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Inflation: Last Week Tonight with John Oliver (HBO)
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- 게시일 2022. 07. 23.
- John Oliver discusses what causes inflation, what we’ve done about the current round of it, and, of course, makes the smartest investment of all time.
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As a gas station employee I can confirm most of the job is indeed trying to convince people that I personally didn't somehow steal their gas while they were pumping. I even had someone call the police
wait, what? These people probably can't calculate.
I mean i have an 80l tank (21 gallons) and when i drive to a gas station where fuel costs 2€ per litre i know i'll be getting half a tank for 80€, and a full tank is 160€ worth of fuel. How can anyone be suprised about the price per amount AFTER filling up?
That is truly truly amazing. Stay strong!
Genius has its limits. Stupidity on the other hand, has none.
Respect to the theatre techs who, when asked "Can we have a giant frog statue lower from the ceiling with water spouting out of it's mouth by next Thursday?", simply sniffed and said "Yup."
I can see that.
That just sounds like another day on a tv show, living the dream lol
Right totally wish I had that gig
as an art department tech I can assure the reaction was much more stressed than that. I felt stressed just watching that knowing how complex it likely was to figure out
"you want regular water or sparkling" - that tech
It shocks me everytime I'm reminded that America doesn't have tax included in display price
wait what. are you serious?
Canada as well. And, you may not believe this, but at 41 years old, and a politics junkie, this is the first time I've heard that a country DOES do this.
We don't have that either in Canada, most people learn to calculate their local sales tax when learning the basics as a child. Of course there are people who are unwilling or incapable of calculating the tax and just wait until they get to the cashier.
With just the slightest amount of empathy for companies in this instance, making unique product labels for each state, county, and even some cities, with differing tax rates would be a logistical nightmare.
The Emmy was once again well deserved- you do a public service by explaining these crucial topics, and you make us laugh at the same time! Almost as amazing as that frog fountain 😂
I love how he discusses the issue along with both positive and negative sides, and yet end up keeping the hopes alive
Because they explain and teach so much, Truth is a breath of fresh air.
I love how he discusses all of that but he doesnt explain how we needed to balance the budget and saved a little bit of money for rainy days like the pandemic when things were normal but the big government went on spending spree and some and then had to print money to keep the party going
And it’s sad that this type of content has to come from a late night show instead of mainstream media. Fearmongering and politics benefit them more, I guess.
This was a pretty smart episode. They had to balance that with the frog. But I was more impressed by the facts than the frog!
"It must be so frustrating to retire, think you're done, and then have to go back to work. That is the absolute worst case scenario of retirement." The failure to show Jon Stewart's headshot is a TERRIBLE missed opportunity. 😂
Oh man 😂😂😂
As a grocery store employee , I love being yelled at and blamed personally for prices, one lady went on a massive rant on how I was evil and how we should all be ashamed for robbing everyone, me and my broke minimum wage self just nodded and smiled knowing I can no longer even afford to do groceries as regularly or even get half of what I needed.
I loathe those type of people and hope you at least get an employee discpunt at said store.
I would have told her "Pardon me, I just work here, I don't own the place".
That's when you walk off and get your manager. You're not paid to deal with that crap, let alone paid ENOUGH. That's management's job. See, you don't get to tell the customer "I don't feel like dealing with you." That will get you fired. The management? They, however, do get to say that. :P
@Miraj never had a job like this before so I ought not speak on things I don't know, but I suspect that whether or not this is successful depends on how good your manager is. Some managers, I have heard, will really just leave employees to deal with it
Groceryflation up here in Canada is still horrific, and as people have been digging up, corporate greed is a big, big, big part of it
It's interesting to see how inflation is being viewed in other countries. I'm in the UK, and over here it mostly gets blamed on electricity costs.
We got to renationalise
Not just electricity we especially need to renationalise the rail system trains and amazing but we just let companies buy the routes and increase costs without any improvements
@J Murray Also BT and allow councils to build council houses.
@Pat The Plant also nam landlordship
It's bizarre that the British media never mentions the huge increase in the money supply, and beyond belief that many people blame Brexit, when UK/EU inflation is about the same and Eurozone Estonia has 23% inflation!!!
After studies have shown 55-60% of inflation has been due to corporate price gouging, I can't believe it barely got a mention here
I understand why, but tax not being included in the advertised price of a product is something I'm so glad I don't have to deal with in New Zealand. Customers shouldn't be having to work out the tax in line at the checkout.
It's really not that hard
@Doomsday604 You assume that everyone has the same mental capacity you do. I have learnt that thats not the case and sometimes its not their own fault either, thats just how things are .
@Nastia There's no need to do it in your head. I have a cousin with cognitive disabilities who solved this problem in the 1980s by using a 25 cent calculator. Price x 1.05 (tax rate for him at the time), then M+. Truth be told, it was actually a little more complicated for him as he lived in a state that didn't tax grocery items, so you had to understand where that line was. The Venn intersection of people who can keep the running total of their purchases in their head, but not figure a % tax increase on that number is going to be pretty small. To @Qienna, no one has to work out the tax in line at the checkout. The machine will do it for you, and provide you with a receipt.
If you ever stay in a US hotel, you really must know that the advertised room rate doesn't equal what you'll pay. The various taxes can add up to *50%* more so keep an eye out for that small print . . . though I bet there are closer and more appealing places to spend your vacation.
@Lisa Harris Thank you for the warning, I would never have realised that!
Market declines, soaring inflation, a significant increase in interest rates by the Fed, and rising Treasury yields all point to additional losses for portfolios this quarter. How can I profit from the present market turbulence? I'm still debating whether to sell my $125,000 ETF/Growth Stock portfolio.
Concentrate on two main objectives. First, keep yourself safe by knowing when to sell stocks in order to limit losses and maximize gains. Second, get ready to benefit from market changes. I advise consulting a CFP or other professional for advice.
@Belo Belonce Yes, I have been in touch with a CFP ever since the outbreak. Today, investing in hot stocks is quite easy; the difficult part is deciding when to buy and sell. With an initial starting reserve of $80k, my adviser chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
@Bernise Jedeon my 401k growth has been stagnant since the 2019. I wouldn't mind consulting the advisor who guides you, I really want to grow my retirement fund since I could retire in 3 years.
@Yolande Riché The stock market is without a doubt the awkward teenager with the most extreme mood swings! I started out with a commentator named "JEFFREY HAROLD STARR” His honest approach gives me complete ownership and control over my position, and he rates are incredibly affordable given my ROI.
@Bernise Jedeon This recommendation comes just in time because I'm literally grasping for straws right now! I looked him up on the internet and made plans to call him
After so long on the air, I have to wonder if whoever at HBO oversees the budget of this show still gets surprised. “Not one but three giant frog statues for an episode on inflation? Makes total sense, approved.”
I would love to see an interview with who ever it is.
HBO's Accounting & Finance departments: "When the show finally shuts down, the resale value for this 💩💩💩 will go through the roof!"
They signed off on an inevitable lawsuit episode. I don't think they're going to care about 3 frog statues.
Yo what's that black box? We don't talk about the black box...
Aww... come on. It's Last Week Tonight's production expenses...
Oh... Well... Sorry I asked.
Don't be, it's your turn up next to negotiate with them.
Just wanted to add something about the bicycle shortage as someone who had to work through it all. The shortages of components from manufacturers like Shimano and Sram were the main catalyst for shortages due to the fact that their factories were closed entirely for upwards of 18 weeks. This caused so many issues that even now it can be hard to get a chain, cassette, rear derailleur etc without having to wait a couple of weeks to get parts delivered.
Excellent economics lesson. Makes everything clear and concise with great examples.
Yeah, this show is EXACTLY what I should try and avoid while drinking. It makes me laugh my ass off while pouring another one and crying about the soul crushing reality of the world
Can we all just take a moment to acknowledge that this entire situation proves once and for all that America's entire economy is dependent on keeping people in poverty? Poor people start to have spending money and the entire market collapses, that is a sign of something being terribly, terribly wrong with the system.
Did you even listen to the video, people having money is only a small part of the problem
@Arrica Yes. I did. That doesn't change the fact that I'm right. This nation DOES depend on financial inequity for it's financial stability. Is people having money only one part of the problem? Sure. It is also part of "the problem". So we need to acknowledge that the system requires people to be kept in poverty to operate, and find a way to fix the foundation, it doesn't matter if you fix the roof or paint the walls when the stone it's built on is crumbling.
We treat things as if most people work in offices, medical facilities, tech firms, or serve necessary purposes such as roofing or plumbing or electricians.. The vast majority of people in our nation work in services, which does not pay well. There's a term for a financial system that requires the majority of it's population to live in or near poverty.
What about inflation in Japan, China, Turkey, Germany, Canada, Egypt, Spain, Australia…???
Same economic systems keeping people in poverty there too?
"Global workers unite! Throw off the chains of the bourgeoisie!" - Back to this again, are we?
@Bruce Freadrich yes
Nothing to do with keeping people in poverty. Only the extreme alt right and left want that. It’s keeping people spending that is the issue. When the world economy is consumer based if the consumer quits spending the world goes into recession. Doesn’t matter how much you make. This is also the reason that marketing companies do not target over 50 years of age except for some very narrow industries. These people are no longer consumers like the under 50 crowd. It’s all related to money flow. That is not bad, it’s just the system that has evolved. And it evolved because of consumers constantly wanting bigger, better and faster products even when the ones they own now still have a life span in them.
There was a time when we " made it here", we had jobs for everyone and the products were of high quality, then the 1% wanted everything. Now Inflation drives prices up and if Inflation is high and jobs disappear by the millions we are in a recession and maybe headed for a Depression…So be careful with your money. It may take decades to get back on pay again. Luck to all.. I've seen folks make huge 7figure profit in a crashing market and pull it off much easily in a bull market Unequivocally the crash/recession is getting somebody somewhere rich...
I’ve been on both end of the spectrum, I was lnvesting on my own for about 3years, did my own study and analysis before actually buying, things became rather difficult after the pandemic which was right about when I reached out to a portfoIio-advisor for guidance, It’s been over 2 years and I’ve scaled up a stagnant reserve of $280K to $700k in just about 24months.
@Bill Interesting. I've a lump sum doing absolutely nothing at all in my bank account, i wanna gets something started with it. You seem to be doing excellent for yourself, how do you achieve this?
@Georgina Louis I am being guided by "Casey Allen Gray" who I found on a CNBC interview where she was featured and reached out to her. She has since provided entry and exit points on the securities I focus on. You can look her up online if you care supervision.
When Nixon 😢 went to china years ago and most manufacturing jobs went to china soon afterwards and other poor countries: the industry of America went into o shit!!!! Those jobs were lost! This broke the unions too!!!! We became a service economy!!! Which means the working class people got badly scewed!!!! And the wealthy got more money!!!! And people keep voting Republican!!!
The more I watch this show, the more I'm convinced that it's nothing more than an excuse for John to purchase weird shit he'd otherwise never be able to 😅
Pretty much, yeah
And to force HBO to make giant donations for essentially no reason
In order to be allowed to purchase all three, he should have at least got the definition of inflation right... I mean, if he doesn't even know what inflation is, why is he talking for 20 minutes about it?
@Phoenix Noiré What did he get about inflation wrong? It is caused in part by scarcity of goods.
Unmentioned aspect of "The Fed" raising interest rates to increase the cost of borrowing is that it only affects the middle/lower class who actually need to borrow money.
*Eye starts twitching*
Upper class are MOST affected by high interest rates as they are taxed more on spending/borrowing but the point is that they can afford the extra costs of borrowing.
That's why a Dem president is pushing this through. He lived through the mid 70's and early 90's, and is using this crisis to tax the rich. Something you probably begged for in you more lucid days.
@Tree House Koh Tao If, as you say, they can afford the extra costs, then they are the LEAST affected by interest rates. I see your point that they actually pay more taxes than the poor, but the rich are simply borrowing money to make more money, not to provide shelter and food to their families.
Neal, the president doesn’t control the federal reserve 🙄
No it affects eceryone that borrows money. Do you think that there is a group of people that don't care what a loans interest rate is? Do you think that poor people need or want to borrow money than any other group? The poor might struggle more to make on time payments, but if they default on a loan they have nothing the lender can sue to help cover his losses.
@zdcyclops1 lickley Except for the house that they borrowed the money to buy? If you really think the bank needs to cover its losses, then you don't seem to realize just how much money they make year after year on interest rates and fees.
Yes, it affects everyone who borrows money. Yes, I think poor people HAVE to borrow money to buy a house where rich do not and Yes, I agree with you that "the poor might struggle more to make payments"... that's the point.
The way that 3rd frog was lowered from high up in the studio like that, absolutely cracked me up, and then came the water, from where, who knows, and where the fk did it end up. Kinda crazy and a little bit elaborate, I laughed pretty hard, many thanks to you and your team John, bloody brilliant xox
This show consistently makes me laugh and provide essential info without the BS. Best show on tv…for years
My teachers used to use John Oliver's videos to explain these areas for GCSEs and A Levels in the UK as there are similar issues in the UK (largely) at the same time.
I honestly think that this would be a good resource for PSE, business or, economics courses as the introduction to macroeconomics in secondary schools as it provides a good overview before implementing the theories behind it (if students are studying it, or just to have a better understanding of why they are seeing prices go up).
Good resources for any social science subject and they can liven up any classroom.
The problem being that even if the root cause for inflation is sorted its in the companies interest to then keep the prices high, because they would then make more profit.
The HBO Accounting Department must live for this show and their itemized budget requests. “You want to buy a WHAT!? Three of them!? For one segment!?”
Think about the giga profits they'll earn when they resell.
I've thought about this too! 😂 "It's a WHAT COSTUME?" 😂 😂 😂
You should see what they spent of Perry Mason lol
At some point, they'll probably refer to the giant, non-sense purchases for a joke as an "Oliver" or a "John Oliver"
Just created a demand for those frogs and previously owned by John, they can sell them high
In the last ten years, I've noticed things like my favorite brand-name cold cereals being stale and haveing pieces hard enough to chip teeth, to other changes in the way some things taste that I used to get all the time. My autism can make me feel wierded out by food sometimes with how disordered it is, and things like cereal or other packaged foods can be a safe item when I need it, so these foods that I've eaten since the 90s suddenly having a severe drop in quality, taste, or mouthfeel//consistency has been pretty noticeable and such a letdown after 20-30 years. I thought maybe I was wrong, but it's been like 5 years now that the quality hasn't gone up, and other people I know have noticed too. I want Corn Pops to be normal and not hard as a rock or stale dammit! lol
It's amazing how the housing crash, the bank crash, the pandemic, the current inflation crisis.......rich keep getting richer and the middle class keeps getting smaller. It's like the economy is structured to specifically place the burden on a certain segment while insulating one segment from any actual impact regardless of how things go.
Kudos to the accountants at HBO for allowing the requisition of those frog statues. I haven't laughed so hard in years.
One of the best mass-market (and entertaining to boot) explanations of an incredibly nuanced and complex topic I've come across 👏
I worked at a buffet restaurant in the mall. There were plenty of tables available. When I was cleaning a table costumers came in an yelled at me because they wanted to sit at the table I was cleaning. The said it was their usual table. I just stared at them and continued to clean the table. There was no manager to get because after I got the job the manager never showed up for work when I was scheduled to work there. Many days later a fellow employee told me “I know what is going on. No one is getting paid.” They handed me $1.00. I took it. I used it to buy a soda from a mall vending machine. In 2006 $1.00 was not enough to buy anything except a soda or food from a vending machine or maybe something at the dollar store. I know from 2006 to present day that is still the case.
In 2006 I was a high school senior with little to no money. I rode a bike to work. Had no work experience. Still lived with my dad. No I could not get another job or move out of my dads house. If someone told I should move to another country or get another job I would have said “how the f do I do that?” It is not that easy to transfer to a new high school, pack up and move, get a new job. I wish people who say move to another country and get a new job would shut up. Especially if they don’t live in the same country as the person they are telling to get a new job and move to a new country. Because nothing in life is that easy.
Do they know how much money, paper work, and time it takes to move anywhere in the world and get a new job? If not they should shut up.
If it where that easy I would have got a new job and moved anywhere else in the world ages ago.
People insist on making things expensive and complicated to the point that most people have no money and no idea what the f is going on. Because no one cares about people with little to no money or education.
This may seem a little OT, but your post brought to mind the way I used to feel when I watched a "landlord vs. tenant" lawsuit on Judge Judy. She used to say, "If you don't like where you're living, move!" I used to yell at the TV, because that was very easy for her to _say._ But in the world of actions instead of just words, moving is expensive and stressful, especially if you just went through that whole rigamarole two months ago. We don't all get $25 million a year and can't just say, "I don't like it here. Think I'll just move," then make a few calls to your realtor, your bank, your attorney and a moving company, and go stay in a five-star hotel for two weeks while everyone does all the work for you and you can move into a brand new McMansion you bought for $12 million. For people like us, moving is a big pain in the ass. I'm glad I'm living in my own house, finally, and I'll hopefully never have to go through that crap again. I'd rather shoot myself. And there are some people who've never been through what you've been through who just don't get that.
After spending my childhood watching my parents put things back and never asking for things bc we had no money, getting to this point in my adult life with my own kid is emotionally exhausting on a new level.
Like you did I am sure they will appreciate how hard you try to provide for them when they grow older.
I can only imagine how it feels from the parent side. My family situation was similar when I was a child. Unfortunately the cost of starting a family is too prohibitive right now :-( Wishing the best for you and yours
bro forgot to join the middle class before reproducing 💀
@M that’s a funny joke but I don’t think you realize what qualifies as middle class, majority of “middle class” Americans are actually considered lower class lol we think it’s normal for middle class to equate to simply surviving.
I know, right?
a circular economic model with pay caps/equitable monetary distribution and real social networks, including de-privatizing human needs like medicine and housing would certainly help.
The creepy Biden part is the most replayed moment. 😂
The problem I have with raising interest rates is that it affects loans/debts that are longstanding. Mortgages. car loans. How is that effective in curbing consumer spending? On consumer goods? All the itemized inflationary increases that John mentioned are basic needs. I saw a recent report (in Canada) that more and more families are relying on credit cards to pay for groceries. Increased interest rates are gonna dig them a hole they will never get out of.
"Economic models that worked for decades broke down during the pandemic."
I wouldn't say they *worked* so much as they barely managed to keep going under low-stress conditions.
I learn more from watching John Oliver then I do from any syndicated news broadcast. I had just assumed Fox News was outright lying and that MSNBC was only telling one side of the story. I'm personally not very bright when it comes to economics but John Oliver explains it in a way that anybody can understand. He gives you the facts involved and still manages to talk you down off that cliff. I sure am glad he's on our side.
One of the saddest aspects of shrinking product size is the unfortunate result that the packaging-to-product ratio goes up. Making efforts to reduce the waste stream more difficult. Also, if the supply chain for the packaging itself is disrupted, the cost of packaging can force prices higher more rapidly than the actual commodity cost would do otherwise.
Packaging is about 15% of grocery cost.
Then again, North American bulk buying results in a massive amounts of waste as stuff goes bad before the average family is able to fully use it. Its one of the reasons why the US and Canada top the global ranking of food waste.
@MrAronymous part of that I’ve read is significantly contributed to by the unique restaurant culture of the US (and Canada, probably). Portions, destroying trashed food, criminalizing dumpster diving, refusing to donate excess, it’s all apart of our abundance culture. We have so much to go around and we actively prevent sharing fairly.
Thanks you!
Excellent point, I never thought of that.
SHRINKFLATION! Thank you John for FINALLY putting a name to the insidious corporate practice of raising prices by reducing the size; and such FUN sounding one at that! Corporations have been doing this for DECADES but I thought I’m one of a the few people who notice this and/or care.
This MISLEADING way to raise prices prevents consumers from making informed purchases. Most people will choose the NAME brand if it cost the same as the STORE brand, but without realizing the SB is actually LESS EXPENSIVE. It’s intentional consumer deception and should be illegal. Companies should be required to disclose a size DECREASE without a price decrease on the package for a year. Although now that it has such a fun name I ALMOST don’t mind as much. LOL!
13% inflation on electricity is something we in Europe would love to have. During the winter prices are expected to be 1000 to 2000% higher than usual where I live. Even last year they were 1200% higher than normal and that was before the war. Last winter price for one kWh went from 5 cents to 60 cents.
As recession fears mount on Wall Street and inflation remains well above the Fed's 2% target, some of the top commentators in markets, business, and economics have been sounding off on just how bad they think the next downturn might be - and how far stocks may have to fall. I need ideas and advice on what investments to make to set myself up for retirement, my goal is to have a portfolio of at least $850k at the age of 60.
It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. Recently my colleague advised me to hire an advisor, surprisingly I have accrued over $120K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.
@Ruth spense Having a coach is key in a volatile market, My advisor is " *Ingrid Cecilia Raad* " You can easily look her up, she has years of financial market experience.
invest in resthomes haha
@Ruth spense I'd look for a fiduciary financial advisors. I wouldn't trust a financial advisor without that.
My wages increased by $300 at the same job per month in the last 2 years but in the last 9 months my rent has spiked $600 and I am seriously considering living in my car and showering at my gym at 4 am before work.
Even the dog is probably a *little bit right* , seeing as how much prices of vacuum cleaners and the electricity they use has gone up.
Fun fact, I used to build retail websites, most of those "3 left in stock" messages are fake. They use them to create a false sense of urgency.
Every Furniture store...forever: Going out of business sale! Since 1984.... ***insert tacky jingle***
And, depending on the item, it could be a number of errors that aren’t to create a false sense of urgency. If a truck never got delivered to the store, if the item is floating around not being purchased, if an item is stolen, if an item is returned it will take some time for the system to update, the system just getting the wrong number from whoever sends the product. I can tell you refrigerated or frozen food was especially bad where I worked because the coolers were so filled with product we couldn’t get to the back, having to cancel that part of someone’s order. So we did have those mozzarella sticks, but because we canceled them being unable to reach the area, the system assumed we were out and that 6 turns to 0 inaccurately. All of these problems I’ve listed, I have personally dealt with. I’m sure you’re right, but it can be more than just trying to induce FOMO.
Every day I learn something new. And often more dystopian.
That specific site actually now displays the giant and large statues as out of stock and back in stock in exactly one year. So not sure that was actually fake.
@iSuperninja89 It is really hard to tell these days. Prior to the 2020-2021 supply chain disruptions,, I saw these all the time and just assumed more would be available in a week or two because of just-in-time supply chains. However, small businesses and Etsy-type retailers really do tend to have limited supplies and are much more vulnerable to disruptions. Maybe it's the cynic in me, but I think the more prominently they advertise that, the less likely it is to be an impending shortage.
I love that there was a real moment when John Oliver turned to HBO and said “Well I need 150 thousand dollars”
“For what?”
“Welp Imma buy some frogs”
he needs a journalism award
Something he doesn’t mention is one of the intended consequences of the Fed raising rates, layoffs. Not only reducing demand but strangling it. We’ve started to see this take effect most notably in the Tech sector but I’m sure there’s more to come before inflation really begins to crest.
One of the things the pandemic made me realize is that a bafflingly high percentage of our population-- even folks in high-level positions-- "believe" things will simply "work themselves out" *in general*.
It's the weirdest freakin' thing, from my perspective.
"Maybe it isn't airborne!"
"Maybe it will get less severe over time!"
"Maybe getting vaccinated will be a perfect shield and there'll be no breakthrough infection!"
"Maybe, unlike every other viral infection in the world, there'll be no long-term health consequences!"
Except take off the 'maybe' from every statement, because people behaved as though the consequence with the best possible outcome was always the most likely one: they just said those things as though they were unequivocally true.
Looks like that's how we treated inflation, too. John is very kind to say "and according to the books, that should have been what happened!" but that's simply not so. I know next to nothing about the economy but was talking about potential supply chain issues and how that would affect the price of goods for years to come in early 2020. This isn't a brag, because that kind of reasoning is NOT extraordinary. Anybody should have been able to predict that, and certainly people with economics background should have been able to.
The only reason I can think that they did not is that somehow people genuinely think the universe owes society a gentle ride.
Whatever this gene or mindset is, I don't have it. It's like watching society walk off a cliff under the assumption there is a trampoline at the bottom of the gorge.
7 months later and we're still basically in the same situation...
It's very sad to see that most of this stuff happens as a consequence of our inability to think further than tomorrow, making decisions that might affect our future and not caring about it at all.
It all could've been avoided if things had been done differently, with more social responsibility and, in general, more care.
But people just aren't capable of having that kind of mindset and here we are, blaming everyone and everything besides ourselves for something that we all, as a group, created, once again.
It is really ease for society to blame who's above them, but until we understand that these type of problems are always a result of our actions we will never cure the disease, we'll only patch it with a bunch of bandages and that's it...
Love how John uses HBO's money to buy all the oddest crap he ever wants
Irony; he gets them approved. That's how news sell in the country.
alternately, they're replicas made by the prop department for much cheaper
the ultimate tax write-offs
Show production costs are usually _very_ high. These kinds of segments are _relatively_ cheap. Same with the donation-related ones. So while it may look like he's just throwing big money around (including at worthy charities) - at the end of the day it's made up for (or more) by the savings on segment production cost vs episode budget, while also being good entertainment. That makes HBO happy. Good money and quality attention goes to worthy charities, which makes most others happy for wholesome reasons instead of _always_ riding a schadenfreude train.
Would definitely like to hear a bit more about the whole corporate greed thing lol
"it's not our fault, it's inflation's !" => jacks up prices even more than what happened to their costs
The Fed also has incredible power to increase the supply of money. It's another factor with inflation, and not hyperinflation as some had feared.
Another factor that noone talks about is the economy of online products. In the recent decade, an influx of money coming from online significantly impacted the local economy. Businesses such as Amazon, steaming platforms, online gambling, cryptocurrency hype, and many other online businesses contribute to inflation. As a result, a lot of people start investing to business models that have high returns but ignoring the high risk came with it. In addition, corporate entities start joining this period of madness and even further causing instability in the economy, for example, Elon Musk playground.
This show should be broadcast on every channel…and perhaps on Fox News at least two or three times…immediately!
When I saw Biden say that he can taste it, I was equally shocked and disgusted, thanks John for validating me
Edit
God forbid corporations should take the extra cost of rising labor out of their record breaking profits
Somebody, somewhere, who a year ago was doing their insane job creating giant size frog statues just got the payoff of the century tonight.
"Honey, why can't you go back to being an accountant? I know covid made you rethink your life, but making frog statues? Who on Earth is going to buy that? Food prices are soaring and we need money!"
Yeah. Who's laughing now, spouse of unspecified gender? Not you, that's for sure.
Well, yes he was able to sell the statues for a good price. But if the frog-statue-demand increases, John is the real winner - he could charge outrageous prices.
"You want a statue? I have a thousend people on the list. Highest offer so far S 1 Mio…"
@Ms. A. Laenius Spouse of unspecified gender 😭
@UCWPhreFgsrndTOaWJYA3O7w Oh, my condolences!
LOL Mr. Oliver , you made my day when I saw Mr Dworsky love his honesty, Love how the family got smaller this 2022 , the blame of inflation is on the Big Boss (like a hollywood movie ), 40 years experience and the USA highest inflation past 40 years. I call it Pinocchio Inflation and 2020 I discover Salvador Di Avila artista and it hang in my wall.
How is John Oliver so funny and so serious at the same time?
Lots and lots of practice. His second episode was literally on the death penalty
Multiple personality disorder?
It is definitely someone's actual job at LWT to browse the internet for random, ridiculous animal-centric artwork and statues and erotica for John Oliver to buy....I want that damn job.
If you want to see some bad inflation come over to the UK
Petrol costs up to £2 per litre and my family's energy bill went from £66 a month to £196 a month in about a week's time.
Also packaging is up 20%
Eggs,milk and bread are up 40% and grain is up by about double including the fact that corporations have cut workers wages causing mass striking across the country
Do you mean "across the country"?
@swordhunter12 good point😐
Same shit here in Spain :(
Fun fact. A major oil company i used to work for back when oil prices dropped significantly at a meeting our boss said they could profit from $38/barrel. About 8 years ago or so.
There is no oil shortage, we are not running out. The gas inflation is just because oil companies by default raise prices whenever there is any conflict or other crises. Then when people cut back and its reached its peak they cut it back a little, wait till we get used to it then leave it at just below our tolerance level. Rinse and repeat every year.
They they go eat lunch at high end restaurants and give themselves bonuses big enough to buy a new truck. Something to think about.
(Begins sharpening guillotine)
Oil companies do not directly set prices. They sell at whatever the futures exchange settles at.
@theBear89451 There are only a few major oil companies. They collude to keep prices high. Also,it is mostly the same companies controlling the crude market, owning the refineries, and the gas stations. Exxonmobil, BP, Chevron, Shell. They profit all the way up and down the market ladder.
@theBear89451 And the futures markets are necessarily impacted by the decision to artificially stifle supply...
There is no shortage of *any* products. There's a shortage of need to actually charge the real value of their goods and services, instead of whatever highway robbery they can get away with.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@ Herman Ramos Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person
@ Herman Ramos I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
The huge monetary expansion is obviously a huge factor. The reason we have huge inflation in the UK is because we have also created a lot of new money, has so has the Eurozone and Japan. But at least John talks about basic Economics, something most of the British media avoids at all costs!
Me now living in Alabama, moved her from Poland.
I must say... I laugh myself to coma every time I see and hear people complain about gas prices.
This is an honest and objective explanation of our current inflation.
How much better off would we be, as a country, if all voters cared enough about truth and facts to take the time to understand this very basic overview of the **actual** situation?
when comedy shows are being more truthful then anyone else, what a sad world
John excitedly yelling “I am good at business!” is one of my new favorite moments on this show.
This should be a meme
“I am good at business!” Is what i would expect Trump would say after a bankruptcy or Oliver buying 3 frog statues...
@Nankita D It should, especially against all the crypto bros
Line goes up means genius at business... regardless of whether or not you made the line go up.
*John suggesting that Powell **_"lead an army of economists into Luhansk... [although], historically, that hasn't been the Fed's role..."_** ... is what I can't stop thinking about... & personally speaking, I'm here for it...!!!"* 18:57 *(LOL)* 🤣😂🤣
The supply issues, that are presented as one of the main reasons of inflation, are ALSO mainly the result of monopolies and... well, corporate greed. Or a specific brand of corporate greed.
I felt this personally when Dollar Tree became $1.25 tree. Suddenly that’s less food to get me through the week both in terms of how many items that I can get and the size of the items. That’s just what I had to cope with after bills are done, especially since rent went up.
It doesn’t help that John took away my dream of owning a giant frog fountain. Now what am I going to use as a reference image when trolling my friends into the other kind of inflation and these water balloons that I got on discount? Did you think about that John? No because you have been too busy buying more furry porn than my actual furry friends.
That second paragraph was mostly a joke. I am genuinely surprised that he has bought more furry art than my friends, especially since they have been simping hard this last year.
The worst part is b/c of inflation Even if the costs of goods/gas goes back to “normal “ prices will not drop or return to previous prices. These companies know we will pay what we are paying right now and they will stay where they are at.
Inflation is one of the reasons why video game consoles and packs of cigarettes cost alot more these days compared to how much they costed 10 or 20 years ago but to be fair video game consoles have always been expensive to purchase 👍
Shrinkflation is what ruined the American candy bar back in the double digit inflation in the seventies. It also turned the 16 ounce soda into 12 ounces.
I work for an online retailer in a supply warehouse and part of the inflation problem might be that corporations are making more money than ever while pretending they have low stock of items when they actually have more. Yet our wages haven't gone up either but our CEOs are getting raises and bonuses for ripping everyone off.
Yeah, John dismissing corporate greed was a little disheartening. Like yeah John cooperations *have* always been greedy, but after Covid they have had opportunities to lie and manipulate their way into make more money than EVER before.
Yeah its disheartening and I'm too depressed to think a way out, I'm too overwhelmed and worked to think the way out, and unfortunately that's the plan for people in my situation, I am the blood in the machine
Amen on that. I’ll not be surprise that they will have billion profits out of billion of people around the world.
No kidding. This is exactly what has been happening in the PC graphics card business for years now. Prices are so high you used to be able to build an entire gaming system for the price of a single current-generation graphics card. And don't forget about the scalpers, who buy cards only to resell them for even more insane prices - because people want the latest stuff.
One issue with inflation is how it's presented & perceived. Because the inflation rate is all-inclusive, it doesn't necessarily reflect the actual difference in what people are having to pay for essentials like rent and food. Here in Canada, for instance, our reported inflation rate is around 7-8%, but grocery prices (your 2nd largest expense) have risen about 20% since May. In 2021 the average family spent 940$/month on groceries. That would be 1130$, or an extra 2300$ roughly.
I think at this point it's more fueled by lack of supply than anything else. As John said, there were multiple contributing factors, but I would say the primary original cause was the Covid lockdowns (necessary), which instantly shut down the demand for shipping and oil for so many months that shipping and oil production were shut down on a global scale. It also shut down substantial spending creating a substantial amount of savings. However, when the lockdowns were lifted, global oil production and shipping had both collapsed so all that accumulated savings in the hands of consumers had far too limited supply (i.e. frogs) to spend it on and could not instantly be reinitiated. Now, there is no big savings accumulated, but the supply is still limited, and that is contributed to primarily by the Ukraine war shutting down substantial global fuel and food production and continued Covid shutdowns in China reducing manufacturing for export on a global scale. The FED can't fix a problem with supply. It's like the OPEC oil embargoes of the 70's, which instantly created massive inflation that remained in place until the embargoes ended. We need the supply chain to get fixed, and Russia's war with Ukraine and China's continued Covid troubles are the primary drivers of our current supply side problems. If Ukraine succeeds in driving Russia out of Ukraine and is able to force a treaty of some kind that ends this dispute so the oil market can stabilize, I believe supply for daily necessities will rebound so the economics textbooks will finally start to be relevant again.
Besides demand pull inflation, there is stagflation, which is caused by resource costs skyrocketing.
I haven't paid rent utilities property taxes or had to deal with landlord bank or neighbors for the past five years because I've been living in my van and have never felt more free and happy about it.
The pandemic reduced the capacity for the production of the supply of many goods and services, while also lowering demand because people couldn’t go out and get stuff even if they wanted it because germs but now things are safer and supply hasn’t risen yet because it takes a while to turn all the production back on, but demand has shot up and that is what has caused all the inflation so I think what needs to happen is to ration supplies until we can produce enough to meet demand
6 minutes in and he’s definitely gonna buy that frog.
He bought all 3
Second I heard about the frog I was like "he's gonna buy it .. no.. wait ... He's buying all three!"
45 seconds in and I know there will be furry content
that's all too obvious for anyone who watches the show
He'd be mad not to. It's a collectable!
It’s not a coincidence that this happened right after the Great Resignation. Workers are becoming more aware of what they deserve, and then look here! Inflation happened almost immediately almost as if they wanna beat you back into submission being ok with shit wages and exploitation
The thing I never understand, is why we act like a high demand for a low supply item must result in a higher price for that item, as if it's some natural process that no one has control over.
In very simple terms, if I sell my own farts in a jar, and the demand goes way up because my jar farts are just that delightful, raising the price of my fart jars is completely up to me. Reacting to increased demand by raising the price is a choice. My prices do not change without me physically going to my jar fart website and changing the price.
I understand that a complex product has many suppliers and many of those suppliers are affected by an increase in costs of their own needed materials along the chain. But ultimately, this is always the result of humans making deliberate decisions, not some fanciful living organism that no one can control.
Look, if I go through a few rough weeks where I'm just not farting as much as I'd like to, or if my kids have demanded legal emancipation, and that reduces supply and increases demand, there is nothing that could increase my fart prices except me physically going to my website and changing the price of my sweet, sweet butt breath.
In other words, higher demand equals higher prices only because a human says so. It's not some uncontrollable organism. It's real people making decisions.
Yep. The biggest driver of inflation is corporate greed.
Gonna need a full episode on that blue drink/anti freeze thing.
As much as I love John Oliver, these episodes have been coming out for years and no one does anything. What happened to We The People? How much will we let the police and government tighten our collars before we fight back?
*Laughs in Argentinian* Inflation in Argentina for this year is predicted to be 100%. I understand the pain of American people, but I would love for us to have the level of inflation that you guys have.
I'm so over this shit. When I graduated college in 2008 the economy was fucked by all this bullshit and it was so hard to find a job. Eventually managed to establish a bit of career over the years as things got better and now when it's the time I'd like to own a home and stuff like that, this shit is happening. My generation has been so fucked by all these old fucks fucking everything up who were able to buy houses for like the price of a car.
to hurt you more houses used to cost less than a car...
This is the true build-up. This is the build that leads to a climax that leads to a denouement, and then resolution. Classic story structure.
Thank you Jay M for sharing.
@MrDbate Except we are not living in a story. Things could get better or worse but either way it will not make sense for our narrative driven brains.
I think other generations has gone through something similar. Grow up.
@paisano0506 "Other generations?" .... Name them.
The problem with raising interest rates to fight inflation is that it doesn't just reduce the money supply, it also reduces the supply of goods and services. What we need is targeted spending to increase production, coupled with tax increases on the rich to reduce the money supply.
I used to work at a gas station when $3 a gallon was the current outrage and it was always the same “you should lower your prices to xxx” and I always gave the same answer “your genius business idea to sell gas for less than the owner pays for it? I’ll let him know.
In that cycle there's only one thing that can change, corporations making less money, which is apparently unspeakable.
And the next year is only going to be hard for us serfs, the rich are doing better than ever.
We need a price ceiling on products/services that have high inflation.
I wish he would have touched on the households that paid off debt and increased some perpetual retained earnings they now have (that would have otherwise gone to debt interest).
John Oliver: "See... I need 18 grand to buy three pseudopornographic sculptures of frogs"
Budget Dept. : "Wait, what?"
John Oliver: "We are going to explain inflation to the American people"
Budget Dept. : * *Pulling off a little jar from the desk* *
John Oliver: "And my garden needs them"
Budget Dept. : * *snorting cocaine heavily* * "Approved, here's the check"
It's HBO. The place is 85% cocaine.
They are used now, the price drops.
@ArmchairGravy In the 80s HBO was 85% cocaine. Meth, molly, fentanyl and fentanyl laced heroin have shrunk cocaine's market share.
@You don’t know me, but tell that to Nintendo
Ok but are they keeping their cocaine in a jar? Come on that's not smart, what if they drop the jar and their dog goes and licks up all the cocaine like the addict it is?
"I am the Warren Buffet of frogs!" Greatest closing-line ever (even noting that it probably was supposed to be, "frog statues").
The FED or Bank of England here in the UK is responsible for trying to adjust demand side via interest rates, however supply side issues demands intervention from government. The problems come from decision paralysis in government as most methods to effectively intervene in the long term have lead times and delays. Leading to a string of short term fixes when structural work is required.
John Oliver and Randy rainbow Have so educated me and kept me sane in the last 6 years.. You are so funny John, as I'm sure everyone knows .. This might be one of your best and I think it should be shown to all high school kids trying to understand inflation. They would actually learn something and laugh the whole time.
Thank you very sincerely. To help the economy because of your & Randy rainbow's humor we should all invest in pee pads and paper underwear.. There is a thought for a very good investment between you John Oliver and Randy rainbow.
It's like everything that could go wrong is going wrong all at the same time. Murphy would be so proud.
Huh, it's like it's planned. It's like everything is supposed to fail so that someone can reset things.
Nah, I'm sure that could never happen.
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy. The fin-Market;s have underperformed the U.S. economy as fear of inflation hammers the prices of stock;s and bonds. My portfoliio of $250k is down to $192k any recommendation;s to scale up my return;s during this crash will be highly appreciated.
Wait.
Nice bot.
Not sure I agree. Inflation hits across the board but hits the rich more than the poor. At least as long as wage growth somewhat keeps up. Meanwhile during a recession people get laid off and often can't find new work. I would know I was without steady employment during the 2007 recession, I had to worm hours all over the lace to make rent and usually solved my food purchases with going back home and having dinner at my parents home.
If you have cash, I-bonds are earning 9.26% at the moment
Jake Farmers You...definitely work for a financial advisor and get paid commissions.
This man is a national treasure and the UK cannot have him back
Shared custody aka dual citizenship.
Oy!
That's right, for once the Brits lost a national treasure to another nation.
when biden says i can taste it i think about my plasma donation 0.0
I suspect demand-supply lag and profit-price spirals are the main drivers. If businesses were less sluggish at ramping up production when demand pressures rise, we wouldn't have extended periods of unreasonable inflation and unsustainable profiteering.
It's not even the prices for us. It's the lack of product. The baby formula shortage happened just as we brought our twins home. We've tried to not over purchase since they started stocking the shelves to not contribute to the issue but we've had to start stock piling bc of how many times we've gone and they haven't had the necessary formula for them. They were preemie so they have to have a certain calorie formula. And even when we could find the formula, we couldn't find the water to mix with it. We've just given up on baby specific water and started using distilled. Now that they're starting food, we've found the same issue, there's not much of that either. I've started trying to make my own baby food
Isn’t the reason prices have gone up is because big wigs at companies feel the need to bring in more revenue because they “lost revenue” during the pandemic…(I put it in quotes because the only businesses that I think were effected by the pandemic are businesses that involve people in public or people coming into your home for a service like restaurants, tattoo shops, salons, theaters, entertainment venues, airlines, anything involving travel, interior decorators, etc).
But now they see they can continue to get away with these high profit margins because people will pay it…so they aren’t dropping the prices anytime soon. Because they can use the excuse of supply chains, covid, inflation, etc.
The vicious cycle is missing a step: Corporate greed uses inflation as cover for over 100% increase in profit taking.