates the threat that the Federal Reserve poses to basic principles of American democracy."
see also https://youtu.be/Bxm0AzA_OJM
Further facts are found in the AIG shareholder vs. US lawsuits brought for unfair bailout treatment which concluded at the US Supreme Court in 2017.
AIG shareholders asserted that, at FRBNY's insistence, the actual SEC filings did not include Schedule A which would have set forth the undisclosed losses.
The SEC noted the omission and told AIG that it had to disclose or request confidential treatment. AIG in consultation with FRBNY, filed a confidential treatment request to conceal the $60 trillion from disclosure which the SEC granted.
$60 trillion … "secretly" given away … with no return value ("naked" credit default swap).
Audit of Federal Reserve
The massive losses are also confirmed in the (virtually unreported) first-ever audit of the private Federal Reserve banks.
The audit identifies 16 trillion doled out by 2011. GAO, Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance, GAO-11-696. Table 8 (page 131), 2011.
In assessing the GAO audit, the Levy Institute estimated the bailout cost to be $29 trillion (Levy Institute, Working Paper No. 698, December 2011, $29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient).
Where did the first $29 trillion go? Citigroup: $2.5 trillion, Morgan Stanley: $2.04 trillion, Merrill Lynch: $1.949 trillion, Bank of America: $1.344 trillion, Bear Sterns: $853 billion, Goldman Sachs: $814 billion, Lehman $183 billion, JP Morgan $391 billion.
While US homeowners were losing their homes, jobs and businesses … the Federal Reserve gave foreign bank mountains of dollars … Barclays PLC (United Kingdom): $868 billion Royal Bank of Scotland (UK): $541 billion, Deutsche Bank (Germany): $354 billion, UBS (Switzerland): $287 billion, Credit Suisse (Switzerland): $262 billion, Lehman Brothers: $183 billion, Bank of Scotland (United Kingdom): $181 billion, BNP Paribas (France): $175 billion.
These amounts account for about half of the AIG bailout (about $30 of $60 trillion).
The AIG bailout likely resulted in a loss of $59,980 billion rather than the reported profit of $20 billion.
Federal Reserve is the problem.
Thx for reading.
JOE BIDEN DAYS https://www.youtube.com/watch?v=3DbE2SmV2bs&t=16s
But, but, but… transitory…supply chain… Putin… climate change…
Thanks Joe Biden and the Democrats for this 40 year spike in inflation.
This is what republicans have caused. Republican oil companies price gouging Americans is nothing new.
Joe Biden's America. Enjoy the ride.
need TRUMP BACK
Gas prices were going up long before the Ukraine situation. Tired of the liberal media constantly covering for Biden’s irresponsible economic policies.
So if everything is getting super expensive; maybe you people should consider GETTING A JOB!!!!!!!
Ahh, just print more money? Hello?!
Told the inflation number does not
Include food or
Fuel. So— as most prople csn tell you the actual number is probably near 40 pct!!!
Gas has been up way before Putin invaded Ukraine! Stop fucking lying! You can tell she was told to mention Putin because she had to think about it before she said it
So you mention supply and demand issues, labor issues, but you have no mention of the increase in the money supply?? Or government debt?? What kind of bullshit reporting is this?!
Lets go Brandon. You jackasses are still trying to go after Trump? Awh…. Was he brash and hurt your feelings? Man got the job done!!!!!
You lolipops called it insurrection , with your labels.
ABC News with David Muir needs to be called out for their report about inflation on their Tuesday April 12th evening news cast. When they stated that inflation is higher than it's been since 1981, which is true … they displayed a photograph of President Reagan and his staff, deliberately leaving the impression they caused it. That's a crock. It was Jimmy Carter's disastrous handling of the economy that created the mess Ronald Reagan soon cleaned up!
Praying helps me I have no other way. It's something that every person has to deal with. My Grandmother was right all those years ago.
We voted for this. Enjoy 🤣
THANK YOU BIDEN FOR THE RIGGED ELECT ION ❤️
EVERYBODY is reaping EXACTLY what they sowed. ZERO EXCEPTIONS. ZERO EMPATHY.
Biden inflation express inc
rents + peak oil + giving our manufacturing to china starting with Nixon + money printing + record profits not returned to the people = higher prices when people need more to pay for housing, food, and gas. simple formula
please cover how banks are not raising their savings or cd rates
YEARLY inflation increases for Social Security aren't adequate for hyperinflation environment.
CAN SOMEONE PLEASE HELP US !!??
Meh, I’m a trust fund liberal and I’m just glad there are no more mean tweets
How can this COUNTRY Ignore what is going on. How can the government and the president walk around and looks their face in the mirror. U are not a PATRIOTS. You want people to suffer for what. We are losing Democracy away from this country and give it to other
If prices go up then SIMPLIFY your life!! Wow, what a concept!
The Democrats have got to go!!!!!!!!!!!!!!!!!!!
Democrat policies never work.
It's a big club…and you ain't in it.
Economic crisis, this is why capitalism sucks. It does not have mass production idea.
And they’re still buying houses.
More B.S. from the left the summer blend of GASOLINE is not more expensive to produce. They increase the ethanol levels. Good for the environment?Yes bad for your car Absolutely!! Gasoline burns hotter. The ethanol deteriorates gaskets and fuel lines. And the gasoline burns faster. The media needs to go home until they have real news and honest opinions to report.
You know Trump won the election by a landslide and the Election was rigged. No excuses now! This wouldn't happen under Trump! 😤
thanks to Biden. Inflation 8.5… WOW!!!! Biden has to resign now!!!!!!
Only Trump 2024!!!!!!!
Protest outside Oil company executive's houses and treat them and their family members as if they were US vote officials.
Photos of Russian oligarchs and their yachts are shown in the media. Where are the photos of American oil executives?
Liar Psaki calls the inflation that's been rising for more than a year, the "Putin Price Hike". They will lie to you again and again and again to retain their power and money.
You don't get to do the news anymore. Remind us how "everything" is Trump's fault losers! Russian Operative. You lost all credibility, and we are watching you FAIL. You would triple your viewership if you did real news like investigate lying cheating Hillary. Russian Operative. You didn't give the man a chance and said horrific and TRAITORIST lies. We won't just blow this off. Now Hunters Laptop$$$$$$$$
Biden has such fun creating a problem and then solving it! it's all either from boredom or from insanity! all fun at the expense of ordinary people.
It's our parents problem
Higher rate to borrow " money " on credit card : I smell the body of Mrs. Maxine Waters , greedy to make more $ money 💰 🤧🤒🤕
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